MT5 signal enquires

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Hi, apologies if this question should be asked under a different category.

I am interested to subscribe to a signal, but I would like to clarify some points before I do that. My questions are:

1. Can I subscribe to a signal who use a different broker than myself?

2. Can I use different leverage than the signal provider?

3. Do I need to have the copied instrument(s) available under the “market width” window for the signal to execute a trade?

4. Can I manually stop the trade imitated by a signal?

That’s the questions I have so far, thanks in advance for any advice peocieed.
 

1. Yes, but you should check the Slippage tab of the signal for the best broker/server setups with the lowest slippage, green and upper yellow values are best, orange and red are to be avoided.

2. Yes, but if you use a lower leverage than the signal, you will decrease your copying ratio and lot size and will not be proportional to your balance.

3. Yes, you need to enable all symbols that the signal trades in MT5 >> View >> Symbols.

4. You can, but it will be copied again upon synchronization with the signal subscription. If you want to close the signal trades manually, you should disable the signal subscription first in the MT5 >> Tools >> Options >> Signals first.

Also a tip, if your broker has some suffix that the signal doesn't have or vice versa you may not be able to copy the trades smoothly. For example if the signal trades EURUSDm and your broker has a EURUSD.pro symbol you may not be able to copy it at all. So if the signal uses some suffix its better to look for the same broker or some that uses the same suffix.

 
Eleni Anna Branou #:

1. Yes, but you should check the Slippage tab of the signal for the best broker/server setups with the lowest slippage, green and upper yellow values are best, orange and red are to be avoided.

2. Yes, but if you use a lower leverage than the signal, you will decrease your copying ratio and lot size and will not be proportional to your balance.

3. Yes, you need to enable all symbols that the signal trades in MT5 >> View >> Symbols.

4. You can, but it will be copied again upon synchronization with the signal subscription. If you want to close manually the signal trades you should disable the signal subscription first in the MT5 >> Tools >> Options >> Signals first.

Also a tip, if your broker has some suffix that the signal doesn't have or vice versa you may not be able to copy the trades smoothly. For example if the signal trades EURUSDm and your broker has a EURUSD.pro symbol you may not be able to copy it at all. So if the signal uses some suffix it’s better to look for the same broker or some that uses the same suffix.

Many thanks for your prompt answer, the main concern would be point 3, with the correct symbol as the signal provider. I will make contact to the provider to sort it out. Many thanks for your help.
 
Eleni Anna Branou #:

1. Yes, but you should check the Slippage tab of the signal for the best broker/server setups with the lowest slippage, green and upper yellow values are best, orange and red are to be avoided.

2. Yes, but if you use a lower leverage than the signal, you will decrease your copying ratio and lot size and will not be proportional to your balance.

3. Yes, you need to enable all symbols that the signal trades in MT5 >> View >> Symbols.

4. You can, but it will be copied again upon synchronization with the signal subscription. If you want to close the signal trades manually, you should disable the signal subscription first in the MT5 >> Tools >> Options >> Signals first.

Also a tip, if your broker has some suffix that the signal doesn't have or vice versa you may not be able to copy the trades smoothly. For example if the signal trades EURUSDm and your broker has a EURUSD.pro symbol you may not be able to copy it at all. So if the signal uses some suffix its better to look for the same broker or some that uses the same suffix.

Hi, sorry to trouble you again. For point 3, where for my terminal to execute a trade, do I need to have all the chart window of a currency symbol open for it to trade please? Of if I don’t open any chart window of currency symbol, but I do have them in the Market watch window, will the trade still execute please?

Many thanks.
 
alexlmlo #:
Hi, sorry to trouble you again. For point 3, where for my terminal to execute a trade, do I need to have all the chart window of a currency symbol open for it to trade please? Of if I don’t open any chart window of currency symbol, but I do have them in the Market watch window, will the trade still execute please?

Many thanks.

You don't need any charts open, but you need the symbols that the signal trades, enabled in MT5 >> View >> Symbols.

 
Eleni Anna Branou #:

You don't need any charts open, but you need the symbols that the signal trades, enabled in MT5 >> View >> Symbols.

Thanks again for your prompt support, helpful as always.
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