What is an MT4 EA and why do you need a license key? 🤔

An MT4 EA is a software program that runs on the MetaTrader 4 (MT4) platform and can execute trades automatically based on predefined rules and parameters. EAs can help traders to automate their trading strategies, save time, and optimize their performance.

However, not all EAs are free or open-source. Some EAs are protected by a license key that verifies the authenticity and validity of the user. The license key may be a combination of letters, numbers, and symbols, or it may be a Google Drive link that contains the license information. The license key ensures that only authorized users can access and use the EA, and prevents unauthorized copying or distribution of the EA.

In this guide, we will assume that you have already purchased or obtained a license key for the EA you want to use, and that the license key is a Google Drive link. If you have a different type of license key, please follow the instructions provided by the EA provider.

Step 1: Copy the EA file to the MT4 folder 📁

The first step is to copy the EA file to the MT4 folder, where the MT4 platform can recognize and load it. The EA file is usually a file with the extension .ex4 or .mq4, and you should have received it from the EA provider when you purchased or obtained the license key.

To copy the EA file to the MT4 folder, follow these steps:

Locate the EA file on your computer and copy it.
Open the MT4 platform and select File from the main menu, then click on Open Data Folder.
A new folder panel will appear. Select the MQL4 folder, followed by the Experts folder.
Paste the EA file into this folder. You may need to grant admin permission to make changes to the folder.
Restart the MT4 platform for the changes to take effect.

You can watch this video for a visual demonstration of this step: How to Install an EA to MT4

Step 2: Enable auto trading and allow DLL imports ✔️

The next step is to enable auto trading and allow DLL imports on the MT4 platform. These are necessary for the EA to function properly and communicate with the license server.

To enable auto trading and allow DLL imports, follow these steps:

On the MT4 platform, go to the Tools menu and select Options.
In the Options window, click on the Expert Advisors tab.
Make sure that the boxes for Enable Expert Advisors and Allow DLL imports are checked.
Click OK to save the settings.

You can watch this video for a visual demonstration of this step: How to Enable Auto Trading and Allow DLL Imports on MT4

Step 3: Drag and drop the EA onto a chart 📊

The third step is to drag and drop the EA onto a chart of your preferred currency pair and timeframe. This will attach the EA to the chart and allow you to adjust the settings and parameters of the EA.

To drag and drop the EA onto a chart, follow these steps:

On the MT4 platform, go to the Navigator panel and click on the + sign under the Expert Advisors section to view the available EAs.
Select the EA you want to use and drag and drop it onto a chart of your preferred currency pair and timeframe.
A window will pop up with the EA settings. You can adjust the parameters according to your preferences and the EA documentation.
Make sure that the box for Allow live trading is checked under the Common tab. This will enable the EA to open and close trades automatically.

You can watch this video for a visual demonstration of this step: How to Attach an EA to a Chart on MT4

Step 4: Enter the license key and activate the EA 🔑

Add Google link to your MT4 platform 🌐

This is a one-time setup that will allow the EA to access the license information from the Google sheet.
Open MT4 and go to Tools > Options > Expert Advisors.
Check the box for Allow WebRequest for listed URL.
Click on the Add button next to the box and enter this URL: https://script.google.com/
Click OK to save the changes and close the window.
You have successfully added the Google link to your MT4 platform.

The final step is to enter the license key and activate the EA. The license key is series of numbers and letters that you received from the EA provider, and it contains the license information for the EA.

To enter the license key and activate the EA, follow these steps:

On the same window as the previous step, click on the Inputs tab. You should see a field for entering the license key, usually labeled as LicenseKey, LicenseCode, or something similar.
Enter the license key that you received from the EA provider. The license key should be a Google Drive link that starts with https://script.google.com/
Click OK to confirm the settings and activate the EA.
You should see a smiley face on the top right corner of the chart, indicating that the EA is running and ready to trade. If you see a sad face, a cross, or an error message, it means that the EA is not activated or there is a problem with the license key or the connection. You should contact the EA provider for assistance in this case.

You can watch this video for a visual demonstration of this step: How to Enter a License Key and Activate an EA on MT4

Congratulations! 🎉

You have successfully installed and activated a licensed MT4 EA using Google sheet on your MT4 platform. You can now enjoy the benefits of automated trading with the EA. You can also monitor the EA performance, modify the settings, or detach the EA from the chart at any time.

I hope this guide helps you with installing and activating your licensed MT4 EA. If you have any questions or feedback, please let me know. 😊

#hashtags: #mt4 #ea #license #google #sheet #guide #instructor

The Wealthy Elites

How to Install EA