18 Best Expert Advisor for MT4 in 2024 + Do EAs Work?

One of the best decisions you can make as a Forex trader is investing in Expert Advisors. The Forex market is online, constantly changing, and operates 24/7. Keeping up with it is humanly impossible. Expert Advisors are code-based trading bots that use AI (Artificial Intelligence) metrics to analyze trades and make investment decisions. They can be uploaded into MetaTrader 4 (MT4) and automatically trade 24/7 on your behalf.
Best Forex EAs are personalized and vary based on trading strategies. If you have any coding experience, you can create your own EA. But, to avoid the hassle of programming, you can get an EA with your preferences from the MT4 market.  

In this blog post, I will walk you through the concept, usage, and the best Expert Advisors for MT4.

READ

How to Install MetaTrader 4: The Quick Guide to Running MT4 on PC⌛

What Is a Forex Expert Advisor?

A Forex Expert Advisor is a software that automates trading functions. Based on algorithms, Forex Expert Advisors notify traders of trading opportunities and suggest trades that can be profitable. Expert Advisors work on MT4 and MT5. MetaTrader 4 & 5 are popular trading platforms perfect for automated Forex trading. 

MT4 Expert Advisors use a mathematical model based on trade signals to find and suggest suitable entry points in trades. Most profitable Expert Advisors also gather trading data from the Forex market and send analytics to the Forex trader. Best Forex EAs are customizable. You can program them to use the trading strategy you prefer.

The advantages of using the best Forex Expert Advisor are:

1. They can help you automate your trading strategies.
2. The best Expert Advisor for MT4 helps you identify different opportunities, survey the market, analyze factors quickly, and trade accordingly.
3. They can help you manage your risk by setting stop losses and taking profit levels.
4. The best Forex Expert Advisor also helps you trade in a more disciplined manner by taking the emotion out of trading.
5. Forex EAs are active 24/7 and do not need to take any breaks.
6. Additionally, by using the best Forex EA, there will no longer be a need to hire a specialist.

If you want to learn more about how to reduce your risk on the Metatrader platform, check out our other blog on MT4 risk management techniques.

READ

How to Trade Using MetaTrader 4|The Complete Guide 2022 (Beginner + Advanced)

How to Effectively Use MT4 Expert Advisors

Best Expert Advisors for MT4 need a powerful computer and a good network connection. Since they work online and 24/7, you need a system that can always be online. Getting the right hardware resources for successfully trading with MetaTrader Expert Advisors can get expensive, especially for beginner Forex traders. Expert Advisors are perfect for automated Forex trading but they still cannot prevent issues that rely on third-party causes. There are issues like latency that can cause you slippage in orders or the opportunity to place a great trading order on time. These issues are mainly a result of internet connection interruption or physical distance from your Forex brokers.

These issues might seem disappointing, but just like any other problem, they too have a solution. Server providers like Cloudzy offer Forex virtual private servers to eliminate or prevent these issues. A Forex VPS is a virtual server with the right resources needed for trading with the MT4 Expert Advisors — but that’s not all.

Cloudzy offers virtual private servers with all the issues Forex traders deal with in mind. These servers are located in all the Forex market hotspots and you can always find a Forex VPS in a location close to your broker to prevent latency. They are also available 24/7. That means that even if you are occupied or asleep, your Forex VPS is online and MetaTrader Expert Advisors are trading without interruption with a high network connection. 

This is an ideal solution, but ideal solutions are proven to always be expensive. Cloudzy resolved this issue as well, by offering Forex virtual private servers at surprisingly affordable prices. Virtual private servers eliminate all the issues Forex traders have with working with the best Expert Advisors for MT4. That’s why we offer VPS services that allow you to trade with no issues and also cost you nothing compared to the profit it makes for you!

Want to Improve your Trading?

Give yourself a better chance at the Forex market by hosting your trading platform right next to your broker.

Get a Forex VPS

Things to Consider When Working with an Expert Advisor

Now that you know how to effectively make money with Expert Advisors, MT4, and Forex VPS, it’s time for you to choose the best Forex EA suitable for your trading strategies. When looking for the best Forex Expert Advisor, there are a few things you need to consider:

1. The first is the type of trading you want to do. Different EAs are better suited for different kinds of trading. For example, if you want to scalp the markets, you’ll need an EA that is specifically designed for that purpose.
2. Before getting started, adjust the setting according to your needs. Otherwise, it won’t be able to work and analyze the market accurately.
3. Check trades occasionally to make sure that there is no false signal.
4. Another important thing is to test drive any EA before purchasing it. Most developers offer a free trial period, so you can try out the EA and make sure it meets your needs. Try multiple EAs to see which one is the best Expert Advisor for MT4 for you.

Although expert advisors are true game changers in Forex trading, they’re not the only factors that can play in your favor. Another important factor in successful Forex trading is choosing a legitimate broker. That’s why we’ve dedicated a whole blog to the top 5 low-spread Forex brokers in 2024. So, go check it out if you want to choose a reputable Forex broker.

READ

Best Trading Indicators: Your Favorite Guide in 2023

18 Best Expert Advisors for MT4

MetaTrader 4 offers various Forex Expert Advisors to suit everyone’s needs. Each type of EA has its own unique strengths and weaknesses, so it is vital to choose the right one for your trading style.

Follow this detailed guide on the best expert advisor for MT4 to see which option will work best for you:

1. Athena Expert Advisor

Athena expert advisor is one of the best Expert Advisors for MT4. Presented by Chris Svorcik, Athena is an automated system that helps traders make informed and profitable investment decisions. The Athena Forex EA is designed to trade EUR/USD pairs and work with a wide range of securities, including stocks, options, and futures. The software is very simple and can be used by both beginner and experienced traders. The software also incorporates risk management features that help traders protect their investments.

2. 1000 Pip Climber Expert Advisor

On our list, 1000 Pip Climber is another best Forex EA. 1000 Pip Climber is wildly popular since it’s easy to install and configure and is suitable for traders at all trading levels. 1000 Pip Climber employs several trading strategies that have been proven to work ideally in the Forex market. It’s constantly updated with the latest information and trends.

3. Flex Expert Advisor

Flex EA is a powerful yet easy-to-use programming language for developing MT4 Expert Advisors. It uses virtual trades in the background and monitors the market to choose the perfect entry points and does all the processes automatically. Flex Ea has been developed to trade successfully in any market conditions and allows you to write advanced trading algorithms without having to learn complex coding languages.

4. Ultima Expert Advisor

Ultima EA is another best expert advisor for MT4. It is a fully automated MetaTrader Expert Advisor that trades the breakout of price channels. Ultima EA uses a combination of different filters and MACD (Moving Average Convergence/Divergence) to determine when to enter and exit trades. Ultima EA has been backtested, with 99.9% modeling accuracy and real variable spreads, and optimized on a historical data set.

5. Zeus Expert Advisor

Zeus EA, one of the best Forex EAs, can help you make money while you sleep by automatically entering and exiting trades based on predetermined rules. Zeus EA is one of the most popular and profitable MetaTrader Expert Advisors on the market. Created by Russian trader Sergey Golubev in 2019, Zeus has been profitable in backtesting and gives you 5% to 15% monthly returns. Numerous users have named this advisor the best Forex EA of 2023.

6. FX Fortnite Expert Advisor

FX Fortnite can be just the best Expert Advisor for MT4 that you need. It helps you trade on the Forex market and provides you with trading signals that determine when to buy or sell a currency pair. FX Fortnite is a great help in making profitable trades and has proven to be effective. It has a unique set of features that make it one of the most advanced EAs on the market. FX Fortnite’s settings can be modified according to your trading style, and you can choose any currency pair and time frame.

Want to Improve your Trading?

Give yourself a better chance at the Forex market by hosting your trading platform right next to your broker.

Get a Forex VPS

7. Calypso Expert Advisor

Another best Expert Advisor for MT4 is Calypso. Calypso is a program that helps traders make profitable investments in the Forex market. This EA can be used to open, close, and manage trades automatically. It also provides real-time quotes and analysis of the market conditions so traders can make informed decisions about their investments. As you can guess by the name, Calypso EA is based on the Calypso popular trading strategy. The Forex EA uses a combination of technical indicators to identify high-probability trade setups. It has been tested and optimized by professional traders and is now available to the public. Calypso can be used with any broker that offers the MT4 trading platform.

8. Learn2Trade Expert Advisor

Learn2Trade is another best Forex EA that can trade in both manual and automatic modes with an easy-to-use interface. Learn2Trade is used for the EUR/USD pair. Learn2Trade is a Forex EA and educational company that provides quality services and online trading courses to help traders become successful in the Forex market. Learn2Trade also offers a 30-day money-back guarantee so to ensure traders feel confident they are getting quality products and services.

9. Forex Fury Expert Advisor

Forex Fury is a new Forex EA that is becoming a popular option among traders. There are several factors that set Forex Fury EA apart from the competition. It is one of the most user-friendly MT4 EAs on the market. It’s easy to set up and operate and provides installation guides and videos which make it a perfect solution for beginner traders. Forex Fury’s algorithm has been finely tuned to achieve excellent results in today’s ever-changing Forex market.

10. FXCipher

In the list of the best Forex EA, FXCipher definitely deserves a spot. This Forex EA has two trading strategies that allow it to switch and adapt to the market’s specific situations. This double-strategic nature allows it to reduce risk and maximize profitability.

11. Happy Frequency Expert Advisor

Happy Frequency EA is an MT4 EA that trades EUR/USD, USD/CAD, EUR/GBP, EUR/JPY, GBP/USD, AUD/USD, EUR/CHF, USD/CHF, and USD/JPY. Happy Frequency is a combination of trend, grid, semi-martingale, and hedge strategies. Running 24 hours a day, Happy Frequency needs a VPS that you can get from Cloudzy. This MT4 EA can be set to trade in one direction only, buy or sell, or in both directions.

Want to Improve your Trading?

Give yourself a better chance at the Forex market by hosting your trading platform right next to your broker.

Get a Forex VPS

12. FX Classic Trader

On our list of best Expert Advisors for MT4, FX Classic Trader can be the just best Forex EA since it’s an automated trading system for the MetaTrader 4 platform and is designed to trade with non-martingale strategies. With 335% profitability, FX Classic Trader is a reliable tool that can help you increase your trading profits.

13.  Alfa Scalper

Alfa Scalper is a Forex EA that uses the scalping trading strategy for finding trading opportunities. Alfa Scalper is another user-friendly MT4 EA that is a perfect automated trading solution for beginner Forex traders. With a 49.36% profitability, Alfa Scalper is among the most profitable Expert Advisors for MT4.

14.  Forex Gump

Forex Gump (pun wisely intended!) is one of the most popular, best Expert Advisors for MT4. This Forex EA uses daily trading and scalping trading strategies for profitable Forex trading. Forex Gump has a profitability of 2200% which makes it a reliable MetaTrader Expert Advisor.

15.  FXCharger

Another popular MT4 EA on our list of best Forex EAs is FXCharger. FXCharger uses a unique and interesting trading strategy. It trades by opening trades every day and closing them at the right time to ensure you always earn a profit.

16. CarinaBot

CarinaBot is a great expert advisor in our long list of the best Forex EA. It has some exceptional features that make it stand out as a great option for traders. For example, the first three months of this EA are totally free. This way you can start investing in an EA after you test it out. It’s also very beginner-friendly and trades automatically on your behalf.

17. GPS Forex Robot 

What does a GPS do? It navigates the path and tells you where to go. That’s exactly why this Forex robot is called the GPS Forex Bot. This Forex bot tries to navigate the market’s movement with high probability and tell you what to do next. GPS Forex bot is developed by Mark Larsen, a seasoned Forex trader, and claims to make more than 30% a month in profit.

18.  Forex Diamond EA

Forex Diamond EA is an MT4 Expert Advisor that is safe, fast, and highly precise. It is a great option for beginner traders because of its efficiency. Forex Diamond EA works with trend and countertrend strategies to make profitable Forex trading decisions.

READ

How to Optimize Metatrader for Forex VPS?|6 Best Practices

How to Use Forex Expert Advisors

After choosing the best expert advisor for MT4, it’s time to start working with it. To use a Forex EA, you first have to download it and then install it on your computer. Each EA provider offers detailed tutorials on how to install the EA. 

Once installed, you have to run them on the MetaTrader 4 platform. Open MetaTrader 4 and then find the “Expert Advisors” tab. Once you have found this tab, you should click on “New” and then select the file of the Forex EA that you just downloaded. You then have to give it a name and click on “Create.” The final step is to configure the settings of your Forex EA and adjust the parameters the way you desire. 

Want to Improve your Trading?

Give yourself a better chance at the Forex market by hosting your trading platform right next to your broker.

Get a Forex VPS

Conclusion

Forex Expert Advisors are a great help for traders. Automated trading removes so much extra hassle and creates a profitable trading flow. You need to find the best Expert Advisor for MT4 that works for your intentions, goals, and strategies. A Forex VPS is the right answer for trading with Forex EAs without worrying about latency, hardware resources, and missing profitable orders because of time. Investing in Cloudzy’s Forex VPS is budget-friendly and efficient since both MT4 and MT5 trading platforms are already installed; All you need to do is find your MT4 EA and start making a profit! 

FAQ

What are the best expert advisors for MT4?

There are many great EAs for MT4 on the market, such as Athena, Zeus, Calypto, and Odin. Choosing the best expert advisor for MT4 highly relies on your specific trading requirements. 

How to choose which expert advisor fits your trading needs?

The most essential factor is the type of trading you want to do. Different Expert Advisors are suited for different trading needs.

Is best expert advisor for MT4 risk-free?

No, nothing is risk-free. Forex EAs do not take into account many important factors, such as political events or economic indicators into account that may have a negative impact on your trades. But Forex trading itself is a risky business and Forex EAs eliminate risky human errors.

Do you have any kind of guarantee?

Absolutely. We offer a 7-day money-back guarantee. This allows you to eliminate any risks when choosing Cloudzy Forex VPS.

What is the most accurate EA for MT4?

The most accurate EA for MT4 varies based on trading strategies and market conditions. However, EAs like Athena EA or Flex EA have consistently shown strong performance due to their advanced algorithms and adaptability to market changes.

Which forex robot is the most profitable 2024?

In 2024, the most profitable forex robot depends on its ability to adapt to market volatility and manage risks effectively. Robots like CarinaBot or the updated versions of established EAs like EA Pip Scalper have been highly regarded for their profitability and reliability.