professional execution (buy bid sell ask) possible?

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Hello everyone,

I am new here and just getting to know the MT4 environment.

I have lots of experience with professional and paid futures trading platforms and each and everyone of them offers me an option where I can buy the bid and sell the ask. As I see in MT4 you can only do the opposite which is really typically retail environment.

Is any of you familiar with an MT4 addon or something that would allow me to day trade like that? Paying the spread is simply not an option for me, so I need "JOIN BID/ASK" market maker type feautures.

Is that possible?

Thank you

 Greg 

 
gregorfx: where I can buy the bid and sell the ask. As I see in MT4 you can only do the opposite which is really typically retail environment.

Nothing "typically" about it. What you ask does not exist. How do you expect to buy at the Bid when all sellers (at that moment) want to sell at the Ask or higher?

Instead of buying at the Bid, why don't you buy ten pips below the Bid and close the order as soon as it opens? You can't loose! What you ask does not exist.

 
gregorfx:

I have lots of experience with professional and paid futures trading platforms and each and everyone of them offers me an option where I can buy the bid and sell the ask. As I see in MT4 you can only do the opposite which is really typically retail environment.

The ability to place a buy limit at the bid (or a sell limit at the ask) depends on the broker. Some will allow it; others have a minimum distance between limit orders and the current price.

But, in fx, you are very unlikely to see futures-style execution such as http://www.jigsawtrading.com/blog/buying-on-the-bid/. If you get filled, then it will almost always simply mean that the bid and ask have moved downwards; you're not magically avoiding paying the spread. 

 
jjc:

The ability to place a buy limit at the bid (or a sell limit at the ask) depends on the broker. Some will allow it; others have a minimum distance between limit orders and the current price.

But, in fx, you are very unlikely to see futures-style execution such as http://www.jigsawtrading.com/blog/buying-on-the-bid/. If you get filled, then it will almost always simply mean that the bid and ask have moved downwards; you're not magically avoiding paying the spread. 

exactly jjc

 you know what I mean, its a matter of functionality

I know the broker allows to put a buy limit on the bid, however, I need "one click" to do that since there is no time to type in the limit price. I can do this on futures and make 10-20 trade sequences in a session

there must be a code out there or something to provide that in mt4

any other replies appreciated

thanks 

 
gregorfx:

there must be a code out there or something to provide that in mt4

It's potentially the world's simplest script. You just compile this and assign a hot-key to it (e.g. Ctrl+B). Pressing the hot-key then places a buy limit order at the bid price for a predetermined volume (0.10 lots in this example) for whatever the symbol of the active chart is:

void OnStart()
{
   OrderSend(Symbol(), OP_BUYLIMIT, 0.10 /* <--- LOT SIZE here */, Bid, 0, 0, 0);
}

The number of user-interface steps increases if you want to be able to vary the lot size, or to set an s/l or t/p on the order. 

For example, the following script lets you set the volume and the distance to the s/l and t/p using the Inputs tab when starting the script. (In this simple example the distance to the s/l and t/p is specified as a price differential, e.g. 0.0020, rather than a number of pips, e.g. 20, and therefore you would have to adjust the values when trading yen pairs. However, you can also use zero in this simple example to mean "no s/l" or "no t/p".)

#property show_inputs

input double LotSize       = 0.10;
input double SLDistance    = 0.0020;
input double TPDistance    = 0.0020;

void OnStart()
{
   OrderSend(Symbol(), OP_BUYLIMIT, LotSize, Bid, 0, SLDistance ? Bid - SLDistance : 0, TPDistance ? Bid + TPDistance : 0);
}

 

 
gregorfx:

I am new here and just getting to know the MT4 environment.

... one big factor in the MT4 environment which you may not have encountered yet. Let's say that you have a buy limit at the bid and a sell limit at the ask, and both get filled. You now have two open positions (in opposite directions, cancelling each other out), not no position. That's become the standard in retail fx thanks to MT4, and has been copied by other platforms, but it's uncommon among futures platforms.
 
gregorfx:

exactly jjc

 you know what I mean, its a matter of functionality

I know the broker allows to put a buy limit on the bid, however, I need "one click" to do that since there is no time to type in the limit price. I can do this on futures and make 10-20 trade sequences in a session

there must be a code out there or something to provide that in mt4

any other replies appreciated

thanks 

Maybe you can try MT5, there you have brokers offering Depth of Market and you can place order with "one click".
 

thanks guys for all your replies

I will study potential solutions 

have a great day ahead 

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