MetaTrader trading platform has become popular for the ease it provides to the users of installing expert advisors and technical indicators. MetaTrader comes with its individual automated trading and indicator generator which is known as MetaEditor. This is helpful in creating your individual indicators and Expert Advisors and also editing the existing files.
An Expert Advisor is a program that you can basically install on to your MetaTrader platform. It will follow the instructions of the traders automatically once the specified criteria have been fulfilled. It is a kind of automated trading as you do not have to touch your keyboard or the mouse to enter the trading orders. The main advantage of using an Expert Advisor is that when you have a mechanical system already in place, you can create his program to do certain actions once you get a signal from your system. This becomes highly useful if you like to trade multiple pairs or when you do not have the necessary time to be always present at your computer when you have to trade.
To install the Expert Advisor, you will have to first open the MetaTrader 4 or 5 platforms. On the left side of the navigator, you have to look for the Expert Advisors tab. You have to click on the plus sign. It will open a menu of all available Expert Advisors. You have to select the Expert Advisor that you want to use and then drag that on to the relevant tab. You have to select the file in the right hand corner at the top and choose the option `Open Data Folder’.
When you want to create or download an Expert Advisor, you will have to make a note of the location where you want it saved. The MetaTrader folder is generally located in the C: drive. You will have to paste the files into the `Experts’ folder. A pop-up may appear, requesting for administrative permission; you have to click on `Continue’. You need to save the Expert Advisor in this kind of folder, ‘C:\Program Files\FXCM MT4 (5) powered by BT\experts’.
The final step is to adjust the settings. A pop-up box will show the settings of the Expert Advisor selected. You will have to make sure that all your settings and he alerts are correct before you click `OK’.