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MetaTrader Programs

In MetaTrader there are three common types of programs that you can use to enhance your trading experience: Expert Advisors, Scripts, and Indicators.

Technical Indicators

Indicators or rather Technical Indicators are tools that enable you to analyze the market quantitatively. Some examples are moving averages and oscillators such as Stochastic and RSI (Relative Strength Index). MetaTrader comes with several built-in indicators. You can use such indicators by drag and dropping them into the chart area. You may find the list in the Navigator window under the Indicators title.

Other than built-in indicators you may purchase or develop your own indicators. The name extension of the original file of a custom indicator is "*.mq4". If you purchase such indicators you may receive the compiled format of the file with the "*.ex4" extension. The compiled file is all you need to use the indicator. In other words to use a MetaTrader program (an EA, a Script, or a custom Indicator) all you need is the compiled version of the program. The code or original file is not necessary.

You need to place the custom indicators file(s) under the "..\experts\indicators" folder. For example if you are trading with FXDD and have installed their MT4 platform in drive "C" your complete path to the custom indicators folder could be "C:\Program Files\FXCM Trader 4\experts\indicators"

All you need to do is to place the file(s) in this folder and restart MetaTrader 4. Then you may attach the indicator to your charts via the Navigator window. The custom indicators are located under the "Custom Indicators" title.

Scripts

Script is a software program that you can attach to a chart to take care of a task. We usually use scripts to take care of complex tasks. Some examples of the jobs that we can do with the help of a script are:

• Closing many trades when the time comes or conditions met
• Creating a report based on the status of the market
• Entering or exiting a trade when the conditions are met
• OCO orders (Order Cancels Order)
• ...

A script starts its job as soon as you attach it to a chart. When the job of the script is done it will be removed from the chart by MetaTrader automatically. So we could say that scripts are good for one-time tasks.

If you have received or developed a script you need to save it under the "..\experts\scripts" folder. For example if you are using MetaTrader platform offered by Forex.com then the complete path could be "C:\Program Files\MetaTrader 4 at FOREX.com\experts\scripts" assuming you install your programs in drive "C".

To use a script you may double click its name or drag and drop it into your chart. You may locate scripts in the Navigator window under the Scripts title.

Expert Advisors

An expert advisor or Expert or EA is a piece of program that enables you to take care of doing jobs repeatedly. Unlike scripts, Expert Advisors remain attached to a chart till you remove them manually. The EA repeats itself every time a tick comes in. In other words every movement of the price triggers Expert Advisors.

The nature of EAs make them ideal for automating the whole trading process. Some uses of EAs could be the following.

• A fully automated trading system
• Market analysis and generating trading signals
• Managing or closing trades according to the market conditions

The main differences between Expert Advisors and Scripts are that EAs run only when a price movement (tick) happens while Scripts run as soon as you attach them to a chart. Also scripts will be removed from the chart as soon as they do their job while EAs stay there until you remove them manually.

You need to place your EA files under "..\experts" folder. For example if you are using InterbankFX platform a typical path could be "C:\Program Files\Interbank FX Trader 4\experts". You may locate an EA in the Navigator window under the Expert Advisors title.

To learn how to attach an EA to a chart click here (you need to sign in to your ForexBrace.com account to see this PDF file. If you are not a member you can become one at no charge).

Libraries and other Files

Some MetaTrader programs (EAs, Scripts, or Custom Indicators) need to use libraries or other files to do their jobs. When you receive such programs you could also receive any of the following files. Place the files in their relevant folder.

Libraries: "..\experts\libraries" for example "C:\Program Files\FXCM Trader 4\experts\libraries"

Include Files: "..\experts\include" for example "C:\Program Files\FXCM Trader 4\experts\include"

Other Files: "..\experts\files" for example "C:\Program Files\FXCM Trader 4\experts\files"

Also make sure to contact the developer about the correct location of each file. You do not use such files directly. They are there as resources for your programs.