Previously, we did an indicator introduction and how to add them to MetaTrader 4 and MetaTrader 5. Today we will explain the Expert Advisors and Scripts.
Expert Advisors
The expert advisors are the MetaTrader star operation. Those programs allow automatic trading. That is, from established operations, the system carries out the rules reading and in consequence, it executes the market operations, with Stop Loss, Take Profit and a number of established sets. In the same way, it uses the same rules to close orders or to manage them (Take Profit, Stop Loss, Trailing Stop, Break Even… modification).
The expert Advisors possibilities are infinite, not only for their rules but for the possible combinations it offers, just like the huge difference it supposes using it in different assets and in different timetables.
To use an Expert Advisor, we should do the same procedure as with indicators, that means, dragging the Expert Advisor into the graphic.
Once attached, a configuration window will appear:
From this screen, you can configure all the Expert Advisor parameters. It is important to know beforehand the Expert Advisor functioning before using it. It is also recommended to use it in a demo account before operating in a real account.
In addition, to be able to operate automatically, it has to allow the platform to auto trading.
There are two control levels:
- General control: the general auto trading control is managed from the MetaTrader upper part button. When the button is red, we are not allowed to operate automatically on any platform.
However, when the button is green, auto trading is allowed. Being green does not mean that all expert advisors on the graphic are automatically functioning. For that, is has to be validated the unitary auto trading control.
- Expert Advisor control: from the Expert Advisor options, in the common tab, there exists a check that says “Allow automatic trading”.
This check is the one that controls if an Expert Advisor is allowed or not for auto trading.
MetaTrader has a visual characteristic to inform if an Expert Advisor is operating automatically or not.
Up in the right of the graphic, we will also see the name of the Expert advisor followed by a face.
If the face is smiling it means that the Expert Advisor is functioning with auto trading. If the face is sad, it means that it does not operate automatically (because t has not the unitary check if the configuration, or because we have the principal auto trading button deactivated).
It has to be considered that, unlike indicators, MetaTrader allows to has only one Expert Advisor attached simultaneously in the same graphic. However, if we want more than one expert Advisor in the same asset, we could do it if we open the same asset in two different windows and we attach a different Expert Advisor in each one.
Scripts
The scripts are the least used programs in MetaTrader. As opposed to indicators and Experts Advisors, that process continuously actualized and work with each new tick at the price, a Script is a unique event that has a unique program execution that is independent of the market ticks.
A simple example of Script utility would be the automatic closure of all the market orders. It will be executed in the same request and once its repetition concluded, it will end and it will not be executed again unless the user will use it manually.
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