Setup MT4 in your system or in a VPS
The MT4/MT5 trading platform is very versatile, and allow users to add different types of expert advisors and indicators for trading. You can add different expart advisors/indicators that u can buy from our fb group here,
https://www.facebook.com/groups/670055613590572/ ,
you get access to many expert advisors and technical indicators which can be bought from our fb page and install them into your MT4/MT5 trading terminal on your Forex terminal at home or at your VPS. This tutorial explains how to install an expert advisor in Metatrader 4. It is very straightforward, and anyone can complete it.
- You find all available expert advisors and technical indicators at our fb group page here, https://www.facebook.com/groups/670055613590572/
- Select andget the expert advisor you intend to install on MT4 via email.
- If you browse your download folder from your home computer and copy/paste it to your Forex VPS by using CTRL+C and CTRL+V.
- On the MT4/MT5 terminal, click on the “File” tab found on the top navigation menu. Then, click on the “Open Data Folder” on the drop-down menu
• If
you intend to install an expert advisor in Metatrader 4, double-click on the
“MQL4” folder and then the “Experts” folder.
• If
you intend to install an expert advisor in Metatrader 5, double-click on the
“MQL5” folder and then the “Experts” folder.
•
Transfer the copied files by pasting them on the opened folder.
On the MQL4/MQL5 directory,
you can also install indicators and scripts—on their respective folders as
indicated below
Step 2: Install the expert advisor on the chart
• To
make sure the robot is available for installation, refresh “Navigator” panel or
restart your MT4/MT5 trading platform.
• Look
for the EA under the “Navigator” panel on the left side of your trading
platform. Click on the “Plus” sign and the robots available for use will be
displayed.
• Install
the EA on the MT4/MT5 chart by dragging and dropping it onto your preferred
currency pair and time frame. For example, if the EA is suitable for trading
the EUR/USD pair on a 1-hour timeframe, attach it to that particular chart.
Step 3: Modify the settings
On the “Tools” menu, click “Options”.
On
the popped-up box that appears, under “Expert advisors”, make sure the settings
are checked as shown below before clicking “Ok”.
You need to complete this step before you attach Forex EA
to the chart.
• A
quick way of doing this is to go to the “Autotrading” button found on the top
of the platform and activating it for live trading. It will show a green color.
Furthermore,
if a popped-up box appears with your EA’s settings, please check the basic settings before clicking “OK.”
Usually,
“Allow live trading” and “Allow DLL imports” are required for the Forex EA to
work. However, each EA can have their requirements.
Step 4 : Start Trading:
If
the installation is successful, you’ll see a smiling face on the top right-hand
corner of the MT4/MT5 platform. It indicates that your robot is ready for trading.
It’s
important to note that before launching your forex robot for live trading, you
should try it out under simulated forex trading conditions. This way, you can
be able to tell its profitability and make appropriate adjustments to maximize
its performance.
That’s how to add an expert advisor in
MT4/MT5!
What To Do If
Expert Advisor Is Not Working?
After
completing all the stages on how to install a forex robot in MetaTrader 4, you
may still find that your expert advisor is
not working correctly.
As such, you’ll need to troubleshoot the robot and fix
any problem it may be experiencing. Various issues can cause an EA to
malfunction.
If
your expert advisor is not working, the first thing you should check various
parameters.
The
following options should be selected (as highlighted earlier):
• “Autotrading” option (showing green color)
•
“Allow live trading”
•
“Long & Short” positions
•
“Allow DLL imports” option (for some robots)
•
“Allow import of external experts” (usually optional)
Most of these options are disabled by default. For example, Autotrading
is disabled by default for your safety. If you were a newbie and accidentally
run an EA, it could lead to massive damage to your account.
Therefore, the feature is disabled (showing red color) to
safeguard traders from such costly mistakes.
Furthermore, if the “Allow live trading” option is not enabled,
the EA will not be able to trade on its own.
Once
the option is selected, the robot has the green light to make trade decisions
without your direct intervention.
Also, you should check for the following error messages:
•
Error messages at the “Experts” section at the bottom of
the trading platform
•
Error messages at the “Journal” section at the bottom of
the trading platform
• Error
messages due to a poor connection between the trading terminal and the broker’s server
•
Error messages due to a poor Internet connection
• Error
messages due to unauthorized use (“Cannot load …”). You can use the expert
advisors and indicators on your DigitalForex VPS only. It does not work on any
other VPS or on your home computer.
If you discover any error messages
after completing the process of how to install the forex robot, you should
correct them as proper to make sure optimal performance of your robot.
If you look at
the error messages keenly, you can find solutions to most of the problems your
EA could be experiencing.
The tabs found at the bottom of
the trading platform contain various sections that log every action the EA is
performing and thus can tell you of any errors.
Your Metatrader terminal logs
all expert advisor activity and errors in the “Experts” and “Journal” tabs at
the bottom of MetaTrader terminal window. Additionally, all these messages the
terminal store in the MT4 log files you can access anytime later should you
need to troubleshoot the installed expert advisor.
After you’ve ensured the various
parameters are checked and corrected error messages, but your EA is still not
working, you should re-read the instruction manual and double-check that you
followed the stipulated instructions.
Importantly, to make sure the
success of the process of how to install forex robot MetaTrader, you should
also try restarting your trading terminal.
You can close the MT4 platform
and start it again after a few seconds.
This way, the terminal will
refresh and pick the latest changes made to it, ensuring peak performance.
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