Expert Advisors (EA's)

A free video tutorial from Jared Passey
Teaching Forex Trading since 2004
Rating: 4.5 out of 5Instructor rating
2 courses
28,010 students
Expert Advisors (EA's)

Lecture description

This tutorial teaches you how to find and install expert advisers (EA's) or trading robots onto your charts and how to get them to run and set them as needed.

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14:38:47 of on-demand video • Updated January 2020

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All right we are going to be talking about our expert advisors which are basically automated trading systems ways that you can tell your computer to do things for you tell your computer to do things based on when the charts or when the market hit certain parameters and there are hundreds and hundreds of expert devices out there that people have written programmers and you can even go online and find places where you find people that will write expert advisors or automated trading trading robots for you. Based on your parameters. So if you say I want to trade I want my computer to place a trade every time a b c and d happen. You can work with somebody and they will help try to program that for you so that you don't have to be sitting watching your charts. A lot of traders use expert advisors. I would recommend that you understand trading before you start letting something trade your life money all by itself so you know when to have it activated and when to not. But it's definitely something people use Syllis tutorial on it. First thing first is we need to set a couple of options and understand how we run expert advisors expert advisors are loaded the same way indicators are loaded. You go online find them save them into the folder called experts and then we turn off our charts turn it back on and then we can add them to a chart. Let's go to Tools Options and go to expert advisors. Now there's several different things we can check in here. Be aware of OK we can disable when the accounting has been changed we can we can keep them alive when the account's been changed. There's different things in here but mostly what you're going to do is check on allow live trading. But before you do all you start trading a live account make sure you understand what each of these options is. So we're in click on OK for that and we're going to go open up our navigator and we're going to close our custom indicators and open up expert advisors. And what we're going to do is we're going to they've got a few different expert advisors in here that have already samples. And what we're going to do is we're going to add one to our charts. You can also download it and find them from that one web site that I showed you on the indicators video for example for dot com. And but we're just going to add this Macchi sample onto this chart for the Swiss franc and simply enough we'd drag and drop that indicator onto our chart. It'll pop up an option box for that indicator. And what we want to do is we want to click on allow live trading. That means it's able to trade when the is moving. We're activating. We're turning it on. There's a couple of different places to turn it on. We'll show them to you. The reason why you wouldn't do this and allow live trading is if you were back testing or testing indicators on a live account so make sure you know what you're doing here. You can tell it to ask you to confirm that you want to be trading live but I don't normally set that. You can also come in and say I only want it to take long positions or I only wanted to take short positions. So I only wanted to buy or I only want it to sell when I get into a trade that's can be very specific for certain strategies. I use that a lot in straddles. All right. And we can enable alerts. We can also set our inputs for that indicator. Now for that expert advisor our take profit. And these are things that whoever wrote it put in as options to modify how the programming works. And here you can set. I want to take profit. I want to trade point one lots. So if this is the standard account you'll be trading one many a lot or one tenth of a standard account a lot. I want a trailing stop of 30 pips. You can adjust that in here. You can say I want that 40 or 50 or whatever you're going to change all these. I want my Mac D open level at to when my Mac reaches a 3.0 then I want it to open the trade and I want to close a trade at 2.0 so my trailing stops going to be 30 pips and I want to trend position. So these are the settings that Mac D has to find to place that trade. So we're just going to click on OK and see what happens. Now what we get as we get up here in the top right corner it shows us what expert advisors are running and we can see that we have matched the sample. But there's an X next to it. That means it's not actively running. We didn't set something right. And what we didn't set right was this toggle button over here that says expert advisors right now it says has a red stop sign next to the expert advisors. When we set the green it should put a smiley face next to our Mac. This smiley face means that this expert advisor is active and running and going to be trading on this chart when it reaches a certain criteria. OK. So what we can do is we can turn on our terminal go to trade and watch and see if this opens up a trade. So it has to meet the criteria for the Mac to open this trade so we might not place one right now. Matter of fact it probably won't because the market is slowing down and we're just sitting still. Maggie might not be reaching its parameters but when you place an expert advisor on there and you got a smiley face it will probably do something. After a while let's say you have an expert advisor that places a trade when you have two moving averages cross let's say here moving average 13 and you're moving average 55 cross and you want to place a trade based on which way it crosses what you can do that you can place that trait you can have it trade automatically every time those to cross. So that's how you install an expert advisor and you find them online and or you buy them online or you have somebody write them for you. But you can place expert advisors on your chart. You can have more than one expert advisor happening on a screen. You don't always have to be expert advisors to place trades. My brother in law wrote an expert advisor that closes your trades when your account reaches a certain percentage of gain or loss. Let's say every time you hit 2 percent gain on your account it closes your trades. It's very simple expert advisor but it's handy because you don't have to be sitting there watching. He was placed. He wrote that when he was hedging trades. And so anyway that's expert advisors and that's how you place them it's how you adjust them. You'd have to get to know what expert adviser and you'll need to know where what all the parameters are. So you'll have to understand a little bit about it but that's not for that video. And good luck and we'll see you out there.