ordersend mql4: How to Place Forex Trades with MQL4

5 min read


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.

You May Also Like

More From Author