FOREX METATRADER 4 EXPERT ADVISOR
A forex MetaTrader 4 expert advisor is a forex trading software that gives forex traders the ability to predict forex price fluctuations in advance before it occurs. It also provides forex traders with a feature for test running an expert advisor in other to ascertain its functionality before using it in a real-life trading scenario. This trading platform gives forex traders the opportunity of trading forex without stress and in full comfortability, provides forex traders with a medium for detecting price movements which give them the advantage of being plated on the winning side. Without guesses, a MetaTrader4 know the future and either proceeds with identified trades or reverse the trades.
FEATURES OF A FOREX METATRADER 4 EXPERT ADVISOR
A forex MetaTrader 4 expert advisor has an inbuilt MT4s tester which is a multifunctional window that is used by forex traders to test their forex trading strategies and their independent rules and guidelines for trade entry and exit management. This tester window also gives forex traders the ability to optimize their Expert Advisor parameters to find a grouping of forex trading variable that will generate the most desired results.
An optimization setting gives a forex MetaTrader 4 expert advisor the ability to produce diverse inputs on the same data and still generate repeated passes of an exert EA. This unique feature give forex traders the ability to determine various trade inputs that produce success in a trade. The optimization of a forex trade using a MetaTrader 4 expert advisor is done by specifying the trade variable by methods of clicking on the EAs dashboard properties which are seen as an option in the tester window. A forex trader’s optimization results is made up of a final result of each and every pass of the forex trade optimization which comprises of a the trade pass number, the net return of the forex trade, total number of forex trades created, the net ratio between the total profit and loss, the percentage expectation of winning, highest drawdown in terms of percentage and the input (dynamic figures of input during the pass).
HOW TO CREATE A METATRADER 4 EXPERT ADVISOR
ESTABLISH YOUR STRATEGY
After the identification of a profitable forex trading strategy by a forex trader, he/she can inaugurate it into the MetaTrader expert advisor to be created. Trading strategies can be perfected under simulated forex trading conditions to make sure it functions well. In other for a forex trader to establish a strategy in the EA, at the MetaTrader window, a forex trader should set his/her trading strategies and historical data. After this, click on the start button and the creation process starts. This creation process will work on the background to input different trading strategies into the forex robot. This process backtest the strategies on historical data and displays the result. Once the process of establishing the strategy is completed, click on the stop button.
SORT THE PRODUCED TRADING STRATEGY
In the collection section, a forex trader can find all the strategies he/she has created. At this stage, a lot of things can be carried out e.g. sorting trading strategies, filtering the strategies and removal of strategies.
FINE-TUNE THE TRADING STRATEGY
The forex trading strategy section has a lot of tools used to perfect strategies and safeguards their successful functionality. A tool such as an editor helps a forex trader incorporate different parameters in a strategy and also have the ability to review all trading strategy before letting them trade on a MetaTrader 4 or 5. An editor can also be used in other to determine if the backtested result is in line with performance goals.
Another tool available for fine tuning a strategy is the optimizer. This tool is used to optimize trading strategies by equating them against with different types of trading conditions which have results automatically exhibited on the backtesting region.
VERIFY THE FINAL RESULT AND TRANSFER THE METATRADER EXPERT ADVISOR
Using the report option found at the dashboard of MT4, a forex trader can access vital information of his/her created forex trading strategy. If the outcome is not satisfactory, he/she can go back and improve on the stated strategies but if the results are ok, the trader can export the MetaTrader expert advisor to a trading platform and enjoy the advantages of an automated trading strategy.
In conclusion, a forex MetaTrader 4 expert advisor includes an automated forex trading feature, an optimization feature and forex trading strategy testing feature that increases a trade success. Automated forex trading is an advanced feature that eliminates forex trading emotions and gives forex traders the ability to avoid costly forex entry and exit mistakes. An automated forex trading provided by MT4 also gives forex traders the ability to respond to the moving nature of the forex market with ease.