The principles of trading panel for MetaTrader
Category : Software
To simplify the financial asset analysis, the trader creates various auxiliary tools in the form of author’s trading indicators, algorithmic strategies or signal displaying panels. You would agree that this approach allows you to reduce the entire asset analysis to review the ready-made solutions. After all, all you need from a fix api trader is to just look at the availability of the ready signals and to follow them. Or give permission to follow the robot.
However, the principle of operation of such an instrument, which is commonly called a trading panel, has its own specifics and peculiarities. Everything is built on the features of the trading strategy of the managers or on the basic principles. Personally, I recommend the first option, because if you need a panel, it is logical that it displays exactly your signals and a set of indicators used. However, let’s consider it below in more details.
Key features and types of trading panels:
- Trading panel type. There are different types of panels that differ in their specification and method of operation. So, there are simply graphical ones, which show the trend direction based on each technical signal embedded into the panel. There are also some that show the presence of a signal, and not just a direction. Theyshouldbedevelopedforautomaticfixapitrading.
- Tradingpanelfunctionality. I want to note that the function and type are fundamentally different concepts in this issue. The function allows not only to track the signals or trends, but also to open transactions in the market directly through the panel. This will allow you to open the transaction based on the generated signal with a few clicks. For example, you received a trading signal about the price channel breakdown, about what the panel informed you in a SMS mode. Then you can click on the signal itself and the algorithm will open transactions based on the selected signal and determining the transaction input/exit.
- Trading panels can be connected directly to the fix api MT4 trading terminal or to have a separate architecture. That is like a hotel program, which displays the presence of signals, the status of the trading account, as well as the history of the open trading operations. It is an original trading platform that links and trades on MT4. This arbitration strategy works on this principle – http://forexzzz.com/product/forex-zzz-lock-arbitrage/. However, the trend is that most of the panels are written under the trading platform itself and practically they do not differ from the trading robots in their settings.
Bu understanding all the intricacies and features of the trading panels, we can formulate the key principles of their work:
- The trading panel allows you to automatically track the presence of trading signals. Thus, fix api trader does not need to manually review each chart and determine the nearest enter points. This task will be performed directly by the algorithm, incorporated into the panel.
- Facilitate the timely receipt of signals for opening positions. Any indicator can be incorporated in the algorithm (Stochastic, Alligator, Bollinger Band, etc.), a technical figure (flag, double bottom, smart model, etc.) or even fundamental data. There are trading panels that can send you trading signals to your phone or e-mail address. This is a kind of allegory that makes you aware that the market has already changed and you can enter into a deal or vice versa. The market has changed the trend and it is necessary to optimize positions that are already open.
- The panel connects to the terminal and reads the values of currency pairs. The main principle of the trading panel is the relevance and correctness of the financial asset quotations. The signals will be displayed on the basis of quotations. If you use a slow or poor-quality broker, the panel will display false signals to you. Therefore, consider a reliable fix api broker to start with.
The trading panel is a great way to automate your trading process with the subsequent transition to the trading algorithmic strategies (robots).