Expert Advisors For Forex Trading

Tired of staying up all night to trade Forex? Expert Advisors (EA) can be integrated to any IKON MetaTrader 4 platforms without restrictions. Utilizing of Expert Advisors, traders and investors can perform automated trades and place orders at any time.

 

Expert Advisor Introduction

Expert Advisor (EA) is a sophisticated automatic trading software tool. Each EA is built upon a specific set of rules, on your trading platform to execute trades on a purely logical basis.

The EA watches the market for you and will execute trades based upon predefined parameters. Unlike a human, it is also capable of monitoring indicators, support and resistance levels, and many other factors in multiple timeframes and making immediate decisions.

Moreover, thanks to IKON Group's cutting-edge technology, traders no longer have to be concerned about unmanaged trades due to power or connection loss. Through our VPS (virtual private server) traders can upload their EA software allowing the platform and the EA to continue managing the trades without the need of human supervision and it can also be accessed from any location worldwide.

Expert Advisors Introduction
 

Setup

Expert Advisors Setup1

Before you load your EA onto the MetaTrader 4 platform, you will need to download the EA to your PC or VPS (Virtual Private Server). If you plan on running your EA on a Virtual Private Server (VPS) for added security, make sure to complete all of the steps below while LOGGED INTO your VPS. Whether you are downloading your EA from an Email account or website, it's a good idea to have a separate folder on your desktop for easy access to your EA. So in your Windows Explorer on your PC or VPS create a separate folder for your experts. Now you will need to save the EA to the folder. To do so, you can Double-click the EA download, or open the attachment (if in an Email) and the window below will pop up.

 

Once you have downloaded your EA, open the new EA folder that you selected to save the file to.

You should be able to see all the EA's that you downloaded when you open your new Expert Advisor folder in Windows Explorer.

Expert Advisors Setup2
 

Loading the EA onto the MetaTrader 4 Platform

Loading the EA onto MT4 Forex Trading Platform1

Before you complete the steps below you must have the MetaTrader 4 platform closed. In order to load your EA onto the MetaTrader 4 platform you will need to move the file into the experts’ folder under "MetaTrader 4" in your program files. Below we will show you how to do this step by step. You can access this folder by using the following commands:

Click the "Start menu" in the bottom left hand corner of your PC or VPS desktop.

Click "All Programs" while in the start-up menu to show a list of all program downloaded to your PC or VPS.

Select the "MetaTrader 4" program file to view its contents.

Open the folder labeled "Experts"

NOTE: If this folder does not appear, select the "Journals" folder to access the "Experts" folder. With the MT4 "Experts" folder open on your desktop, re-open the folder in which you saved your Expert Advisor and put them side by side.

 
Loading the EA onto MT4 Forex Trading Platform2

In order to get the Expert Advisor that you downloaded into the "Experts" folder within the MetaTrader 4 program file, you can use one of two methods: Drag and drop the EA from the new folder into the body of the "Experts" folder. (Keep in mind that this will move the EA so you will not have a copy in the folder you created) OR Right click the new EA and select "Copy" then click within the body of the "Experts" folder and right click "Paste".

NOTE: If Windows prompts you with any pop-ups when you drag and drop, simply click "Continue", close both folders and open your MetaTrader 4 platform software. Once you complete the steps above, your new EA will be loaded onto your MT4 platform. Use the following directions (Part 3) to put your EA to work for you. Updating data your EA will run on the time frame chart which you load it on. One thing to pay attention to before loading the EA for live trading is that you have the data updated on your charts. Typically the expert advisor will be basing its entry and exit signals from the historical data on your charts (keep in mind historical data is never an indication of future price). But you need to make sure that your historical data is updated on the chart for this purpose before you add the EA to your chart for the Forex pair that you want to execute it on click on each periodicity bar time frame. You will see the waiting for update on your screen for a few seconds once this goes away the chart is updated and you can add your EA.

 

Applying the EA to Your Trading

You should now be able to see your Expert Advisor in the "Navigator" window in the bottom left hand corner of your MetaTrader 4 platform, shown below (Figure 1):

Select the new EA that you loaded into your MT4 platform and drag it onto the chart of the currency pair that you'd like it to be applied to. The window below will pop up - in order to have trades executed on your behalf automatically, be sure to select "Allow Live Trading" before clicking "OK".

Apply the EA For Forex Trading
 
Activate and Inactivate EA For Forex Trading

Your EA is now attached to the currency pair on that chart, but is not yet enabled to place trades. In order to activate your EA you must click the "Expert Advisor" button located top center of the platform. The button should show a green icon when active and a red icon when inactive. See images below (Figure 2):

It is also possible to load a second Expert Advisor onto another chart. You can have several robots trading on different currency pairs, or even the same currency pair; as long as you follow these procedures. Now that you have followed the previous instructions for loading an EA onto a chart you should have a single EA running on a single chart. To load a second EA you must first open a second chart window. It is important to note here that you cannot run multiple EAs on the same chart. Opening a second chart can be done by clicking on the currency pair that you are interested in and dragging it onto the chart window. You should now see at the bottom of the chart window two tabs indicating the two currency pairs you have selected to view. See below for a visual representation of this.

 

To view both of these charts at the same time simply minimize each one and size them to fit within the chart window. Below is an example of this (Figure 3):

IKON Expert Advisors Fore Forex Trading
 
How to use EA to Trade Forex

Since the first EA should be running on your original chart (as discussed previously), all you have to do now is load on the second EA. To do this simply click the EA in the Navigator window and drag it onto the new chart. This should be done the same way you loaded the first trading robot. A pop menu will now show up on your screen. Under the common tab make sure to select “Allow live trading.” Once this is complete click the inputs tab to view the different inputs pertaining to your EA.

Make sure that the inputs are all in accordance with what the EA developer has recommended for optimal performance. It is important to note here that each EA has a Magic Number, which can be found in the input section under the term “MAGICNUM”. Make sure that the Magic Number for each of the EAs are different from one another or else the trading robots will not trade appropriately. By simply clicking in the magic number field you will be able to override the number that is currently there. Once you have placed your EA on the chart and verified that the inputs are all correct click “OK”.

You’ll now see the name of the EA and ture in the top right corner of the chart window as shown below in Figure 4. If you see flase, and it means that you have not put the inputs in correctly, which can be fixed by clicking on the flase. You should now have multiple EAs running on different charts. You can follow this procedure to load as many EAs onto as many charts as you would like. Your multiple EAs are now set up!