Automated Trading

Advancements in technology have impacted the world of financial markets and traders can now take advantage of automation in their trading strategies.

Automated trading on MetaTrader 4: Expert Advisors (EAs)

MetaTrader 4 was one of the first platforms that allowed individual investors to trade using automated strategies. The platforms which has been developed by MetaQuotes, has its own programing language, MQL 4, where traders can code their strategies. The automated tool is known as an Expert Advisor (EA).

Tradenext allows the use of EAs as a system, EAs help traders in making their investment decisions, automated trading is useful for traders who are busy and do not find the time to sit and trade in front of their computer. In addition, EAs are useful for clients who want to trade in various trading sessions, for example a UK based trader can trade in the Asian session, the EA will execute trades when it foresees the opportunity. In normal circumstances the UK based trader would be asleep during the Asia session thus through the use of an EA, the trader can assess the markets.

Using EAs removes any emotional attachments to trading; the system trades in accordance with the strategy specified and hence removes any human input that could affect the strategy.

Trading Strategies used by Expert Advisors

Traders can apply various trading strategies to their expert advisors. The main strategies that are used are:

  • Short term

    News - The News EA is intended to take advantage of news events and large price movements that may occur during big news releases.

    Scalper - These aim to secure miniature profits as soon as they are available. It will open and close countless trades for any profit e.g. $1, so your EA could trade up to 500 times a day depending on the market conditions.

  • Mid to long term

    Hedge - This is any EA that plays two separate and opposing positions and minimizes the loss on one while facilitating utmost profit on the good trade.

    Breakout - Opens a trade when the price breaks through predefined support and resistance levels.

    Traders who are not versed in computer programming can use independent programmers to support their strategy. Tradenext does not recommend any third party developer.

  • Our policies

    Tradenext has a flexible approach to clients using EAs. As a firm we do not have any limitations.

    However, we draw those clients attention to our Terms of Business which gives us the right to suspend or cancel our trading services and void any trades with clients who are deemed to be trading on materially incorrect prices and/or abusing our price feeds.

    Tradenext does not accept EAs that are written with the intention of sniping, hyperactivity or any other actions that are designed to take advantage of non-directional trading related activities.

  • Account types

    Tradenext offers a wide selection of account types for Expert Advisor users. These can be used depending on the strategy:

    Classic Account - MT4 platform with competitive spreads and commission free.

    ECN Account - Clients will receive interbank trading conditions and will be charged a commission. Orders are routed directly to the main interbank market.

  • Setting up and installing an Expert Advisor

    Installing an EA is a simple and straightforward process; the following steps outline the process:

    Open 'My Computer' and navigate to the following directory "C:Program Files MetaTrader – Tradenext experts". Copy and paste your EA which should end with the following “.EX4, this is your EA”

    Start MetaTrader 4

    Once MetaTrader 4 is running, look in the Navigator window, expand ‘Expert Advisor’ and look for the name of your EA. Right click 'Attach' on the chart which the EA has been designed for.

    Finally, there should be additional instructions specific to your EA so please make sure you also read these before installing.

  • Support

    Our trade support and IT team is available to provide support and assistance, if you have any issues with installing your EA, you can always contact Tradenext’s trading & IT Support team on + 44 (0)20 7614 5555

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