Setting up an Expert Advisor (EA) in the MetaTrader 5 platform is a key step in automating your trading strategy. Follow this step-by-step guide, enhanced with screen shots, to seamlessly configure your EA:
Step 1: Launch MetaTrader 5 Platform
Open your MetaTrader 5 platform and log in to your trading account.
Step 2: Access the “Navigator” Window
Go to Tools -> Options -> ExpertAdvisor tab and enable Allow Automated Trading, Allow DLL Imports, and add the Prop Quant link: http://prop-quant.com/ on Allow Web Request for listed URL settings
*This step applies only to users who bought our PQ-VBotMT5!
Step 3: Access the “Navigator” Window
Locate the “Navigator” window on the left side of the platform. If it’s not visible, you can enable it by pressing Ctrl+N
or by clicking on the “Navigator” icon in the toolbar.
Step 4: Open the “Experts” Folder
Select “File” from the main menu and click “Open Data Folder”. From here, go to “MQL5”, then to “Experts” and finally to “Advisors”. This is where your Expert Advisors will be stored.
Step 5: Copy or Install Your Expert Advisor
If you’ve received an EA file (usually ending in .ex5), copy and paste it into the “Advisors” folder.
Step 6: Refresh the Navigator Window
Right-click on the “Experts” folder in the “Navigator” window and select “Refresh” to ensure your newly added EA appears.
Step 7: Drag Your EA Onto a Chart
Go to the chart where you want your EA to operate. Drag your EA from the “Navigator” window onto the chart. A pop-up window will appear for you to configure settings like input parameters.
Step 8: Configure EA Settings
Adjust settings such as lot size, stop loss, take profit, and any other parameters based on your trading strategy. Click “Ok” to launch EA.
Step 9: Verify EA Status
Ensure you’ve enabled automated trading by checking the “Algo Trading” button on the toolbar. Check the top right corner of your chart. You should see a blue hat in the upper-right corner, indicating your EA is active and functioning correctly.
Step 10: Monitor the Experts Tab
Navigate to the “Experts” tab at the bottom of the platform to monitor any messages or errors generated by your EA. This tab provides valuable information about your EA’s performance.
Step 11: Enjoy Automated Trading
Congratulations! Your Expert Advisor is now set up and running. Monitor your trades and make adjustments as needed. You’ve just automated part of your trading journey!