Installing Forex expert advisors (EA) follows nearly the same pathway as that of custom indicators, with the minor difference that the EA files are attached to the “Experts” folder and not the Indicators folder. This is how it is done. Again, the assumption is that the EA was coded within the MQL4 environment, as only EAs coded with the MQL4 can be added are compatible with the MT4 platform.
Step 1: Adding the EAs to the Right Folder
First, open the instance of the MT4 Forex Trading platform where you want to add the expert advisor. When this is open, click on File on the top navigation menu, and then click on “Open Data Folder” in the drop-down menu. This will open the data folder on your computer.
Step 2: Add the Expert Advisor(s) to the Data Folder
In the open Data Folder, click on MQL4 -> Experts. This opens the Experts folder. This is the folder where the EAs will be added.
Step 3: Paste the .mq4 or .ex4 EA file into the “Experts” folder
Use the Ctrl + C to copy and paste the expert advisor files from their native location to the open Experts folder, then restart your MT4 platform by closing it and opening it again. By now, the Expert Advisors will be available for use from the Experts tab in the navigation menu on the left.
Please note that this process replaces the old method where the EAs could be copied and pasted directly into the Experts folder, which was a standalone subfolder in the folder housing the MT4 client.
When adding an EA to the chart, go to the Navigator menu on the left hand side of the platform interface, click on the + sign beside Expert Advisors to show the attached EAs. Click on the one to be added to the platform. This opens a pop-up window where the trader can set the parameters within which the EA will function. When this is concluded, click OK to attach the EA.
The EA must then be activated by engaging the “Autotrading” button on the top part of the platform interface. Successful activation will show up as a smiling face on the top right corner of the chart beside the name of the EA.
The EA is now available for trading.