Types and kinds of MetaTrader Expert Advisors

MetaTrader Expert Advisors can be designed to exploit any type of trading strategy:

• Trend Following EAs that follow trends while avoiding flat periods can be easily coded by EA developers
  Price Action EAs are based entirely on price action and price patterns. These can be used on any time frame
• News Trading EAs are developed in MQL to profit from price movements around news releases
• Multi-currency EAs incorporate data from more than one currency pair to identify the most profitable opportunities
• Hedging EAs simultaneously open more than one position to profit from the relative changes in the prices of different currency pairs or other trading instruments
• Scalping EAs trade frequently to take advantage of short-term price extremes. These types of EAs are sometimes restricted by brokers
• Arbitrage EAs exploit price differences between liquidity providers, or prices on different exchanges
  Grid EAs build and unwind positions at predefined levels. Price levels are based on recent volatility and trading ranges. Some grid EAs incorporate hedging to remove market risk
• Breakout EAs enter positions when major support or resistance levels are breached
• Zone recovery EAs are used to reduce or limit losses when the market moves against a trade. Positions are opened in the opposite direction to offset losses with the aim of closing all trades without a loss
• Engulfing candle EAs are identify candles with a wider range than preceding candles. Trades are then triggered when the high or low of the candle is broken
• Support and Resistance EAs identify support and resistance levels on which to base trades. Usually trades will be opened at edge of the range and closed at the other
• Neural network EAs use machine learning to find patterns in the price behavior of currency pairs and other assets. These are often patterns that are difficult to identify without advanced algorithms and computing power
• Level trading EAs use levels based on models like market profile or pivot points to define entry and exit points
• Gap EAs identify price gaps that occur from one trading session tothe next. Gap EAs can be based on continuation or reversal patterns