Expert Advisor
(EA)
Also known as: Trading Bot, Forex Robot, MT4 EA, MT5 EA
An Expert Advisor (EA) is a script written in MQL4 (for MT4) or MQL5 (for MT5) that automates trade entries, exits, and management based on user-coded logic. EAs can run 24/5 without human intervention, react faster than discretionary traders, and remove emotion from execution.
EAs range from simple moving-average crossovers to complex multi-pair arbitrage bots. Quality varies wildly; backtest performance is not a guarantee of live results, especially for grid, martingale, or curve-fit systems.