MT5 user guide for OANDA TMS

If you reside in the European Union, you can apply for a live or demo OANDA TMS account. For more information, refer to the account opening guidelines.

Below are the MT5 platforms available for OANDA TMS clients

To add an additional MT5 sub-account, refer to this topic.

To reset your live MT5 account password, refer to this topic.

If you can log in to the MT5 platform, you can change your password via the MT5 desktop app. To do so, follow these steps:

1. In the Tools tab, click on Options.

2. Click on Change, next to the Password field.

   

3. In a new window, provide required details and click on OK.

4. In the Options window, click on OK.

If you cannot log in to the MT5 platform, you cannot change your password via the MT5 desktop app. To reset your demo MT5 account password, refer to this topic.

MT5 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 MT5 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 MT5 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.

   

If you do not see your assigned MT5 server on the login window, follow these steps to refresh your server list:

1. Click on File.

2. Click on Open an Account.

   

3. Select OANDA TMS Brokers S.A.

   

4. Click Next.

5. Select Connect with an existing trade account.

   

6. Enter your login ID and password. Select the server.

7. Click on Finish.

To place an order via the order ticket window, 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 an order ticket.

   

   The order ticket window will appear allowing you to set the following parameters of your order.

   

4. Symbol: choose which instrument you would like to trade.

5. Type: ‘Market Execution’ allows you to enter an order at the current market bid and ask price. ‘Pending Order’ allows you to choose the price and type of pending order at which your order will be triggered, refer to the ‘Pending Order’ section for more details.

6. Volume: enter the volume of the order in increments of 0.01. Volume guide: 1.00 = 1 standard lot, 0.10 = 1 mini lot, 0.01 = 1 micro lot.

7. Stop Loss: close the order and stop further losses at a predetermined price if the market moves against you. Stop Losses are susceptible to slippage.

8. Take Profit: close the order and realize the profits at a predetermined price if the market moves in your favour. Take Profits are susceptible to slippage.

9. Fill policy: only applicable to Market Execution and only offered as ‘Immediate or Cancel’, meaning if the order is not filled by the broker immediately after submission, the order will be cancelled.

10. Comment: leave a comment about a specific order. Some traders use this feature to help manage their orders.

11. Sell by Market places a sell/short market order. Buy by Market places a buy/long market 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 located on the left side of the platform.

2. Right click on the instrument you want to trade.

3. Click New Order to open an order ticket.

   

   The order ticket window will appear allowing you to set the following parameters of your order.

   

4. Symbol: choose which instrument you would like to trade.

5. Type: select the Pending Order.

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

   • Buy limit: to enter a buy order at a price lower than the current market price.

   • Sell limit: to enter a sell order at a price higher than the current market price.

   • Buy stop: to enter a buy order at a price higher than the current market price.

   • Sell stop: to enter a sell order at a price lower than the current market price.

   • Buy Stop Limit: to enter a Buy Limit order (set in the Stop Limit price field) when the market price reaches a predetermined stop level (set in Price field) that is higher than the current market price.

   • Sell Stop Limit: to enter a Sell Limit order (set in the Stop Limit price field) when the market price reaches a predetermined stop level (set in Price field) that is lower than the current market price.

7. Volume: enter the volume of the order in increments of 0.01. Volume guide: 1.00 = 1 standard lot, 0.10 = 1 mini lot, 0.01 = 1 micro lot.

8. Price: the price at which you want the order to be triggered.

9. Stop Limit Price: only applicable to Buy Stop Limit and Sell Stop Limit orders, which sets the buy or sell limit order trigger price after the stop level (set in Price field) has been reached.

10. Stop Loss: close the order and stop further losses at a predetermined price if the price moves against you. Stop Losses are susceptible to slippage.

11. Expiration: time limit by which the order must be executed, or it will be cancelled. The options include:

    • GT: Good-till-cancelled will keep the order for an indefinite amount of time until it is triggered or cancelled by the user.

    • Today: the system will keep the order until the end of the trading day.

    • Specified: the user can specify at which date and time the order will be cancelled, set in the Expiration date field.

    • Specified day: the user can specify at which date the order will be cancelled, set in the Expiration date field.

12. Expiration date: allows to set the Specified date and time, or the Specified day of which when the order will be cancelled.

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

14. Place: submit the order.

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

If you cannot see the Toolbox at the bottom of the platform, you can quickly open it by pressing Ctrl + T.

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

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.

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

   

2. Select an object by clicking on the object icon on the toolbar.

3. Click and drag to draw the object on the chart.

   

4. 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.

   

Below is a list of the objects available on the MT5 platform:

1. Cursor: to select various objects in the chart.

2. 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.

3. Draw a vertical line: to draw a vertical line on your chart.

4. Draw a horizontal line: to draw a horizontal line on your chart.

5. Draw trendline: to draw a freehand trendline anywhere on your chart.

6. Draw equidistant channel: to draw an equidistant channel.

7. Draw Fibonacci retracement: to draw a Fibonacci retracement.

8. 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.

9. Arrows: to manage, add or delete graphical symbols.

Indicators allow you to analyse the chart and identify trading opportunities on the MT5 platform.

Add an indicator to the chart via the Navigator:

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

2. Once the indicator has been placed on the chart, a window will open and allow you to modify the settings of the indicator.

   

Add an indicator to the chart via 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:

You can right click on any indicator to open a customisation menu and to edit or delete it.

1. Right click on the indicator to open the customisation menu

2. Edit the properties of this indicator

3. Access the full list of indicators added on this chart

4. Delete this indicator

5. Delete Indicator Window is only applicable to indicators with its own window, as shown in this example of ADX, and not applicable to overlay style of indicators that sit on top of the chart such as a Moving Average.

   

To set up a price alert for your MT5 desktop platform, please follow the instructions and corresponding images below:

1. At the bottom of the platform Toolbox, 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 - play a sound file

   • File - run an executable file

   • Email - send an email to an email address specified in platform options

   • Notification - send a push notification to an Android or iOS mobile device. Sending push notifications requires specification of the MetaQuotes ID in the Toolbox 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 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 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.

    

Daily candles close at the end of the trading session for the respective instrument.

To review your trade history, begin by visiting your Toolbox window.

1. Click on the History tab located at the bottom of the screen, your transaction history will be displayed right away.

2. If you wish to customize the history or export it, right click anywhere on the tab to open the menu.

The following explains the menu options available:

1. Choose to view history in the classifications of Positions, Deals, Orders, or Orders & Deals.

2. Choose to view order volumes in Lots or Amounts.

3. Load specific periods of history such as All History, Last 3 Months, Last Months, or Custom Period.

4. Export history via Report as Open XML (MS Office Excel 2007) or HTML, Show on Charts control how trade history is shown on charts, and Register as Signal to sign up as a signal provider so others on the MQL5 market can follow your trades.

5. Choose how the history window displays information, with options of Show Milliseconds, Auto Arrange, and Grid.

6. Edit the Columns of information displayed in History.

   

1. In the Toolbox window, select the History tab.

2. Right-click anywhere within the History tab and select your desired data period.

   

3. Right-click again anywhere within the History tab and select Report.

4. Select XML or HTML for the report format and download it.

   

To add additional symbols, follow the instructions below:

1. Click on View.

2. Click on Symbols.

   

3. Select the category of the instrument you wish to add.

4. Select the instrument you wish to add.

5. Click Show Symbol to add it to your Market Watch.

6. Click OK to exit the window after you have added all desired instruments.

   All instruments available for OANDA TMS clients end with the .pro suffix, for example, EURPLN.pro.

   

Custom indicators are technical indicators coded in MetaQuotes Language 5 (MQL5) 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 MT5 market .

Below are instructions to import a new custom indicator to your MT5:

1. Click File.

2. Click Open Data Folder.

3. Double-click on the MQL5 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 MT5 platform.

7. Locate your chosen indicator from the Navigator window and drag it to your chart to add it.

   

Expert Advisors (EAs), or experts, are programs coded in MetaQuotes Language 5 (MQL5) 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 MT5 market. Once enabled, EAs can monitor the market and trade for the user during market hours as long as the MT5 platform is running on a computer with a working internet connection.

1. Expert Advisors coded for MT4 cannot be used for MT5.

2. Expert Advisors cannot be used for the trading of Share CFDs in MT5. Any such orders or trade requests will be rejected.

Below are instructions to import a new EA to your MT5:

1. Click File.

2. Click Open Data Folder.

3. Double-click on the MQL5 folder.

   

4. Double-click on the Experts folder.

   

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

   

6. Close the data folder and restart your MT5 platform.

7. In Navigator, under Expert advisors, locate your newly added expert advisor and double-click on the expert advisor to apply it to the current active chart or drag and drop it onto your desired chart.

8. On the configuration window’s Commons tab, check off Allow Algo Trading.

9. The Input tab allows you to modify the expert advisor settings.

10. Click on OK.

    

11. To enable the expert advisor and start auto trading, click on the Algo Trading button in the toolbar. Click on it to stop auto trading.

12. The Algo Trading sign with a green arrow sign indicates expert advisors are currently active.

    

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

    

The MT5 Startegy Tester allows clients to backtest their strategies via the MQL5 language, and/or other proprietary MT5 plugins. The availability of historical data amount for backtesting depends on the candle resolution selected. This data is automatically downloaded from OANDA's MT5 servers when a chart is opened on the MT5 Strategy Tester.

In addition to the historical candle data that is stored on OANDA's MT5 servers, the MT5 Strategy Tester builds new candles for opened charts based on the real-time price stream it receives.

Depth of market (DOM) offers transparency of pricing and lets you take advantage of lower spreads on some of our popular MT5 products. With DOM, the smaller the size of your trade, the tighter the spread we can offer.

To access the DOM, please follow the instructions below:

1. Under Market Watch, right click on the desired instrument.

2. Click on Depth Of Market.

   

3. Alternatively, you can click on the Open Depth of Market icon located at the top left corner of the chart or press Alt +B on your keyboard as a shortcut.

   

4. DOM quote and volumes: the DOM window displays the real time buy and sell price and order volume available at each market depth level.

5. One click sell limit: click on an arrow to place a sell limit order at that specific DOM level with the preset values of steps 7-9.

6. One click buy limit: click on an arrow to place a buy limit order at that specific DOM level with the preset values of steps 7-9.

7. Preset SL: add the preset stop loss for your DOM orders in points. For example, type in 200 for a desired stop loss of 20 pips.

8. Preset order size: type in the preset order size for your DOM orders in lots.

9. Preset TP: add the preset take profit for your DOM orders in points. For example, type in 200 for a desired take profit of 20 pips.

10. Order selector: select the open order when there are multiple open orders of the same instrument for step 12’s close order function.

11. Sell: places a sell order at market with the preset values of steps 7-9.

12. Close: closes the only open order for this instrument or close the selected order in step 10 when there are multiple open orders of the same instrument.

13. Buy: places a buy order at market with the preset values of steps 7-9.

    

How does the DOM function

On the DOM window, the buy and sell prices and volume offered at each depth level dynamically update to show the real time ask and bid price offered by OANDA.

If you enter an order where the volume is greater than the number of lots available on the first level, the remaining portion of the order beyond the first level will be filled at the subsequent price level.

If the next level’s available volume 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 has been filled. If the order being submitted is larger than the total volume available across all the price levels, the order will be rejected.

For example, if there is a first level with 10.00 available lots and an order for 11.00 lots is submitted, the first 10.00 lots of the order will be filled at the first level price, while the remaining 1.00 lot of the order will be filled at 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 order volume being filled at each level.

Go to MT5 Web Platform for Live and Demo accounts and log in.

For information on how to use the MT5 Web Platform and to view the differences between the MT5 Web Platform and MT5 desktop platform, refer to the sections below: