What Are Expert Advisors For Metatrader 5?
Expert Advisors are very powerful instruments that can be added to the Metatrader 5 Platform to improve your trading.
They are additional software, you can see them as “plugins”, that add to the trading client.
Expert Advisors are commonly known also in the short form EA.
What Type Of EA There Are?
There are many types of Expert Advisors and for many goals.
You can use EA for:
- Chart Management
- Order Management
- Automated Trading
- Risk Management
- Many More
The type of EA is limited only by the creativity of the programmers.
Expert Advisors For Chart Management
Traders can use EA to manage their charts.
For example they can use an EA to:
- Load Multiple Charts
- Change Chart automatically
- Take screenshots
- Close Charts
This kind of use can save time with repetitive tasks.
It can also focus to another chart in case something significant is happening.
Expert Advisors For Order Management
You can use an EA to manage your orders and bypass the manual process of clicking in the platform.
You can for example:
- Open multiple orders at once
- Update multiple orders at once
- Close multiple orders at once
Some operations can require several click and when they are repetitive an EA can really help.
Expert Advisors For Automated Trading
This is probably the most interesting task that you can do with an EA, trading!
An EA can follow a strategy and execute it automatically, without breaks.
A developer can program an expert advisor with a set of rules so that the EA will continuously trade following these rules.
This means several advantages for the trader.
Expert Advisors For Risk Management
Risk Management is one of the most important aspects of trading.
An Expert Advisor can significantly help with this matter.
EA can follow specific rules of risk management and update your trades accordingly
Some powerful tasks that they can perform are:
- Auto Close, they can close trades whether these do not meet rules of order management
- Partial Close, if you want to partially exit a trade
- Trailing Stop, you can move the stop loss to follow the price, limiting losses and securing gains
Indicators VS Expert Advisors
Although they can be similar you don’t have to confuse Indicators with Expert Advisors though.
Expert Advisors have the ability to execute trade operations while Indicators cannot.
In other words, EAs can submit, modify and cancel orders, while Indicators cannot do any change related to orders
You can add Expert Advisors to your Metatrader 5 to expand the features of the platform.
EA can be very simple and also very complex, depending on their goal and ease of use.