Forex robots or Expert advisors have been around for more than half a decade now. They refer to simple software programs which automatically trade on the user’s behalf, employing forex signals. While there are both free and paid software programs out there, not all of them work the same way or deliver on what they promise.
There is a multitude of options when it comes to forex EAs in the MT4 market. To make things easier for newcomers wanting to try out automated trading, we’ve curated a list of some of the best forex expert advisors for under $500.
Gratified Long Term Day Trader MT4
Gratified Long Term Day Trader MT4 helps those who do not understand the dynamic price movements of the FX markets but want to profit from it. The EA automatically takes advantage of the daily price movements of AUD/CAD, AUD/JPY, AUD/NZD, AUD/USD, EUR/CHF, EUR/NZD, EUR/USD, GBP/AUD, GBP/CAD, GBP/NZD, GBP/USD, NZD/CAD, NZD/USD, and USD/CAD. The EA has been optimized using 100% tick quality from Dukascopy Real tick data. To start using it, simply use it on the H1 timeframe and select a lot size.
Tioga MT4 EA
Tioga EA is a night scalper which works with virtually all major currency pairs. According to the developers, the EA doesn’t use dangerous strategies such as grid, martingale, or averaging and uses a fixed stop loss for every position. The EA specifically trades for 2 hours between 21:00 – 22:59 GMT. (London Time), holding one position at the same time for each pair. It uses a mean reversion strategy to determine entering direction. It works on the M5 timeframe on AUD/USD, CHF/JPY, EUR/AUD, EUR/CHF, EUR/GBP, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/USD and USD/CHF.
The Reaper EA
The Reaper EA is a stable forex robot that works on 20 currency pairs. It trades only 2 hours a day from 1 hour before rollover, till 1 hour after rollover. To enter trades, it uses limit orders which guarantees positive slippage. To minimise negative slippage on exit, The Reaper EA uses hard stop-loss and take profit levels. The EA has been tested on multiple brokers before and has a trading history of real live results. It uses a specially designed news filter that prevents high volatility trades.
DragonScalper
As the name suggests, DragonScalper is a scalper EA that places orders at specific support and resistance levels using 3 different charts. They remove them by 5 pm UK time if they are not triggered. The EA uses a 25 pip stop-loss and 25 pip trailing-profit with a trailing stop function activated at +10 pips. It only works on the GBP/JPY pair. As it uses a price action based entry, the EA stays ahead of the market as it validates the trade. The EA has drawdown control and no hidden massive open trading losses when examining its trading history.
Triple H
Triple H is an EA that implements a dynamic strategy to fit different brokers and currencies. Created in 2017-2018, the EA is a scalper which uses a trend from 0.01 (min lot) lot to 200(max lot). It has a dynamic invisible trailing take-profit. All pairs can “communicate” with each other to get the real trend. To control scalping it implements an auto time period detector. Other features include special spread and slippage monitor systems and jumping spread prevention systems.
Gold Dragon MT4
The Gold Dragon MT4 EA is a gold trading forex robot, trading the XAU/USD trading pair on the H1 time frame. It is as simple as adding the EA to the XAU/USD H1 chart and starting. It is fully automated and suitable for beginners. All orders always have a stop-loss and take profit. If a trade is closed at a loss, the EA will make sure the next trad compensates for it. It is suitable for low-resource VPS and for any type of account which complies with the FIFO rules for brokers in Canada and the USA.
Conclusion
With so many Expert advisors available on the market, the chances of making a wrong choice are high. This is why traders should always review the EA by checking its background, as well as any trading records that it may provide.
