What is OrderSend in MQL4 Forex?
OrderSend is an important function in the programming language of the MetaTrader 4 Trading Platform, MQL4. This function allows traders to enter a trading order into the platform. It is a powerful feature, allowing traders to automate their strategies and precisely execute their predetermined trades according to a set of predefined rules. This article will explain the purpose and use of OrderSend and how it can improve forex trading.
Purpose of OrderSend in Forex Trading
The main purpose of OrderSend in MQL4 is to allow traders to enter a trading order into the platform. The function returns the ticket number (‘ticket’ is the unique number of an order) that is assigned to the order by the trade server when it is opened. This ticket number is then used to refer to the order when manipulating open positions, such as closing, modifying, deleting, etc. Using OrderSend, traders can precisely execute a trading strategy according to a set of predetermined rules.
How OrderSend Works
OrderSend works by placing orders into the trading platform according to a set of predefined rules. The trader specifies the direction of the trade, the size of the order, the entry price, the profit targets, and the stop loss level. All of this information is then sent to the server, which processes the order and sends it to the market. Once the order is executed, the trader will receive a confirmation slip along with the ticket number that was assigned to the order.
Benefits of OrderSend
One of the main benefits of OrderSend is its accuracy and efficiency. By removing the need to manually enter orders into the platform, OrderSend allows traders to quickly and precisely implement their trading strategies. Additionally, by automating certain trading processes, traders will have more time to focus on other aspects of the market. By using OrderSend, traders can also increase their risk/reward ratio, as the size of the order and the stop loss level can be set to exact levels.
In conclusion, OrderSend is an invaluable tool for forex traders. By automating the entry and exit process, OrderSend removes the need for manual order placement and allows trades to be placed quickly and accurately. By taking advantage of the function, traders can improve their risk/reward ratio, thus increasing their chances of success in the market.
Introduction to the OrderSend MQL4 Forex Function
The OrderSend function is a popular and commonly used MQL4 function for placing trading orders in the Forex market. It helps traders to take advantage of the currency markets by executing orders of their desired size and at their chosen price. This is also a very useful tool for manually entering trades or automating trading signals. The OrderSend function returns the ticket number, which is the unique number of an order. This ticket number is used to reference a given order for cancellation, modification, monitoring, and closing.
What Does the OrderSend Function Do?
The OrderSend function is the primary method used to open market or place a pending order. It places an order based on the parameters it receives. These parameters include the symbol for trading, the operation type, volume, and the price of trade. The operation type indicates the type of trade such as buy or sell, and this type can be changed anytime using the OrderModify function. The volume is the amount of currency to trade and is usually mentioned in lots or units. The price is the executed price of the trade and is determined by the market.
How to Use the OrderSend Function to Open a Trade
In order to open a trade using the OrderSend function, traders first need to assign the parameters it requires. The symbol for trading will be the currency pair to be traded, and the volume will be the amount of currency to trade. Additionally, the operation type or order type needs to be defined. In the process of opening a trade, traders must also be mindful of the stop loss and take profit levels. These are the predetermined points where any open trade will be closed if it reaches the particular point regardless of its profitability.
Once the parameters have been defined, the OrderSend function will send the buy or sell instruction to the trading platform. This instruction will be up and running in the market as soon as the platform receives it. It is important to note that the trade may not be opened if the market moves too fast and the price conditions shift.
In conclusion, the OrderSend function is an invaluable asset for any Forex trader. It provides the essential feature of opening trades in the Forex market. It is important to thoroughly understand its parameters and execution rules before using it as this can help traders make the most of their trading. With a mastery of the OrderSend function, traders can easily open and close trades according to their trading strategy.