MetaTrader 4 | MT4

Metatrader 4 is an online trading platform. This is a great help for traders especially because in order for a trader to become successful, he should be able to watch constantly the movements in the market. As we all know, we need sleep and rest so that we can restore the energy we have consumed from the previous day. Thus, a robot is very useful since trading in the foreign exchange market can be done twenty four hours a day and seven days a week. Many believe that a trader can flourish in the business if he can monitor the market continuously. This is the job of the robot. With Metatrader 4, you have all the help you require and there is really no need for you to get additional software.

This platform is highly functional since the developers want to extend a helping hand for the traders. Almost all the actions that are within the brokerage company business process can be performed by Metatrader. Owing to that, this system has become a landmark solution and the trade standard in the world of forex market.

One of the reasons why this product is very popular is because of its convenient interface and the rich features that are present in one program alone. Now, the developers of this system have created an open application interface known now as the Metatrader Application Program Interface or API. This makes it possible for the user or the trader to build custom applications that hey can use for the automated business processes. With Metatrader API, there are a lot of functions that can be observed. Qualified traders can get rich functionality from the system at your disposal as well as create a custom software application utilizing the programming language you prefer.

There are three components in the API aimed to work with the corresponding modules. These are the Server API, Manager API and the Data Feed API. The Server API is the interface that provides access to the features of the server with the use of a plugin. This also automates several trading processes. This is tasked to solve supplementary quotation filtering. This is also responsible for managing quotation modes that depend on the activity of the market.

The API Manager is implemented based on access allocation. This features the ability to access the server. Take note that the administration possesses the highest access level. Thus, the ability of changing the server settings can be performed here. This also processes the requests from the clients and this also permits the user to develop a distinctive risk management program so that you can easily control and manage your position. Furthermore you can generate extended reports regarding your trading activities and the trade server with the Manager API.

The last component, which is the Data Feed API, allows the trader to make the most of its user friendly interface. Using this, you can access news services and protocols of quotation providers if you wish to implement them into the system. You can also use numerous data sources at the same time and they are ranged by priority. When a certain source is disconnected, this automatically switches the one on the next priority level.

Getting a Metatrader 4 Demo is free so that you can experience the usefulness of the platform for your trading needs.

Online-users (Online)

Read about No Deal Desk Brokers

The “Online” tab contains the list of online-users.
Technical details (the Technical Details window)
The technical details window allows to get details of account owner’s connection, using the IP address.

It is possible to execute standard commands ping, trace route (tracert), inquire whois services, or to enter and execute other commands. The console output of executed commands will be redirected to the “Output” window.

Requests processing window (Dealer)

The requests processing window (the “Dealer”) allows to serve client trading requests.

The field of quoting and the buttons of commands for request answer are situated in the centre of the top part of the requests processing window. The information field about the client, who sent the request, is situated to the left of the quoting field.

The dealer can answer the request using three commands:

• “Return” returns the request in a queue of requests, i.e. allows to skip the request; in this case another connected dealer has a possibility to take the request away from the queue;
• “Send / Confirm” answers the client’s request, confirming it; in this case, if prices are shifted in the of immediate execution mode, the client will receive “Requote”;
• “Reject” rejects the client’s request.

Journal

All executed operations and events are recorded to specialized statistics journals (text files). The “Journal” section allows to browse these records.

Risk-management

Summary positions (Summary)

The “Summary” tab of the “Toolbox” windows contains information about summary open positions of the clients, grouped according to the trading financial instruments. There is a possibility to display the covered positions on the account in the group with the predetermined name “coverage” at hedging of client positions.

All summary positions are tabulated for convenience of work. There are the following fields in the table:

• Item — the symbol of the financial instrument;
• Deals — the number of client transactions / the number of hedging transactions;
• Buy Volume — the number of bought lots / hedged bought lots;
• Buy Price — the average buy price;
• Sell Volume — the number of sold lots / hedged sold lots;
• Sell Price — the average sale price;
• Net Volume — summary volume (bought volume minus hedged bought volume minus (sold volume minus hedged sold volume));
• Profit (CCY) — client profit or loss in the chosen currency;
• Uncovered (CCY) — uncovered profit or loss in the chosen currency.

Assets (Exposure)

The “Exposure” tab of the “Toolbox” windows contains the clients’ actives balanced on currencies and hedged actives of company (according to positions on accounts in the “coverage” group).

All actives are tabulated for convenience of work. There are the following fields in the table:

• Currency — currency;
• Clients — client actives - volumes on open client positions;
• Coverage — hedged actives - volumes on positions on accounts in the “coverage” group;
• Net Total — the difference between client volumes and hedged volumes.
• Rate — the rate of bringing net total to the chosen currency.
• Net Total (CCY) — net total in the chosen currency.
• Positive (CCY) —positive net total in the chosen currency.

Correlation of client and hedged actives is also graphically presented in the table.

Coverage of client positions and actives (Coverage)

The manager terminal gives the possibility to cover client positions or actives on the hedge server. Manager must have the “Risk manager” right for coverage of client positions and actives.

Read about No Deal Desk Brokers

Best regards,

BJF Trading group

Just like the volatility of the world of forex, the views of other people have changed about this economic market also. Gone are the days when everything has to be done manually. Now, there are forex robots that will help the trader be successful when it comes to dealing with the currencies and the other traders as well. These robots oftentimes use the Metatrader 4 platform, which is considered as the best in the pack. They guide every trader out there who wants to make money and protects the fortunes so that they will be able to earn more money in their own foreign exchange endeavors.

The Metatrader software has a very user friendly platform so that even beginners will be able to use this effectively. With your Internet connection, you will be able to watch out for any pip placement in the foreign exchange market. With less than 1% uptime, you will be able to access all the necessary information that will help you in trading currencies. This is exceptionally intuitive and allows the user to grasp the forex subject. You can choose from a PDA or desktop version for Palm OS, windows and windows mobile. You can get this also from your broker that will give you the Metatrader data that you will need. You will be able to acquire help in streaming real time data in the market.

The Metatrader 4 interface provides a charting software as well as sharp technical analysis along with expert opinions so that the trader will be guided in the trading process. This also allows you develop you own strategy and this will be a great help for you when you want to stay long in this business.

Traders enjoy automation yet it is still required that they place trade with their brokers so this means that they still need to work. However, there are some occurrences that traders are out of their respective offices and so this clever Metatrader software allows you to access information no matter where you may be. This is through PDA trading which is done over mobile. You can now download these systems and be able to utilize them whenever you want. Once you have downloaded the system you can use it right away and you would not even need the user’s manual.

There are a great number of sites that gives you details and pictures on how you will be using Metatrader 4. http://iticsoftware.com  is a site that helps you install the program on your terminal as well as other relevant details and screenshots.

MetaTrader 4 Manager

It serves for:

• management of metatrader  clients’ accounts and orders;

• processing of clients’ requests on opening, closing and change of trading positions;

• analysis of clients’ summary positions and management of company’s own positions;

• gaining of full information about clients’ work;

• sending of quotes in the common data flow on the server;

• opening of new accounts;

• viewing of statistics of any client’s work;

• generating of various types of reports;

• sending and receiving of messages by means of internal e-mail system;

• publication of news in client terminals.

All outgoing and incoming information is ciphered by 128-bit keys. Thereby, all information interchange is safe and protected.

Setting of work of the dealer (the Dealer tab)

The following parameters of work of the dealer can be set on the “Dealer” tab:

• Automatic dealer connecting — automatically connect the dealer;

• Reject modification of occupied orders — to reject modification of orders with breakout of Stop Loss or Take Profit levels and pending orders, which stand in a queue for activation;

• Throw in prices at request answer — to throw in quotes at response to trading request;

• Multiple execution of requests of the same type — when one request is confirmed by the dealer, all request in a queue of the same type, on the same tool, on smaller or equal volume, and at equal or worse prices are confirmed automatically;

• Force switch to dealer window on new request — to switch to the dealer window at incoming of new trading request;

• Show user id on receiving request — to show the account identifier in the field of information about the client at receiving of the request;

• Freeze the price of the selected order at stopout — to freeze the price of the selected most unprofitable order at stopout. In this case, if the dealer closes another order at stopout, you should delete the selected most unprofitable order from the list of activated orders on the “Dealer” tab for unfreezing the price of this order.

The “Confirm n points” parameter controls the price, which will be automatically set in the quotes window of the dealer, if the request price on the instrument in the Instant Execution mode differs from the current price. If the request price differs from the current price against the client, the request price will be set in the quotes window irrespective of settings, and if the dealer presses the “Confirm” button without change of the price, the position will be opened at the price worse than the market price. If the request price differs from the current price against the dealer, but keeps within the value, specified in settings, the request price will be set in the quotes window, and if the dealer presses the “Confirm” button without change of the price, the position will be opened at the price better than the market price, i.e. the number of points, which the dealer can give to the client and thereby avoid multiple requites, is specified in settings. If the request price differs from the current price against the dealer and doesn’t keep within the value, specified in settings, the current price will be set in the quotes window, and if the dealer presses the “Confirm” button without change of the price, the client will receive requote or the position will be opened, if the new price keeps within the maximum deviation, specified by the client in the terminal at sending of the request. In any case, the dealer can change the price, which is automatically set in the quotes window, and give its prices.

On the “Dealer” tab you can also set the maximal number of points of request price change on the instrument in the flow prices mode (Instant Execution), at which the request price is set in the quotes window; in this case the confirmation is sent as an answer on the request at pressing the “Confirm” button. If the request price differs from the current price on the value, which exceeds the set value, the current market price will be set in the quotes window of the dealer; in this case the requote is sent as an answer on the request at pressing the “Confirm” button.

Read about No Deal Desk Brokers

Best regards,

BJF Trading Group inc.

Bases of metatrader 4 server accounts (Accounts)

The “Accounts” section serves for management of system accounts.

Bases of metatrader 4 server orders (Orders)

In the “Orders” section you can request the information about all trading operations of any account. The parameters are set in the “Group” and “Database” fields; the “Open only” tick allows to request only open positions. The “Request” button or a corresponding command of the contextual menu allows to make request of base of orders.

The “Delete orders” contextual menu command allows to delete the chosen orders. After deleting the account order in the “Accounts” section it is necessary to execute the “CheckBalance” and “FixBalance” commands in the group operations window.

The “Edit order” the contextual menu command allows to check and to edit the order, if necessary:

• Order — order number;
• Login — account number;
• Type — operation type (buy, sell, sell limit, buy limit, buy stop, sell stop, balance, credit) ;
• Lots — size of lot of position;
• Symbol — financial instrument;
• Open time — time of position opening;
• Close time — time of position closing;
• Open price — price of position opening;
• Close price — price of position closing;
• S / L — level of set Stop Loss order;
• T / P — level of set Take Profit order;
• 1st conv. rate — exchange rate of basic currency of the instrument relative to the deposit currency at the moment of position opening;
• 2nd conv. rate — exchange rate of basic currency of the instrument relative to the deposit currency at the moment of position closing;
• Swaps — credited swaps;
• Commission — commission;
• Agent commission — agent commission;
• Taxes — taxes on commission;
• Comment — comments;
• Profit — profit from fulfillment of trading operation;
• Expiration date — time of expiration of pending order;
• Value date — date of repayment of credits;

Metatrader 4 Historical data (Charts)

By means of this section you can modify any quotes in the database on any instrument and period, and also you can add the new ones.

Request characteristics are specified in the fields in the bottom of the list: the financial instrument, the time period of the instrument or depth of the request.

Commands of the contextual menu:
• Request Chart - to request historical data of the chosen instrument;
• Correct History - to correct historical bases of the instrument on the basis of the underlying periods;

Attention! History correction can take long time and lead to a temporary stoppage of trade on the server during history correction. We urgently recommend make history correction at the weekend.

• Add Bar - to add record in history;
• Update Bar - to change record;
• Delete Bars - to delete records;
• Export - to export historical data into a file (CSV or HTM format). It is not recommended to use *.HTM format at export of too large history (more than 5000 bars);
• Import - to import data from an external file. More detailed information is in the Import section of historical data.

The “Add Bar” and “Update Bar” commands activate the window of detailed setting:

• Date – date of changeable or new bar;
• Volume – volume;
• Open – open price;
• High – maximal price;
• Low – minimal price;
• Close – close price.

Pay attention:
• If value of an existing bar will be written down in the “Date” field at addition of a new bar, it will be updated.
• If the changes are incorrect, the bar image in the window will become red. In all other cases new or changed quote is recorded in the base after pressing the “OK” button.

Read about No Deal Desk Brokers

Best regards,

http://iticsoftware.com

Setting of users groups (Groups)

All users of the system are divided into groups. There is no such user on server, who is not a member of any group. 512 groups can be created in total. Initially there are several predetermined groups in the system, which have the appropriate rights:
• manager — accounts of managers (maximal rights in the system);
• demoforex — test accounts.

Detailed setting of a group, the Common tab

The window of options opens at addition or change of a group:

• Name — a unique name of a group. It is recommended to give intelligent names to groups (for example, the group forex), as traders will see them in the “Account Type” field in the client terminal. Small or capital letters, figures, and symbols “_” (underlining) and “-” (hyphen) are allowed in a group name; any other symbols are unallowable.

Detailed setting of a group, the Permissions tab

• Timeout — waiting time of a user answer at settlement of transaction. Recommended value — 7 seconds (2 seconds for network delays + 5 seconds for thinking of a client);
• Maximum orders — the maximal number of open positions and pending orders for an account of the given group;
• Enable trading by Expert Advisors — allow/forbid to trade using programs-experts;
• Check request prices in IE — check the prices of clients’ requests on symbols in the Instant Execution mode for the presence in flow of prices from data feeds.

Detailed setting of group instruments, the Securities tab

• Use confirmations in REQUEST mode — to demand additional confirmation of transactions by the dealer in the Request execution mode;
• Execution — orders execution mode:
- Manual only, without any automation — manual orders execution mode by the dealer;
- Automatic only — automatic orders execution mode;
- Manual, but automatic if no dealers online — orders execution mode is chosen depending on activity of the dealer. If the dealer does not accept requests within 3 minutes, it will be disconnected, and the server will be set in the mode of automatic quoting. But as soon as the request from the dealer comes, execution will be set in manual control mode.
• Spread difference — difference of spread of the financial instrument for the concrete users group from the basic spread of group of instruments;
• Maximum deviation — the maximal deviation from the current price in the client’s request (only for Instant Execution). If the request about execution of operation exceeds this value, it will be rejected, and the client will receive the message “Requote”;
• Fast confirmation on IE with deviation specified — fast confirmation of the client’s request at Instant Execution. By default this option is included - in case if the price given by the dealer satisfies the deviation set by the client, the request will be automatically executed by the server. The quick confirmation is disabled - if the price given by the dealer satisfies the deviation set by the client, the request will be is corrected according to the prices of the dealer and will be sent back to the dealer for consideration once again;

Access rights of managers (Managers)

The users in the “manager” group have special rights for system management (change of accounts, quoting of clients, generation of reports, etc.).
Newly created accounts initially have no rights for work in the system. It is necessary to set the rights for the manager’s account in order to let it work.

Access rights determine the set of actions accessible to the given manager:
• Manager - the rights to add, change, and remove accounts of clients;
• Supervise trades - the right to see the open positions;
• Administrator - the right of full access to server options;
• Accountant - the right of carrying out the financial operations (crediting, lending, withdrawal) with accounts of clients;
• Reports - the right to make requests and receive various reports on client operations;
• Risk manager - the right to receive the information on summary positions of clients and company’s own positions (coverage);
• Internal mail system - the right to send letters by internal e-mail;
• Journals - the right to make requests and receive server logs of system work in whole;
• Send news - the right to send messages in a news flow;
• Market Watch - the right to send your own quotes in the data flow, and to change spreads and types of execution of operations;
• Connections – the access right to statistics of the connected clients;
• Personal details - the right to view the personal data of clients’ accounts;
• Configure server plug-ins - the right to adjust server plug-ins, which can be accessed through the manager terminal;
• Automatic server reports - the right to receive automatic server reports o (Log Analyser reports and others);
• Dealer - the right of processing the clients’ requests and fulfillment of trading operations on their accounts. In order to execution the requests manually it is necessary to set manual execution of requests on instruments for the group of accounts, the dealer should have a right on the group of accounts, and the table of routing of requests should be correctly adjusted for the dealer;
• Edit/Delete trades - the special right, given to the dealer for changing and deleting clients’ open positions (potentially dangerous possibility).

Data Feeds

MetaTrader Server allows to connect external data feeds in a “hot” replacement mode, using the mechanism of plug-in-modules (files with “.feed” extension). In case of need, it is possible to add support of any data feed: you only need to make your own support module.

Read about No Deal Desk Brokers

Best regards,

BJF Trading Group

http://iticsoftware.com

Let’s see that we (i.e. the dealing center) can do by means of the server part of theMetaTrader4 platform. Let’s consider some points, which are the most interesting for us (traders)…

MetaTrader 4 Administrator

It serves for:

• server work control;
• management of options of users groups, the rights of managers, financial instruments and data feeds;
• setting of Date Centers work;
• quotes base managements;
• processing of server functioning logs;
• implementation of synchronization of historical data of charts;
• restart of data feeds and server;
• setting of automatic update of programs;
• working hours regulation.

All data exchange between MetaTrader 4 Server and Administrator is ciphered by 128-bit keys. Thereby, data transfer is safe and protected.

Financial instruments (Symbols)

Financial instruments and their options are listed in this section:

• Filter — level in points, at which the filtration of quotes is activated;
• Stops — size of a price corridor (in points) from current market price, in which it is impossible to set Stop Loss or Take Profit;
• Long / Short — rollovers for transfer of position;
• Trade_ — possibility to trade by instrument.

Up to 1024 instruments can be created in the system.

Detailed setting of a financial instrument, the Symbol tab

• Maximum lots for IE — size of maximum order lot in the “Instant” mode. All clients’ orders with lot size exceeding the specified value will be automatically set in manual execution mode;
• Spread balance — spread balance;

Detailed setting of a financial instrument, the Filtration tab

• Allow realtime quotes from datafeeds — allow/forbid to receive real-time quotes on the given symbol from data feeds. If the given option is disabled, the dealer can throw in quotes on the given symbol manually;
• Save all incoming prices in a file — allow/forbid to record of tick prices in the *.TICKS file.
• Filtration level — sensitivity of the filter of incoming quotes in points.
Filtration conditions:
1. |Ask — Bid| > filter
2. |Askcurrent — Askprevious| > filter
3. |Bidcurrent — Bidprevious| > filter.
Filtration can be disabled by specifying 0;
• Automatic limit — forms a range of prices changes for filtration. If a new quotation goes beyond the scope of the range, it will be cut. “No” disables automatic filtration;
• Filter — the number of quotes necessary for confirmation of a new level (of filtration disconnection).
• Ignore quotes — time in seconds, during which quotes should be ignored after the beginning of session.
• Smoothing — the parameter of smoothing of prices in ticks. When this parameter is specified, the incoming prices will be smoothed out by means of the weighed moving average after the general filtration.
Attention! Smoothing of quotes should be used with great care! Use of too big parameter of smoothing will result in lagging of prices in comparison with the quotes source!

How to Select the Right MT4 Dealing Firm?  learn more

Regards,

BJF Trading Group inc.

http://iticsoftware.com

The GetLastError() function returns the last error code. The Error code constants are defined in the stderror.mqh file. To print text messages use the ErrorDescription() function defined in the stdlib.mqh file.
The following table lists the Error codes returned from the trade server.

ERR_NO_ERROR 0 No error returned
ERR_NO_RESULT 1 No error returned, but the result is unknown.
ERR_COMMON_ERROR 2 Common error.
ERR_INVALID_TRADE_PARAMETERS 3 Invalid trade parameters.
ERR_SERVER_BUSY 4 Trade server is busy.
ERR_OLD_VERSION 5 Old version of the client terminal.
ERR_NO_CONNECTION 6 No connection with trade server.
ERR_NOT_ENOUGH_RIGHTS 7 Not enough rights.
ERR_TOO_FREQUENT_REQUESTS 8 Too frequent requests.
ERR_MALFUNCTIONAL_TRADE 9 Malfunctional trade operation.
ERR_ACCOUNT_DISABLED 64 Account disabled.
ERR_INVALID_ACCOUNT 65 Invalid account.
ERR_TRADE_TIMEOUT 128 Trade timeout.
ERR_INVALID_PRICE 129 Invalid price.
ERR_INVALID_STOPS 130 Invalid stops.
ERR_INVALID_TRADE_VOLUME 131 Invalid trade volume.
ERR_MARKET_CLOSED 132 Market is closed.
ERR_TRADE_DISABLED 133 Trade is disabled.
ERR_NOT_ENOUGH_MONEY 134 Not enough money.
ERR_PRICE_CHANGED 135 Price changed.
ERR_OFF_QUOTES 136 Off quotes.
ERR_BROKER_BUSY 137 Broker is busy.
ERR_REQUOTE 138 Requote.
ERR_ORDER_LOCKED 139 Order is locked.
ERR_LONG_POSITIONS_ONLY_ALLOWED 140 Long positions only allowed.
ERR_TOO_MANY_REQUESTS 141 Too many requests.
ERR_TRADE_MODIFY_DENIED 145 Modification denied because order too close to market.
ERR_TRADE_CONTEXT_BUSY 146 Trade context is busy.

Best regards,
BJF Trading Group
Metatrader Expert Advisors

MetaTrader 4 terminal installation.

Download metatrader for free from MetaQuotes Software Corp. website or your Metatrader brokers website and save mt4setup.exe file to you hard drive. File size: 3.0Mb. Launch installation.

Select metatrader 4 installation language

Read Metatrader 4 copyright warning and Press Next.

Read Metatrader 4 License Agreement and Press Next.

Select destination folder or if you want to install Metatrader 4 to a different location and press Next.

Default Metatrader Installation folder: C:\Program Piles\MetaTrader - AlpariUK

Two copies of the Metatrader are prohibited to be started from the same directory simultaneously. To start several metatraders simultaneously, it is necessary to install the corresponding amount of programs in different directories.

Select program grup and click Next.

Press Next and MetaTrader 4 installation should be start.

After successful metatrader installation should be appear window

Press Finish.

MetaTrader 4 demo account opening.

When launching the metatrader for the first time, you will see a window with the registration form.

The following data will be requested to open an account:

• Name — full name;
• Country — country of residence;
• State — area (region, territory, state, etc.) of residence;
• City — city of residence;
• Zip code — zip code;
• Address — street name, house and apartment numbers;
• Phone — contact telephone number;
• Email — email address;
• Account Type — account type to be selected from the list defined by the brokerage company;
• Currency — the basic currency of the deposit to be set automatically depending on the account type selected;
• Leverage — the ratio between the borrowed and owned funds for trading;
• Deposit — the amount of the initial deposit in terms of the basic currency.

Complete all forms fields, select account currency, leverage, deposit and press Next button.

press Next.

Save metatrader demo account Login, password and investor password and press Next.

Congratulations!

Bors F.

http://iticsoftware.com

Metatrader 4 Terminal was developed to real time online trading and technical analysis at Forex, CFD, Futures financial markets. Metatrader —including real-time quotations is available to you in any place where there is a Internet access point: at home, at the office or anywhere in the world (you can use your wireless modem and laptop to log on and work from virtually anywhere.). You can open your chart window without missing a single tick. You can work with Metatrader on chart analysis offline because the quotations is automatically cached on to your computer for offline access.

Metatrader integrates custom strategy development using built-in language for trade strategies, scripts and indicators coding MQL4 (MetaQuotes Language 4) , strategy testing and strategy optimization.

Metatrader 4 includes a library of about 30 of the most popular metatrader indicators: Accelerator/Decelerator Oscillator — AC; Accumulation/Distribution — A/D; Alligator; Average Directional Movement Index — ADX ; Average True Range — ATR; Awesome Oscillator — AO; Bollinger Bands — BB; Commodity Channel Index — CCI; DeMarker — DeM; Elder-rays; Envelopes; Force Index — FRC; Fractals ; Gator Oscillator — Gator; Ichimoku Kinko Hyo; Market Facilitation Index — BW MFI; Momentum; Money Flow Index — MFI; Moving Average — MA; Moving Average Convergence/Divergence — MACD; Moving Average of Oscillator — OsMA; On Balance Volume — OBV; Parabolic SAR; Relative Strength Index — RSI; Relative Vigor Index — RVI; Stochastic Oscillator; Williams’ Percent Range — %R.

BJF Trading Group,

http://iticsoftware.com