A beginner-friendly guide to trading with OANDA Sentiment Trader on the MT4 platform.
Introducing OANDA Sentiment Trader
This tool lets you see the position sentiment of OANDA traders so that you can compare trends.
Basic components of OANDA Sentiment Trader
OANDA Sentiment Trader consists of three tabs: "Currency pair name", "Symbol", and "New order".
This tab displays the names of different currency pairs.
You can view sentiment data for each pair, including sentiment trends and price charts.
By hovering your cursor over the bottom-left corner of the chart, you can change the time frame.
The symbol tab shows the position size and unrealised profit/loss for each currency pair available in Sentiment Trader.
Clicking on a currency pair switches the display to that pair.
New order tab
This tab allows you to place trades.
When placing a new order, you can also set stop loss and take profit levels by specifying the number of pips.
If you tick the "Non-hedging mode" box, you can only trade in one direction, short or long.
With non-hedge mode enabled, orders and closures can be executed with a single click.
Open positions in the selected currency pair appear at the top of the screen.
You can also close them directly from this interface.
Setting up OANDA Sentiment Trader
Although OANDA Sentiment Trader does not perform automated trading, it is provided in EA (Expert Advisor) format because it includes the order placement function.
To use OANDA Sentiment Trader, automated trading must be enabled in MT4.
Drag and drop OANDA Sentiment Trader onto a chart to open the EA settings window.
Make sure the following options are “checked”:
- "Allow live trading",
- "Allow DLL imports", and
- "Allow import of external experts".
Once confirmed, click “OK” to activate the tool.
Data sources: The sentiment is calculated from all client data from OANDA entities in the United States, UK, Singapore, Australia and Canada. It also includes some client data from Japan.
This article and its contents are intended for educational purposes only and should not be considered trading advice.
