Forexeadvisor.com Review Online Forex Expert Advisor Generator

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Forexeadvisor.com Review: Online Forex Expert Advisor Generator

Online Forex Expert Advisor Generator Review: this is the name of a Forex EA generator online that helps create trading systems. Is forexeadvisor.com legit or a scam?

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What Are Forex Signals or Indicators?

Most Forex indicators are created for the purpose of giving traders trading signals that are accurate as well as consistent. With a legit indicator system, traders can afford to spend less time monitoring the market.

Traders are provided with what can be termed expert advice from these robots, this is why they are called Expert Advisors (EAs). EAs are sold by indicator vendors.

On the page, the vendor explains that strategy means rules that traders use while in some market situations. Having a strategy that is clear can allow it to be coded or automated. Although automating a trading system is difficult because it requires programming skills, the Expert Advisor builder offered by Online Forex Expert Advisor Generator takes care of that problem.

It is totally in character for Forex EA vendor to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit vendors at the bottom of this article.

How Online Forex Expert Advisor Generator Works

Like have been discussed above, automating a trading system with this vendor only requires knowing what rules to apply in certain market situations. To begin creating a trading system, the page offers 4 basic questions which answers help to automate their strategies.

The Online Forex Expert Advisor Generator offers an example of how the systems can be set up using their template. We have the following pictures explain how the following 3 basic strategies can be set up:

1. Open long position when Rsi crosses 30.
2. Open short position when Rsi crosses 70.
3. (No exit rules) 50 points of SL and 50 point of TP.

After the rules are set up as shown in the pictures above, a trader can go to the last tab and press the “Generate” button. Then they can copy the code, paste it in the MQL Editor, compile it and start using. The process seems quite simple and straightforward.

On the page, a link is provided where clients can start automating their trade rules. It is compatible with only MT4 platform.

Online Forex Expert Advisor Generator Pricing Structure

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We find no price information and could access the generator page for free.

Clients Feedback

There is no review from clients available anywhere. With the page not looking new, we expected some reviews online and are disappointed to find none.

Online Forex Expert Advisor Generator Support

To reach the customer care representative of the vendor, clients are directed to fill an online message request form.

Conclusion

The information presented on Online Forex Expert Advisor Generator page is well detailed and straightforward. The lack of price seems to mean it is free which will be an added advantage. Testing the “Generator” page seems to work and since they are not required to pay, traders can test it out.

Generator for forex trading expert advisor systems compatible with
all forex brokers offering the MetaTrader 4 ( MT4 ) trading platform

Welcome to the Expert Advisor Generator

The forex market is one of the most dynamic markets on the planet. Unfortuatelly 95% of the traders loose their money. This is mainly because they don’t have good tested trading strategy.

On the other hand having a strategy, means that you have clear rules about every market situation. And when the rules are clear this trading system can be automated. There are many advantages for the automated systems like – 24 hours trading, reaction speed,monitoring huge numbers of financial instruments in different timeframes, the ability to backtest the system and many others.

Automating a trading system is difficult because it requires program skills which most of the traders don’t have. With this Expert Advisor builder such skills are no longer needed.

In our big experience creating automated trading systems, we have found that usually simple things work. With every rule you add , you optimize your results in the past, but this will give you worst results in the future.So our advice is – keep things simple.

Now lets create simple trading system for example.To begin we need four basic things :

  1. When to open long position?
  2. When to close long position?
  3. When to open short position?
  4. When to close short position?

Lets say we have this basic strategy:

  1. We open long position when Rsi (Relative Strength Index) crosses 30.
  2. We open short position when Rsi (Relative Strength Index) crosses 70.
  3. We don’t have exit rules , we have 50 points of StopLoss and 50 points of Takeprofit.

Now we need to open the first tab Open Buy and we choose this :

This basically means this if the pre previous value of RSI is less than 30 and previous bar is closed with value for RSI over 30 , we have our open long condition.

The same we do for sell:

We skip Close buy and Close Sell and go directly to Settings tab.

We set StopLoss 50 points and TakeProfit 50 points. We want advanced MM so we check that option. Now we go to the last tab and press the Generate button. Now all we need is to copy the code and paste it in the MQL Editor, compile it and start using it.

EA Builders for MT4 and MT5

Expert Advisor Builder

Free MT4, MT5 Expert Advisor Builders

Automated Forex Trading is the ‘Holy Grail’ of advanced Forex trading. Τhe following EA builders are offered for free / or provide a free-trial period and can be used for creating EAs on MetaTrader-4 and MetaTrader-5.

MT4 builders are designed to generate customized Expert Advisors by compiling MQL4 or MQL5 code. Some of the following EA builders are web-based, others require installation. When you create your first customized EA you are advised to test it risk-free in a Demo Account before trading for 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. You can turn your manual trading into arrows and alerts and create indicators for MT4, Mt5, and TradeStation. You can also turn any manual system into a fully-working Forex Robot (EA).

Here are the basic features of the EA Builder:

  • Develop 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 there is a one-off payment.

Here is the website of EA Builder :

(2) Expert Advisor Builder for MetaTrader 4

◙ BUILDER : Web-Based App

◙ EXPERIENCE : Semi-Advanced / Advanced Traders

The Expert Advisor Builder (EAB) is a web-based EA builder that is free and simple to use. EAB generates EAs for MT4 by using seven (7) 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 .
(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) :

(3) EA Builder Forex Advisor for MetaTrader 4

◙ BUILDER : Web-Based App

◙ EXPERIENCE : Semi-Advanced / Advanced Traders

The EA Builder ‘Forex Advisor’ is also a free web-based expert advisor builder. The EA Builder is simple to use and requires only the set-up of four main conditions (When to Buy, When to Sell, When to close a Buying Position, 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 :

(4) Molanis Strategy Builder for MT4

◙ PRICE : Free Trial (Price to buy: $149.99)

◙ BUILDER : PC Install

◙ EXPERIENCE : Beginners / Semi-Advanced / Advanced Traders

You may use a free working version of the Molanis EA builder for a trial period. This EA builder is programmed on Java and offers a graphical environment without complicated scripts and input fields. You enter your settings by selecting via a full set of predefined graphical blocks. The EA building is based on click and drag & drop diagrams. Afterward, these diagrams are analyzed by the EAs MQL generator which transforms 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, 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 :

(5) Zoro Trader for MetaTrader 4

◙ PRICE : Free (Requires Registration)

◙ BUILDER : Web-Based App

◙ EXPERIENCE : Advanced Traders / Professional Traders

Zorro is a very interesting community project offering extensive learning resources and an advanced EA builder. The whole project is free and you just need to register in order to use the EA builder. Here are some basic features of the EA creator:

Can operate as MT4 EA or as a fully-individual robot

Multiple time frames (from 100 milliseconds to one day)

Choose among hundreds of indicators

Includes a true machine code compiler for fast back-testing (the programmers claim its 50 times faster than MQL4)

Orders include limit, stop-loss, take-profit, profit-lock, trailing-stop, timed-exit

Binary options emulation with adjustable win/loss payout

Full NFA compliance for US-based accounts

Open API interface for easy implementation of any broker API (source code included)

Runs on cloud servers (VPS) with Windows Server 2003 / Windows Server 2020

Uses the Lite-C script language (C syntax) / Strategies require only a few lines of script

Windows API, external DLLs, and R bridge

CSV data import and export

Syntax script editor with help (course for Lite-C is included)

The script code can be converted from one trading platform to another

Monte Carlo analysis with randomized equity curves

Emulation of slippage and rollover interest (swaps)

Zoro EA Builder Data Mining / Machine Learning

Curve pattern detection with Fréchet algorithm

Curve spectrum analysis with filter bank and Hilbert transformation

Price curve correlation and autocorrelation

Fuzzy logic for peak/valley, crossover, and pattern detection

Algorithm generator with neural network (perceptron) / Pruned decision tree

Algorithm generator for price action trading with patterns

Generated trade algorithms can be exported in C code to other platforms

R packages support for machine learning and data analysis

This is the link to the Zoro Web-Site :

(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 allows you to create a customized Automated Forex Strategy. The free-trial can only generate MT4 EAs. The Professional Edition generates both *.mq4/*.mq5 files and may be used for MT4 and MT5 EA building. Here are some basic features:

Easy-to-use / No programming skills required

Generates EAs, Indicators, and Scripts

Setup your own trading signals via built-in indicators

Import 3 rd party indicators

Set all basic orders (trailing stop included)

Limit the EA trading activity to specific only days of the week

Limit the EA trading activity to specific hours of the day

Set-up the maximum accepted spreads

Setup 2 nd orders that can be used for hedging opened positions

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:

(7) Fx EA Builder for MetaTrader-4

◙ BUILDER : Web-Based App

The Fx EA builder is a simple software to create your own Expert Advisors. The whole process is free and web-based but you shouldn’t expect much as concerns 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

Quant Strategy Building : » StrategyQuant Review

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