As it stands today, MetaTrader 4 or MT4 is the popular trading platform across almost all financial markets, but more specifically the foreign exchange market or forex. This trading platform is quite well-known among traders for being easy to use and offering excellent analysis and charting tools. But with all the features and capabilities that this trading platform has, one has truly distinguished itself from others and that is the automated trading capabilities of MT4. This is manifested through the use of Free Expert Advisors of EAs, which can be installed on MT4 and then take over the process of trading altogether or at least help with the process partially.
There are two main types of expert advisors which can be acquired in the forex market; one type is naturally the paid type where you would have to purchase the EA; and the other type is the free type where you would be able to simply download and use the tool free of charge. In this article, we are going to take a look at these free tools and present you with a list of the best free MT4 expert advisors.
Where to get these tools?
In this article we have presented you with a list of the best free tools that you can use to enhance your trading experience with MetaTrader 4 trading platform. Now you might wonder how you can acquire them? These free tools have been developed by the community of forex traders throughout the years. So, they are available for free on various forums and community sharing platforms such as MQL5.
Free Expert Advisors and How to Pick Them?
Expert advisors, just like any other program or algorithm, can be coded and developed by anyone who has enough knowledge of the related programming language. And the language used in this process of coding is known as Meta Quotes Language, developed by the company with the same name behind the trading platform MetaTrader.
As such, many traders and developers alike have taken it upon themselves to develop free tools and expert advisors and offer them to users through various channels, such as community forums and social networks. Because the community for MetaTrader 4 is so large, there are likewise many tools and solutions for this platform that are offered for free. They range quite extensively in their capabilities and the breadth of automation that they can provide. But of course, they all have one thing in common, and that is the fact that they are indeed free of charge.
But even when it comes to picking something free of charge, there ought to be some standards. Although, there are many criteria to keep in mind when you are choosing a free expert advisor for MT4, the following are among the major factors:
- Reliability: how reliable is the tool? Can you trust it in the long run? What do other users say about it who have used it before?
- Risk management: is the tool able to provide you with a reliable and proper risk management mechanism? Does it have features related to risk management, such as stop loss and such?
- Usability: how easy to use is the tool? Can beginners use it? Does it require complex configuration and is there a tutorial accompanied with the tool?
- Performance: is the free expert advisor really able to perform as promised? Always check the testimonials and comments made by other users about the performance of the free tool.
- Strategy: what is the main trading strategy that the expert advisor offers? Is it compatible with your trading goals? Is it compatible with your trading capital? What is the risk level of the trading strategy?
As we said, these are some of the most important questions that need to be answered when you are trying to choose a free MetaTrader 4 expert advisor. A word of caution; although we have provided you with some criteria that you can use when choosing the tool, always remember that there is still the possibility for scam. Because these tools are free, unfortunately, the rate for fraudulent tools is really high among them. So always exercise caution when working with such a tool.
A List of the Most Useful Free Expert Advisors for MT4
The following is a list of six free expert advisors that we believe are the most useful among the sea of free EAs for MT4. For each one, we have provided a short description and also a list of pros and cons.
1. MACD Sample EA
Nothing is more reliable or indeed free than what already comes built-in with MT4 itself. As you can probably understand from the name of this tool, it is an indicator expert advisor for moving average convergence divergence. Therefore, users can get help from this EA to find potential points for buying and selling.
Pros:
- Built into MT4, so no need to download or install.
- Simple and easy to understand.
- Reliable for trend-following traders.
Cons:
- Limited customization options.
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Moving Average EA
This is another expert advisor built right into the MetaTrader 4 itself. And it is also another indicator expert advisor which can help you with information related to sampling moving averages. As is the case with all simple moving averages, the obtained information can provide valuable insight into overall price changes and also indicate where potential areas for being overbought and oversold are in the forex market.
It does offer a bit more of customization and configuration than the previous EA. With the moving average EA, you can actually choose between its different types, which are simple, exponential, and weighted.
Pros:
- Simple and easily understood strategy.
- Easy for beginners to use.
- Customizable to use different moving average types.
Cons:
- Can produce false signals during heavy volatility
- Not suitable for all market conditions
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Scalping Dream EA
As the name of this expert advisor suggests, it is specifically designed to be able to execute the short term and high frequency trading strategy known as scalping. Therefore, it is quite ideal for those traders who do not have a lot of trading capital and would like to begin profiting from quite small and narrow margins in the market. The Scalping Dream expert advisor is adapted to the short timeframes such as 1M and 5M.
Also please keep in mind that the scalping trading strategy is risky on its own, let alone when it is being executed by a free expert advisor. This means as the trader in charge you need to constantly and continually observe the expert advisor and always keep it in check. This is, again, especially the case considering that it is a scalping robot and deal with high frequency and fast paced trading.
Pros:
- Ideal for high frequency and fast paced scalping.
- Quick profit margins with frequent trades.
- Can work well even when the market is experiencing heavy volatility
Cons:
- Requires constant monitoring.
- Not ideal for larger timeframes.
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RSI EA (Relative Strength Index EA)
This expert advisor is another on our list that is based on a technical indicator. As the name of the RSI EA suggests, this EA is based on a relative strength index. The RSI indicator is used quite widely by traders across so many different markets. This indicator is used to indicate which areas in the market are potentially overbought or oversold.
As you know, with the relative strength index indicator, when the indicator shows below 30 the market is oversold and prime for bullish reversal, and when the indicator shows above 70 then the market is overbought and prime for a bearish reversal. These are highly valuable information that traders can use to adjust both their overall trading strategy and also risk management approaches.
Pros:
- Excellent for identifying overbought and oversold conditions.
- Easy to use and configure.
Cons:
- Less effective during strong trends.
- Requires adjustment of settings for different timeframes.
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Ichimoku Chikou Cross EA
Ichimoku Chikou Hyo is the name of a trading system which is rather complex on its own. So, this free expert advisor is perhaps among those free tools that are able to provide you with more than just a single indicator. This system of trading uses a cross or threshold known as Chikou. The relative position of the Chikou and the price action will be used to determine signals for potential areas of reversals or the continuation of an already existing trend.
But keep in mind that this free MetaTrader 4 expert advisor is more suitable for those traders who are already familiar with the trading system Ichimoku Chikou Hyo.
Pros:
- Ideal for trend following trading strategy
- Suitable for long term time frames
- Comprehensive signals using Ichimoku strategy
Cons:
- Difficult for beginner traders to learn and understand
- Not quite suitable for short time frames
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ADX Expert Advisor
And last on our list is yet another technical indicator expert advisor. The average directional index or ADX indicator is used for finding out the areas in the market where the existing trend is strong or weak. This is highly valuable information because it can tell you whether you can rely on a trend or not. This indicator is also ideal for both bullish and bearish trends.
Pros:
- Reliable trend indicator.
- Useful for both bullish and bearish markets.
- Customizable risk parameters.
Cons:
- Can give false signals in ranging markets.
- Requires tuning for different market conditions.
