Steps
- Open the MT4 data folder
- Copy the EA file into MQL4 › Experts
- Refresh the Navigator or restart MT4
- Drag the EA onto a chart and set inputs
- Enable AutoTrading
Step by step
- In MT4, click File › Open Data Folder.
- Open MQL4 › Experts and paste the EA file (
.ex4or.mq4). Indicators the EA needs go in MQL4 › Indicators. - Back in MT4, right-click Expert Advisors in the Navigator and choose Refresh, or restart the platform.
- Drag the EA onto a chart of the instrument and timeframe it's designed for.
- In the settings window, check Allow live trading on the Common tab and set the inputs (lot size, risk, stops).
- Click the AutoTrading button in the toolbar so it turns green. A smiley face in the chart corner means the EA is active.
Test before going live
- Run the EA in the Strategy Tester (View › Strategy Tester) on historical data.
- Then run it on a demo account for several weeks.
- Compare demo results with the backtest — large differences point to unrealistic assumptions.
Common problems
| Problem | Fix |
|---|---|
| Sad face on the chart | Enable AutoTrading and "Allow live trading" |
| EA not in Navigator | Check the file is in MQL4 › Experts; refresh |
| "Invalid stops" errors | Broker's minimum stop distance or 5-digit pricing; adjust settings |
| No trades | Wrong symbol name (e.g. suffixes), timeframe or market closed |
Safety tips
- Only use EAs from sources you trust; avoid ones that require DLL imports unless you understand why.
- Be sceptical of EAs sold with "guaranteed" returns.
- Check your broker allows automated trading on your account.
Frequently asked questions
Can I run MT4 EAs on MT5?
No. MT4 uses MQL4 and MT5 uses MQL5; an EA must be built for the platform you use.
Do EAs run when my computer is off?
No. MetaTrader must be open and connected, which is why many traders use a VPS.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money.