Expert advisor (robot) is the program software (script), which executes trading operations without trader’s participation, based on the algorithm, specified in advance.
Expert Advisors are very useful when there is no opportunity to be near the trading platform.
It is possible to choose one of the modes of expert advisor operation in MetaTrader 4:
- expert advisor sends signals, but does not conduct trading operations by itself;
- expert advisor conducts trading operations by himself, but with the trader’s manual confirmation;
- expert advisor conducts trade by itself without trader’s manual confirmation.
Expert advisor works only when trading platform is on and there is connection between trading platform and trading server.