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Automated Forex Trading is the 'Holy Grail' of advanced Forex trading. Τhe following EA builders are offered for free / or provide a free-trial period and can be used for creating EAs on MetaTrader-4 and MetaTrader-5.

MT4 builders are designed to generate customized Expert Advisors by compiling MQL4 or MQL5 code. Some of the following EA builders are web-based, others require installation. When you create your first customized EA you are advised to test it risk-free in a Demo Account before trading for real money.

Here are the free Expert Advisor Builders:

(1)EA Builder for MT-4, MT-5, and Tradestation

◙ PRICE: Free for creating Indicators

◙ BUILDER: Web-Based App

◙ EXPERIENCE: Semi-Advanced / Advanced Traders

The EA builder is a free application for creating indicators. You can turn your manual trading into arrows and alerts and create indicators for MT4, Mt5, and TradeStation. You can also turn any manual system into a fully-working Forex Robot (EA).

» EA Builder for MT4 and MT5

Here are the basic features of the EA Builder:

Develop indicators and EAs for trading Forex pairs, stocks, indices, ETFs, commodities
Create EAs without knowing anything about programming
Tens of built-in functions such as support, resistance, trendlines, and time (select when to trade)
Every feature of the EA Builder has a popup tip that helps and guides you
Three (3) Alert Types (eMail, Audible alerts, print to output window)
Full Money-Management system with custom functions
The generated code is contained in a single file, ready to be used on MT4, MT5, or Tradestation

EA builder is completely free for creating Indicators but if you want to create EAs there is a one-off payment.

Here is the website of EA Builder:

» Download here free EA Builder MT4 & Tradestation Indicators

(2) Expert Advisor Builder for MetaTrader 4

◙ PRICE: Free

◙ BUILDER: Web-Based App

◙ EXPERIENCE: Semi-Advanced / Advanced Traders

The Expert Advisor Builder (EAB) is a web-based EA builder that is free and simple to use. EAB generates EAs for MT4 by using seven (7) fields.
(i) EA Template field
In this section, you may enter your own script.
(ii) EA Variables field
In this section, you will set up your main variables according to which you will control your trading strategy {Buy and Sell strategy / Close(Buy and Sell) strategy}.
(iii) EA Buy-Strategy field
Set-up your EA buy-strategy.
(iv) EA Sell strategy field
Set-up your EA sell-strategy.
(v) EA Closing (Buy) strategy field
This section allows you to enter the conditions for Closing Positions opened according to the 'Buy strategy' field.
(vi) EA Closing (Sell) strategy field
This section allows you to enter the conditions for Closing Positions opened according to the 'Sell strategy' field.
(vii) EA Order Options field
Set up some extra settings for your Expert Advisor.

Here is the website of the Expert Advisor Builder (EAB):

» http://sufx.core.t3-ism.net/ExpertAdvisorBuilder

(3) EA Builder Forex Advisor for MetaTrader 4

◙ PRICE: Free

◙ BUILDER: Web-Based App Call of dut for mac.

◙ EXPERIENCE: Semi-Advanced / Advanced Traders

The EA Builder ‘Forex Advisor’ is also a free web-based expert advisor builder. The EA Builder is simple to use and requires only the set-up of four main conditions (When to Buy, When to Sell, When to close a Buying Position, When to close a Selling Position).

Forex AdvisorOptions Tabs

In the EA Options Tab you may choose your basic settings if you don't want to use some of these settings just enter 0:

(i) EAs Expert Magic Number: Set-up your EAs unique ID number. All the trading positions that you will open using your EA will share the same ID number and your EA will manage only them. If you choose to trade via different trading systems in the same account you should use different ID numbers in order to avoid problems on execution.

(ii) EAs Lots: This is where you set-up the basic lot-number for your trading system. All your trades will be opened with this volume number.

(iii) Stop Loss Value: Set-up your stop-loss value, usually x2 times the trading spread (as concerns most Forex brokers).

(iv) Take Profit Value: Set-up your take-profit value, usually x2 times the trading spread (as concerns most Forex brokers).

(v) Trailing Stop Value: Set-up your Trailing Stop value, this order will be activated only if the position’s profit is higher than the value set.

(vi) EAs Use Long Positions: Set-up your long positions.

(vii) EAs Use Short Positions: Set-up your short positions.

EA Code Tab

(i) When your settings are filled (or left 0) this tab allows the generation of your final code. You may copy the EA code and paste it in your MT4 MetaEditor

(ii) Compile your code via the MetaEditor and run your EA in the MetaTrader.

This is the website of the EA Builder Forex Advisor:

» http://www.forexeadvisor.com

(4) Molanis Strategy Builder for MT4

◙ PRICE: Free Trial (Price to buy: $149.99)

◙ BUILDER: PC Install

◙ EXPERIENCE: Beginners / Semi-Advanced / Advanced Traders

You may use a free working version of the Molanis EA builder for a trial period. This EA bui