Key Takeaways
- Only a few tools from our old list are still free. In October 2026, MACD Sample, Moving Average and ADX EA were still free for MT4, while three other tools now charge and one has been removed.
- The two easiest free EAs are already inside MT4. MACD Sample and Moving Average ship with the platform, so you can test them today without downloading anything.
- Open source beats a free download. EAs from the MQL5 Code Base show their full code, while files passed around on Telegram cannot be checked.
- Free does not mean low risk. Some free EAs raise lot size after losses or run grids, so test on a demo account and keep risk per trade small.
The best free expert advisor tools for MT4 are the two EAs built into MetaTrader 4, MACD Sample and Moving Average, plus open source EAs from the official MQL5 Code Base such as ADX EA. They cost nothing, show you their full code, and are ideal for learning how automation works on a demo account.
When we rechecked every link on this page in October 2026, three of the seven tools we listed before were no longer free and one had been removed. This update keeps only what you can still download at no cost.
Free Expert Advisor Tools for MT4 at a Glance
| Tool | Platform | Cost (October 2026) | Strategy | Where to get it |
|---|---|---|---|---|
| MACD Sample | MT4 | Free, built in | MACD crossover with a moving average trend filter | MT4 Navigator, or the updated MACD Sample on MQL5 |
| Moving Average | MT4 | Free, built in | Trades price crossing a moving average | MT4 Navigator, no download needed |
| ADX EA | MT4 | Free, open source | ADX breakout and crossover signals with a trailing stop | ADX EA in the MQL5 Code Base |
| Bollinger Bands EA | MT5 only | Free, open source | Bollinger Bands entries with a DEMA trend filter | Bollinger Bands EA in the MQL5 Code Base |
What changed since our last check
| Tool from the old list | What we found in October 2026 |
|---|---|
| Scalping Dream EA | Now sold for $30 on the MQL5 Market |
| RSI EA | Our old link pointed to a paid Bollinger Bands RSI EA, rented from $30 for 6 months |
| Moving Average EA | Our old link pointed to a paid $40 MT5 product, not the free built in EA |
| Ichimoku Chikou Cross EA | The listing is no longer available |
The Free EAs, One by One
MACD Sample
MACD Sample comes installed with MetaTrader 4, so you will find it in the Navigator under Expert Advisors. It buys and sells on MACD crossovers and uses a moving average to trade only with the trend.
The built in version has no fixed stop loss input, only a take profit and trailing stop. An updated MACD Sample in the MQL5 Code Base, last revised on September 15, 2026, adds a stop loss, a magic number, trading hours and support for ECN brokers.
Moving Average
The Moving Average EA also ships with MT4. It opens a trade when a candle crosses the moving average and closes it on the opposite cross.
It sizes trades from your free margin through a MaximumRisk input, and a DecreaseFactor input cuts lot size after a run of losses. Like any crossover system, it struggles in sideways markets, where it can be whipsawed in and out.
ADX EA
ADX EA is a free, open source EA for MT4 in the MQL5 Code Base, first published in 2018 and updated on June 27, 2026. It trades ADX breakouts or crossovers of the two DI lines, with a trailing stop and an optional equity stop.
Check two settings before you run it. IncreaseFactor raises lot size after a losing trade, so set it to 0 if you want fixed risk. Max_Trades allows up to 12 positions, which turns it into a grid style system.
Bollinger Bands EA (MT5)
If you also use MetaTrader 5, the Bollinger Bands EA is a free, open source option updated on September 15, 2026. It buys when a bullish candle crosses back above the lower band while DEMA is rising, and sells on the mirror setup.
It runs on MT5 only, so it will not load in MT4. Its author recommends using it as a base for your own strategy rather than as a finished system.
How to Install a Free EA in MT4
- Download the .mq4 or .ex4 file from its MQL5 Code Base page.
- In MT4, open File, then Open Data Folder, and go to MQL4, then Experts.
- Paste the file there, then right click Expert Advisors in the Navigator and choose Refresh.
- Drag the EA onto a chart, tick Allow live trading, and switch on AutoTrading.
- Run it on a demo account first and watch how it handles at least a few weeks of trades.
The EA only trades while MT4 is open and connected, so a computer that sleeps will stop it. Our MetaTrader 4 page covers platform basics, and this guide explains when a VPS is worth it for a trading bot.
Red Flags When a Free EA Is Not Really Free
The safest free EAs show their full source code, like the ones above. Be careful with anything that fits one of these patterns:
- Free download, paid unlock. Several EAs on our old list now charge to run on a live account.
- Telegram or file sharing downloads. You cannot check what a compiled file without source code really does.
- Lot size that grows after losses. Martingale and grid settings can look smooth until one strong trend wipes out months of gains.
You can browse more options in the free MT4 Expert Advisors section of the MQL5 Code Base, but treat every EA as untested until it has run on your own demo account.
When a Free EA Is Not Enough
Free EAs are simple by design. Most trade one indicator on one chart, with few controls for news, trading hours or total risk.
XAUBOT is our own platform, so weigh this accordingly. Instead of coding or editing an EA, you start from a prebuilt bot and customize risk per trade, symbols, trading hours and the news filter, and the finished bot runs on both MT4 and MetaTrader 5. It is not free for live accounts, but there is a 15 day free trial on demo with no card needed, and you can see details on our forex trading bot page.
For a comparison of paid robots, see our guide to the best forex robots and EAs.
Free EA Questions Traders Ask
Are free expert advisors safe to use?
The built in MT4 EAs and open source Code Base EAs are safe in the sense that you can read every line of their code. They are not safe in the sense of protecting your money, so test them on demo before any live use.
Do free EAs make money on live accounts?
Some make money in some periods, but most free EAs are teaching examples rather than tuned trading systems. Expect to adjust settings and accept losing stretches.
Is there a free EA for MT5?
Yes. MT5 includes its own sample EAs, and the MQL5 Code Base lists many free MT5 Expert Advisors, including the Bollinger Bands EA above.
Can I run a free EA on my phone?
No. The MT4 and MT5 mobile apps cannot run EAs, so the EA runs on a Windows computer or a VPS while you monitor trades from your phone.
Before You Run Any EA With Real Money
Automated trading carries a high risk of loss, and a free EA comes with no support if something goes wrong. Keep risk per trade small; our guide to the 1 and 90 rules in forex trading shows why 1% matters.
A practical next step: install MACD Sample or Moving Average on a demo account today, since both are already in your MT4. Watch them for a few weeks to learn how an EA behaves before you consider anything more advanced.
2 Comments
you said it is free, went to look at scalping dream. it is asking for money
Thank you for bringing that to our attention!
We updated the list. They are all absolutely free now. Check them out!