Many traders want to use trading robots in their strategy. However, not everyone knows how to properly install them to MetaTrader 4. This article contains simple and convenient instructions that will make your Expert Advisor finally work on the platform. Let's dive in.
1. Platform Installation
Begin with downloading and installing MetaTrader 4 on your computer. Unfortunately, this manual can’t be applied to a mobile device since currently, you can’t use additional Expert Advisors there.
2. Advisor Installation
If your Advisor has the .exe installation file, then simply launch it. Unfortunately, not all EA trading bots have the necessary set of files. In this case, you can do everything manually.
To begin with, open the required folder on your platform. To do this, launch MetaTrader 4, in the menu click File -> Open Data Folder. In the pop-up window, select the MQL4 -> Experts folder. To this folder, move the main installation file of your Advisor with the extension .ex4 or .mql.
If your trading robot has additional files, you should distribute them in the appropriate folders as well:
- Library files (.dll extension) - Data Folder/MQL4/Libraries
- Settings template (.set extension) - Data Folder/MQL4/Presets
- Indicators (.ex4 or .mql extensions) - Data Folder/MQL4/Indicators
After distributing all the files, restart your MetaTrader 4.
3. General Advisors Settings
Next, you should give permission to your trading robot to automatically make transactions. Simply select Tools -> Options in the MT4 menu, check two boxes in the opened window, and press “OK”:
- Allow automated trading
- Allow DLL imports
4. Advisor on Charts
Now, choose the required trading instrument and timeframe and open a chart. Now you need the “Navigator” box which is located on the left in your platform. If it is not running, find the corresponding button in the toolbar of the terminal.
In the “Navigator”, press the “plus” next to the “Expert Advisors”. In the drop-down list, choose the installed robot and drag it to the required chart.
5. Expert Advisor Settings
Once you drag the EA to your chart, you’re ready to adjust your trading robot. In the pop-up window, you can manually manage all the necessary settings or upload a file with the preset settings (the .set file mentioned above). To do this, click on the “Upload” button and select a file from the Data Folder/MQL4/Presets folder. Remember to save all changes before clicking the “OK” button.
6. Checking Advisor’s Work
Check the top right corner of your chart. You should see a smile there. A smiling face means your robot is working properly. Otherwise, right-click on the chart and find the setting of your Expert Advisor in the drop-down menu. Next, in the “Common” tab in a pop-up window, install several checkmarks, and click the “OK” button:
- Enable alerts
- Allow live trading
- Allow DLL imports
- Allow import of external experts
Take a look at the “AutoTrading” button in the MetaTrader 4 control panel as well. If it is disabled, click on it.
That's all. Your Expert Advisor is installed, and now you know how to install your EA in MetaTrader. You can run it and get back to your own business while the robot will do all the work for you. However, it is worth remembering that the Advisor is just a program. If some market events are not spelled out in its settings, then the robot may incorrectly react to price movements or may not respond at all. Be sure to monitor the work of your Advisors at least a couple of times a day. In addition, I suggest you disable trading robots during major news releases. This way, you will be sure that your funds are protected from the erroneous actions of the Expert Advisor.