Question:FAQs of MT4 & MT5 EAs (Expert Advisers) - the most asked questions

Answer:

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When you run Expert Advisers on MT4 and MT5 trading platforms, you might face number of problems and have questions to ask.

Here are 8 most asked questions about the use of EAs on MT4 and MT5 trading platform.

1. I have an Expert Advisor (EA) on MT4. Can I use it on MT5?

Unfortunately not. MT4 and MT5 are different platforms that use different programming languages (MQL4 on MT4 and MQL5 on MT5).

You’d need to check the compatibility with your EA provider.

2. How do I install an Expert Advisor on MT4?

You can install an Expert Advisor on MT4 by following these steps:

  1. Save your Expert Advisor in the Experts folder in the MT4 directory on your computer. This you can usually find under C:\Program Files\MetaTrader\Experts
  2. Restart MT4
    • The Expert Advisor file should appear in the navigator window in MetaTrader.
  3. Click on it and drag it onto a chart of the currency that you’d like the EA to trade on.
  4. In the “Properties” window that comes up, tick “Allow live trading”
  5. Navigate to Tools->Options->Expert Advisors tab
    • Tick “Enable Expert Advisors”
    • Tick “Allow live trading”
    • Click OK

You should now be able to see a smiley face in the top right-hand corner of your chart to show that you have activated your EA correctly.

3. How do I install an Expert Advisor on MT5?

Please be aware that EA files for MT5 have to be mq5 or ex5 file types.

You can install an Expert Advisor on MT5 by following these steps:

  1. Save your Expert Advisor in the Experts folder in the MT5 directory on your computer. This is usually found under C:\Program Files\MetaTrader5\MQL5\Experts\Advisors
  2. Restart MT5
    • The Expert Advisor file should appear in the navigator window in MetaTrader
  3. Click on it and drag it onto a chart of the currency that you’d like the EA to trade on
  4. In the “Properties” window that comes up, tick “Allow Auto trading”
    • Navigate to Tools -> Options -> Expert Advisors tab
    • Tick “Allow automated trading”
    • Click “OK”

You should now be able to see a symbol with a green circle in the top right-hand corner of your chart to show that you have activated your EA correctly.

4. How do I know if my EA is active on MT4/MT5?

You should be able to see a smiley face in the top right-hand corner of your chart to show that you’ve activated your EA correctly.

5. Do I need to be logged in to my account for EAs to trade via MT4/MT5?

You’ll need to be connected to your account in order for your EA to open, modify or close trades.

6. My EA won’t place trades on MT4/MT5. Why?

If you’ve added an EA to your MT4/MT5 and it’s not trading, first of all check if trading is allowed.

To do that, you should go to ”Tools->Options->Experts tab->Allow live trading”.

Then make sure that the Expert Advisor button on the main tool bar is pressed.

You should be able to see a smiley face in the top right-hand corner of your chart to show that you’ve activated your EA correctly.

If everything is correct but the EA still doesn’t trade, please contact your EA provider for further assistance.

7. Where can I find my EA logs on MT4/MT5?

You can find the log file by selecting the “Experts” tab in the terminal window of your MT4, then right-click within the “Experts” window and select “Open”.

8. How do I add indicators to my MT4/MT5 chart?

To add indicators to your chart, please navigate to Insert->Indicators and select the indicator you want.

Then confirm the properties on the indicator in the next window and click “OK”.

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