EA Installation and Initial Checklist in MT5: Beginner’s Guide to Seamless Setup and Operation Check

EA Installation and Initial Checklist in MT5: Beginner’s Guide to Seamless Setup and Operation Check
Goal: Place the EA file in the correct location and safely activate it on MT5.

Mandatory Preparations

  • Install and launch the latest version of MT5 (64bit) (Broker-provided version recommended)
    Download the installer (e.g., BrokerNameSetup5.exe) from your broker’s client portal or similar, and double-click to install.
    Sample of the MT5 download screen from a Forex broker client portal
    Folder screen: MT5 installation EXE file in the download folder
    MT5 installation setup screen
  • Obtain trading account information (Account number, password, server name)
    This is often sent via email from the broker. Some systems allow you to set your own password. Keep the email safe.
  • Log in to your trading account: Enter the Server / Account Number / Password.
    MT5 screen Navigator window Account Login
    MT5 login screen - Enter your account number and password
    Success is indicated by the **green icon (connection status)** and **response speed** displayed in the bottom right of the MT5 screen.
  • Confirm the display of the target symbols (e.g., XAUUSD, EURUSD. Note the suffix: .pro, -ecn, etc.)
    MT5 Market Watch Window
    If not in the “Market Watch” window, activate the target symbol from the Symbols List.
    Button to display the symbol list on the MT5 screen → Symbol details screen

Preparing EA Files

Prepare one or more of the following:

  • EA Main File: .ex5 or .mq5
  • Accompanying Libraries: .dll / .ex5 / .mqh, etc. (as needed)
  • Settings File (Optional): .set

EA Installation Procedure (Windows)

  1. Open the Data Folder: In the MT5 top menu, select “File” → “Open Data Folder”
    MT5 top menu File Open to Data Folder
  2. Placement Path (by Type)
    • EA Main File: MQL5/Experts/
    • Accompanying Indicators: MQL5/Indicators/
    • Libraries (DLLs, etc.): MQL5/Libraries/
    • Settings File (.set – optional): MQL5/Profiles/Tester/, etc.
      MT5 terminal folder screen MQL5 folder etc
      MT5 MQL5 folder screen expert indicator library folders etc
  3. Refresh the Navigator: Right-click on “Expert Advisors” in the Navigator (Ctrl+N) → Select “Refresh”
    Screen showing right-click in the Expert Advisors section of the MT5 Navigator window and selecting Refresh
  4. Apply to Chart: Open the chart for the target symbol and drag and drop the EA from the Navigator onto the chart.

MT5 Basic Settings (Safety Switches)

Global Switch

  • “Algo Trading” button on the toolbar: Green = Enabled / Red = Disabled
    MT5 top menu Auto trading ON/OFF switch button (green is enabled, red is disabled)

Per-EA Permission (Properties > Common)

  • Check “Allow algorithmic trading”
    EA properties after applying to chart screen → Check Allow algorithmic trading in the Common tab
  • Only EAs requiring DLL use: Check “Allow DLL imports” (Only turn on for trusted EAs)
    Screen showing to check Allow DLL imports on the Dependencies tab of the EA properties screen after applying it to the chart
    By default, this doesn’t need to be enabled.

Global Settings (Tools > Options > Expert Advisors)

      • Check “Allow algorithmic trading”
      • “Allow DLL imports” is not a must. Check it only if required by the EA.
      • For EAs needing web authentication/license checks, check “Allow WebRequest” and add the specified URL (Can be off if not needed)

    MT5 Top menu Tools → Options screen
    MT5 Tools → Options → Experts screen - Automatic trading, DLL permission, Web request permission screen

    Chart Preparation (Setting Prerequisites)

    • Symbol: Select the exact symbol and suffix supported by the EA.
    • Timeframe: Match the EA’s recommendation (e.g., M1/H1/D1). Different timeframes can cause unexpected behavior.
    • Order Mode: For EAs requiring hedging, use a hedging account (netting accounts prevent hedging/buy-sell simultaneously).
    • Quote Update: History is automatically retrieved when opening the chart. Generate bars by cycling through the main timeframes as needed.

    Example Initial Settings for Input Parameters

    • Lot/Risk: Start with a very small lot size or a low risk percentage. Adjust after understanding the drawdown from backtesting.
    • Magic Number: Must not be duplicated if running multiple EAs on the same MT5 instance. Duplication will disrupt order management.
    • Trading Hours / Friday Close: Often based on the broker’s server time. Incorrect settings can lead to missed closes.
    • Max Spread / Min Distance (Filter): Suppresses entries during excessive spread periods (e.g., news or rollover). Too strict a setting leads to missed entry opportunities, so use a moderate value.

    Initial Checklist (Immediately After Installation)

    • The EA file is placed in MQL5/Experts/
    • MT5 has been restarted OR the Navigator has been Refreshed
    • The “Algo Trading” button is Green
    • “Allow algorithmic trading” in EA Properties is ON
    • The target symbol and timeframe match the EA’s requirements
    • Backtest has been run, and no errors occurred
    • When running multiple EAs, Magic Numbers are unique

    The following may be mandatory depending on the EA:

    • Non-standard indicators/libraries are placed in the specified folders
    • Permission settings for DLL/WebRequest, if required by the EA, have been configured

    Common Errors and Solutions

    • Trade is disabled / algo trading disabled: Turn ON both the Algo Trading button (global) and the EA Property (individual)
    • Invalid volume / Volume step is invalid: Reconfigure based on the account’s minimum lot, step, and maximum lot
    • Invalid stops / Too close stops: Set the stops wider than the broker’s minimum distance (StopLevel/FreezeLevel)
    • Symbol not found / Market closed: Check the suffix, enable in Market Watch, and confirm it’s within trading hours
    • Not enough money: Reduce the lot size / Increase the margin buffer

    FAQ

    Q. Will MT5 run on 32bit?
    A. Using the 64bit version is recommended for the current environment. It offers better compatibility and stability.
    Q. Is DLL permission always required?
    A. No. Only permit it for EAs that require it. Restrict this to EAs from reliable sources.
    Q. What is the difference between a hedging and a netting account?
    A. Hedging allows opening both buy and sell positions simultaneously for the same symbol. Netting offsets and aggregates positions for the same symbol. Choose based on your EA’s requirements.
    Q. Where do I enter the WebRequest URL?
    A. In “Tools > Options > Expert Advisors“, check “Allow WebRequest” and add the specified URL.
    Q. What happens if Magic Numbers are duplicated?
    A. Order management will interfere, leading to issues like unintended closures or re-opens. Set a unique value for each EA.
    Q. Which backtesting model should I choose?
    A. A two-step approach is recommended: first, use “Open prices only” to check for errors, and if there are none, use “Real ticks” for detailed analysis.
    Q. What is a good starting point for the maximum spread setting?
    A. Start with a slightly conservative value that allows trades during normal market conditions, and fine-tune based on execution results. Too strict a setting leads to missed opportunities.

Leave a Reply