How to Use Expert Advisors with MetaTrader 4 for Mac

MetaTrader 4 for Mac presents a great range of opportunities for Forex traders along with its diverse functions. Undoubtedly, one of the most effective instruments available to a trader is an Expert Advisor, which will help you implement different trading strategies automatically. Expert Advisors work can save time, avoid bias and run trades based on certain parameters that have been set. Nevertheless, MetaTrader 4 for Mac does support EAs, but creating them may be a bit different from the way you do on Windows OS. Below are guidelines to using expert advisors with MetaTrader 4 for mac successfully:

In order to trade with an Expert Advisor, you have to download it on MetaTrader 4 for Mac first. EAs are normally offered as a download which could be in the form of .ex4 or .mq4 files. Once you have downloaded the EA you want to use, follow these steps to install it:

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Launch MetaTrader 4 for Mac terminal and click on the “Navigator” tab on the screen. If you do not see it, you can always View Navigator from the top of the screen options.

In the Navigator window, there will be a section called “Expert Advisors”. Copy the folder path of this section, then, right-click on the section and click on ‘Open folder’. This will open the folder where MetaTrader 4 for Mac stores your EAs downloading them as well.

Make a copy of the downloaded EA file and place this copy into this folder.

Sometimes it is just necessary to close the MetaTrader 4 for Mac application and restart it to make sure the EA has loaded correctly.

After the EA is placed, you have to turn it on in order to be able to use it on the charts. Additionally, MetaTrader 4 for Mac may have Expert Advisors disabled by default for security reasons. To enable EAs, follow these steps:

Beginners who use MetaTrader 4 for Mac should find it easy to navigate: from the toolbar at the top select “Tools” then “Options.”

Having opened the Options window, go to the “Expert Advisors” tab.

Ensure that the check box to the left of “Allow automated trading” is checked. This will allow Expert Advisors to run on your account.

When you are through click “OK” to confirm the changes.

After the EA is installed and enabled, one can use it on the chart. Here’s how:

To do this, go to the Navigator Window and under ‘Experts Advisors’ look for the EA you have installed.

Simply select the EA and drag it over the chart picture of the desired currency pair. You can right-click on the EA and go to the submenu option: attach to a chart. A setting window will open to enable the user or robot to change the settings of the EA. These parameters will naturally depend on the particular EA that you use, and typical parameters include trade entry size, stop loss, take profit etc.

After making the settings as you desire, you just press ‘OK’ to apply the EA to your chart. After placing the Expert Advisor on the chart, it will begin trading based on the set parameters. You can track its performance from the chart itself or via the ‘Terminal’ window at the base of the MetaTrader 4 for Mac interface. In general, it is termed a terminal window, available in the experts tab, where one could get such essential information as an entry point, an exit point, and profit or loss. To stop the EA, you need to click the ‘Stop’ button beside EA name in the ‘Navigator’ window.

Before placing actual money at stake and trading using an Expert Advisor, there should be testing done. The next feature of MetaTrader 4 for Mac which makes the usage of EAs effective is the “Strategy Tester”, a tool which helps to test EAs using the historical information. It makes you feel comfortable with understanding the past performance of the EA and the strategy that it was going to adopt.

To use the Strategy Tester: Click on the “View” on the top of the screen and then click on the “Strategy Tester.” To start testing, in the Strategy Tester window, select the EA you wish to test, choose your currency pair and timeframe and then hit start. The Strategy Tester will perform the backtest and you can check the results to see how the EA would have done.

MetaTrader 4 for Mac does include support for Expert Advisors; however, there can be minor problems or bugs because of it from time to time, particularly if the advisor is complicated or was created with substandard code. If you notice that your EA is not functioning correctly, check the following: Make certain that the automatic trading is activated in the drop-down selection “Options”. Double check that your EA is again installed in the right folder. Look at the messages of a log received in the “Terminal” window for the warning or a note concerning the EA.

As outlined above, you can effectively employ Expert Advisors with MetaTrader 4 for Mac and effectively manage your trading strategies. If you are interested in saving your time, or need to minimize the emotional part of trade operations, EAs can make your trading experience more effective and steady.