MT4 user guide for OANDA Global Markets

If you reside in the following countries and wish to apply for a live OANDA Global Markets account, click here .

To download an .exe install file of MT4 for your Windows computer, click here .

Below are the MT4 platforms available for OANDA Global Markets clients

Below are the MT4 platforms available for OANDA Global Markets clients

If you for some reason cannot see the OANDA Global Markets servers in the login window in your MT4 client terminal, then you may use the below as connection to our servers:

• Demo Server - mt01-ogm.demo.
• Live Server - mt01-ogm.live.

How to install MT4 on Mac computers

To install MT4 on your Mac computer, click here .
This installation of MT4 on Mac is an unbranded version of the MT4 platform provided by MetaQuotes.

1. In order to ensure you are connected to an OANDA server when using MT4 for Mac, please see your account details at the the top of the platform window, as shown below:



OANDA does not officially support MT4 for Mac. Users who choose to use this program do so at their own risk.

After you have successfully downloaded and installed the MT4 software on your computer, you can log in to the MT4 platform by entering your login ID and server.If you are trialling a demo of MT4 then please check your welcome email for your Login ID and password and you should choose the server OANDA-OGM Demo-1 when logging in.

If you are the holder of a Live account with OANDA Global Markets then you can find your MT4 account number in the My Account section of the portal. The server address is OANDA-OGM Live-1.

Follow the numbered instructions below to log in to the OANDA MT4 platform:

1. Open OANDA MT4
2. Click on File located in the top left corner of the platform
3. Click on Login to Trade Account
4. Enter your login, password and assigned server
5. Click on Login.

In your My Accounts tab in the OANDA portal you will see all your MT4 trading accounts and Landing Accounts

You can think of a Landing Account as a currency wallet, holding your funds in your account currency. When you first open an account with us your portal will show a Landing Account in USD. You can then create five USD MT4 accounts under this USD wallet.

You can create a Landing Account in different currencies and then further MT4 accounts in this currency as before.

When you come to fund your account, you can choose to deposit money into a specified Trading Account or into a Landing Account; then transfer money to yourMT4 account.

Your account will initially consist of a USD landing account (also known as a wallet) and a USD MT5 trading account by default.

To add an additional MT4 trading account, go to the MY ACCOUNTS tab located on your OANDA Portal.

1. To create a Trading Account click on Add USD Account to add a USD trading account.
2. To create a Landing Account, click on Create New LANDING ACCOUNT located on the right. Landing Accounts allow you to trade in different currencies.

To reset your MT4 password, login to the OANDA portal and follow the steps below:

1. Open the MY ACCOUNTS tab located along the top of the screen. Find the MT4 account you want to change the password for

2. Click on the account you wish to reset the MT4 account password, for example USD-001-0010001.

3. Click on Change Password

4. A box will pop up. Fill in the New Password and Retype Password fields. Next, click Submit.

MT4 allows the client to grant read-only access to other users via the creation of an investor password.

When someone uses the investor password to login to an MT4 account, they can only view account activities and history, but they cannot enter or modify any orders nor make changes to the account.

Follow the steps below to create an investor password:

1. Click on Tools

2. Click on Options

3. Click on the Server tab

4. Click on the Change button

5. Enter your MT4 account password

6. Select Change Investor (read only) password

7. On the New password and the Confirm fields, enter the desired investor password twice

8. Click OK to complete the investor password set up

For instructions on how to place a pending order, click here .

To open a position via a trade ticket, follow the instructions below:

1. Go to the Market Watch located on the left side of the platform

2. Right click on the instrument you want to trade

3. Click New Order to open a trade ticket

4. Set the conditions of the trade. Complete the trade by clicking on Sell by Market or Buy by Market.

Below is a breakdown of what each section of the above trade ticket contains:

1. Symbol: choose which instrument you’d like to trade

2. Volume: choose the volume or amount you’d like to trade.

3. Stop Loss: sets a stop to close a trade at a predetermined price if the price moves against you. Stop Losses are susceptible to slippage.

4. Take Profit: locks in profits at a predetermined price if the price moves in your favour. Take Profits are however, susceptible to slippage.

5. Comment: leave a comment about a specific trade. Some traders use this feature to help manage their trades.

6. Type: select the type of order you’d like. Choosing Market Execution allows you to place the trade immediately after you click Sell by market or Buy by market. Alternatively, Pending Order allows you to choose the price at which your trade is opened.

Place a pending order

A pending order is an instruction to buy or sell an instrument when certain preconditions are met. Below is a list of instructions on how to place a pending order as well as what each section of the trade ticket contains:

1. Go to the Market Watch window located on the left side of the platform

2. Right click on the instrument you want to trade

3. After clicking on New Order a trade ticket will open

4. Set the Type section to Pending Order.

Below is a breakdown of what each section of the above trade ticket contains:

1. Symbol: choose which instrument you’d like to trade.

2. Volume: choose the volume or amount you’d like to trade.

3. Stop Loss: sets a stop to close a trade at a predetermined price if the price moves against you. Stop Losses are however, susceptible to slippage.

4. Take Profit: locks in profits at a predetermined price if the price moves in your favour. Take Profits are however, susceptible to slippage.

5. Comment: leave a comment about a specific trade. Some traders use this feature to help manage their trades.

6. Type: select the type of trade you’d like.

7. Type: the type of pending order you wish to place. The options include:

1. Buy limit : to enter a buy order at a set price level or if the price drops below it
2. Buy stop : to enter a buy order at a set price level of if the price exceeds it
3. Sell limit : to enter a sell order at a set price level or if the price exceeds it
4. Sell stop : to enter a sell order at a set price level or if the price drops below it

8. At price: the price at which you want the order to execute at

9. Expiry: time limit by which the order must be executed, or it will be cancelled.

10. Place: place the order.

To close your positions and pending orders, follow the instructions below.

1. Select the Trade tab located at the bottom left of the Terminal

2. Right click on your order to see the order menu

3. Click on Close Order to finalise the closure

4. Alternatively, you can close a pending order or a current position by clicking on the small x located under Profit on the Trade tab

MT4 allows you to customise charts including drawing on charts with objects and adding indicators. Below we show you how to do both:

• How to draw on charts using objects
• How to add indicators to charts

How to draw on charts using objects

1. The first step is to locate the object toolbar which is located in the top left corner of the platform.

2. Next, draw on charts using objects by clicking on the object icon on the toolbar, and then click and drag to draw on the chart.

3. Click and drag the object to change its size and/or position. You can also right click on any object that opens a customisation menu. In this menu you are able to edit or delete objects.

The chart below has a list of the objects available on the MT4 platform:

Object	Purpose	Image
Cursor	To select various objects in the chart.
Crosshair	To highlight coordinates of the selected point in the chart or indicator window. This mode can only work within the active chart window. Click and drag on an active chart whilst in “Crosshair" mode, to draw a line connecting two points. The distance between the points and the current price value will be highlighted to the right of the second point of the line.
Draw a vertical line	To draw a vertical line on your chart
Draw a horizontal line	To draw a horizontal line on your chart
Draw trendline	To draw a freehand trendline anywhere on your chart
Draw equidistant channel	To draw an equidistant channel
Draw Fibonacci retracement	To draw a Fibonacci retracement
Draw text	To add a comment into the chart. The comment will be anchored directly to the chart, and the text will move together with it when the chart is scrolled.
Draw text label	To add a text label. After this button has been pressed, one should select a point in the chart where the label should be placed. Unlike the ‘Draw text’ object, the “Draw text label” is attached to the chart window. When the chart is scrolled, the text label does not move.
Arrows	To manage, add or delete graphical symbols.

How to add indicators to charts

Indicators allow you to analyse the chart and identify trading opportunities on the MT4 platform.

1. To add indicators, locate your chosen indicator from the Navigator window and drag it to the top of your chart.

2. Once the indicator has been placed on the chart, a window will open and allow you to set the parameters of how the indicator will function.

Another way to add the indicator to the price chart is by utilising the menu bar:

1. Click ‘Insert’

2. Choose ‘Indicators’

3. Select your preferred indicator from a drop-down list

To edit or remove an indicator, begin by right clicking on the chart window. Next, follow the instructions below:

1. Click on Indicator list

A window will appear that displays all active indicators on the chart

2. Select the indicator you wish to remove

3. Click Edit if you want to edit the indicator and ‘Delete’ if you want to remove it

To set up a price alert for your MT4 desktop platform, please follow the instructions and corresponding images below:

1. At the bottom of the platform Terminal, click the Alerts tab

2. Right-click anywhere on the blank space in this section

3. Click Create to add a new price alert

Alert Editor options are explained in detail below:

1. Enable On/Off - allows you to enable/disable the alert. The alert will not be deleted when disabled.

2. Action - allows you to configure an action when an alert is triggered. These include:

• Sound - playing a sound file
• File - running an executable file
• Email - sending an email to an email address previously specified in your terminal settings
• Notification - sending a push notification to a mobile device . Sending push notifications requires specification of the MetaQuotes ID in the terminal settings.

3. Expiration - enables you to set a time limit for your price alert, after which the alert will be automatically deleted

4. Symbol - specify the instrument

5. Condition - determines the trigger criteria for the alert:

• Bid The price at which buyers offer to buy currencies from sellers> – the bid price is higher than the specified value. If the bid price exceeds the given value, the alert will trigger
• Bid< – the bid price is lower than the specified value. If the bid price goes under the given value, the alert will trigger
• Ask The price at which sellers offer currencies to buyers.> – the ask price is higher than the specified value. If the ask price exceeds the given value, the alert will trigger
• Ask< – the ask price is lower than the specified value. If the ask price goes under the given value, the alert will trigger
• Time= – time is equal to the given value. The alert will trigger after the amount of time specified.

6. Value - allows you to specify the trigger criteria value of the condition, such as the trigger price for an alert.

7. Source - depending on the type of action performed when your alert is triggered, one of the following is specified here:

• A sound file in *.wav, *.mp3 or *.wma
• An executable file in the *.exe, *.vbs or *.bat format
• Push message text. The maximum message length is 255 characters.

8. Timeout - allows you to set a break period between alerts, new triggers will not generate alerts within this timeframe

9. Maximum iterations - allows you to specify the maximum amount of times an alert will repeat triggering

10. Click OK to add the alert

To review your trade history, begin by opening your Terminal window. Next, click on the Account history tab located at the bottom of the screen. If you are having trouble locating the trade right click anywhere in the window and select a time frame for your search; all history, the last three months, the last month or a custom search period.

Trade reports include information pertaining to:

• Closed trades
• Open trades
• Account summary

You can download both detailed and non-detailed trade reports. Detailed reports include the information outlined above as well as additional metrics such as drawdown and profit factor.

To download a report, follow the instructions below:

1. Open the Terminal window

2. Click the Account History tab located along the bottom of the screen

3. Right click in the Account History window

4. Choose to Save as Report or Save as Detailed Report.

To add additional symbols, follow the instructions below:

1. Click on View

2. Click on Symbols

3. Select the instrument you wish to add. For example, AUDCHF (AUD/CHF)

4. Click Show to add it to your Market Watch.

Custom indicators are technical indicators coded in MetaQuotes Language 4 (MQL4) to assist in the interpretation of price action and trends. Custom indicators can be created by the user or purchased from third party providers on the MT4 market .

Below are instructions to import a new custom indicator to your MT4:

1. Click File

2. Click Open Data Folder

3. Double-click on MQL4 folder

4. Double-click on the ‘Indicators’ folder

5. Paste or drag and drop your custom indicators file into the Indicators folder

6. Close the data folder and restart your MT4 platform.

7. In Navigator, under Indicators, you should see your newly added custom indicator.

8. Double-click on the custom indicator to apply it to the current active chart or drag and drop it onto your desired chart. This will open the expert advisor's configuration window.

9. In the indicator’s parameter tab, set your desired values and click OK to add the custom indicator.

Expert Advisors (EAs), or experts, are programs coded in MetaQuotes Language 4 (MQL4) to automatically place and manage trades for the user. EAs can be created by the user with programmable trading logics or purchased from third party providers on the MT4 market . Once enabled, EAs can monitor the market and trade for the user during market hours as long as the MT4 platform is running on a computer with a working internet connection.

Below are instructions to import a new EA to your MT4:

1. Click File

2. Click Open Data Folder

3. Double-click on MQL4 folder

4. Double-click on Experts folder

5. Paste or drag and drop your expert advisor file into the Experts folder

6. Close the data folder and restart your MT4 platform.

7. In Navigator, under Expert advisors, you should see your newly added expert advisor.

8. Double-click on the expert advisor to apply it to the current active chart or drag and drop it onto your desired chart, which will open the expert advisor's configuration window.

9. In the Commons tab, checkoff Allow live trading, and Allow DLL imports, click OK.

10. You should now see the name of the expert advisor, along with a smiley or frowning face at the top right corner of the chart.

• A frowning face indicates the expert advisor is not currently active and will not make trades.
• A smiley face indicates the expert advisor is currently active and will make trades according to its algorithm.

11. To enable the expert advisor and start auto trading, click on the Auto Trading button in the toolbar.

12. The Auto Trading with a red stop sign indicates expert advisors are not currently active. Click on it to start auto trading.

13. The Auto Trading with a green arrow sign indicates expert advisors are currently active. Click on it to stop auto trading.

To install multiple instances of the MT4 platform on your computer, complete the following steps:

1. Open the MY ACCOUNTS tab located along the top of the screen.

2. Find the MT4 account you want to change the password for. Select it by clicking on it.

3. Click the Download button located to the right MetaTrader 4.

4. On the installation license agreement page, click Settings.

5. In the Installation folder and Program group fields, add a number (for example 2) to the end of MetaTrader so that the new MT4 platform will not install itself in the same location as any other MT4 platforms on your computer

6. Click Next to finish the installation.

The newly installed MT4 can now be run in parallel with the previous MT4 already installed on your computer.

Depth of market (DOM) offers transparency of pricing and lets you take advantage of lower spreads on some of our popular MT4 products. With DOM, the smaller the size of your trade, the tighter the spread we can offer.

Depth of market is available as part of OANDA premium tools on MT4 and is viewable via the mini terminal app. You can view depth of market by clicking on the spread on the mini terminal order ticket:

When you enter the number of lots on the mini terminal order ticket, the sell and buy prices at the top of the ticket dynamically update to show the entry/closing price and spread for the requested number of lots.

If the requested number of lots is greater than the equivalent volume available on the first level of depth, the system will look down the depth of market to calculate the entry/closing price. Note that depth of market is not available on the standard MT4 order ticket or MT4 mobile apps.

After entering a number of lots greater than those available on level 1, the market depth is highlighted according to the number of lots entered.

This will show a list of prices and the number of units available at each price. If you enter an order where the number of units is greater than the number of units available on the first level (we will execute the maximum number of units available at the first level), the next portion of the order’s units over the first level price will be calculated from the subsequent price level.

This could include multiple levels, depending on the size of the order. The range of levels being used will be highlighted by the order ticket.

If the next level’s number of units is still not sufficient to fill the entire order, the process will repeat, filing down the depth of market until the entirety of the order’s number of units has been filled. If the order being submitted is larger than the total number of units available across all the price levels, the order will be rejected.

For example, if there is a first level with 1000 available units and an order for 1100 units is submitted, the first 1000 units of the order will use the first level price, while the remaining 100 units of the order will use the second level price.

This means that the price of an order filling at depth will be calculated as a Volume Weighted Average Price (or VWAP), using prices from the depth of market. Each level being used in the calculation will contribute to the order’s price, weighted by the number of units being filled at each level.

To access the MT4 Web Trader, visit our website . For information on how to use the MT4 Web Trader and to view the differences between the MT4 Web Trader and MT4 desktop platform, refer to the sections below:

• What is the MT4 Web Trader

• How do I use the MT4 Web Trader

• What is the difference between the MT4 Web Trader and the MT4 desktop platform?

What is the MT4 Web Trader

The MT4 Web Trader is a web-based platform that allows users to use their internet browser to connect to their MT4 account. Users can access their MT4 account using any browser on any operating system (including, but not limited to: Linux, MacOS, Windows and ChromeOS).

How do I use the MT4 Web Trader

To access your MT4 account on the MT4 Web Trader, you will need to login using your credentials that you use to login to the MT4 desktop platform.

If you have a live MT4 account and want to reset your password, you can do this via the OANDA portal . For detailed instructions, click on How to reset or change your live MT4 account password located above.

If you have a demo MT4 account and want to reset your password, you can do this via the MT4 desktop platform.

What is the difference between the MT4 Web Trader and the MT4 desktop platform?

Feature	MT4 desktop platform	OANDA MT4 Web Trader
Required operating system	Windows	Linux, MacOS, Windows and ChromeOS
Download required	Yes	No
Depth of market	Yes	No
Expert Advisors	Yes	No
Custom indicators	Yes	No
Indicators	30	30
Trailing stops	Yes	No
Price alert	Yes	No
Tick chart	Yes	No
MetaQuotes Market	Yes	No
Download account statements	Yes	No
News	Yes	No
Charts displayed	Multiple	One
Save settings	Yes	In browser
Chart timeframes	9	9
View trading history	Yes	Yes
Access to all tradable instruments	Yes	Yes
One click trading	Yes	Yes
Partial closure	Yes	Yes
Close-by / Multiple close-by	Yes	Yes