MetaTrader Expert Advisors FAQs
- Do I need to be logged into the platform for EA’s to trigger?
- How do I install an Expert Advisor?
- What is the Trader Toolkit EA?
- What is the Trade Terminal EA?
- Am I able to scale out of my position using orders in the Trade Terminal EA?
- How do I set up the rules to manage my open positions?
- How do I set up orders to enter new positions?
- What is an OCA?
- Will closing MetaTrader 4 affect rules established in the Trade Terminal?
- What kind of alerts can I set up using the Trade Terminal EA?
- Can I run the Trader Toolkit and Trade Terminal EAs at the same time?
Do I need to be logged into the platform for EA’s to trigger?
The MetaTrader 4 terminal must be logged into the trading server for automated strategies to run.^top
How do I install an Expert Advisor?
To install an Expert Advisor, navigate to My Computer, Program Files and then the TradeKing Forex MetaTrader 4 folder. Place the EA into the Experts folder. You will need to restart the MetaTrader platform to see the EA.^top
What is the Trader Toolkit EA?
Trader Toolkit is an EA that provides platform-integrated news & research including FOREXInsider, the Economic Calendar, news from Dow Jones and more. You can also manage and fund your account directly on the MT4 platform. The Trader Toolkit EA should be available in the Expert Advisors section of the TradeKing Forex MetaTrader 4 platform. If you do not see it, you can download it by clicking here.^top
What is the Trade Terminal EA?
The Trade Terminal is an EA that provides trade management flexibility with rules that extend the functionality currently available on MT4. Trader Terminal rules offer nine different actions from which to choose, in addition to the standard Buy and Sell options. You can select actions such as closing a percentage of the volume of your trade, setting a new stop-loss or sending a pop-up alarm with the text of your choice. The Trade Terminal EA should be available in the Expert Advisors section of the TradeKing Forex MetaTrader 4 platform. If you do not see it, you can download it here.^top
Am I able to scale out of my position using orders in the Trade Terminal EA?
Yes, the Trade Terminal EA allows you to set standard stop-loss and take-profit orders to scale out of a trade and it gives you the option of using rules. Rules offer a wide range of triggers and resulting actions to choose from that are unavailable when using standard Buy and Sell orders. To enable the Terminal to allow buys to close sells and vice versa, click on Settings, Confirmations and preferences, select Non-hedging mode (sells close buys, and vice versa) and Save Settings.^top
How do I set up the rules to manage my open positions?
After you have entered your trade, click on the tool icon in the same row as the open position located in the Open and pending orders section of the Trade Terminal EA.
To set up a rule, choose Automated close and then Create. After that, you will see the automated close rules and criteria in a new window, shown below.
You can set up as many rules as you’d like to apply to that position. Once your rules are set up and running, you will see the tool icon change to include a red exclamation point.
To cancel the rules you applied, click on the tool icon again. Then click on Automated close, Edit and then Remove.^top
How do I set up orders to enter new positions?
To set up orders to enter a new position, click on the yellow dot located at the top right corner of a dealing box and select New Order. In this window you can select from a wide range of criteria that will trigger a new position. There are also contingent rules and orders that can be associated with that order once it is executed.
For example, by selecting Buy Limit you can enter a desired entry rate for your trade and then select a stop-loss rule to be associated with it that will close your trade when your balance falls to a specified percentage. There are many options found both here and from within the Automated Close windows mentioned above. We highly recommend you explore these options fully to determine which options meet your trading strategies and objectives.^top
What is an OCA?
The OCA (One Cancels Another) is a rule option that allows you to group an unlimited number of orders into an OCA order. After one of the orders executes, the rest of them will be automatically cancelled. For example, a trader could set an OCA involving an order to sell EUR/USD if the rate reaches 1.3340, an order to buy USD/JPY if the rate reaches 84.15 and an order to sell GBP/USD if their balance falls below 97% of their current balance. The first condition that is met will result in an executed order, and the rest of the orders will cancel.
To set up an OCA rule, you must first set up the multiple orders you want to be part of that OCA group. To create a new order, click on the yellow dot at the top right corner of any dealing box and then select New Order. Once you place the order, it will be listed under your Open and pending orders.
From within this list, select the orders you want to be included in your OCA group. Next, click OCA and then create OCA group.
Finally, name your OCA group, select the orders you want to include and then click Create OCA group. Please keep in mind that the OCA group and all orders placed on the Trade Terminal are saved on your MetaTrader terminal. If MT4 is closed then the orders will not execute as planned.^top
Will closing MetaTrader 4 affect rules established in the Trade Terminal?
Yes, if you close MT4 your rules will not execute as intended because the Trade Terminal is an Expert Advisor.^top
What kind of alerts can I set up using the Trade Terminal EA?
You can set up a variety of alerts through the Trade Terminal EA, including using automated close rules and account parameters. When you set an automated close, as explained above, one of the available actions is to send you an alert. You can also set an alert by clicking on a bell icon to the right of your account summary.
If an alert has already been set up for that parameter, then the bell will appear gold. If not it will appear gray. Within the window that pops up, as seen below, you can set the criteria for your alert. You will also notice that in order for an email to be sent, you’ll be required to configure your email account with the MetaTrader software.
Simply click on Tools, Options and then Email. After that, the following window will appear. Select Enable to begin entering your account information.
The required information depends on your email provider, and you should contact them directly if you have questions.^top
Can I run the Trader Toolkit and Trade Terminal EAs at the same time?
Yes, MetaTrader allows you to run multiple EAs simultaneously.^top