Before starting any MT5 EA on a real trading account we recommend you to test it. MT5 allows you to test its parameters to get the best efficiency, while this feature is not available on MT4 software.
Read this guide to know how you can test a Meta Trader 5 expert advisor to get the best result on the Forex trading market.
Table of Contents
About MT5 EA
MT5 (Meta Trader 5) EA (Expert Advisor) is a software that is made up of using MQL5 coding language. It is used to automate the process of forex trading. Every automated expert advisor in the forex trading market is a unique software that is created as per the trading strategy of a trader.
However, some of the expert advisors are programmed for specific strategies and currency pairs, and other works for several assets using different strategies. Traders can buy an EA on the official MetaTrader 5 marketplace. However, there are many third-party sites and stores where traders can buy an EA. One of the most trustable MT5 EA is Majestic EA which is known as the ultimate solution for profitable forex trading worldwide.
Most of the expert Advisors can test the trading using the demo version function. This function makes sure that it fits their individual strategy or trading style. So, keep reading this guide to know how to set up and test the MT5 tester.
Set up MT5 EA Tester
Follow these steps to set the Meta Trader 5 tester.
- Launch the MT5 program on your PC
- Open the View menu and select the strategy tester option from the pop-up options. (You can use the keyboard shortcut CTRL + R to open the strategy tester).
- Now select the EA that you want to test from the menu.
- After that, select a currency pair, which the tester will examine historical quotes.
- Select the timeframe and testing period from the option list.
NOTE: If you set the testing period for the current year, the parameters will probably be relevant for only the current time; future results can be inaccurate. So, it is recommended to divide the test into 2 parts, back and forward. Forward activates the retest period for half, third quarter, or any other period. At first, the tester will test the back interval data and then the same parameters for the additional time interval. Suppose the results of the forward test differ from the results of the back test. The parameters are wobbly, and it is not recommended to use this Advisor.
- After setting the testing period, set the trading modes. The ordinary delay is the perfect execution of orders without slippage. The arbitrary delay mode is close to the real trade conditions.
- Now, select the way to produce ticks from the following.
- All ticks mode will show the data of one-minute history.
- Each tick is set on the real tick data provided by the broker.
- OHLC on M1 mode uses only the opening, high, low, and closing price levels.
- The mathematical calculations mode automates the loading history and disables all ticks.
- After that, select the size of leverage and visualization mode.
- Now click on the start button to activate the test.
View the Graphical Testing
The graphical testing is a visual assessment of the EA: Expert Advisor on the MT5 chart. This function of a tester is shown in the visualization tab. Before activating this function, it is important to turn off the optimization function from the testing settings.
To do that, arrange the display mode of the price scale and speed of testing from the toolbar. You will see the current price data, pairs used for testing, open position, trading history, and trading logs in the market review window.
Testing Multiple Currencies Strategies
Meta Trader 5 or MT5 EA can test strategies applicable to several trading instruments. So don’t forget to activate the display area of these functions in the market review window.
- Open the charts and set it to the monthly timeframe (M1) as the mt5 tester loads the history of quotes automatically. This function is not available in the MT4 program.
- After that, hover over the tools option and then go to the Market option and download the multicurrency EA: expert advisor.
- In the parameter, specify the lot interval timeframe and deposit size; after that, activate the visualization.
Once the test is complete, you will see the outcome of the test on the chart tab. The more constant and composed the chart, the better the meta trader 5 expert advisor is.
Optimizing MT5 EA Parameters
Once you have completed the initial testing of your MT5 EA, the next critical step is optimizing its parameters to enhance its performance. This process involves fine-tuning various settings of the EA to ensure that it adapts well to different market conditions and improves its efficiency in executing trades. To begin optimization, access the ‘Strategy Tester’ and select the ‘Optimization’ tab. Here, you can adjust parameters like stop loss, take profit, trailing stops, and other custom parameters specific to your EA. Run the optimization process over historical data to identify the best-performing settings.
