What is MQL4?
MQL4 is a programming language specifically tailored for developing software applications for the trading platform MetaTrader 4. It is used by traders and investors to write automated trading systems, as well as to create indicators and scripts that can be used in the program. MQL4 includes functions for analyzing tick data, controlling the program’s interface and executing trade orders in the trading platform.
What Does MQL4 Do?
MQL4 functions can be used to write trading systems that operate on data from the MetaTrader 4 platform, as well as scripts and indicators. It allows traders to enter and close orders quickly and automatically, set stop-losses, limits and other trading conditions based on their trading algorithm. The functions also allow traders to analyze pricing data by accessing the program’s chart history.
Scripts written in MQL4 can be used to manage the program’s trading interface. This includes setting order types, setting the risk-level of trades and optionally executing certain trades automatically. Indicators created in MQL4 use technical analysis functions such as trendlines, moving averages and volume to help traders make more informed decisions.
Why MQL4 Only Sends Sell Orders?
By default, MQL4 only sends sell orders. This is because the program follows a certain set of rules when opening and closing trades. Traders can change the program’s settings to allow it to open both sell and buy orders. This is done by setting the “Allow Buy” parameter in the program’s settings. Once this parameter is enabled, buy orders will be issued when the program’s trading algorithm signals a potential buying opportunity.
When allowing the program to open both buy and sell orders, traders must consider the risk associated with trading. Since both orders will be opened unexpectedly, they must understand the risk of having two positions open at the same time. Trading with large amounts of leverage can increase the potential losses and traders must understand all the risks before allowing the program to open and close positions.
Overall, MQL4 is a powerful and versatile trading platform that can help traders automate their trading strategies. For traders who want to take full advantage of the program, it is imperative that they understand the functions and parameters of MQL4. This will ensure they are able to accurately design the best trading algorithms and scripts for their needs.
What Is MQL4?
MQL4 (MetaQuotes Language 4) is a high-level programming language designed for creating automated trading systems on the Forex market. It is part of MetaTrader 4, the world’s most popular trading platform used by millions of traders around the world. MQL4 is a powerful language that enables traders to program and create their own trading strategies. Traders can write custom indicators, backtest their strategies and see their results in real-time.
In addition to MQL4, MetaTrader 4 also includes a wide variety of other features such as Expert Advisors (EA), backtesting capabilities, trading signals, market data, and indicators. It’s an all-in-one trading solution that’s easy to use and understand.
What Is the Problem With Sending Buy Orders on MQL4?
The problem commonly referred to as “MQL4 not sending buy orders” refers to a limitation in the order execution capabilities of the platform. When trading with MQL4, buy orders can only be sent at a certain distance from the current price on the chart. If a trader attempts to send a buy order at a distance less than the minimum allowed distance, the platform will reject the order and an error will be generated.
This limitation is generally referred to as ERR_INVALID_STOPS in the MQL4 programming language. It’s important to note that this limitation is specific to MQL4 and does not prevent traders from placing buy orders on other trading platforms such as MetaTrader 5 or cTrader.
How to Avoid a Buy Order Failure on MQL4?
To avoid the MQL4 not sending buy orders error, it’s important to understand the minimum distance restrictions and how to properly set the stop loss and take profit levels on your orders. Generally, brokers set a minimum distance requirement for stop loss and take profit levels when trading with MQL4. This distance is typically set at a certain number of pips or a certain percentage of the current price. It’s important to understand the restrictions of your broker and be aware of the minimum distance they allow when entering orders.
In addition, stop loss and take profit levels should be set in line with the overall trading strategy. For example, the stop loss should be set at the appropriate level for the risk taken on the trade, while the take profit should be set at the desired level for the potential reward. Setting stop loss and take profit levels too close to the current price can cause orders to fail and will also limit the potential profit in the trade.
Lastly, it’s important to be aware of the news flow when trading. Large economic releases or news events can cause the market to gap, making it difficult to place orders at the desired level. In these situations, it’s important to adjust the stop loss and take profit levels to accommodate the news flow. For the most part, buy orders can be executed without a problem, as long as the minimum distance requirements are observed.