Expert Advisors (EAs) are software programs developed for use on the MetaTrader trading platforms. They are designed to automate trading decisions and execute trades based on pre-defined rules and conditions. EAs are also known as automated trading systems or trading robots.
An EA uses a set of programmed rules to analyze market conditions and make trading decisions. These rules can be based on technical indicators, chart patterns, price action, or a combination of these factors. Once the rules are met, the EA will automatically enter or exit trades according to the strategy.
EAs can be customized and tested using historical data to ensure they are performing as intended. They can be programmed to monitor multiple currency pairs and timeframes simultaneously, allowing traders to potentially capture more trading opportunities. EAs can also be set up to manage trades, including setting stop-loss and take-profit levels, trailing stops, and more.
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