MetaTrader Expert Advisors: Definition, development, functions and limitations
Expert advisors are automated trading systems developed to be run under the MetaTrader platform. The roles that expert advisors play range from simple, say sending emails, to complex, say facilitating a trading system’s full automation. Human traders cannot manage the following tasks – which are routine for expert advisors:
- Keeping an eye on the market 24/7/365
- Tremendously fast execution of trades
- Instantaneous exportation of data to external files
- Rapid dispatch of emails
- Fast uploading of data to remote servers
- Optimization and backtesting
- Development
Just like indicators and scripts, expert advisors come into being courtesy of the MetaTrader API. The API is equipped with the tools required to convert a source code into an EX4 file, the sort of software executable on MetaTrader. You the trader will need the services of an expert advisor programmer so that your trading strategy can be converted into a code feasible for the MetaTrader platform.
A significant difference exists between expert advisors and other forms of executable applications. Expert advisors, indicators and scripts can only be implemented on MetaTrader plus a couple of trading software capable of supporting MetaTrader plugins. You should thus have MetaTrader installed in your computer first before installing your expert advisor.
Limitations
Prior to seeking a custom expert advisor solution you have to realize that its scope will be limited by the instructions which define the trading strategy it represents. How effective the solution will be will in turn determined by the aptitude of your expert advisor programming pro. Nevertheless, if he/she has done a good job developing the expert advisor, you should harness all your market savvy and creativity to reap the most from its application.
While it is well and good that expert advisors can’t make trading decisions informed by emotion, their limited reaction to drastic market changes is a concern traders should be aware of. After a price hike, for example, an expert advisor’s indicators will still make computations based on past data. Basing your trading decisions on such an expert advisor’s assessments will certainly lead to error.
Again, forex traders everywhere appreciate the phenomenon that is inconsistent market patterns. The market responds to various trends and cycles over time and your expert advisor must take these into account. An expert advisor programming pro can do the tweaking required, in addition to incorporating extra features like human input processing and error management for purposes of mitigating a vast array of potential problems.
What is the best way to acquire your own expert advisors?
A couple of options can be pursued in a bid to source for expert advisors.
First you can opt to download EAs – you’ll find lots of them online, many free, but for the most part you are going to be disappointed with your efforts. You can also expect that most of what you find will not be profitable. It’s also likely that you’ll be compelled to get in touch with an EA’s author so that he/she can clarify how it goes about making decisions. Even for those EAs that require some payment before downloading, you just can’t be too sure. Who knows what scammers have up their sleeves?
Learning how to code your own EAs is okay but won’t the time required to do so be better spent learning more about profitable forex trading? Purchasing EA development software is yet another option. However, the most you can do with such is developing rudimentary software. Aspects of customizability and flexibility will also be compromised because trading environments are not homogenous.
Approaching an expert advisor programmer guarantees all the flexibility required for EA development and is also the most cost and time-effective option. Provided that your trading system has shown profitability potential, you shouldn’t have any doubts about having an expert advisor programming developer come up with an EA to help you reap the most from the live markets.
At FXBytes Technologies we are ready to partner you in the development of effective EA solutions – talk to this expert advisor programmer company today.
