Expert Advisors (experts) are programs in the terminal that have been developed in MetaQuotes Language 4 (MQL4) and used for automation of analytical and trading processes. They allow to perform prompt technical analysis of price data and manage trading activities on basis of signals received. The entire routine work of technical analysis and trading can be given to experts. An expert can perform analytical and trading operations for any symbols or periods independent on whether the corresponding chart was opened or not.
Working with experts means:
- Creation of an Expert
To create and compile an expert, one has to use the built-in "MetaEditor". It is a constituent of the client terminal and represents a convenient development environment of MQL4 programs.
- Expert Setup
Before using of experts, one has to set up them first. Working parameters common for all experts are set in the client terminal settings. Besides, each expert can have its own settings.
- Launch of an Expert
To launch an expert, one has to impose it into the chart. As soon as a new tick incomes, the expert will start executing.
- Expert Shutdown
An expert advisor is shut down after it has been removed from the chart.