A look at the Advanced Oanda-MT Bridge

The Advanced Forex EA Bridge is a desktop application providing a special link between MetaTrader and the Oanda order execution

The Advanced Forex EA Bridge is a desktop application providing a special link between MetaTrader and the Oanda order execution server. This link enables enhanced features not available in the standard Oanda version of MetaTrader.

The Advanced Forex EA Bridge removes inherent limitations in the standard Oanda version of MetaTrader, while providing additional features and benefits. These include:

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– Trade size in 1 unit increments – including commodities.

– Automatically transmit default stop loss and take profit settings.

– Added assurance that the MetaTrader Virtual Dealer Plug-in is not used.

– Create trades based on a percentage of the Oanda account balance.

– Create trades based on a percentage of the available margin in Oanda.

– Ability to link to any version of MetaTrader.

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The Advanced Forex EA Bridge has the capability to link any version of MetaTrader to Oanda. Although this can provide various advantages, only the Oanda version of MetaTrader will contain the Oanda fxTrade data feed. Advantages include but are not limited to:

– Removes the “Hedging Not Allowed” error when creating opposite orders in MetaTrader. This does not enable hedging, but does enable normal rules for opposite order creation in Oanda – such as partial closing.

– Rate variation opportunities among various broker data feeds.

Now, the main three requirements you’ll need before running this software are: 1. An active Oanda account.  2. A Metatrader installation. 3. Microsoft’s .NET Framework.

Then you can proceed to install the software. Once installed, you will get something like this:

To load the bridge enter your Oanda username, password and select the account type. Pretty simple stuff.

Then you will have access to the plethora of options mentioned above.

Overall it’s a pretty neat piece of kit, but really, only the hardcore MT4 enthusiasts will take benefit from it. New trades won’t be interested in such applications, thereby limiting it’s appeal.

Also, at $99 (which will increase to $249), I’m not sure if there’ll be hoards of traders flocking towards this, although you do get a free 7 day trial, which isn’t that long really.

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