Wish you could manage multiple accounts, easily allocating lots between them at the same time? Now you can with the MetaTrader 4 MultiTerminal!
Read on to learn:
- What makes MultiTerminal different to your usual MT4 platform
- How to download the MultiTerminal and log in
- Lots allocation 101
- How to open market orders
- How to place pending orders
- How to modify orders
- How to close orders
The major difference between the standard MT4 platform and the MT4 MultiTerminal is the ability to simultaneously trade on up to 128 real accounts or 10 demo accounts (opened on the same server).
Although this is the main differentiator between the two, there are a few other distinct differences between MT4 and MT4 MultiTerminal that you need to be aware of:
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MT4 MultiTerminal can only be installed on Windows OS.
Watch this video for every step you need to get started with MT4 MultiTerminal:
The first time you log in to MultiTerminal, you’ll need to specify the server your accounts were opened on. To do that:
- Launch the terminal.
- Close the Login window.
- Click Tools → Options → Server.
- Choose the server your accounts belong to, and click OK.
Now, to add trading accounts:
- Click New Account at the top of the terminal.
- Enter your account number and trading password, and click OK.
- Repeat to add more accounts.
Once all the accounts have been added, you’re all set to connect them in one go and start trading. Just click Connect All in the top menu.
If you see that the connection has failed [No connection] in the Journal tab, double check that account numbers and passwords you entered are correct, and try to log in again.
Once all the accounts have been connected, you’ll be able to see their stats in the Accounts tab. There you can configure what information you’d like to see about your accounts. Just right-click on the Accounts tab, select Columns, and choose what you’d like to see.
When placing new orders, it is necessary to specify the total lot allocation for all accounts. The specified number of lots will be distributed between accounts according to one the five specified lot allocation methods:
- Predefined volume: When using this method, you’ll need to manually specify the number of lots for each order you’ll be placing.
- Total volume for each order: With this allocation method, the total number of lots will be applied to each order.
That being said, if you define this value at 0.5, and you have 3 accounts, an order of 0.5 lots will be opened on each account.
- Equal parts: The total number of lots will be allocated among all orders in equal parts.
For example, if you want to open a total of 1 lot, and you have 3 accounts, an order of 0.33 lots will be opened on each of them:
- By equity ratio: The total lots will be allocated between orders based on the equity ratio of those accounts. In other words, the higher the equity an account has, the larger the lot size that will be opened on that account.
In the example below, we’d like to open a total of 3 lots, and the total equity on all three accounts is USD 3,381.98:
|Total||Account A||Account B||Account C|
|Equity||3,381.98 USD||943.38 USD||940.38 USD||1,498.22 USD|
|Lots||3 lots||0.84 lot||0.83 lot||1.33 lot|
- By free margin ratio: The total number of lots will be allocated between orders based on the ratio between the free margins of those accounts. The calculation is similar to the By equity ratio method, however in this case we take the free margin of each account as a base for calculation.
Please note that Lot Allocation only works if there are sufficient funds for both margin and spread in your account.
How to open market orders
Now that you understand the ways you can allocate lots between accounts, you are all set to open a trade.
To open a market order:
- Double-click the trading instrument in the Market Watch window.
- In the order window, fill in the required fields:
- Symbol: the trading instrument
- Total volume: total volume of lots you’d like to open (not required when using Predefined volume)
- Lots Allocation: choose one of the lot allocation methods
- Take Profit, Stop Loss, and Comment.
- Once everything is ready, click Buy by Market or Sell by Market, and then click OK.
Your orders will now appear in the Orders tab, where you can track their performance.
You can place pending orders in the Pending tab:
- You’ll need to fill in the fields:
- Symbol: the trading instrument
- Total Volume: total volume of lots you’d like to open (not required when using Predefined volume)
- Lots Allocation: choose one of the lots allocation methods
- Open Price: the price you’d want your pending order to be opened at
- Type: choose from Buy Stop/ Buy Limit/ Sell Stop/ Sell Limit
- Stop Loss, Take Profit, Comment, and Expiry are optional
- Click Place to place the orders.
If you’ve set a SL or TP level, but can’t click Place even after you’ve filled in all the fields, check the values you’ve put for SL and TP. For example, if you’re placing a Buy Stop/Limit order, SL should be lower than the open price, and TP should be higher than the open price, and vice versa for Sell Stop/Limit orders. Also, ensure that SL/TP are appropriately set in accordance with an instrument’s Stop Levels.
Once the market price reaches the price specified in your orders, they will show up in the Orders tab.
Modifying open orders
You can modify open orders by setting SL and TP in the Modify tab. In this tab, you can either choose to make changes to all positions on all accounts, or only on some positions on some accounts. Just untick the boxes next to the positions/ accounts you wouldn’t want to apply changes to.
If you would like to apply changes to all positions on all accounts, specify the SL/ TP, and click Modify. Once the changes have been applied, click OK.
If SL or TP levels are too close to the current market price, you’ll see the Invalid S/L or T/P error message. Adjust your SL and TP taking the Stop Levels into consideration and try again.
Modifying pending orders
You can change open price and expiry date for your pending orders:
- Tick the Open Price box and set the new open price for your pending orders
- To change the expiry date, tick the Expiry box and specify the new expiration date
Click Modify once you’ve specified the changes you’d like to make, and then click OK.
To close open orders:
- Go to the Close tab.
- Select the positions you would like to close, or close all by clicking Close.
- Click OK.
Your closed orders are now shown in the History tab.
If you have offsetting positions, you can use either the Close By or Multiple Close By feature. To learn about how they work and more, you can always refer to the MultiTerminal built-in Help topics whenever you need guidance on how to use it. Just click Help in the top menu.