Read first: the risks
- A program follows its rules even when they are losing. Trading is risky and you can lose all your capital, with or without code.
- CFDs are complex products and may not suit everyone. Higher volatility means higher risk.
- Past performance is not an indication of future results, and that includes backtests.
- Test on a Demo account for at least 2-4 weeks, then start small. Use only money you can afford to lose.
What is algo trading?
Algo trading, also called algorithmic or automated trading, is trading by rules written as a program. A rule might say when to enter, how much to trade and where to exit. The program then follows it on every trade, without watching the screen for you or getting tired.
On MT5 these programs are EAs, written in a language called MQL5. An EA does not know the future: it only repeats its rules, and rules that worked before can stop working.
Three ways to start
| Way | Coding | Watch out for |
|---|---|---|
| Use a ready-made EA | None | You may not see its rules, and you depend on its maker. Read the risks first and test it yourself. |
| Build one with the MQL5 Wizard | None. You pick signal, money management and trailing stop modules, and it generates the code. | An EA that compiles is not an EA that makes money. It still needs testing. |
| Learn MQL5 and write your own | Yes | It gives you full control but takes time, and a bug can cost real money. |
How to start without coding
- Install MT5 on a computer. The MT5 phone app cannot run an EA.
- Choose an EA and read its risks before you look at its results.
- Test it on past prices in the MT5 Strategy Tester, then on a Demo account for at least 2-4 weeks.
- Install it with our install guide and turn on the Algo Trading button.
- Start small, for example on a Cent account with 50-100 USD, and keep checking it.
What no coding does not solve
- A good backtest is not a forecast. Settings tuned to past prices can fail on new prices.
- Spreads, commission, swap and slippage all cut into results, and live fills can differ from a test.
- MT5 has to stay open on a computer or VPS for the EA to work.
- A grid or martingale EA can look smooth for a long time and then blow up the account in one move.
- Rules differ by country and by broker. Check what applies to you before you start.
Ready-made EAs you can test
Our EA list has grid, breakout and trade-helper tools. If you trade gold, start with the gold EA comparison, which shows the main risk of each one.
Every EA is free for MT5 accounts opened through our partner (IB) link. One account works for all of them, with no separate request. A Demo account cannot unlock the download, but once you have a trading account you can open a Demo account and test the EA there.
Exness does not accept residents of some countries, including the US, Canada, the UK, most of Europe, Australia, Japan, India, Malaysia and Singapore. This offer is not for residents of those countries. Please check before you open an account.
RoboForex is the other broker you can use. It does not accept or serve residents of some countries either, including the US, Canada, Japan, Australia, Brazil, Indonesia, Russia, Turkey, the UK and the EU. Please check before you open an account. After you log in, the unlock window shows the brokers open in your country.
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Sources
Checked on 6 November 2026.