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Do you have a curiosity to find out how to create EA for the MT5 terminal? Let’s take a closer look at what expert advisors are and how you can build and activate them.

MetaTrader 5 is one of the most operated trading platforms today. It comes with enormous benefits and offerings for traders, one of them being EAs (expert advisors). Using EA for forex trading can be a fantastic help for individual traders when trading forex. It can either assist you in automating your trading activities or monitor the market conditions.

EAs are familiar with the MetaTrader platforms; both MT4 and MT5 provide these tools to their traders. There are various expert advisors available in the market. Some of them are built by a professional team of developers that have been thoroughly tested for efficiency and profitability, and regular traders also develop expert advisors.

What is an MT5 EA?

MetaTrader 5 expert advisors are also known as forex robots. These expert advisors are special programs or pieces of code created using MQL5, the native coding language of MT5. Clients use this software to automate the forex trading process.

Every automated expert advisor in the forex market is a unique piece of software, and it is created depending on the trading strategies of the traders. While some forex robots are created for specific currency pairs and strategies, others are utilized for multiple assets using various strategies.

There are different ways to get a forex expert advisor for trading. For instance, some people prefer to rent or purchase pre-made expert advisors. On the other hand, other traders prefer to create their own MetaTrader 5 expert advisors. Most EAs are available on the official MT5 marketplace. However, there are various other third-party websites and markets where you can purchase an expert advisor.

There are free, as well as paid expert advisors that you can utilize for trading. While some EAs for MT5 provide only market analysis, others can monitor the price movements and automatically execute the trades as well.

How to Create an MT5 Expert Advisor

On MT5, you can use the programming instrument called MetaEditor and a dedicated language, MQL5, to create an EA.

Note: If you choose Expert Advisor (template), only the minimum options will be filled out, such as the name of the EA, copyright, parameters, and functions. If you choose Expert Advisor (generate), it will include the items that are mentioned above, as well as the source code of indicators that come along with MetaTrader 5 by default.

Event Handlers

While you are setting event handlers, these items you get to choose from.

Item Names Descriptions
OnTrade Ontrade is a function that handles changes to orders, executions, positions, and trade history when an order is executed.
OnTradeTranscation OnTradeTranscation is well-known by the expert advisor when an event occurs to process the execution result of a trade request.
OnTimer OnTimer is a function that is performed at a specified time interval.
OnChartEvent OnChartEvent is a function that holds events on a chart. It is executed when an event happens on a chart, such as creating, deleting, moving, or editing an object.
OnBookEvent OnBookEvent is a function that holds events on the depth of the market. It is operated when the depth of the market is updated.

Test Event Handlers

These items are available to select when you set the test event handlers.

Item names Descriptions
OnTester OnTester is a feature used for formulas to calculate optimization outcomes in the Strategy Tester.
OnTesterInit OnTesterInit is a feature that executes the initialization of the Expert Advisor when starting optimization in the Strategy Tester.
OnTesterPass OnTesterPass is a feature that executes data processing during optimization by the Strategy Tester.
OnTesterDeinit OnTesterDeinit is a feature that executes data processing after optimization by the Strategy Tester.

How to Activate MT5 EA

How to Run Expert Advisor on MetaTrader 5

Wrapping Up

In this article, we have shared complete information regarding MT5 EA, from creating to running this software on the MetaTrader 5 terminal. However, creating an expert advisor is time-consuming and requires high programming skills.