21 Jul 2022
Understanding MT4 Expert Advisors and Their Structure
To understand MT4 Expert Advisors (EAs), we need to know their structure and parts. EAs are automated trading programs made in the MQL4 language. This language is for the MetaTrader 4 platform.
Components of an MT4 EA
An MT4 Expert Advisor has several main parts:
- MQL4 code: This is the heart of the EA. It’s written in MQL4 and outlines the trading rules and strategies.
- Input parameters: These let users tweak the EA’s actions. You can change settings like risk levels and trading signals.
- Indicators and libraries: EAs use indicators and libraries to improve their analysis and decision-making.
Common EA File Formats
MT4 Expert Advisors come in two main types:
- ex4 files: These are the ready-to-run versions of the MQL4 code. They work straight away in MetaTrader 4.
- mq4 files: These are the source code files in MQL4. You can edit them with a text editor or MQL4 environment.
