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What is Forex Trading“>MQL4 and Forex Trading?
MQL4 is an open-source programming language, specifically designed to create and use automated trading programs on the Forex markets. It is extremely powerful and allows for the easy implementation of automated trading strategies. Forex trading is the buying and selling of currencies based on market conditions. It is done to take advantage of the small daily fluctuations in exchange rates, and can be a highly profitable way to make money.
How to Use MQL4 For Forex Trading
To use MQL4 for Forex trading, you will first need to create an automated trading program. This involves writing code that will track the markets and determine when to enter and exit trades. The code can then be used to generate buy and sell signals, and those signals can be used to open and close trades. Once the program is up and running, it should be able to handle all of the trading decisions with minimal human input.
What is a Pending Order in MQL4?
In MQL4, a pending order is an order that is to be placed when a certain price is reached. For example, if you wanted to enter a trade when the price of a currency reaches a certain level, you can set a pending order to execute the trade. Pending orders are especially useful in situations where you cannot monitor the market at all times.
What if a Ticket Is Not Found when Placing a Pending Order in MQL4?
If a ticket is not found when placing a pending order with MQL4, there are several possible causes. The broker may not have accepted the order, or the order may have been cancelled due to a lack of liquidity. It is also possible that the order has been placed incorrectly, or that there is a technical error with the broker’s platform. Typically, if a ticket is not found, the best course of action is to contact the broker and ask them to investigate the issue.
Introduction to MQL4 for Metatrader4
MQL4 is the programming language used to create trading robots and technical indicators in Metatrader4. With MQL4 you can create Expert Advisors (EAs) to automate trades and manage your trading position. It is a powerful tool to increase profits on Forex and CFD trading and allows you to think beyond manual trading. For those just starting out, MQL4 offers tutorials and guides to get you started quickly in learning the language.
How to Count Open Buy Positions using MQL4
For those wanting to create an EA to count the open buy positions on their Forex trading account, MQL4 offers several functions to do this. The first is the PositionGetTick() function which takes the ticket number of the open position and returns the price or trend line values for the ticket. This allows you to track the position increments or losses in real time and adjust trading strategy as needed. The other function is PositionSelect() which enumerates all the open positions of a specified symbol and returns the ticket numbers. This is a useful tool for those who want to quickly check how many open trades they have of a particular symbol.
Checking for Existing Orders before Placing a New Pending Order
One of the important tasks of an EA is to check if a ticket does not already exists at the same position before placing an order. This is often required when trading is done around key levels, for example, a support or resistance line. The function Bid or Ask depends on the order type. For a new buy order, Bid is used to record the order and for a sell order Ask is used. To check if a ticket already exists at the same position, the OrderSelect() function can be used. This returns the ticket number for an order at the specified position and the MQL4 could then decide whether to place the order or not.
Creating Stop Loss and Take Profit with Pending Orders
When placing a pending order, the MQL4 will also allow you to create a stop loss and take profit with the order. The pending order placement functions will place the stop loss and take profit with the pending order, so no separate order modification commands are needed. This allows the robot to manage the orders and its associated stop loss and take profit accurately and quickly. The stop loss and take profits will be placed and managed in the same manner as regular orders. The PendingOrderModify() and PendingOrderDelete() functions can be used for adding or deleting pending orderstop losses and take profits.
Overall, MQL4 for Metatrader4 offers powerful tools for forex traders to increase profits and automate trading. It allows you to count open buy positions on your Forex account as well as check for existing tickets in the same position before placing an order. And, it allows you to create and manage a stop loss and take profit with the pending order. With these features and all the other tools available, MQL4 is an indispensable trading tool for every trader.