MBT Metatrader 4 vs. Generic Metatrader 4
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In order to integrate Metatrader 4 with MB Trading's ECN/STP execution, some behavior related to deal desks is not available. The following list describes certain functions of Metatrader (referred to as Generic Metatrader 4) and how they behave differently with MB Trading's Metatrader 4. Click here to download a PDF of this page.
Generic MetaTrader 4 allows you to add a stop loss and take profit to your market order via “Instant Execution,” whereas if you place a market order in MBT Metatrader 4, those columns cannot be changed because you must use the “Market Execution” order type.
Generic MetaTrader 4 allows you to rescan servers by clicking on the Connection Status in the lower right hand corner of the screen, where as MBT MetaTrader 4 does not.
Generic MetaTrader 4 differs on the close order box. You can check “Enable Maximum deviation from quoted price.” This option also comes up when you right-click to modify your order and then change it to market execution:
The MBT MetaTrader 4 order closing box does not have this:
When closing or modifying an existing order in Generic MetaTrader 4, at the bottom it says “Open price you set must differ from market price by at least x pips.” Also when you place a “Modify Order Type” the bottom reads “Stop Loss or Take Profit you set must differ from market price by at least x pips”:
MBT MetaTrader 4 version shows “0 pips at bottom,” reflecting that you are connected to an ECN:
Also when you place a "Modify Order Type" the bottom reads "Stop Loss or Take Profit you set must differ from market price by at least 3 pips"
MBT MetaTrader version shows "0 pips at bottom again"
Generic MetaTrader 4 quotes to a pip (four decimal places on most pairs, two on JPY-based pairs), as seen in this screenshot:
MBT MetaTrader 4 quotes to a tenth of a pip (five decimal places on most pairs, three on JPY-based pairs), as seen in this screenshot:
In Generic MetaTrader none of your orders change the quote. MBT MetaTrader, any limit order (to get into or out of a trade) reflects in the quote. The target (limit) side of a TTO, however, does NOT reflect in the quote because a TTO is waiting for either price to hit. Example below shows the Order window while setting up a Buy Limit between the spread on the GBPJPY on MBT Metatrader 4:
This next window shows the quote of GBPJPY after the order has been entered, reflecting the bid at 188.25:
There are some adjustments that need to be made to Metatrader Query Language scripts (Expert Advisors) due to differences between Generic Metatrader 4 and MBT Metatrader 4. These include, but are not limited to:
- Scripts that use Instant Executions to place market orders with take profit and/or stop losses attached will not work. Instead, a market execution must be placed and then a take profit and/or stop loss added to the position.
- Hard coding of +/- calculation of pips for profits may need to be adjusted to reflect the fifth decimal place of our ECN.
Generic Metatrader 4 platforms typically quote forex pairs in pips, which means 4 decimal places on most pairs and 2 on JPY-based pairs. MBT Metatrader 4 quotes pairs to the tenth of a pip, which adds a decimal place. Trailing Stops in Metatrader 4 are measured in “points,” not pips. Thus a 15 point trailing stop on Generic Metatrader 4 must be entered as a 150 point trailing stop on MBT Metatrader 4 to get the same 15 pip trailing stop results.
Metaquotes, the provider of MetaTrader, does regular updates to the platform in the form of LiveUpdates. MB Trading will have advance notice of live updates from MetaQuotes to test thoroughly in our demo environment before automatically being released to customers. Once we have tested the latest update, we will make the LiveUpdate available to our customers in their live accounts. We strongly advise against getting an update for the Metatrader 4 Client from another broker than has not been tested on our end.