Those who prefer automated trading will have a lot to explore and choose from with the updated version of the trading terminal and MT5 Expert Advisors (EA).
EAs which are commonly called trading robots are essentially automated trading algorithms. This is no Holy Grail and shouldn’t be treated as a quick and effortless way to make money. Whether you are trading manually or using the EAs, the success depends on the trading strategy that underpins it and how profitable it is.
You can write the forex expert advisor on your own as long as your manual strategy has been tried and tested in the market. You can also order or download MT5 expert advisor on the trading-related resources.
This article covers three popular MT5 EAs and offers an easy and straightforward installation checklist.
1. ZVER: MA Crossover EA for MT5
2. Updated Martingale MT5 Expert Advisor
3. ILAN: Expert Advisor to Make Money on Low Volatility
4. MT5 EA Installation Checklist
5. How to Add an Expert Advisor to the Chart
6. Trading with Expert Advisor Profitably
ZVER: MA Crossover EA for MT5
If you are on a hunt for the Moving Average Crossover EA for MT5, take a closer look at ZVER. This is an improved version of the Expert Advisor based on trend indicators that ran on MT4.
ZVER is based on customized indicators and is suited for locking and averaging down strategies. To identify a trading signal, the EA uses three Moving Averages of different periods. Aside from that, the RSI and Stochastic oscillators are used as additional indicators.
A position is opened as a result of an analysis of the signals provided by each indicator. Using the oscillator, ZVER tracks down the crossover of overbought and oversold levels. Simultaneously, the signal of the moving averages crossover with the price of a trading instrument is read off.
ZVER is a multi-currency MT5 expert advisor that can be used with different currency pairs and when trading stocks and indices. As the developer's manual suggests, this automated algorithm should be used on the H1 timeframe. That being said, it will also run perfectly well on other charts thanks to locking and averaging down approach.
Updated Martingale MT5 Expert Advisor
Precipice MartIn is an expert advisor used in the MetaTrader 5 trading platform. It runs without indicators. The use of one trading direction only is what makes it stand out among other martingale EAs. In other words, this robot’s operation must be adjusted based on the trend.
This expert advisor is also considered a multicurrency one and works with any timeframe.
It stands to mention that the use of the Martingale strategy makes the risk management of Precipice MartIn aggressive. The risks here are quite considerable; however, if the trader knows how to control them, this indicator is a good option for expanding deposit.
Add the EA to the chart. After that, short and long positions will open at the same time with equal volume. The EA sets stop-loss and take-profit orders for each position. As a result, one of the lots closes in the black and the other one in the red. After that, a deal is opened again in a profitable direction with the same lot, and the other one is opened with a trading volume that will be multiplied by the Martingale number. The trade size is increased until all losses are covered.
ILAN: Expert Advisor to Make Money on Low Volatility
The principle of short-term trading lies at the heart of ILAN Expert Advisor for MT5. This robot makes a profit from small market fluctuations.
The position opened by ILAN EA is closed according to take-profit order. If the price moves against an open position, an order grid is opened in this direction according to the averaging down strategy. Once the anticipated profit is earned, all trades in terms of these orders are fixed.
When opening each subsequent position within the grid, the order size is proportionally increased. In order to do that, go to the indicator’s settings and enter the coefficient by which the lot size will be increased. However, this type of increase is not a pure Martingale strategy.
The algorithm that forms the backbone of the ILAN EA allows achieving the majority of winning trades regardless of the price movement direction.
MT5 EA Installation Checklist
You can download free expert advisors for MT5 from a variety of trading-related resources. After choosing and downloading a trading robot that is best suited to your trading needs, you can proceed to its installation.
Below is a step-by-step guide to help you do that hassle-free.
1. Open the downloaded archive.
2. If there are separate folders in the main directory, select them. We are going to move them to the MT5 data directory later on.
3. In the MT5 menu, find the "File" menu and "Open data directory". Then open the MQL5 folder there.
4. All EA folders mentioned in step 2 are moved to the previously opened MQL5 folder.
5. If there are no folders in the archive, find the EX5 file. Also, look for the *.mq5 file. Move them to the EA folder in the “Expert Advisors” directory in MQL5.
6. Once you have moved all of the files, restart MetaTrader 5.
After launching the terminal again, configure the installed EA as follows:
1. Click on "Service" - "Settings" - "Expert Advisors".
2. In the opened window, enable “Automated trading”, “Allows DLL imports” and “Allow WebRequest for the listed URL.”
3. Find "Automated Trading" on the MT5 toolbar and press the button. When activated, it will turn green.
How to Add an Expert Advisor to the Chart
Once the EA is in the folder of the Metatrader 5 trading terminal, you have to add it to the chart of the traded instrument.
1. Open the chart of an instrument you wish to trade.
2. Select the timeframe recommended in the EA manual.
3. Find the EA in the Navigator window.
4. Drag it onto the chart.
5. A popup window will appear. In the "General" tab, check the missing boxes.
6. Open the "Input parameters" tab and set your basic data there.
Trading with Expert Advisor Profitably
A wide range of EAs is what makes MetaTrader 5 terminal different from its predecessor MT4. You can find the one you prefer online, commission the developer to automate your trading strategy or do it yourself using the MT5 expert advisor creator.
However, keep in mind that EA is not a software that knows exactly where the market is going to head next. In essence, it is an automated trading strategy. This means that if your strategy used to generate profit by manual trading, the Expert Advisor based on it is expected to be profitable too. If the strategy is unprofitable from the start, no Expert Advisor will be able to save it.
Also, don’t forget that the EA opens both winning and losing trades. But don’t let this scare you off. As long as the outcome for a certain period (it can be determined based on the EA features), you are good.
Last but not least, before you add the Expert Advisor to your account, test it out using a small capital or a demo account to check how well it performs.
You will learn more on how to use MT5 trading platform here.