An Expert Advisor, also known as an EA, is a mechanical trading system used for Forex trading. Expert Advisors allow for automatic trading to take place, freeing the trader from continuously having to watch the market. Making a profit while trading in the foreign exchange market is determined by a large number of human factors, such as emotions, knowledge, and even the psychology of the trader. Automated programs such as Expert Advisor remove a great deal of these factors from the equation and enable the trader to make better informed decisions by evaluating multiple factors at once.
FXOpen allows to use Expert Advisor in ECN accounts.
Please, take these steps to install an Expert Advisor (EA):
Save the file with your EA into the experts/MetaTrader folder on your computer.
The default folder is C:/Program Files/MetaTrader – FXOpen/experts. However, if you installed your MetaTrader to another location, you may have to choose a different folder;
Open the MetaTrader, enable the Navigator window, click Expert Advisors. You should be able to see your EA in the list;
Double-click on your EA or drag and drop it onto the chart;
Adjust the necessary EA the right top corner of your chart. The logs of all operations performed by your EA are available in the MetaTrader, Terminal window, Experts and Journal tabs.
If your Expert Advisor doesn't trade in an ECN account (while it trades in another broker's account or in an FXOpen Micro account), please, check the following suggestions:
- Select menu Tools → Options, Expert Advisors tab. Make sure the options Allow automated trading (except for Custom Indicators and Scripts), Allow DLL imports are selected.
- Select Terminal window, Journal and Experts tabs. There should be logs about all actions that your EA takes. For example Invalid Volume error message means that your EA tries to open a trade with volume less than the minimum transaction size allowable in ECN accounts.
- Also, your Expert Advisor might not be programmed to work with 5th decimal pricing in FXOpen ECN accounts. So you may have to make changes to the code of the expert. You may do it yourself or contact the person who provided the Expert to you.