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Analyzing price movements in Forex trading can be quite hard and demanding for beginners. But, there are many tools you can use to make this process easier. One of the best tools to use when trading Forex is Expert Advisors.
Available on MetaTrader 4, Forex EAs can help you identify the best trading opportunities in the market. These pieces of software can work as automated trading tools that can analyze the price movements of currency pairs for you.
Depending on the type of MetaTrader 4 EA you are using, it might also be able to trade currency pairs. Trading automation can be a great help for traders to make higher profits in the market while having the opportunity to go on with their regular lives.
While there are many Expert Advisors for MT4 available in the market, not all of them are equally good. In today’s guide, we are going to discover the best Forex Expert Advisors for MetaTrader 4. So, without further ado, let’s find out which EAs are best for Forex traders using MT4.
Using Forex trading Expert Advisors in MetaTrader 4 can be quite useful for retail traders. Forex is known for its ever-changing prices, which can be quite hard for individual traders to follow and analyze. This is especially true for beginners.
For example, let’s say that you want to trade the EUR/USD currency pair, but you are having a hard time doing it by yourself. In this case, you could get a Forex EA for MT4 that was created specifically for trading EUR/USD. The EA will analyze the price movements on its own and look for the best trading opportunities in the market.
Once the best trading options are found, the EA will automatically place buy/sell orders to make you profits.
Many traders feel like they are missing out on profitable opportunities in the market when they are sleeping or doing anything else with their lives other than trading. This can get very overwhelming for them. While there are many tools available in the market that can help retail traders stay in touch with the ongoing events in the market, it is believed that using Expert Advisors is one of the best options available for staying on top of things.
Expert Advisors are different types of software created by professional traders, and they work in two different ways. Some of them are only used for market analysis, and they work very much like technical indicators. On the other hand, there are EAs that can automate the full Forex trading process.
Every Expert Advisor is different from the others, as they are created to do specific things. For example, there are some EAs that are created for only trading the EUR/USD currency pair, while some can trade several currency pairs, including the most volatile and exotic ones at the same time.
If a trader has enough financial knowledge and some experience in coding, he or she can even create an Expert Advisor on their own. While this is quite a challenging endeavor, it can also be very useful as it is totally free to create your own EA. Also, custom EAs tend to be a better fit for traders, as they are created according to your own individual needs and preferences.
There are hundreds of different Forex MT4 Expert Advisors available in the market. Some of them are created by large institutions that work solely on developing new ideas for trading automation, while others are created by individual traders who have a lot of experience in trading, as well as in coding.
After doing thorough research, we have managed to find 6 top Expert Advisors for MT4. Check out our list below and individual overviews of the EAs to find out which one is the best choice for your individual trading style.
Zen EA is one of the newly-established Forex Expert Advisors on the MT4 platform. Although this expert advisor has not been fully and extensively backtested yet, it has already managed to provide traders with some good data.
This expert advisor is not free, however. There are three different options for traders to get started with this Expert Advisor. The first option is to do so with a special referral, which will get you the trading indicator free of charge.
However, not everyone can use this option. Luckily there are two other paid options to get this EA, which can be used by everyone. Zen EA offers a monthly subscription, which costs $59 per month. There is also a lifetime access option available.
The monthly subscription will expire 30 days after your payment, and it offers instant order execution, lot management, and an active, 24/7 customer support team. As for lifetime access, trades will be able to use this EA for as long as they like.
All the features of the monthly license are included in this purchase, but in addition, lifetime subscribers will also be able to optimize the expert advisor according to their individual style.
FxPro Dragon EA is a very useful expert advisor that can work in numerous ways when used. First of all, it can be used by traders as a single system, or in combination with other expert advisors available in the market. This expert advisor is based on very strict algorithms, that ensure the highest levels of accuracy.
To ensure that traders are able to make good profits when using this expert advisor, it does not open orders all the time. Rather, this MT4 EA awaits the best and most profitable opportunities in the market according to your individual strategy.
This expert advisor is able to operate 24 hours a day, five days a week. It is very easy to install and can be set up in less than five minutes after downloading. FxPro Dragon is mostly used for trading the USD/CAD currency pairs, with a 4-hour timeframe. However, it can be used for several other currency pairs as well, including EUR/USD.
There are two different purchase options available for those who want to use this expert advisor. One of them is the FxPro Dragon Standard subscription, which costs $139. With this, traders are able to get access to one real and one demo account and the EA can be used for a lifetime. As for the Premium version, it will cost you $179. It is very similar to the standard option but comes with 3 real and 3 demo options.
Forex Fury EA is an amazing EA for beginner traders. The team behind the expert advisor is working very hard on new updates and changes to ensure that the EA meets the modern demands and standards of the Forex trading market.
This Expert Advisor is especially good for short-term trading strategies, such as scalping. The settings of this EA can be tweaked according to your individual needs. It is well suited for beginners as well as experienced Forex traders.
For achieving the best outcome and higher profits, you can customize this MT4 trading EA according to your individual strategies. This trading Expert Advisor works on a restricted time frame, meaning that the robot can work only for several hours during the day.
While very useful, it is a bit pricey, especially compared to other Expert Advisors available for MetaTrader 4. The price of this expert advisor is around $229, and the minimum deposit needed to use it when trading is $100.
If you are a short-term Forex trader, and you want to make quick and small profits daily, using this indicator can be very helpful. It was back-tested by the developers over different types of market conditions, showing successful results.
Created by Elite CurrenSea, Zeus EA is one of the best-known MetaTrader 4 EAs available in the market today. This EA was heavily backtested by its developers, which makes it a trustworthy option among Forex traders. It has been live since 2019 and managed to have a good performance, as it has posted an average of 15 percent monthly returns.
This MT4 expert advisor for Forex is known for being very fast and user-friendly. It is a great option for traders to make passive profits from the Forex trading market. However, keep in mind that this EA only trades the EUR/USD currency pair, which is known for providing traders with better volatility, higher liquidity, and fewer risks.
There is a yearly subscription option available at Zeus EA, which will cost traders $300. This EA works best with trading capital of between $2,500 and $7,500. There are numerous Forex brokers that support this trading Expert Advisor, many of them being market leaders.
Apart from the above-mentioned price, there are other subscription options available as well. For example, you can rent the Zeus EA using a monthly plan, which will cost you about $90. Depending on the plan that you choose, there will be different types of preferred equity sizes.
Forex Gold Investor EA for MT4 is an automated trading system that was created specifically for gold trading. This expert advisor works by using intraday cycles in the gold trading market. The team behind this EA has worked very hard on identifying the best trading opportunities in the market, and the EA uses 2 different types of strategies to find the most profitable opportunities for gold traders.
To ensure that the EA is able to provide you with frequent profits, it uses different types of frequent trades, and it also comes with entry and exit logic features. The price of this EA is $397, which is the standard price of the Expert Advisor. However, it also comes with a discount price for referrals, which is $197.
If you want to test out how this MT4 Expert Advisor works and how useful it can be without having to risk your actual funds, the creators also offer you a 60-day risk-free trial. After taking the trial, if you feel like the expert advisor fits your needs well, you can start using it for trading purposes with your actual funds.
Because this EA is easily adjustable to different types of strategies, it can fit the needs of different types of gold traders.
DynaScalp EA is a very profitable and fully automated Forex Expert Advisor for MetaTrader 4. Created by Chris Bernell, who is an institutional Forex trader, this EA can be an amazing choice for making great profits without risking too much. One of the biggest advantages of this EA is that it can trade numerous different currency pairs, including GBP/USD, EUR/USD, EUR/CAD, and many others. It can also trade XAU/USD (gold).
DynaScalp EA automates the full Forex trading process, without the need for any of your intervention. As for the purchase options, there are several of them that traders can go with. One-year membership for this automated trading EA costs $247, while a lifetime membership will cost you $397.
The expert advisor also comes with a special refund policy, which claims that if you observe that the performance of the EA is not sufficient for you, you can contact the representatives within 30 days, and you will be able to get a full refund from them.
While there are many expert advisors available in the market, there are many traders who find it hard to trust programs created by others. While there is nothing wrong with using pre-made expert advisors, it should not come as a surprise that many traders prefer to trust themselves over others.
It is very much possible to create an expert advisor of your own. However, keep in mind that it will require that you have some type of technical financial knowledge and understanding of how coding works.
MetaTrader 4 uses the MQL4 coding language, which is specifically used for this trading platform. If you want to create an automated Forex EA for MT4, you will have to first understand what you want to use the custom EA for.
You can use the EA both for market analysis and actual trading activities as well. To make the process easier, there are several tools available in the market, such as EA Studio, for example, which helps you to create your own expert advisor for MetaTrader 4.
There are different reasons why traders would want to use custom-made EAs. For example, some traders simply do not want to pay additional money for renting or buying an expert advisor, and creating one on their own seems to be a better option.
MT4 EAs can be used in different ways. For example, MT4 Expert Advisors can be used for simple market analysis, as well as for actual trading purposes. Every EA is different from the others and while some are capable of analyzing as well as trading automatically, others can only analyze the price movements in the market.
You can add EAs on MetaTrader 4 in a very simple manner. All you have to do is to download the EA of your choice, open your trading platform, and add it in just a few clicks.
First, you should open your MetaTrader 4 trading platform. Then, click Tools, and choose Options. After doing so, you will see the Options window pop up on your screen.
After this, you can simply go to the Expert Advisors tab, and make sure that the Allow Automated Trading is turned on. After this, you will be able to use Expert Advisors as well as other automated trading scripts.
Once this option is selected and your MT4 lets you trade automatically, you will be able to add any of the expert advisors that you want to your MetaTrader 4 trading platform.
One of the best trading MT4 Expert Advisors available in the Forex trading market today is Zeus EA, which was created by Elite CurrenSea. This EA has been active since 2019. Prior to its release, Zeus EA was backtested massively by professionals around the world, making it a great option for Forex traders. Apart from offering traders very accurate data, this EA is also not that expensive and costs around $80 per month. There are other subscription options available as well.