• MT5 expert advisors are created using the MQL5 coding language
• Expert advisors for MT5 come in different forms, and they can be used for market analysis or trading
• There are many expert advisors for MT5 that you can get online
• Some of the EAs for MT5 are completely free, while others are up for sale or renting
• Traders can create their own, custom MT5 EAs as well, but only if they have enough technical and coding knowledge and skills

MetaTrader 5 expert advisors are special programs or pieces of code made using MQL5, the native coding language of MetaTrader 5. These pieces of software are used by individuals to automate the process of Forex trading. 

Each automated EA in the Forex trading market is a unique piece of software that is created depending on the trading strategy used by traders. While some of these EAs are created for specific strategies and currency pairs, others work for several assets using different strategies. 

There are different ways one could get a Forex EA for trading. For example, some people prefer to buy or rent pre-made expert advisors, while others prefer to create their own FX EA for MT5. 

In most cases, expert advisors can be bought on the official MT5 marketplace, but there are many other third-party websites and stores where one could buy an expert advisor. In most cases, traders are also able to test the trading expert advisor using demo versions, to ensure it fits their individual strategy or trading style.

Generally, Forex EAs on MT5 can be divided into two different types. Some EAs are used by individuals to fully automate their trading activities, while others are used specifically for market analysis.

After doing thorough and extensive research, we managed to find the 7 best expert advisors for MetaTrader 5 traders. While working on our list of the best expert advisors, we focused on different factors, including, but not limited to, the price of the expert advisor, individual reviews by traders, performance in the market, and time spent backtesting.

So, without further ado, let’s get directly into our list and discuss the best EAs for MT5 that traders can use today.

Athena EA

Probably one of the best available Expert advisors on the marker has to be Athena. This is an expert advisor created by Elitecurrensea, which can be used to trade many different currency pairs, and has high return rates.

This is a grid trading expert advisor, that is built on a strong algorithm with a very specific take-profit approach. This EA is built in a way that tried to never close the day with losses on an account, and if throughout the day it is unable to make any significant profits, it will try to balance itself out, and close the day even or with very small loss. 

According to the historic numbers, Athena shows a monthly return of 18% and a yearly return of around 220%. These are average percentages, meaning that you might see a bit less or a bit more profits. One thing is that, while losing months are rare, occasional drawdowns are still somewhat present, and this drawdown can be around 30%, but nothing to worry about. 

With high quality, of course, comes high prices. Athena is not a free EA, to some extent, with the free version being available only for profit share accounts. The prices of Athena is as follows.

• Lifetime - $999
• 12-month rental - $699

You should also know that, while using the 12-month rental version of Athena, you are unable to use it with every broker, as it supports only selected ones. While when using a lifetime version, you can link it with any broker's website. 

You can visit the Elitecurrensea website in order to purchase Athena.

Hades EA

The next expert advisor on our list is also from Elitecurrensea, the ones who developed the aforementioned Athena. This is a high-quality and profitable expert advisor developed for trading DAX40 and DOW30 indexes without relying on arbitrage. 

Hades EA is built to trade using breakout strategies, during the first few hours of the DAX40 and DOW30 indexes. With good backtesting and many hours of development, this Expert Advisor has become one of the most profitable advisors for trading these indexes.

But, if you plan on using this EA, you need to make sure you are using the correct broker, as Hades does not work with everyone. For Hades to work, a broker must have raw spreads and fast feed on DAX40 and DOW30 indexes. Because of this, performance might differ from broker to broker, as each broker operates differently.

One downside to this Expert Advisor is that it does not have a rental option, meaning that if you are buying it, you are buying it for a lifetime. Because of this, the price you will have to pay is relatively big.

• Lifetime - $999

But, despite this high price and lack of a Demo account, Hades is still worth a purchase. This is a well-built expert advisor with the goal of helping you make the most profits possible.

Visit the Elitecurrensea website to view more information and purchase this Expert Advisor.

New Generation EA

When looking for the best Expert Advisors for MetaTrader 5, one of the leading advisors that we were able to find was New Generation EA. This expert advisor was created for MetaTrader 5 and is a perfect option for high-frequency trading. 

Supported by a very strong signal-finding algorithm, this indicator can be used by traders of different interests as it supports as many as 28 major and cross-currency pairs in Forex. According to the creators of this expert advisor, it is best to use 15-minute, 30-minute, and 1-hour timeframes.

While it is a very reputable expert advisor, it is also quite pricey. Here are the different options traders are offered for this expert advisor:

• Lifetime ownership: $1000
• Rent for 1 month: $200
• Rent for 3 months: $400 
• Rent for 6 months: $600 
• Rent for 1 year: $800

If you are not sure whether you should get this expert advisor for trading, you can get the demo option and test it out. 

While this EA is created for fully automated Forex trading activities, it still gives traders some room for making the EA truly their own. This can be done by tweaking the settings a little to fit your individual strategy.

Golden Million EA

Golden Million EA is another great expert advisor for MetaTrader 5 that we were able to find during our research. This expert advisor was created by a professional algorithm developer with over 15 years of experience in the financial markets.

The expert advisor is very easy to use for Forex traders, as it uses a very smart setup function. The expert advisor hides all the unnecessary parameters and details during a setup, which makes it easier for beginners to start using this EA. 

This expert advisor was specifically created for XAU/USD and can be a very useful tool for gold traders. It uses a 1-hour timeframe and is best for the hedge account type. The expert advisor also uses quite high leverage, starting from 1:100.

Much like the previously-discussed expert advisor, Golden Million EA is also a bit pricey. There are three options for traders to choose from when buying this expert advisor:

• Lifetime ownership: $1,500
• Rent for 6 months: $600
• Rent for 1 year: $1,000

While it is a very good EA with a proven track record, it is not easily customizable, which means that it can only be used successfully by traders with very specific needs. It also has a demo version, which can be tested by traders to see how useful it is and if they would make any actual profits by using it.

Ultima EA

Created by Elite CurrenSea, Ultima EA is one of the best-known expert advisors available on the market today. Ultima EA was very heavily backtested by its creators, making it a very trustworthy MT5 expert advisor. 

This expert advisor was created by Mislav Nikolić and Chris Svorcik, both of whom have a lot of experience in the financial markets. This expert advisor has been around since 2019 and has managed to become very popular among retail traders. 

This expert advisor was created using a trending strategy, taking into account entries and exits. Ultima EA has a very strict adherence to take-profit and stop-loss, which makes it a very reliable EA. It uses different types of algorithms to ensure the best trading outcome for individuals. 

This expert advisor is also quite pricey and comes in three different subscription options. It needs to be mentioned that there is no lifetime ownership option for this EA. Here are the options that traders have for renting Ultima EA:

• Rent for a year: Ultima EA Year Plus for about $1,470
• Rent for a year: Ultima EA Yearly for about $2,147
• Rent for half a year: Ultima EA 6 for about $1,582

Thanks to their five years of backtesting, Ultima EA has managed to become one of the leading expert advisors in the market. Clients of Ultima EA can also use a demo version of this automated trading expert advisor and see how useful it is for their personal strategy.

Netting Scalper EA

Part of the well-known RPTrade Pro Solutions systems, Netting Scalper is a great option for short-term trading. As the name of this indicator suggests, it works by creating profits for traders using a scalping trading strategy. 

This indicator was created to be used by anyone, even those who have no experience in the market whatsoever. However, while it is very useful, traders should keep in mind that it is designed specifically for the 1-minute timeframe, which means that it should not be used with other timeframes.

On the other hand, this MT5 EA can be very useful for anyone, as it works for all pairs. For maximum safety, Netting Scalper EA for MT5 uses different types of smart orders.

This MetaTrader 5 expert advisor is on the cheaper side, coming with the following two buy/rent options:

• Lifetime ownership: $390
• Rent for 1 month: $130

If you want to test out the expert advisor before committing to it, you can get the demo version and install it on your MetaTrader 5. After you are sure that it works well for your individual strategy and asset, you can start using it for actual trading. 

Japanese Candlestick Patterns EA

One of the most flexible and easy-to-use expert advisors that we were able to find during our research is the Japanese Candlestick Patterns EA. As the name of the indicator suggests, this automated trading expert advisor uses the famous Japanese Candlestick Patterns to find the best trading options in the market. 

Created with 8 different strategies, this expert advisor can be a great option for traders of different interests. It can be very versatile in almost all market conditions. While it comes with default settings to trade a EUR/USD 1-day strategy, the settings can be easily tweaked to trade other currency pairs with different timeframes.

Unlike the expert advisors that we have discussed above, the Japanese Candlestick Patterns EA is a bit cheaper. You can get it in the following options: 

• Lifetime ownership: $50
• Rent for 1 month: $30
• Rent for 3 months: $40

Traders can also use the demo version to determine which settings work best for their account and trading style.

There are some Forex trading experts advisors for MT5 that are created specifically for market analyses and are not used for actual trading purposes. Using these types of EAs can be very beneficial for traders who want to have better control over their positions, while also using automated tools for more efficient market analyses. 

These types of expert advisors for MT5 work by analyzing the price movements in the market and providing retail traders with accurate market data that can be used for opening better and more profitable positions in the market. 

A great example of this is the MT5 version of the moving average crossover scanner. This tool can be used by individuals to enhance their trading activities. This indicator can be used by individuals to monitor different types of symbols from MarketWatch at the same time. It works for all time frames, making it very useful for different types of traders. 

Traders can get this indicator directly from the MQL5 website for just $30. It can also be rented for $10 per month. There is also a free demo version available for those who would like to test it out before using it for trading. The signals created by this indicator can be used by other EAs for auto trading.

• Expert advisors are algorithmic tools that automate Forex trading activities
• MetaTrader 5 uses the MQL5 coding language and as a result, only EAs created in this language can be used
• There are different types of MT5 expert advisors. Some of them are created only for market analyses, while others can be used for trading as well
• Traders can create custom EAs as long as they have some type of coding knowledge