It was yet another step in our ongoing optimization of OANDA’s MT4 trading product and one that follows the implementation of new value-added services such as customizable indicators and full Expert Advisor (EA) support.
Giving algo traders what they need
MT4 is a brand of online trading software used by millions of forex traders worldwide to execute automated trading strategies. Introduced by MetaQuotes Software Corporation in 2005, it has given retail traders access to a sophisticated trading style – one previously available only to banks and institutions, due to the costs of software development and server hardware.
The software is essentially a massive code library and developer API (application programming interface) that allows users to program trading instructions set to execute automatically, with no human intervention. Variables in the MT4 algorithms (branded “Expert Advisors”) may include timing, price, or quantity of the order.
MT4 as a platform consists of both a client and server component. OANDA runs the server side and our trading customers use the MT4 client software to place trades and manage their accounts. Our clients who use MT4 benefit from access to OANDA’s consistently low spreads, quality of execution, and user-friendly technology.
Our innovative engineers designed the bridge to connect our trade execution engine to MT4. By building it ourselves, we were able to ensure a superior quality of execution on MT4 with features such as no-account synching (results in faster execution), the flexibility to support unique trading features already available on fxTrade, and improved reliability and performance overall.
Moreover, deploying homegrown technology to bridge fxTrade to MT4 helps to ensure we are continuing to offer low spreads. Some of our competitors compensate third-party bridge providers they hired by marking up their spreads, which of course results in higher costs for MT4 users.
Stay tuned as our ongoing optimization to extend OANDA’s MT4 functionality further is continuing. The details of those efforts will be shared here in a future post.
We always appreciate your feedback, and put customer suggestions to good use. Let us know what other platforms, features, or enhancements you’d like to see from OANDA. Please share your comments in the box below.