Some Basics

What is MetaTrader 4?

MetaTrader 4 (MT4) is the leading Foreign Exchange Trading platform from the company MetaQuotes. The largest number of trades, in the world’s largest market are executed using this platform. You get charting options as well scripting and automation options.

What are Expert Advisors?

Expert Advisors are programs which automate the trading in Forex. Expert Advisors “EAs” can modify your chart, indicators and trade full or half automatically. The programming language, the Expert Advisors are coded in, is called MetaQuotes Language “MQL”.

What is the MetaEditor?

The MetaEditor is included in MT4. Simply click on the button with the book icon next to the New Order button or press the F4 key on your keyboard. The MetaEditor will then start.

On the right you can see your experts, indicators and scripts. At the top are buttons to create a new EA or load, safe compile, debug and profile an EA. The toolbox on the bottom shows you errors, the search results, articles and code examples from the community and the journal.

How to install an Expert Advisor?

First you have to transfer the EA files to the correct folders. Open the MetaEditor, click on File and then Open Data Folder. Next open the MQL4 folder and then open the Experts folder. This is the location where you copy your ex4 file.

If the EA uses dll files go back to the MQL4 folder and then open Libraries. This is the location where you copy the dll files.

How to compile an Expert Advisor?

Before you can start an EA you have to compile it.

To compile it, press the Compile button on the top toolbar and watch for errors in the toolbox. If no errors occur, the EA is ready to start.

How to start an Expert Advisor?

After you have copied the files to the correct folders, restart MetaTrader.

On the right you will see your EA in the tree under Expert Advisors, double click on it.

Go to the “Common” tab and allow the import of dlls. Furthermore, you have to allow live trading for trading.

On the inputs tab choose the right parameters of your EA. Then click OK.

Now the EA is applied to your chart. You will see it in the top right corner of your chart. One chart can carry one expert advisor.

The last step is that you start auto trading in general. Press AutoTrading in the top bar or Ctrl+E on your keyboard. If the green play symbol appears EAs are activated for trading.

First steps to develop an Expert Advisor

Go to the MetaEditor click New on the top bar or Ctrl+N on your keyboard. Click Next. Give your EA a name. Click Next and then Finish. Now you have your basic EA.

What is Visual Studio?

Visual Studio is a popular integrated development environment from Microsoft. It’s easy and straightforward to use. In this book Visual Studio is used to generate a small program that transfers the quotes from the first terminal to the second. The programming language C++ is used, because it’s fast and reliable.