Identifying and Installing an Metatrader Expert Advisor
An expert advisor or a Forex robot is an automated tool generated using a scripting language MQL4, which helps in performing automatic trading tasks on behalf of an investor. It is a very useful application for traders having a very basic knowledge about forex market, in investing and understanding the trading patterns. Numerous advisory applications are available in the market nowadays depending upon various market models. Before identifying an expert advisor for your Metatrader, an investor must ensure the effectiveness of the robot in the current ongoing markets. Ii should be successful in achieving a minimum of 90% accuracy in the rigorous testing based upon different market models. Compatibility issues regarding the integration of the application with the Metatrader must also be checked thoroughly. However, a lot of investors modify its parameters and variables according to their personal experience but it should be avoided unless one has an in-depth knowledge about the subject and market conditions. It is usually designed in MQL4, which is the same scripting language used in developing Metatrader platform. The intermediate files are grouped together and converted to an.ex4 file format. The installation process starts with copying the.ex4 files in the specified directories. The following process might come in handy during the installation process. Check the specified directories under the trader's account of the Metatrader folder located in the program files folder. Now copy the new version of.ex4 files in the expert folder. After copying all the files restart the program and open the Forex robot session under the experts tab. The robot session will ask for some pre processing information and some investor related information before starting an automated task. Once the required set of parameters is given, the robot will start its automated investing process. Article Source: http://EzineArticles.com/4316687