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An Expert Advisor (a.k.a EA, Forex Trading Robots, Automated Trading Systems) is a special type of application that runs on top of your Metatrader Terminal and is constantly connected to your broker server. EAs are capable of placing, modifying and closing trades in your broker account, providing some degree of automation to your trading activity. The degree of automation provided depends on the intent and scope of the EA in question: some EAs only assist in the placing or management of trades, while others can implement a somewhat complete trading strategy.
A technical indicator is algorithm that analyzes past prices and/or volumes of a security, forex pair or commodity -or a combination of them-. There are two basic types of technical indicators: overlays and oscillators. All indicators display information in a graphical fashion on the price chart. It is believed that the goal of technical indicators is to predict future prices, but this is not always the case: for example correlation indicators are used for portfolio construction and risk management.
Once you have downloaded the EA file, open your Metatrader terminal, click on File -> Open data folder -a file browser will open-, and copy the expert file into the folder MQL4 -> Experts. Then restart your Metatrader terminal, and drag the indicator from the Navigator to the price chart. Kindly note that Windows can't install EAs automatically in your Metatrader terminal: EAs must be installed manually.
Additionally, make sure to give the EA trading permissions in Tools -> Options -> Expert Advisors.
Once you have downloaded the indicator file, open your Metatrader terminal, click on File -> Open Data Folder -a file browser will open-, and copy the indicator file into the folder MQL4 -> Indicators. Then restart your Metatrader terminal, and drag the indicator from the Navigator to the price chart. Kindly note that Windows can't install indicators automatically in your Metatrader terminal: indicators must be installed manually.
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