An Expert Advisor is a piece of software written specifically for the MetaTrader Platform. An Expert Advisor can just advise traders which trades to make or can be programmed to automatically execute the trades on a live account.
Expert Advisors are very flexible pieces of software that can take any information into account that is available on the metatrader platform. They are written in their own proprietary programming language called Meta Quotes Language Version 4.
Buy and sell currency pairs at the click of a button
To get the most out of your expert advisor, you’ll need to optimize and back test your strategy using MetaTrader’s Strategy Tester. While forward testing on a demo account is essential, back testing allows you to simulate trading over a long period of time in just minutes. And with the optimization feature, you can find out which settings performed best over a selected historical chart period. There is considerable debate over the accuracy of MetaTrader’s strategy tester.
At best, back testing offers only a close approximation of how trades would be executed in real-time. But it’s the only tool available to rapidly test any strategy over a wide range of trading situations, and one that you should learn how to use well.