OANDA MetaTrader FAQ

What is MetaTrader?

MetaTrader 4 (MT4) is an electronic trading platform with automated trading capabilities. OANDA has licensed the software so our clients can access OANDA Spreads™ while using MT4.

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What do I need to use MetaTrader at OANDA?

You need an OANDA trading account and a Windows-based computer on which to install the OANDA MetaTrader 4 software. Go to the Getting Started page for full instructions.

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Can I login into OANDA MT4 using my OANDA fxTrade username?

No. In order to login to OANDA MT4 you need to use your MT4 account number and the password you selected during the MT4 account creation. If you need to find your account number, log in into the Funds Management System and click on the Summary tab. (If you try to log in to OANDA MT4 using your fxTrade username, you will see a "No Connection" error message.)

You need an OANDA trading account and a Windows-based computer on which to install the OANDA MetaTrader 4 software. Go to the Getting Started page for full instructions.

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Can OANDA MetaTrader handle single unit trades?

No. As with any other MetaTrader 4 platform, OANDA MT4 only lets you trade in lots, mini lots, and micro lots (where one lot is 100,000 units, mini lots are 0.1 of a lot, and micro lots are 0.01 of a lot). You can still place any-size trades from your fxTrade interface. However, be aware that there will be discrepancies between the records of OANDA MT4 and our fxTrade platform, because the former is not able to show the necessary level of accuracy for any-size trades.

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What is the maximum trade size?

100 lots (or 10 million units) per single trade is the maximum trade size for most currency pairs. (Gold pairs are limited to 10 lots (1,000 units) and silver pairs are limited to 10 lots (50,000 units).)

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Does OANDA MetaTrader provide offline trailing stops?

No. The trailing stops on the OANDA MT4 platform operate on the client machine. This means that they are hosted on your computer. If your computer is not running with OANDA MT4 running, the trailing stops are not being tracked and will not close any trades. To ensure your trailing stops are always being tracked, even when you're offline, create them using the fxTrade platform instead.

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Can I designate an existing fxTrade account as an OANDA MetaTrader account?

No. To use OANDA MT4 features, you need to create an MT4-enabled account in the Funds Management System (or here, if you are using an fxTrade Practice account) by checking the appropriate box under "Advanced Options". You can then transfer funds to this account from your other OANDA fxTrade accounts.

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Can I place trades for my MT4 account from the fxTrade platform?

Yes. You can open and close trades from the fxTrade platform for your MT4 account. Note that for the account to sync correctly on the MT4 interface, these trades need to be in lots or mini lots to avoid rounding differences.

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How do I fund my OANDA MetaTrader account?

New Clients — You may deposit any amount you wish to start with—there is no minimum deposit required. However, note that the smallest MT4 trading size is the micro lot (1,000 units), so at a leverage of 50:1 the minimum amount of margin required to make this minimum trade would be 20 units (or more for lower leverage). Before sending funds to OANDA, please ensure that you have completed your registration and scanned and uploaded all required ID documents. Until OANDA receives and verifies this information, we will not be able to credit your account.

Existing Clients — Sign in to the Funds Management System and transfer funds from any of your fxTrade accounts into your newly created MT4 account.

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What is an Expert Advisor?

Expert Advisors (EAs) are programs that have been developed in MetaQuotes Language 4 (MQL 4) and are used to automate analytical and trading processes. These programs perform prompt technical analysis of price data, and manage trading activities on the basis of pre-programmed trading strategies. The entire routine work of technical analysis and trading can be programmed into an Expert Advisor. When you are running an Expert Advisor, there is no need to have the chart of the currency pair open, but the OANDA MetaTrader platform must be running on your computer and connected to the OANDA servers.

Important Note: Expert Advisors are automated trading tools developed by third parties. OANDA assumes no liability for loss attributable to the use of Expert Advisors on the MetaTrader 4 software.

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What is a custom indicator?

A custom indicator is a program developed in MetaQuotes Language 4 (MQL 4) by the user and functions as a technical analysis trading indicator. Technical indicators are mathematical calculations of currency pair prices created to help forecast future price changes. Traders use indicators to help assess if a current trend will remain the same, and where it will turn. Indicators are intended to simplify the complicated process of decision making in trading. Their algorithms are also used to develop trading tactics and Expert Advisors.

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What do I need to program Expert Advisors and custom indicators?

To create and compile Expert Advisors and custom indicators, use the built-in "MetaEditor". It is accessible from the client terminal and is a convenient development environment for MQL 4 programs. (For details on how to use this MT4 feature, read the user guide available within the MT4 interface.)

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Does OANDA offer a programming service?

No. OANDA does not currently offer this service. OANDA MT4 works with the standard MQL language and there are various resources and programming companies that offer their services in this programming language.

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What are the main differences between the OANDA fxTrade and OANDA MetaTrader platform?

Units vs Lots — You can trade any amount with the OANDA fxTrade platform, even a single unit. On OANDA MT4, you can only trade lots (100,000 units), mini lots (tenths of a lot) or micro lots (hundredths of a lot).

Interest — At OANDA, interest is paid on a second-by-second basis. Your MT4 account will receive this interest for positions that are carry positive, but the MT4 interface does not support the display of interest payments. To view your up-to-date account balance, you can sign in to the fxTrade platform at any time.

Account Balance / Reports —Due to some fundamental differences in how the two platforms calculate balances (for example, with interest and single unit trades), we recommend that you routinely check the balance of your MT4 account by signing in to the fxTrade platform. This balance is the correct balance, and is the one used in all calculations, including margin alert calculations.

Server vs. Client — The MT4 platform runs on your computer, with a connection to the OANDA server. This means that trailing stops are not tracked if your computer is turned off, and you cannot access the MT4 platform when you are away from the computer (unless you have software to access it remotely). By contrast, OANDA fxTrade runs completely on the OANDA servers, so trailing stops are always being tracked. You can access it from any Internet browser.

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What happens if there is a margin alert? Will my MT4 platform tell me?

If your account doesn't have enough margin to cover your open trades, the OANDA servers will close all of your open trades. Unfortunately, there is no MetaTrader functionality to issue margin warnings on the MT4 platform, but you can see full account balance details (including available margin) when you sign in to the fxTrade interface.

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Are all order types supported?

Yes, all types are supported.

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Why do I experience a brief disruption in my MT4 connection every day around 9-10pm GMT?

The MT4 platform performs a daily optimization and restarts itself at the end of that optimization. This takes place at roughly the same time every day — shortly after 9pm GMT in the summer, 10pm GMT in the winter — but that is subject to change and outside of OANDA's control.

All providers of MT4 have this same issue, though their optimization might take place at a different time of day.

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Is trading with OANDA via the MT4 client as reliable as trading directly on the fxTrade application?

OANDA uses advanced technology to enable the MetaTrader 4 platform to communicate orders and synchronize account activity with your OANDA account.

There are rare instances when transactions originating from the MetaTrader 4 client may not synchronize immediately. For example, you may find that you have executed orders on your OANDA account, but such orders are not accurately reflected on the MetaTrader 4 platform. In most cases, the synchronization of the two systems resolves itself daily.

In the event of a discrepancy, your OANDA account (as displayed on your fxTrade application) represents your actual trading activity. OANDA strongly advises that all customers using MT4 have both the fxTrade application and MetaTrader 4 client open when trading.

If you believe your MetaTrader 4 client is experiencing a trade display issue, please contact OANDA customer support.

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Can I trade from my mobile phone?

Yes, you can trade in your OANDA fxTrade account using our mobile apps for iPhone, iPad, Android and BlackBerry devices. You can also trade in your OANDA fxTrade account using the MT4 mobile apps for iPhone and Android.

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Does OANDA MT4 observe UK/US DST? What is your GMT offset?

OANDA MT4 used -0500 (EST).

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How much historical data is published on MT4?

The amount of historical data available varies based on the rate's time interval. For example, OANDA MT4 is populated with hourly rates going back to late 1999.

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Why can't set TP/SL for Market Execution orders?

OANDA MT4 uses the Market Execution mode, and the MT4 platform does not allow setting TP & SL at order creation in this mode. You can modify the TP/SL after the order is confirmed, or use Pending Orders which allow you to set TP & SL when the order is created.

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Can you set the max slippage for both Market Execution and Pending Order?

No. This is a MetaTrader 4 restriction.

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Does OANDA MT4 share the same server with fxTrade? If fxTrade is offline, does it mean MT4 is down too?

MT4 is hosted on its own server, but all execution is passed through to the fxTrade system for execution. This means that when fxTrade is offline for maintenance, MT4 clients won't be able to execute trades.

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What is the download link for MT4 mobile?

You can download the MT4 mobile platform for iPhone here and Android here. To use the MT4 mobile application with your OANDA account you must select OANDA's practice or trade server from the list of brokers and login using your OANDA MT4-enabled account ID and password. Instructions on how to create an MT4 account can be found here.

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Can I use the comment field on OANDA MT4 orders?

Yes. OANDA MT4 has been updated to ensure support for all EA features, which means you can now use the comment field for your own purposes.

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Why didn't you use MT5 instead?

At the time that OANDA began development of an MT4 bridge, MT5 was not yet released and was not yet stable. That, combined with the projected incompatibilities between MQL4 and MQL5 and the large base of MT4 users, helped drive our decision to initially focus on MT4 development. This decision may be revisited as the automated trading landscape evolves.

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Is there is a difference on margin requirements for exotics between fxTrade and MT4?

The MT4 server does not allow us enough flexibility to set proper margin requirements (absolute margin limits, in this case) on a per-symbol basis.

Being that fxTrade is the canonical calculation of the margin used and margin available, it is possible that the MT4 client could request a larger trade size than the fxTrade server may allow.

If you don't have enough margin by MT4's calculations, you will see the "Not enough money" message; but if it passes MT4's test, it may still exceed the available margin on fxTrade. In that case, MT4 will return an "Off quotes" response and your order will not be executed because of Not Enough Funds.

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Are margin calls based on fxTrade or MT4?

Margin calls are always calculated and executed by the fxTrade servers. The results of these will be transmitted to the MT4 server and represented as many trades closing.

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What do withdrawals mean on the OANDA MT4 platform?

Positive interest will show up as a Deposit; negative interest will show up as a Withdrawal. Also, if during a re-sync with fxTrade there was a trade closure that was missed, it will show up as a Deposit if profitable or a Withdrawal if not profitable.

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Does MT4 show pending orders from fxTrade?

No. MT4 does not support OANDA style "Limit Orders", so those created through fxTrade interfaces (desktop, mobile, web, etc) will not appear in the MT4 client.

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I have trades that are in my MT4 but not in fxTrade. How can I close them?

There is no need to close those trades. By definition if they are not appearing on the fxTrade platform, they were properly closed and will be removed automatically. You can close and restart OANDA MT4 for faster outcome and those trades will be removed. (If you contact OANDA Customer Service about this type of issue, please provide order IDs and rest assured that you can still trade on our fxTrade platform while we investigate.)

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Is there a difference between fxTrade and OANDA MT4 candles?

MetaTrader 4 uses bid prices to build candles, whereas fxTrade uses the mid-point of the bid and ask. MetaTrader 4 also allows the close of a candle to differ from the open of the next. Lastly, MetaTrader 4 does not draw candles that do not contain any ticks.

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I'm unable to close one of my trades, and am instead receiving a message that says "Prohibited by FIFO rule". What does this mean?

The "Prohibited by FIFO rule" message could mean one of two things:

1. When partially closing a trade in OANDA MT4, you must always close the oldest trade of a given pair. This rule is enforced to maintain your account's synchronization between MT4 and our fxTrade platform, in which the concept of partially closing a trade works differently.

2. This message also appears when you attempt to close a trade in an order that does not comply with the National Futures Association (NFA) "First In First Out" (FIFO) policy.

FIFO is a requirement that you must close the first (or oldest) open trade when there are several open trades of the same pair and equal value. For more information on closing trades with FIFO, click here.

If you are using a MT4 Expert Advisor that automatically attempts to close trades in an order that does not comply with the NFA's FIFO policy, you may need to make changes to the Expert Advisor to avoid receiving this message in future.

(You should also see an explanation for this situation in your MT4 Mailbox, at the time you attempt to close the trade.)

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