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Best MetaTrader 4 Brokers / EA – Top 10

Best MetaTrader 4 Brokers / EA – Top 10

THE TRUTH ABOUT METATRADER 4

Due to its different trading styles, Forex strategies and Forex systems, Forex trading is versatile. There are traders of all levels of competence in the Forex market, and different ways of working are available for each type of trade. The difference between traders who want to trade manually and others who prefer to use electronic trading is one of the characteristics of Forex. Automated exchange. This article focuses on automated trading such as the use of MT4 Forex platform.

A Forex robot (Bot) is a computer type program that aims to trace the best price for buying or selling a pair of currencies by following a specific set of trade signals and settings. Forex robots were designed to help eliminate psychological and emotional constraints and simplify the Forex business.

They mostly work as expert consultants on the MetaTrader 4 platform, where they use complex mathematical algorithms, major news, and ads, as well as price measures to determine the best points to enter or leave the market.

Automated trading needs a lot of work in order to find the best tools to analyze trades properly. It can be a real temptation to sit and let an Electronic Computer do its job, and automated Forex trading robots are at work here. Forex Robot is a computer program based on a series of Forex trade signals that help to define whether a particular currency pair should be purchased or sold at any given moment.

Trading robots for Forex markets are available 24 hours a day and are readily accessible online. This is important to affirm that, regardless of the form they belong, there is simply no “holy grail” in the Forex market. Many wonders if Forex robots are working. , or is it just another commercial scam going to choose one? To answer that question, we have prepared this article to provide you with the ten best MetaTrader 4 Bot.

HOW DO BOTS WORK IN FOREX?

FX traders choose to use bots because they want to make the Forex trading simple without wasting any personal time on it or doing it manually. Anyone using bots must find a reasonable currency and timetable to exchange in the currency to increase their earnings.

Some Forex robots can scan many charts so that people can’t physically. Robots with specific parameters for making commercial decisions are also developed. They determine whether or not trade is appropriate with implanted trading signals.

Even in unstable markets, when the current trend direction is unclear, the best Forex bots suggest solutions for finding profitable trades. Bots are going to follow the best tendency to increase profits and maybe reduce potential losses. Trading against trends will eventually result in loss after loss, and trading with them will increase profit regardless of the method or robot used to trade.

If a big and unforeseen breakout in the market takes place, it wipes out the small profits. Some robots, which are marketed as the best Forex trading bot, will benefit from a good trend, even though they lose money on the choppy FX market, so it is an important task to discover a great pattern.

The Top 10 MetaTrader 4 Brokers & Bots:

1. ADX MetaTrader 4 Forex Robot

The ADX Forex EA for Metatrader 4 provides automatic trading signals based on the well-known trend strength and trend indicator of ADX. In many commercial strategies and Forex systems, the ADX indicator is used.

The logic for the buy/sell is as follows:

  • When the amount ADX reaches 25, and the pattern is that a buying exchange occurs.
  • The ADX value rises above 25, and the rate decreases. Selling takes place.
  • The regular ADX time is 14.

Make sure that you test various input parameter values for optimized performance and first use a demo account.

Strategy Tester Performance Report

Find below the ADX System Forex robot tester performance report for the EUR/USD currency pair attached to the 1-Hour Chart.

Overall, the ADX FX robot traded profitably during the testing period.

 Performance Highlights

The robot made a total return of $6328.08 from 49 buy and sell trades. The most profitable trade produced revenues of $880.00, and the greatest losing trade recorded lost -$373.56 during the testing period.

Test Period Details

Bars in the test: 9618 ticks modeled

Initial deposit: $10000.00

Total net profit: $6328.08

Total trades were taken: 49

Largest profitable trade: $880.00

Largest losing trade: -$373.56

Consecutive winning trades: 6

Consecutive losing trades: 3

2. Day-trading MT4 Forex Robot

The profitable day-trading expert advisor for Metatrader 4 is based on the Stochastic and MACD technical indicators.

It uses the following indicator settings:

For MACD: 12,26,9

For Stochastic: 5, 3, and 3

The author recommends using the day-trading EA on 5-minute charts targeting 20 pips.

It should also be used in low spread currency pairs such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD

Strategy Tester Performance Report

Find below the MT4 strategy tester performance report for the day trading robot attached to the EUR/USD 5-Minutes chart.

Strategy Tester Performance Highlights

The robot made a total profit of $13589.00 from a total of 151 trades. The largest winning trade generated $220.80 in profits, while the biggest losing trade reported during the testing period was -$-967.80.

Overall, this EA traded profitably during the testing period.

Test Period Details:

Bars in the test: 24689 ticks modeled

Initial deposit: $10000.00

Total net profit: $13589.00

Total trades were taken: 151

Largest profitable trade: $220.80

Largest losing trade: -$967.80

Consecutive winning trades: 28

Consecutive losing trades: 2

3. Pivot Point MT4 Forex Robot

The Pivot Point Metatrader expert advisor is an auto trading bot based on the daily pivot point and the accompanying support and resistance levels.

Note: It’s highly recommended to attach this Forex robot to the 1-hour trading chart.

You can attach it to any currency pair of your preference.

The buy/sell trade logic goes as follows:

  • Open a buy trade when the 1-hour candlestick trades above the daily pivot point.
  • Open a sell trade when the 1-hour candlestick trades below the daily pivot point.
  • The Pivot Point Forex robot uses a trailing stop to move the stop loss to the break-even price level after the open trade becomes profitable.
  • Take profit levels for buy trades: resistance 1, resistance 2, and resistance 3.
  • Take profit levels for sell trades: support 1, support 2, and support 3.

Strategy Trade Logic Chart (EUR/USD H1)

MT4 Forex Robot Highlights

Supported Currency pairs: Any (majors, minors, currency crosses)

Supported Time frames: 1-Hour

Type: Pivot point trading

Trading Platform: Metatrader 4

Type: Expert advisor (EA)

Input Parameters

The following input parameter values can be modified by accessing the EA’s “Inputs” tab:

Lot size, optimization factor, take profit levels 1, 2 or 3

4. Trade Channel Scalper MT4 Forex Robot

The trade channel scalper Forex robot for Metatrader 4 uses simple buy and sell trade logic to scalp the market multiple times a day.

It’s based on a simple price channel that consists of an upper and lower border.

The buy/sell trade logic goes as follows:

  • The expert advisor will open a buy trade with price touches the lower border.
  • The expert advisor will open a sell trade with price touches the upper border.
  • It’s a stop and reverse system that buys low and sells high. See the EURUSD H1 Chart below.
  • Buy at the lower blue line and sell at the upper blue line.

For scalping, attach the Forex robot to the M1 or M5 Chart. Use it on the lower spread currency pairs such as EUR/USD, GBP/USD, and USD/JPY for better profits.

5. Profitable Moving Average MT4 Forex Robot

The profitable moving average expert advisor for MT4 uses only one moving average to open and close automated buy and sell trades.

It’s recommended to use this EA on the daily Chart using closing prices. This robot uses simple yet effective money management based on past trade performance. Opening automated buy and sell positions are based on some form of the price action (current bar versus the previous bar).

Feel free to experiment with the different input parameters for optimized performance.

  • The two moving average CCI Forex Robot is based on a crossover strategy of two moving averages and the CCI technical indicator.
  • Opening automated buy and sell positions are based on the crossover of the fast MA and the slow MA.
  • A buy signal occurs when the fast MA crosses above the slow MA from below.
  • A sell signal occurs when the fast MA crosses below the slow MA from above.
  • To filter false buy/sell signals, the CCI indicator checks for extreme overbought and oversold market conditions.
  • The robot also contains the ATR indicator component. It’s used to stop loss placement.
  • Feel free to experiment with the different input parameter values for optimized performance.

Strategy Tester Performance Report

Find below the MT4 strategy tester performance report for the moving average robot strategy attached to the EUR/USD 1-Hour chart.

Strategy Tester Performance Highlights

The robot made a total profit of $2786.20 from a total of 2205 trades. The largest winning trade generated $1155.60 in profits, while the biggest losing trade reported during the testing period was -$1006.80.

Overall, the average moving robot shows positive results during the testing period.

Test Period Details:

Bars in the test: 28117 ticks modeled

Initial deposit: $10000.00

Total net profit: $2786.20

Total trades were taken: 2205

Largest profitable trade: $1155.60

Largest losing trade: -$1006.80

Consecutive winning trades: 6

Consecutive losing trades: 18

MT4 Forex Robot Highlights

Supported Currency pairs: Any (majors, minors, currency crosses)

Supported Time frames: 1-Day

Type: Moving average system

Trading Platform: Metatrader 4

Type: Expert advisor (EA)

6. CCI Crossover using two moving average MT4 Forex Robot

  • The two moving average CCI Forex Robot is based on a crossover strategy of two moving averages and the CCI technical indicator.
  • Opening automated buy and sell positions are based on the crossover of the fast MA and the slow MA.
  • A buy signal occurs when the fast MA crosses above the slow MA from below.
  • A sell signal occurs when the fast MA crosses below the slow MA from above.

To filter false buy/sell signals, the CCI indicator checks for extreme overbought and oversold market conditions.

The robot also contains the ATR indicator component. It’s used to stop loss placement.

Feel free to experiment with the different input parameter values for optimized performance.

Trading Strategy

The EUR/USD H1 chart below displays the trading strategy used for this robot. The strategy contains the slow and fast-moving average, CCI indicator, and ATR indicator.

7. 20 Pips Metatrader 4 Forex Robot

The 20 Pips Metatrader 4 Forex robot is an expert advisor that utilizes the moving average indicator and elements of the martingale strategy in triggering automated buy and sell market signals.

The 20 Pips Forex robot sets its default period at 20.

For the EA to initiate buy or sell orders on a candlestick/price bar, it has to open and close either above or below the default 20 periods moving average line, respectively.

Furthermore, the 20 Pips expert advisor has an additional plug-in module: Period_PCH, TakeProfit, and StopLoss.

Strategy Tester Report

Find below the 20-Pips robot strategy tester report for the GBP/USD Forex pair on the Daily chart.

Overall Performance

The EA made a total profit of $2718.83 from a total of 2122 trades. The largest winning trade generated $108.20 in profits, while the largest losing trade generated a loss of-$117.38.

Statistics:

Bars in the test: 2122 ticks modeled

Initial deposit: $10000.00

Total net profit: $2718.83

Total trades: 2122

Largest profit trade: $108.20

Largest loss trade: -$117.38

Consecutive wins: 22

Consecutive losses: 1

MT4 Forex Robot Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Expert advisor

Input Parameters: Period_PCH, TP, Stop Loss

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: MA | Martingale

8. Trend Line Metatrader 4 Forex Robot

The Trend Line Metatrader 4 Forex Robot is an automated trading software that infuses the technique of a trend line drawn on the MT4 activity chart.

  • It creates a set of trend line logic that triggers buy and sell market positions
  • The EA takes away the problem of a trader, not drawing the trend line correctly when being done manually.
  • It’s able to detect the market trend along with its strength and uses this set of information to open and close positions on autopilot.
  • The Trend Line EA can also be used when trading in the direction of trending moves.

Strategy Tester Report

Find below the Trend Line robot strategy tester report for the GBP/USD Forex pair on the Daily chart.

Overall Performance

The EA made a total profit of $30273.79 from a total of 129 trades. The largest winning trade generated $3395.22 in profits, while the largest losing trade generated a loss of-$3957.15.

Statistics:

Bars in the test: 2046 ticks modeled

Initial deposit: $10000.00

Total net profit: $30273.79

Total trades: 129

Largest profit trade: $3395.22

Largest loss trade: -$3957.15

Consecutive wins: 9

Consecutive losses: 1

MT4 Forex Robot Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Expert advisor

Input Parameters: TREND length (bars), TREND color, Enable “no loss,” when to move break-even, How much pips to move SL, Lots size, Maximum Risk, Decrease Factor, Trailing Stop, Stop Loss, Magic Number, Take Profit, Fast MA, Slow MA, Momentum Sell, Momentum Buy

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: Trend Line

9. Trend Reversal Metatrader 4 Forex Robot

The Trend Reversal Metatrader 4 Forex Robot is an automated trading software that uses customized technical indicators to spot trend reversals.

  • The construct of the Forex robot is such that trade entries are initiated under the most stringent likelihood for success.
  • If we get a delayed trend reversal, a smart grid system is used in managing current market orders.
  • There’s the inclusion of a security filter within the expert advisor, which helps prevent the risk of entering a sudden trend without a rollback that’s prompted by a news release.
  • EA is used to get better results, and it is recommended that users use the EA on brokers with low spread.

Strategy Tester Report

Find below the Trend Reversal robot strategy tester report for the EUR/USD Forex pair on the 1-Hour Chart.

Overall Performance

The EA made a total profit of $1691.40 from a total of 44 trades. The largest winning trade generated $154.93 in profits, while the largest losing trade generated a loss of of-$589.07.

Statistics:

Bars in the test: 3438 ticks modeled

Initial deposit: $500.00

Total net profit: $154.93

Total trades: 44

Largest profit trade: $154.93

Largest loss trade: -$589.07

Consecutive wins: 14

Consecutive losses: 1

MT4 Forex Robot Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Expert advisor

Input Parameters: TakeProfit_S, Trade Time

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: Grid

10. Auto Trade (RSI) Metatrader 4 Forex Robot

The Auto Trade (RSI) Metatrader 4 Forex Robots is an algorithmic expert advisor that opens, exits, and manages positions based on the Relative Strength Index level crosses.

It is possible for users to set desired levels they want the Auto Trade (RSI) Forex robot to deploy in opening and closing trades.

The logic that is used to define trade entries on the Auto Trade (RSI) EA is to buy when the RSI is above 50 and sell when below 50.

All timeframes will work on the Auto Trade (RSI) expert advisor, but our preference falls on the 15- minute chart.

Strategy Tester Report

Find below the Auto Trade (RSI) Forex robot strategy tester report for the EUR/GBP Forex pair on the 15- Minute chart

Overall Performance

The EA made a total profit of $433.67 from a total of 24 trades. The largest winning trade generated $36.79 in profits, while the largest losing trade generated a loss of of-$162.67.

Statistics:

Bars in the test: 2049 ticks modeled

Initial deposit: $500.00

Total net profit: $433.67

Total trades: 24

Largest profit trade: $36.79

Largest loss trade: -$162.67

Consecutive wins: 23

Consecutive losses: 1

MT4 Forex Robot Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Expert advisor

Input Parameters: Program, Open BUY, Open SELL, RSI period, Manual Lots, Auto Lot, Risk, Stop Loss, Take Profit, Close Buy Signal, Trailing Stop, Slippage, Magic Number

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: RSI

HOW EFFECTIVE THESE ROBOTS ARE

While FX robots aim to do profitable trading, not all traders expect it. In fact, some federal authorities find them as scams. Similarly, you certainly would not find any posts that are sponsored by Forbes, the Wall Street Journal, or any reputable news outlet.

Moreover, even online robot traders attempt to rank their robots by claiming that they are scams of their opponents. Many of the individuals who have made substantial money using such programs are marketed with misleading statements. The irony is, however, that a huge number of investors and traders have lost a great deal of money on so-called ‘free’ Forex robots. In some cases, full records have also been cleaned out.

You can check out the feedback and credible testimony online if you really want to learn how effective robots are. While millions of different charts can be scanned in seconds, 90% usually result in incorrect information. It can be understood because FX robots are robots only. Every Forex robot is still unable to build even though it is capable of executing extremely complicated tasks and many at once. You cannot imagine what could happen soon because their functionality is limited to how they were programmed initially and how they performed in the past.

They should not rely on traders who use robots to carry out all their trading activities ultimately. Trading inevitably involves a great deal of human study and observation. Moreover, people can actually monitor and keep abreast of the news in the financial world and not software trading. Forex robots are thought of as Forex robots that work, can only find positive trends and trading signals, but sometimes either confusing trends or false information are unfavorably affected.

Furthermore, hackers and viruses can prevent robots, as well. Overall, Forex robots or automated FX trading apps are excellent opportunities for their programmers to make money but give you as a Forex trader little value. It’s a problem that is debatable-will a robot benefit you or will it wash out your trading account?

SUMMARY

We also rationally defined the facets of Forex’s deployment of robots. What we hope can be concluded by the article is that it would probably be better to devote time to studying an excellent trading system instead of spending your time or capital on automated FX robots.

Ultimately, you can become a trader with a background of experience and knowledge rather than a person who is not a Forex trader using computer algorithms or codes. Whether Forex bots are worth your time is solely up to you.