A Metatrader expert advisor is a pre-programmed piece of automated Forex trading software designed to run on the MetaTrader trading platform. As the name suggests, it is designed to assist the trader in trading the Forex markets. This is done by running a preset Forex trading strategy on your account.
There are a large range of Expert Advisors available for MetaTrader. Some of the simplest are designed to simply notify you when a trading condition exists. These are generally referred to as ‘Manual Expert Advisors.’ Others are more advanced and are able to fully automate the execution of the strategy on your account. These called ‘Automatic Expert Advisors.’
Automated EA shave the ability to can open and close trading positions on your account. They are also able to control the various trading parameters of the strategy, including setting the stop loss and take profit levels.
This automated approach to Forex trading is what we are generally referring to when we talk about Expert Advisors. This automated trading function has lead to EAs often being referred to as Forex robots or Automated Forex Software.
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