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I've got a question:

In the EA we can set the ShowWarnings to false. And indeed this stops the popups on the screen (alarm). However if you take a look at the Experts tab in the terminal window, you see a constant stream of messages every microsecond with the warning trading not allowed . Also the log file is getting bigger by the hour.

I like to set up my EA's beforehand and I use the option (Allow live trading) to "pause" the EA until some parameters are met. But these build-up of messages worry me, I'm afraid at some point it will crash metatrader.

Can it be shut down completely???

You will need to edit the mql code for that. The ea prints everything to the logs in case you need to know why a trade was taken or in case you need to dispute a trade with the broker. MT4 is able to manage big logs files. It creates log files every day, so every day it uses a new file.

Oke thanks, just in case I leave it off for now.

What's the point by the way for having the option Allow live trading if it just generates a massive amount of errors???

If you mean the checkbox in mt4 Allow live trading, it is a check to allow trades to go to the server. It does not mean the trade will always be executed. You can have requotes, time outs to the server, internet issues - I mean those are the worst case scenarios. Most of the times no issues are present.