What is MT4?

MT4, short for MetaTrader 4, is an electronic trading platform widely used by online retail foreign exchange traders. It was developed by MetaQuotes Software and released in 2005. As a software tool, MT4 is licensed to foreign exchange brokers who in turn provide it to their clients. The platform comprises both a server component, which is run by the broker, and a client component, used by the broker's customers to place orders and manage their accounts.

As a service, MT4 stands out for its high customizability and the ability to automate trading through algorithmic trading. It supports a proprietary scripting language called MQL4, which is integral for creating trading algorithms. While MT4 is primarily associated with forex trading, it is designed to operate as a stand-alone system and is not natively available for Mac users. However, MT4 VPS (Virtual Private Server) allows users, including those on Mac, to host an online version of the MT4 platform to run its algorithms continuously.

Regarding data types, MT4 supports various forms including integers, real numbers (double and float), and strings, among others. These data types are essential for accessing array components, processing price data, and dynamic memory allocation, which is particularly important for string data. MT4 also includes complex data types such as structures and classes, and types like color and datetime, which are primarily used for visualization and parameter input in the platform's tools.

MT4 Plugins for Excel

DDE Server Checkbox

The DDE server checkbox is a feature that enables the DDE server within the MT4 platform. This function is crucial for the integration with Excel, allowing users to view currency pair data directly in an Excel spreadsheet. However, the plugin is limited to viewing data, with minimal interaction or manipulation capabilities within Excel.

Benefits of Using MT4 Excel Plugins

MT4 Excel plugins offer several advantages that enhance both brokerage functionality and user experience. The Feed Server simplifies data transfer, making it automated and effortless. With Autochartist, users gain access to automated technical analysis, while the Trade Copier feature allows for the easy copying of trades between accounts. Dynamic Leverage is a useful tool for traders looking to adjust leverage levels on the fly, and Bonus Management aids in the administration of bonus programs. Collectively, these plugins contribute to a more robust and user-friendly trading environment.

Integrating MT4 with Excel

There are multiple methods to integrate MT4 with Excel effectively. One common way is using the DDE-Sample.xls file, which requires the DDE server to be enabled in MT4. This file facilitates real-time data usage from MT4 for analysis purposes in Excel. Alternatively, the MT4 Excel API can be employed, which allows for the monitoring of market data directly within Excel.

For a more advanced and efficient integration, Sourcetable can be utilized. It enables live data syncing from various applications without the need for manual updates, and it is especially adept at efficient data querying and manipulation. This tool is particularly beneficial for traders who require sophisticated analysis and visualization of data. Sourcetable offers a significantly more efficient integration process with Excel compared to manual methods.

Common Use Cases

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  Use case 1: Viewing real-time bid and ask prices for multiple currency pairs in Excel
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  Use case 2: Monitoring and analyzing currency pair values within Excel for trading decisions
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  Use case 3: Adding new currency pairs to the Excel spreadsheet for live data tracking
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  Use case 4: Exporting account trading history from MT4 to Excel for record-keeping
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  Use case 5: Using Excel to perform complex calculations and create custom trading strategies based on live MT4 data

Frequently Asked Questions

How do I connect MT4 to Microsoft Excel to view live data?

To connect MT4 to Excel, first launch the MT4 platform. Then go to Tools -> Options -> Server and tick the 'Enable DDE server' checkbox. After enabling the DDE server, launch the 'DDE-Sample.xls' file from the MT4 installation folder to begin viewing live data in Excel.

What kind of live trading information can I view in Excel with the MT4 plugin?

With the MT4 plugin for Excel, you can view live trading information such as Bid price, Ask price, High, and Low.

Can I add more currency pairs to the Excel spreadsheet for live tracking?

Yes, you can add more currency pairs to the Excel spreadsheet for live tracking by editing the 'DDE-Sample.xls' file.

Where can I find the Excel file to view live MT4 data?

The Excel file named 'DDE-Sample.xls' can be found inside the MT4 installation folder. This file must be launched after enabling the DDE server to view live data.

Is there a limitation to viewing live data in Excel with the MT4 plugin?

The functionality of viewing live data in Excel with the MT4 plugin is somewhat limited, but it does allow for live tracking of Bid price, Ask price, High, and Low for the configured currency pairs.