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MetaTrader 5 is a leading trading platform, ideal for both beginners and experienced traders seeking a straightforward yet powerful tool to automate their trading activities.

The most attractive MT 5 features in terms of task automation are Expert Advisors (EAs), which are programs designed to perform trading tasks based on preset algorithms.

In this article, we will discuss the MT5 automation features, focusing particularly on expert advisors and the benefits they bring to your business.

What is Meta Trader 5?

For starters, MetaTrader 5 is a trading platform designed for trading in forex, commodities, cryptocurrencies, and other assets. It is built on the specialised programming language MQL5 and is extremely powerful, fast, and highly performant. MT5 is also known for its intuitive interface and straightforward learning curve, enabling traders of all experience levels to quickly master their skills.

What Is Meta Trader 5 Expert Advisors Feature?

Among the various useful features that MT5 offers, the Expert Advisors (EAs) feature is one of the most notable. EAs are trading programmes designed to automate many of the trading tasks. Also called 'trading robots,' they can analyse market data according to predefined rules and trigger actions (such as buying or selling assets) based on signals received from the Market.

MT5 allows you to either build expert advisors from scratch or buy them on the platform. To purchase them, you must visit the in-platform marketplace called Market. Select the free or paid EAs on the list. You can pay with PayPal, bank cards, or other payment methods supported by MQL5.

There are over 22,000 expert advisor packages available on MT5, and the number is growing. You can select them by price and by the features you need. There are also 4.5K free EA packages on the Market, allowing us to start learning algorithmic trading with little investment.

Most of the EAs are developed by traders who worked out successful trading strategies in their own practice and translated them into software to help others. It means that these advisors are pre-trained and ready to be used with a specific type of asset right after the purchase. This is specifically useful for starters who have not yet developed trading strategies and wish to try out different stuff to train and devise their own vision and approaches.

For example, a trading algorithm is already pre-equipped with StopLoss and TakeProfit features, which a trader has to set up beforehand, and the algorithm will trade the assets based on these criteria with minimal risk.

How to Start with EAs?

Starting with expert advisors is super simple. All you have to do is download them from the marketplace, either by selecting paid or free versions. Then, save them in the same folder with your MT5 software, run MT5, and drag the EAs to the charts on the platform.

There is also a way to build some expert advisors on your own. For this, you have to go to MetaEditor, which allows you to write and compile expert advisors on your own in the MQL5 programming language. If you are new to MQL5, there are also free builders, allowing you to create EAs with the logic you prefer with the help of drag-and-drop functionality.

Benefits of Using EAs in Trading

Expert advisors have all the advantages of common automation programs, so we can infer what to expect from them by simply considering why we need automation: To save time and resources. Yet, in terms of trading, EAs have some more pros worth discussing.

They are:

  • Scaling – Once you are certain which of your strategies work, or once you are confident that the EAs you have created or purchased are effective, you can hand over the routines to the EAs and continue trying out and developing other tasks. This way, you can scale your business and activities faster.
  • Emotions – While you are trading, you sometimes get driven by sentiment and take actions that are not motivated by trade needs but by desires. EAs are emotion-free and perform their job without fatigue, regardless of mood changes, which is why they free people from risk.
  • Diversification – EAs enable traders to diversify their strategies and try something new to devise their own path to success. For example, a long-term index trader can experiment with short-term currency trading and more.

There are also some drawbacks you may experience when using expert advisers, such as occasional glitches. Additionally, it is essential to note that EAs follow strict algorithms and cannot respond to sudden changes in market sentiment. Therefore, a trader should keep in mind to stop operations when a change in the market mood is anticipated.

Summing Up

As automated trading programs are available in large quantities for free or for sale, expert advisors offer thousands of trading scenarios to help traders automate their activities and maximise profits.

About the author: J Quill is a Master of Philology, author of publications in linguistic collections, and a writer experienced in adapting texts to different target audiences.