Expert Advisor – An automated trading program written in MQL4 or MQL5 that runs on a chart. EAs contain predefined event handler functions (e.g. OnInit, OnTick in MQL5 or init, start in legacy MQL4) which execute trading logic on initialization, each new price tick, timers, etc. EAs can analyze market conditions and automatically place or close orders using functions like OrderSend(). In MT4 an EA uses the start() function (in newer builds OnTick()), while in MT5 EAs use OnInit(), OnTick(), OnDeinit(), etc. MT5 EAs are more object-oriented (can use CExpert base class), whereas MT4 EAs are simpler.

Back to Robots Glossary Index