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What is MQL4 Forex?
MQL4 (MetaQuotes Language 4) is a specialized programming language designed for writing trading robots and technical indicators for financial market forex. It was developed and used by one of the largest independent trading platform developers in the world, MetaQuotes Software Corp. MQL4 allows traders to develop and test trading strategies quickly and deliver the results in the form of a trading robot or automated trading system. The language is designed to enable traders to develop and test trading strategies quickly and easily, manage trading signals, and execute automated trades.
How to Use MQL4 for Forex Trading?
Using MQL4 to create a trading robot or a technical indicator involves writing a few lines of code and testing it on previous market data. The trading robot can be set up to automatically place trades based on triggers from signals or patterns it sees in the data. The majority of the code is already written in the language by MetaQuotes Software Corp, but the trader can customize parts of the code to fit his or her own trading strategy. Once the robot is tested and tweaked, it can be used to open and close trades automatically and even copy those trades to other remote accounts.
Getting Open Orders in MQL4 Forex
Using MQL4, traders are able to access a range of order related functions to get information regarding currently open orders. These allow traders to view the current status of open orders in the market. This includes access to details such as the order type, opening and closing prices, stop loss and take profit levels, and more. This data is obtained using the functions OrderSelect, OrderSymbol, OrderLots, OrderOpenPrice, OrderStopLoss, OrderTakeProfit, and so on. All of these functions are built into MQL4, making it quick and easy to obtain the data. The data can then be used to adjust a trading strategy or close out positions in the market.
In conclusion, MQL4 is a powerful and versatile language used to create trading robots and indicators for financial markets. By using this language, traders can quickly and easily create trading strategies that can be implemented in an automated fashion. MQL4 also provides easy access to data regarding open orders in the market, allowing traders to monitor positions and make trading decisions accordingly.
How to Get Open Order in MQL4
MQL4 is programming language for trading automation on the MetaTrader 4 platform. Automated trading is becoming more popular in Forex market as it simplifies the process of making orders on Forex and can help to make more successful trades. So, in order to perform a successful automated order, there are a few steps which should be followed. First of all, you need to check if there are any open orders in the specific currency. This can be done with a simple condition, where you check if there are any orders already open for that currency. To find out from what list the order has been selected, its close time must be analyzed. If the order close time equals to 0, the order is open or pending. If the order close time is greater than 0 – the order has already been closed.
How to Process Open Order in MQL4
The next step after identifying the open order is to process it. Inside the “OnTick” function we first want to check if we have no open orders that can be done by using the function “OrdersTotal”, it returns the number of open orders and if the number equals to 0 — then there are no open orders and the script can continue its work. Otherwise, the script must close any open orders before executing a new one. To prevent the situation when the new order will close the existing one, the “OrderSend” function should be called before “OrderClose”.
Conclusion
In conclusion, automated trading can be a great way to improve trading if rules and conditions are clearly established and followed. Understanding how to get open order in MQL4 and process them helps to get better control and perform better automated trading. It is necessary to understand how MQL4 works and develop a strategy to successfully trade according to it. Automated trading is becoming increasingly popular due to its numerous advantages. Automated trading can become profitable if done with caution and understanding. With practice, it is possible to manage the trading process in a more effective way and get a higher success rate.
