Using Expert Advisors on MT5

In MT5, you can trade using trading robots that you've created. Expert Advisors are automated systems that can execute trades on your behalf, even when you are away from your computer. It is possible to write these systems yourself, or you can get them ready-made from the Internet. You can also find both versions on the MetaTrader website as well. 

Installing a Pre-Packaged Expert from MetaTrader

Now let's take a look at how to install a pre-packaged expert from the MetaTrader 5:

1. Head over to the Expert Advisor section,
2. You can see the Default Expert from MT,
3. Drag the Expert and drop it on the screen to use it.

To allow the system to open and close trades automatically, you must enable Allow Algo-Trading. Once enabled, you can run the Expert according to the parameters you have set. If the screen appears grayed out when you right-click, it means no trades are currently being opened or closed. Clicking on Algo-Trading activates the system, enabling it to manage trades.

Removing an Expert

If you want to remove an Expert, right-click on the screen and select Expert List. Then, you will see that the Expert MACD is running on the XAUUSD H1 tab. You can select it and remove it.

Analyzing an Expert's Historical Performance

Now, let's take a look at how to analyze an Expert's historical performance and potential profits from past years:

1. Navigate to the View tab and select Strategy Tester,
2. Choose Visualize to proceed.

If you want to see specific data for a currency pair (eg. EUR/USD), click on the Start button to see the trade's opening and closing points by moving the slider at the top of the displayed chart.

In the Trade section, you can view details such as the opening, closing, and closing levels of the trade. This feature also allows you to backtest Expert Advisors.

Using EAs in Short

Using Expert Advisors (EAs) in MT5 allows for automated trading, making it easier to execute trades even when you're not actively monitoring the market. Whether you're installing a pre-packaged EA or creating your own, the process is straightforward. EAs can be enabled or removed easily, giving you control over your trading automation. 

Additionally, by using the Strategy Tester, you can analyze historical performance and fine-tune your Expert Advisors for better results. With EAs, you can enhance your trading efficiency and automate your strategies effectively.