Magic numbers in forex

Magic numbers in forex

03/11/ · Some times I have to move the cursor across the trade and pause a couple of times before the box pops up. You can also right-click and use the 'save as a report' feature. If you have Comments checked in the right-click box the report will show the magic number for the trades in the report 31/03/ · Magic number is intended to be used for trade identification. Implementation varies. It is set when the trade is opened by an EA with the OrderSend () command. Example usage: You have two EA trading EURUSD. To permit each EA to recognize trades that "belong to it" set a different magic number (ID) with each EA 20/10/ · Ways to get Forex Magic number: MQL consists of a system known as ‘OrderMagicNumber’ which gives you your all-important identifying number. After catering to the OrderSelect option, you should run the OrderMagicNumber option in an order selection loop

Expert Magic Number in MT4 - Forex Education

Technological advancement has proven to be one of the contributing factors to the increase in trading. Since everything can be done online, many traders and brokers are giving trading a chance. You can remotely trade from any part of the world. Online trading had simplified the process, magic numbers in forex, to begin with, but the coming up of the Magic numbers in forex platform made trading even better.

As a platform, the MetaTrader has simplified trading by eliminating emotions. The expert magic number represents the MetaTrader concept to track open positions generated by the Expert Advisor. Using an expert magic number, EA can mark each position by number and distinguish the opened trades versus trades that did not open.

The expert magic number can be any unique number, and they are license plates for EAs. The MT4 platform generates a magic number employed by Expert Advisors EA to track open positions. This allows the EA to manage trades in a better way. Still, confused? The latter allows the authority to identify the state from where the vehicle has come from and know about the exact individual who owns it, magic numbers in forex.

The expert magic number does a similar job, magic numbers in forex. It helps the EA differentiate between the trades that have been opened by it to the ones that it has still not opened.

This analysis allows the EA to manage the account in a better way. Many traders use the same Forex pair to trade across multiply timeframes, magic numbers in forex. You will need two EAs to track these two different time frames. Here, the first EA will be trend following as it is tracking the one-hour chart and the other one is scalping as it is chasing a minuet chart. It is clear from the example that you should manage trades differently when you are using different timelines, magic numbers in forex.

The above example is a testimony that, along with your general stop-loss exits and takes profit, you need to run channel stops for one trade and trailing stops for the other. In such cases, you will end up in a chaotic mess if you use only the currency pair to identify different trades because the currency pair is standard across the channels.

It would help if you had something that stands apart. Your bulletproof savior in the above situation is a MetaTrader magic number. The platform assigns a specific number to each trade as soon as it is opened. The EA will now follow these unique numbers instead of the currency pair to track the trade.

For example, the trend-following EA may follow the magic number, while the other EA might chase the magic number Thus, we can conclude that you can use these magic numbers to separate orders across different timeframes and strategies, especially when using the same currency pair. It makes EA more operational by allowing it to use its potential. The magic number for the trades that are opened manually is zero, but the trades that are opened on the MT4 platform, using an EA, are assigned unique numbers that can range from 0 to These numbers can help you in finding open trades.

The MQL language uses OrderSend to open a trade. OrderSend is a function that is based on multiple parameters, the magic parameter being one of them. When a trade is opened by an EA using this function, a magic number is automatically assigned to the trade, known as OrderMagicNumber.

The more you use it, magic numbers in forex, the more familiar you get with it. All you need to do us to run OrderMagicNumber in an order selection loop. Select a trade by suing OrderSelect. This will allow you to run the OrderMagicNumber for your chosen trade. It is a fairly easy technique to understand. For example:. MT4 is a user-friendly platform that various brokers offer to their clients. Its codes are not as complicated as compared to other platforms.

Yes, it does take some time to get used to it, but such is the case with anything new that you use. Along with EAs and magic numbers, it has various other features to maximize your profits.

Home Choose a broker Brokers Rating PAMM Investment Affiliate Contact About us. What is the MT4 Expert Magic Number? Using a MetaTrader Magic Number Many traders use the same Forex pair to trade across multiply timeframes. Finding a Magic Number for an Open Trade The magic number for the trades that are opened manually is zero, but the trades that are opened on the MT4 platform, using an EA, are assigned unique numbers that can range from 0 to For example: If magic numbers in forex magic number is equal torun a trailing stop.

If my magic number is equal torun a channel stop. Author Recent Posts. Trader since Currently work for several prop trading companies. Latest posts by Fxigor see all. What is the Velocity of Money? Problems in Capital Market! Prohibited by FIFO rule — close trade in Mt4 — problem fixed XEM Mac MT4 Available for Download What Is An EA In Forex? How to Fix Metatrader Login Problem What is magic numbers in forex data in forex?

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Magic Number Forex - The Expert Advisors

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Forex magic number

20/03/ · Magic numbers are helpful, particularly when you want to trade multiple time frames of the same forex pair. Traders often use settings that differ from those on M1 prices versus those that they would use on the daily chart. If they used the Expert advisor with the same magic number on all different time frames, the result would be blogger.comted Reading Time: 3 mins A magic number is an identifier that you can assign to an order in MetaTrader 4 using the MQL4 language. What Is Magic Number? When working with scripts, indicators, and expert advisors in MetaTrader 4, you may arrive to a stage where you manage many orders at the same time 23/02/ · The so called "magic numbers" are unique numbers to tell the trades from different EAs apart. An EA that adds it's own unique id number (the magic number) to all orders will be able to find it's own orders later when it wants to close or modify them. Post. #. 4