An Expert Advisor (EA) is a program that trades a MetaTrader account by fixed rules: a trading robot that watches the market and acts, without anyone at the screen.
What an Expert Advisor actually does
Prices, and indicators such as moving averages, the ATR or the MACD.
By its own fixed conditions.
From the share of the account you chose to risk.
A stop loss, a target, often break-even and trailing stops.
What it does not do
What it is not
- A crystal ball that predicts the market
- A brain that suits every market
- A promise of a good month, every month
What it is
- A consistent method, applied every time
- Rules that suit some conditions more than others
- Discipline without tiredness or second-guessing
MT4 or MT5?
Each K3Bxn Expert Advisor’s page says which platform it runs on.
What you need to run one
- 1A broker that allows EAs
- 2A computer that stays on
Most people use a VPS.
- 3The EA and its licence
One licence for each Expert Advisor, for your accounts.
How to judge one before you buy
Four questions to ask of any Expert Advisor
Tick what is true for you. It is kept on this device.
Check yourself
3 questions
What does an Expert Advisor do while you are away from the screen?
An EA is a strategy written as code: it reads, decides, acts and manages on its own.
An EA file ends in .ex4. Where does it run?
An .ex4 is for MT4, an .ex5 for MT5.
Which of these should make you wary?
That is martingale: it saves the losses up and takes them all at once.
Ready to try one? Start with how to install an Expert Advisor on MetaTrader 5.