MetaTrader 4 (MT4) is a Windows-based electronic trading platform with automated trading capabilities. OANDA clients require an fxTrade account with an MT4 sub-account in order to access a licensed version of the MT4 platform that is hooked up with OANDA’s execution and spreads.
Frequently Asked Questions
To sign into OANDA MT4, enter the account number and password associated with your MT4 sub-account, and then select the server you would like to access.
i. To locate your MT4 sub-account number:
ii. First sign in on the OANDA website
iii. Click on Manage Funds (View)
iv. Select the account with a MT4 icon
v. Note your MT4 account number to be used as the login ID.
a. Live trading account servers:
i. OANDA V20 Live - aligned to the New York Close and supports five daily candles per week. Use this server if your account has a v20 tag on the Manage Funds page.
ii. Supports v20 MT4 hedging accounts.
iii. OANDA GMT+2 Live - aligned to the New York Close and supports five daily candles per week. Supports MT4 hedging compatibility accounts.
iv. OANDA GMT-5 Live - aligned to midnight Eastern time (USA), which results in 6 daily candles per week. Does not support hedging.
b. Demo trading account servers:
i.OANDA V20 Practice - Use this server if your account has a v20 tag on the Manage Funds page. Does not support hedging.
ii.OANDA GMT-5 Practice - Does not support hedging.
Please be aware that ONLY Japanese clients may sign in to the Japan Live or Japan Practice servers. They do not support clients from other regions.
When depositing funds, OANDA supports any amount above $1. However, the smallest MT4 trading size is a micro lot (1,000 units), so with 50:1 leverage, the minimum amount to make this trade would be $20 - $30 depending on the instrument (or more for lower leverage).
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 EA. However, please be aware that the OANDA MetaTrader 4 platform must be running on your computer, and it must be connected to OANDA’s servers, in order to run a EA.
Important Note: EAs are automated trading tools developed by third parties. OANDA cannot provide support for an externally developed EA and assumes no liability for loss attributable to the use of EAs on the MetaTrader 4 software.
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 EAs.
You can open and close trades in your MT4 account from OANDA desktop and mobile trading platforms.
Note: For the account to synchronize correctly on the MT4 interface, these trades need to be in lots or mini lots to avoid rounding differences.
a. Sign in – You can sign in to the OANDA Desktop trading platform using your username and password. You need the number of your MT4 sub-account and a unique password to sign into OANDA MT4.
b. Units versus Lots -- You can trade any amount with the OANDA Desktop trading 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).
c. Drawing Candles -- The OANDA Desktop trading platform draws all candles that occur during trading hours using your choice of the midpoint, the bid, or the ask. MT4 uses bid prices to build all candles and does not draw candles that do not contain any ticks.
d. Account Balance / Reports — The two trading platforms can sometimes become out of sync with one another and display contrasting information. When this occurs the balance shown on the OANDA Desktop trading platform will be the one used in all calculations, including for margin closeouts.
Margin alerts and margin closeouts are always calculated and executed by OANDA’s servers. If your account doesn't have enough funds to cover your open trades, the OANDA servers will close all of your open trades. This will be transmitted to the MT4 server and represented as many trades closing.
Unfortunately, there is no functionality in MT4 for issuing margin warnings. However, you can see full-account balance details when you sign in to your OANDA trading account.
This message could have been triggered by a number of things:
1. You do not have enough funds in your trading account to make the trade.
2. There is insufficient liquidity in the market to support your trade.
3. You exceeded the maximum trade size.
4. The duration of your limit order exceeds the maximum of 100 days.
5. There is not a recent tick for that instrument in MT4 (in this case, you should still be able to trade the instrument on other OANDA platforms).
6. You attempt to close a trade in an order that does not comply with the National Futures Association’s (NFA) "First In, First Out" (FIFO) policy. You should also see an explanation that includes more details in your MT4 mailbox at the time you attempt to close the trade.
MT4 does not support OANDA Entry Orders; therefore when these are created through the OANDA Desktop or Mobile platforms they will not appear.
Trailing stops on the OANDA MT4 trading platform are hosted on your computer. This means that if your computer is not running OANDA MT4, the trailing stops are not being tracked and will not close any trades. If you would like to ensure your trailing stops are always being tracked, even when you're offline, you can create them using other OANDA platforms instead.
OANDA MT4 is hosted on its own server and can be accessed at anytime. However, all execution is passed through to OANDA’s trading engine. This means that when OANDA’s online trading platform is offline for maintenance, MT4 clients won't be able to execute trades.
Positive interest will show up as a deposit; negative interest will show up as a withdrawal. Also, if during a re-sync with the OANDA trading platform there was a trade closure that was missed, it will show up as a deposit if profitable or a withdrawal if not profitable.
OANDA MT4 is populated with daily rates going back to 2002. The historical tool provided by MT4 is not recommended for OANDA clients’ use as it is not supported by OANDA and will display rates that are inconsistent with those from OANDA’s Desktop or mobile trading platforms.
OANDA does not support MT5 at this time.
Our deposit options vary based on the OANDA division with which you hold your account. Please check the relevant Deposit Funds with OANDA section for more details.
The OANDA platform supports margin trading, which means you can enter into positions larger than your account balance. OANDA’s margin rules vary based on the regulatory requirements applicable to the OANDA division with which you hold your account. Please select the applicable OANDA division to learn more details about OANDA Margin Rules.
OANDA’s registration forms, legal and trading documentation vary based on the OANDA division with which you hold your account. Please check the relevant Legal & Regulatory Documentation section for more details.