An Expert Advisor (EA) is a program that runs within a trading terminal to monitor and execute trades automatically, without direct trader intervention. When installing an EA, traders must set specific parameters such as trigger alerts, notifications, and trading actions based on predefined market conditions.
EAs are programmed in MetaQuotes Language 4 (MQL4) for MT4 and MetaQuotes Language 5 (MQL5) for MT5, making them platform-specific.
Default EAs in MetaTrader:
MetaTrader platforms come with built-in EAs designed by MetaQuotes Software:
MT4 Default EAs
MACD Sample – Implements a simple MACD-based trading strategy.
Moving Average – Uses a moving average strategy where trades are opened when a candle crosses the moving average.
MT5 Default EAs
ExpertMACD – Uses MACD to determine trade entries.
ExpertMAMA – A strategy using the MESA Adaptive Moving Average (MAMA).
ExpertMAPSAR – Combines Moving Average and ParabolicSAR for trade execution.
ExpertMAPSARSizeOptimized – Similar to ExpertMAPSAR but with optimised trade sizing.
Compatibility: EAs cannot be used interchangeably between MT4 and MT5 because they are written in different programming languages (MQL4 for MT4 and MQL5 for MT5). An EA designed for MT4 will not work on MT5 and vice versa.