MT4 EA, also known as MetaTrader 4 Expert Advisor, is basically a computerized program that manages a trading strategy on the MetaTrader 4 platform. It is designed to help a trader automate all the stages of trading and adjust the strategy parameters according to the finance market conditions.
Here comes the Trendonex expert advisor work on the MetaTrader 4 platform. It is known for its incredible automatic trading functions. Including trading entry points, trend identification, risk management, lot size adjustment, parameter optimizations, timeframes, and many others.
Here is how you can set up the Trendonex expert advisor on your Meta Trader 4 account and which mistakes you should avoid while doing so.
Requirements to Set Up Trendonex MT4 EA
In order to initiate the installation of Trendonex Expert Advisor, there are a few things you must have that are
- Install Meta Trader 4 and open an account with an online forex broker.
- Log in to the Trendonex expert advisor account.
- Follow this below mentioned step by step guide.
How to Set Up MT4 EA – Trendonex
If you are a beginner and have never installed an expert advisor, then you will get confused. However, it only takes a couple of minutes once you know what you are doing.
Here are the steps that will help you run the Trendonex expert advisor in the MetaTrader 4 program in just a couple of minutes.
Step 1: Install MetaTrader 4 on your System
First of all, you have to install your MetaTrader 4 trading account to make sure that expert advisors can run appropriately. However, installing MT4 is not easy because MetaQuotes does not let the users download it. So, open and register your account with an online forex broker to download MT4 on your system.
Step 2: Setup your MetaTrader 4 Trading Account
After installing and registering your MT4 account, you now have to set up EA on MT4. To do this,
- Hover over the toolbar in MT4.
- Click on the tools and then option from the pop-up options.
- After that, click on the expert advisor tab and tap on allow automated trading to check mark this option.
- Now click on the OK button in the options window.
NOTE: To set up an expert advisor on MT4, click on the Auto Trading tab from the toolbar.
Step 3: Download Trendonex EA: Expert Advisor
Now, download and install the Trendonex EA on your system from the MT4 Codebase. You will find that EA is in ZIP file format; to download it, double-click the file to extract it. Then get a .EX4 or.MQ4 file, both formats will work.
NOTE: Keep in mind that you can’t install Trendonex Expert Advisor on the web browser or mobile version of MT4. As it only works on the desktop version.
Step 4: Add Trendonex EA to MT4
After downloading the expert advisor, add it to MetaTrader 4. Follow these below mentioned steps for adding Trendonex Expert Advisor into MetaTrader 4.
- Open the MT4 program and hover over the file
- Then click on the Open data folder option you will see at the top of the screen.
- After that double click the MQL4 folder from the pop-up options.
- Now click on the Experts folder, then drag and drop the Trendonex EA into the expert folder.
Step 5: Check the MT4 EA
Once you add Trendonex EA on MetaTrader 4, check whether it is available or not. To do that, first, restart MetaTrader, then navigate to the navigator window; to do that here are the steps.
- Press the CTRL and N keys at the same time from your keyboard.
- Click on the Navigator option from the toolbar.
- Then click on the View option and then the Navigator option from the pop-up menu.
- After that, inflate the expert’s folder to see the Trendonex EA.
If it is listed here, it means that you have downloaded it successfully. But if it is not available in the list, then you have to download it again.
Step 6: Adjust Settings for Trendonex EA
Once the MT4 EA is available, drag and drop it to any price chart to adjust its settings in a new window. You can adjust the settings of MT4 Expert Advisor as you want. But at first enable the auto trading button. If the button is displaying a green color, it means that Expert Advisor is activated, but if it shows a red color EA will not work.
After that, make sure that Trendonex Expert Advisor is active for live trading in the market. To do that, check a smile face next to the Trendonex name in the price chart that you will see at the top right corner of the chart.
Step 7: Check the Performance of Trendonex
You must regularly check the performance of your MT4 EA to make sure that it works as projected. Examine the trading history and logs to determine any issues; if you find something fish, then alter its settings as per your preference to make trading profits in the finance market.
Avoid these Mistakes When Setting Up an EA
Trader makes these below-mentioned blunders when they are setting up the MT4 EA.
- People try to edit EA, but they fail to do so. It happens because of file format issues. Basically, EA comes in .EX4 or .MQ4 file formats. You must require the .MQ4 file to read and edit because you can’t edit the EA if it is in .EX4 file format. When the MQ4 file is assembled, it becomes an .EX4 file that MT4 can use in its server.
- Frequently, users double-click on the expert advisor and expect it to install automatically. However, expert advisors will be installed manually and do not have an in built installer system.
- Some users try to use Windows File Explorer to use the MetaTrader 4 folder and install the expert advisor. Previously, Meta Trader used that method to work, but now they use a profile folder, which is concealed deep in the Windows file system.