We permit the use of EAs as a system by which our clients can be assisted in making their investment decisions.
However, we draw those clients attention to our Client Agreement which gives us the right to suspend or cancel our trading services and void any trades with clients who are deemed to be trading on materially incorrect prices and/or abusing our price feeds.
One Financial Markets does not accept EAs that are written with the intention of sniping, hyperactivity or any other actions that are designed to take advantage of non-directional trading related activities.
What is an Expert Advisor?
An Expert Advisor (EA) is an automated trading system written in MQL4 programming language and is designed for operating under Metatrader 4. The EA can be programmed either to fully trade for you and manage all aspects of your trading operation or to alert you to a trading opportunity.
Each EA is based on its own rules or design and EAs are different in the rules they follow to trade. They remove emotional trading decisions that particularly affect the new and inexperienced trader. They follow a very strict trading plan but with no human intervention.
Where can I get an Expert Advisor?
There are many places websites where you can purchase an EA over the internet but we do not make any recommendations. There seem to be many excellent EAs on the market offered at various prices. These can be installed into Metatrader 4 very quickly and with limited technical knowledge.
How does an Expert Advisor work?
An EA can be designed to work in many ways, for example by using a selection of different indicators (Moving Average (MA), Moving Average Convergence/Divergence (MACD) or by looking for trends and breakouts. Using these different indicators the EA will decide what action to take: to buy, sell or even just a place an order in the market.
The EA can be designed to take full control of your account; it will look at your account balance, deciding how much of your balance to put at risk (this can be edited within the properties of the EA: a general rule of thumb is only ever to risk 1 – 2% of your account balance). It will look at open trades and decide if there should be a trailing stop or just a simple Take Profit (T/P) or Stop Loss (S/L). Once it has all the relevant information it also considers the prevailing market conditions and will then tell you when to open a position.
Installing your Expert Advisor
Installing your EA could not be simpler, you just need to follow the simple instructions below:
- Open 'My Computer' and navigate to the following directory "C:Program FilesMetaTrader - One Financialexperts". Copy and paste your EA which should end with the following “.EX4, this is your EA”
- Start Metatrader 4
- Once Metatrader 4 is running, look in the Navigator window, expand ‘Expert Advisor’ and look for the name of your EA. Right click 'Attach' on the chart which the EA has been designed for.
- Finally, there should be additional instructions specific to your EA so please make sure you also read these before installing.
If you have any issues with installing your EA, you can always contact One Financial Markets' IT Support team on + 44 (0) 207 534 0955