⚙ Free MT4, MT5 Expert Advisor Builders
Automated Forex Trading is considered the 'Holy Grail' by many Forex traders. The following EA builders can be used to create EAs for MetaTrader 4 and MetaTrader 5 and are available either for free or with a free trial period
MT4 builders are designed to generate customized Expert Advisors by compiling MQL4 or MQL5 code. Some of the following EA builders are web-based, while others require installation. When creating your first customized EA, it is recommended to test it risk-free on a Demo Account before trading with real money.
Here are the free Expert Advisor builders:
(1) EA Builder for MT-4, MT-5, and Tradestation
◙ PRICE: Free for creating Indicators
◙ BUILDER: Web-Based App
◙ EXPERIENCE: Semi-Advanced / Advanced Traders
The EA builder is a free application for creating indicators. It allows you to transform your manual trading into arrows and alerts, and to create indicators for MT4, MT5, and TradeStation. You can also convert any manual system into a fully functional Forex Robot (EA).
Here are the basic features of the EA Builder:
- Develop custom indicators and EAs for trading Forex pairs, stocks, indices, ETFs, commodities
- Create EAs without knowing anything about programming
- Tens of built-in functions such as support, resistance, trendlines, and time (select when to trade)
- Every feature of the EA Builder has a popup tip that helps and guides you
- Three (3) Alert Types (eMail, Audible alerts, print to output window)
- Full Money-Management system with custom functions
- The generated code is contained in a single file, ready to be used on MT4, MT5, or Tradestation
EA Builder is completely free for creating indicators, but if you want to create EAs, a one-time payment is required.
Here is the website of EA Builder:
» Find here the EA Builder for MT4 & TradeStation
(2) Expert Advisor Builder for MetaTrader 4
◙ PRICE: Free
◙ BUILDER: Web-Based App
◙ EXPERIENCE: Semi-Advanced / Advanced Traders
The Expert Advisor Builder (EAB) is a web-based EA builder that is free and easy to use. EAB creates EAs for MT4 using seven (7) input fields.
(i) EA Template field
In this section, you may enter your own script.
(ii) EA Variables field
In this section, you will set up your main variables according to which you will control your trading strategy {Buy and Sell strategy / Close(Buy and Sell) strategy}.
(iii) EA Buy-Strategy field
Set up your EA buy strategy.
(iv) EA Sell strategy field
Set up your EA sell-strategy.
(v) EA Closing (Buy) strategy field
This section allows you to enter the conditions for Closing Positions opened according to the 'Buy strategy' field.
(vi) EA Closing (Sell) strategy field
This section allows you to enter the conditions for Closing Positions opened according to the 'Sell strategy' field.
(vii) EA Order Options field
Set up some extra settings for your Expert Advisor.
Here is the website of the Expert Advisor Builder (EAB):
» http://sufx.core.t3-ism.net/ExpertAdvisorBuilder
(3) EA Builder Forex Advisor for MetaTrader 4
◙ PRICE: Free
◙ BUILDER: Web-Based App
◙ EXPERIENCE: Semi-Advanced / Advanced Traders
The EA Builder ‘Forex Advisor’ is also a free, web-based expert advisor builder. It is easy to use and requires setting up only four main conditions: when to buy, when to sell, when to close a buying position, and when to close a selling position.
Forex Advisor Options Tabs
In the EA Options Tab you may choose your basic settings if you don't want to use some of these settings just enter 0:
(i) EAs Expert Magic Number: Set up your EAs unique ID number. All the trading positions that you will open using your EA will share the same ID number and your EA will manage only them. If you choose to trade via different trading systems in the same account you should use different ID numbers in order to avoid problems on execution.
(ii) EAs Lots: This is where you set up the basic lot number for your trading system. All your trades will be opened with this volume number.
(iii) Stop Loss Value: Set up your stop-loss value, usually x2 times the trading spread (as concerns most Forex brokers).
(iv) Take Profit Value: Set up your take-profit value, usually x2 times the trading spread (as concerns most Forex brokers).
(v) Trailing Stop Value: Set up your Trailing Stop value, this order will be activated only if the position’s profit is higher than the value set.
(vi) EAs Use Long Positions: Set up your long positions.
(vii) EAs Use Short Positions: Set up your short positions.
EA Code Tab
(i) When your settings are filled (or left 0) this tab allows the generation of your final code. You may copy the EA code and paste it in your MT4 MetaEditor
(ii) Compile your code via the MetaEditor and run your EA in the MetaTrader.
This is the website of the EA Builder Forex Advisor:
» http://www.forexeadvisor.com
(4) Molanis Strategy Builder for MT4
◙ PRICE: Free Trial (Price to buy: $149.99)
◙ BUILDER: PC Install
◙ EXPERIENCE: Beginners / Semi-Advanced / Advanced Traders
You can use a free working version of the Molanis EA builder for a trial period. This EA builder is programmed in Java and offers a graphical environment without complicated scripts or input fields. You enter your settings by selecting from a full set of predefined graphical blocks. The EA building is based on click-and-drag and drag-and-drop diagrams. These diagrams are then analyzed by the EA’s MQL generator, which transforms them into ready-to-use EAs.
Here are the basic features of the Molanis EA builder:
(i) Create EAs via an interactive fully graphical environment
(ii) Reduced Learning Curve, which offers the chance to focus on ideas and not on EA settings
(iii) Create expert advisors that can trade multiple Forex currencies in multiple timeframes
(iv) Create simply your own Forex Signals
(v) Molanis supports an Online Community and a Forum
This is the website of Molanis EA Builder:
» http://www.molanis.com/products/molanis-strategy-builder
(5) Zoro Trader for MetaTrader 4
◙ PRICE: Free (Requires Registration)
◙ BUILDER: Web-Based App
◙ EXPERIENCE: Advanced Traders / Professional Traders
Zorro is a fascinating community project that offers extensive learning resources and an advanced EA builder. The entire project is free, and you only need to register to use the EA builder. Here are some basic features of the EA creator:
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It can operate as MT4 EA or as a fully individual robot
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Multiple time frames (from 100 milliseconds to one day)
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Choose among hundreds of indicators
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Includes a true machine code compiler for fast back-testing (the programmers claim it is 50 times faster than MQL4)
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Orders include limit, stop-loss, take-profit, profit-lock, trailing-stop, timed-exit
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Binary options emulation with adjustable win/loss payout
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Full NFA compliance for US-based accounts
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Open API interface for easy implementation of any broker API (source code included)
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Runs on cloud servers (VPS) with Windows Server 2003 / Windows Server 2012
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Uses the Lite-C script language (C syntax) / Strategies require only a few lines of script
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Windows API, external DLLs, and R bridge
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CSV data import and export
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Syntax script editor with help (course for Lite-C is included)
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The script code can be converted from one trading platform to another
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Monte Carlo analysis with randomized equity curves
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Emulation of slippage and rollover interest (swaps)
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Tick-chart Mode
Zoro EA Builder Data Mining / Machine Learning
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Curve pattern detection with the Fréchet algorithm
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Curve spectrum analysis with filter bank and Hilbert transformation
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Price curve correlation and autocorrelation
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Fuzzy logic for peak/valley, crossover, and pattern detection
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Algorithm generator with neural network (perceptron) / Pruned decision tree
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Algorithm generator for price action trading with patterns
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Generated trade algorithms can be exported in C code to other platforms
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R packages support machine learning and data analysis
This is the link to the Zoro website:
(6) Forex Generator EA Builder for MT4 and MT5
◙ PRICE: Free Trial (only MT4)
◙ BUILDER: PC Install
◙ EXPERIENCE: Semi-Advanced / Advanced Traders
Forex Generator EA Builder lets you create a customized Automated Forex Strategy. The free trial generates only MT4 EAs, while the Professional Edition produces both *.mq4 and *.mq5 files and can be used for building EAs on MT4 and MT5. Here are some basic features:
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Easy-to-use / No programming skills required
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Generates EAs, Indicators, and Scripts
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Set up your own trading signals via built-in indicators
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Import 3rd party indicators
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Set all basic orders (trailing stop included)
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Limit the EA trading activity to specific days of the week
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Limit the EA trading activity to specific hours of the day
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Set-up the maximum accepted spreads
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Setup 2nd orders that can be used for hedging opened positions
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Martingale and Semi-Martingale money management
Forex Generator EA Builder Requirements include a Windows XP/Vista/2003/7/8/10 PC with 256MB RAM. In addition, source code in MQL4 and MQL5 is required. Download the EA builder from here:
This is the link for the Forex Generator EA Builder website:
» http://www.ForexGenerator.com
(7) Fx EA Builder for MetaTrader-4
◙ PRICE: Free
◙ BUILDER: Web-Based App
◙ EXPERIENCE: Beginners
The Fx EA builder is a simple, web-based software for creating your own Expert Advisors. The entire process is free, but you shouldn’t expect much in terms of the final outcome. Here are some basic features:
(i) You do not need programming skills
(ii) Generate EAs for trading multiple Forex currencies in multiple timeframes.
Here is the Fx EA Builder website:
◙ Free MT4 Expert Advisor Builders
ForexRobots.net
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