OrderSend

1. OrderSend: A Comprehensive Guide for MQL5 Beginners

OrderSend is a fundamental function in MQL5, the programming language used for developing trading robots (Expert Advisors - EAs), custom indicators, and scripts for the MetaTrader 5 (MT5) platform. It’s the core mechanism by which your EA instructs the trading platform to open, modify, or close trades. Understanding `OrderSend` is *essential* for anyone venturing into automated trading. This article provides a detailed, beginner-friendly explanation of `OrderSend`, covering its syntax, parameters, error handling, and practical considerations.

== What Does OrderSend Do?

In essence, `OrderSend` sends a trade request to the MT5 kernel. The kernel then validates the request against your account's conditions (margin, available funds, trading restrictions, etc.) and, if valid, executes the trade. It doesn’t *guarantee* execution; market conditions (slippage, insufficient liquidity) can still prevent a trade from being filled. `OrderSend` returns a ticket number if the trade is successfully sent for execution, or an error code if something goes wrong. This return value is crucial for tracking and managing trades. Think of it like submitting an order to a broker – the broker confirms receipt of your order (ticket number) but doesn't promise immediate fulfillment.

== Syntax of OrderSend

The `OrderSend` function has a complex syntax due to the numerous parameters it accepts. Here's the general structure:

```mql5 int OrderSend(

  string      symbol,        // Symbol name
  ENUM_ORDER_TYPE order_type,  // Order type
  double      volume,        // Volume in lots
  double      price,         // Price
  int         slippage,      // Slippage
  double      stoploss,      // Stop Loss price
  double      takeprofit,    // Take Profit price
  string      comment,       // Comment
  long        magic,         // Magic number
  int         expiration,    // Expiration time
  string      type_filling   // Order filling type

); ```

Let's break down each parameter in detail:

• **`symbol` (string):** The name of the trading instrument (e.g., "EURUSD", "GBPUSD", "XAUUSD"). This *must* match the symbol as displayed in the MT5 Market Watch window. Case sensitivity may apply depending on the broker. Using an incorrect symbol will result in an error.
• **`order_type` (ENUM_ORDER_TYPE):** This parameter specifies the type of order you want to place. The `ENUM_ORDER_TYPE` enumeration defines the possible values:

   *   `ORDER_TYPE_BUY`:  A buy order.
   *   `ORDER_TYPE_SELL`: A sell order.
   *   `ORDER_TYPE_BUY_LIMIT`: A buy limit order.
   *   `ORDER_TYPE_SELL_LIMIT`: A sell limit order.
   *   `ORDER_TYPE_BUY_STOP`:  A buy stop order.
   *   `ORDER_TYPE_SELL_STOP`: A sell stop order.
   *   Understanding the differences between these order types is crucial for implementing various trading strategies.

• **`volume` (double):** The volume of the trade in lots. The minimum volume allowed is determined by your broker. Be mindful of lot sizing and risk management. A single lot typically represents 100,000 units of the base currency in forex trading.
• **`price` (double):** The price at which you want to execute the order. For market orders (`ORDER_TYPE_BUY` or `ORDER_TYPE_SELL`), this is the current market price. For pending orders (limit and stop orders), this is the price level at which the order will be triggered.
• **`slippage` (int):** The maximum permissible slippage in points. Slippage occurs when the execution price differs from the requested price due to market volatility or order book depth. A higher slippage value increases the chances of execution, but may result in a less favorable price. A value of 3 is generally reasonable for fast-moving markets, while 0 might be appropriate for stable markets. See Slippage Control for more detail.
• **`stoploss` (double):** The Stop Loss price level. This is the price at which the trade will be automatically closed to limit potential losses. Setting a Stop Loss is a fundamental aspect of risk management.
• **`takeprofit` (double):** The Take Profit price level. This is the price at which the trade will be automatically closed to lock in profits. Setting a Take Profit is also crucial for profit targeting.
• **`comment` (string):** An optional comment associated with the order. This can be useful for identifying the source of the trade (e.g., "EA_v1", "Manual Adjustment").
• **`magic` (long):** A unique identifier for your EA. This allows you to distinguish trades opened by your EA from those opened manually or by other EAs. This is *extremely* important when working with multiple EAs or modifying existing trades. A common practice is to assign a unique magic number to each EA.
• **`expiration` (int):** The expiration time of the order, in seconds since January 1, 1970 (Unix timestamp). If set to 0, the order has no expiration date. This is particularly useful for pending orders that you want to cancel automatically after a certain period.
• **`type_filling` (string):** Specifies the order filling type. Possible values include:

   *   `ORDER_FILLING_RETURN`:  The order will only be filled if the entire volume is available at the specified price. If not, the order will be rejected.
   *   `ORDER_FILLING_FOK`: (Fill or Kill) The order will be filled completely at the specified price, or it will be canceled.
   *   `ORDER_FILLING_IOC`: (Immediate or Cancel)  The order will be filled immediately with the available volume at the specified price. Any unfilled portion of the order will be canceled.

== Error Handling

`OrderSend` returns an integer value. A positive value represents the ticket number of the newly opened order. A negative value indicates an error. It is *critical* to check the return value of `OrderSend` and handle errors appropriately. Ignoring errors can lead to unexpected behavior and financial losses.

Common error codes include:

• `TRADE_RETCODE_DONE`: The order was successfully sent for execution (positive ticket number returned).
• `TRADE_RETCODE_REJECT`: The order was rejected by the server. This can be due to various reasons (insufficient margin, invalid price, trading restrictions, etc.).
• `TRADE_RETCODE_CANCEL`: The order was canceled by the server.
• `TRADE_RETCODE_PLACED`: The order was placed, but is not yet filled. (Often seen with pending orders.)
• `TRADE_RETCODE_INVALID_VOLUME`: The requested volume is invalid.
• `TRADE_RETCODE_INVALID_PRICE`: The requested price is invalid.
• `TRADE_RETCODE_INVALID_STOPS`: The Stop Loss or Take Profit levels are invalid.
• `TRADE_RETCODE_MARKET_CLOSED`: The market is closed.

You can use the `GetLastError()` function to retrieve more detailed information about the error. A robust EA should include comprehensive error handling to gracefully handle unexpected situations. Example:

```mql5 int ticket = OrderSend(symbol, order_type, volume, price, slippage, stoploss, takeprofit, comment, magic, expiration, type_filling);

if(ticket > 0)

 {
  Print("Order sent successfully. Ticket: ", ticket);
 }

else

 {
  Print("OrderSend failed. Error code: ", ticket);
  Print("Error description: ", GetLastError());
 }

```

== Practical Considerations and Best Practices

• **Market Information:** Before sending an order, always check the market information using `SymbolInfoDouble` (e.g., `SymbolInfoDouble(symbol, SYMBOL_ASK)`, `SymbolInfoDouble(symbol, SYMBOL_BID)`) to ensure the price is within acceptable bounds and the market is open.
• **Account Information:** Verify that you have sufficient margin and funds using `AccountInfoDouble` before placing an order.
• **Order Modification:** Use `OrderModify` to change the Stop Loss, Take Profit, or expiration time of an existing order. See OrderModify Details for a complete guide.
• **Order Closing:** Use `OrderClose` to close an existing order.
• **Pending Order Placement:** When placing pending orders, consider the potential for slippage and price gaps.
• **Batch Orders:** For high-frequency trading, consider using `OrderSend` in a loop, but be mindful of the rate limits imposed by your broker. Excessive order sending can lead to rejection.
• **Testing and Optimization:** Thoroughly test your EA on a demo account before deploying it to a live account. Optimize the parameters of `OrderSend` (slippage, lot size) to achieve the best performance.
• **Timeouts:** Implement timeouts when waiting for order execution to prevent your EA from getting stuck.
• **Spread Consideration:** Account for the spread (the difference between the bid and ask prices) when setting your entry price and Stop Loss/Take Profit levels. The spread can significantly impact profitability, especially in fast-moving markets. See Spread Analysis.
• **News Events:** Be aware of upcoming economic news events that can cause significant market volatility. Consider pausing your EA during these periods. Refer to an Economic Calendar.
• **Broker Restrictions:** Understand your broker's specific trading restrictions (e.g., maximum lot size, minimum trade increment).
• **Volatility:** Use indicators like Average True Range (ATR) to assess market volatility and adjust your Stop Loss and Take Profit levels accordingly. Higher volatility generally requires wider Stop Loss levels.
• **Support and Resistance:** Identify key Support and Resistance levels to place limit orders strategically.
• **Trend Following:** Utilize Trend Indicators like Moving Averages to confirm the direction of the trend before placing trades.
• **Fibonacci Retracements:** Employ Fibonacci Retracements to identify potential entry and exit points.
• **Bollinger Bands:** Use Bollinger Bands to gauge market volatility and identify potential overbought or oversold conditions.
• **MACD:** Analyze the Moving Average Convergence Divergence (MACD) for potential buy and sell signals.
• **RSI:** Use the Relative Strength Index (RSI) to identify overbought and oversold conditions.
• **Ichimoku Cloud:** Utilize the Ichimoku Cloud for a comprehensive view of support, resistance, momentum, and trend direction.
• **Elliott Wave Theory:** Apply Elliott Wave Theory to identify potential price patterns and predict future market movements.
• **Harmonic Patterns:** Recognize Harmonic Patterns such as Gartley, Butterfly, and Crab to identify high-probability trading setups.
• **Candlestick Patterns:** Analyze Candlestick Patterns like Doji, Engulfing, and Hammer for potential reversal signals.
• **Volume Analysis:** Incorporate Volume Analysis to confirm price movements and identify potential breakouts.
• **Correlation Analysis:** Analyze the Correlation between Currency Pairs to diversify your portfolio and reduce risk.
• **Seasonality:** Consider Seasonal Trading Patterns to capitalize on recurring price trends.
• **Intermarket Analysis:** Utilize Intermarket Analysis to understand the relationships between different asset classes.
• **Sentiment Analysis:** Gauge market Sentiment Analysis to identify potential shifts in investor behavior.
• **Order Book Analysis:** Analyze the Order Book to assess market depth and identify potential support and resistance levels.
• **Point and Figure Charts:** Use Point and Figure Charts to filter out noise and identify significant price movements.
• **Renko Charts:** Employ Renko Charts to create a visually clear representation of price trends.
• **Kagi Charts:** Utilize Kagi Charts to identify breakouts and reversals.
• **Heikin Ashi Charts:** Use Heikin Ashi Charts to smooth price data and identify trends more easily.
• **Pivot Points:** Utilize Pivot Points to identify potential support and resistance levels.

== Conclusion

`OrderSend` is a powerful function that allows you to automate your trading strategies in MT5. However, it's crucial to understand its parameters, error handling mechanisms, and practical considerations to develop robust and reliable trading robots. Thorough testing, careful risk management, and a deep understanding of market dynamics are essential for success. Remember to always start with a demo account and gradually increase your risk as you gain experience.

MQL5 Reference Trading Strategies Risk Management OrderModify Details Slippage Control Economic Calendar Spread Analysis

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