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MQL4 OrderSelect Function – Introduction
The MQL4 OrderSelect function is a powerful tool to view and modify orders in your MetaTrader 4 trading account. With a few lines of code, you can obtain order information and calculate the parameters needed to place new trades or modify existing ones. This function is at the core of any Expert Advisor that strategically places orders in the market. In this article, we will explain the functionality of the MQL4 OrderSelect function as well as provide tips on how to properly use it to make correct trades.
Overview of the MQL4 OrderSelect Function
The MQL4 OrderSelect function allows you to get information about an order and modify its parameters. It returns the required order information in the form of a numerical value. Depending on the type of order, the meaning of this numerical value can vary. To specify the order for which information will be retrieved, an order number is used as a parameter for the function. When using the function in an Expert Advisor, the order number is usually assigned to a variable.
How to Use the MQL4 OrderSelect Function
To properly use the MQL4 OrderSelect function, one should have an understanding of how orders work in MetaTrader 4. This involves learning the concepts of Orders, Deals, and Positions. Orders are the commands you give your MetaTrader 4 platform to buy or sell a security. A Deal is a successful order execution where the order parameters matches the best possible price. And a Position is an aggregate of Deals made to the same security with the same direction (long or short).
When using the MQL4 OrderSelect function, the order number is used as the parameter of the function. This number corresponds to the OrderTicket number found in the Terminal window of the MetaTrader 4 platform. The numerical values returned from the function however will depend on the type of order specified. For example, if the order is a buy, then the numerical values could correspond to a price in points, the number of lots, the stop loss points, etc.
Conclusion
The MQL4 OrderSelect function is an essential tool for any Expert Advisor that aims to modify orders in the MetaTrader 4 trading account. By understanding the function and the different parameters related to orders and positions, one can easily control the order process with the MQL4 language. By leveraging the OrderSelect function, traders can confidently enter and manage trades without risk of errors.
Overview of MetaTrader 5 EA OrderSelect
MetaTrader 5 is one of the most popular trading platforms for Forex traders. It has a wide range of functions, including trading automation via Expert Advisors or EA. One of the most powerful tools of MetaTrader 5 is OrderSelect. This feature is used by traders, who want to identify already opened positions, as well as check their status or parameters. Moreover, it is the primary tool for working with trading history and account balance.
Benefits of MetaTrader 5 EA OrderSelect
The main benefit of MetaTrader 5 EA OrderSelect is that it enables traders to automate their trading processes. The use of OrderSelect simplifies the trading process, as traders don’t have to keep track of opened positions, as the EA is doing this for them. This reduces the time traders need to spend on manual monitoring and allows them to better focus on trading strategy and research. Moreover, OrderSelect helps traders to improve the accuracy of their market predictions due to a greater visibility of the market data.
In addition, by using EA OrderSelect, traders can quickly modify their trading parameters. This can be done within the EA, and the process does not require manual input. Furthermore, OrderSelect is also a cost-effective tool for traders, as its use increases efficiency and can lead to better trading outcome.
Conclusion: MetaTrader 5 EA OrderSelect is an effective tool
In conclusion, it is clear that MetaTrader 5 EA OrderSelect is an effective tool for traders who want to automate their trading processes. It helps to increase efficiency, accuracy and save time. Moreover, it enables traders to quickly modify trading parameters within the EA, without manual input. All of this makes the MetaTrader 5 EA OrderSelect an invaluable tool for any Forex trader.
