Discover the features of OANDA Tick Chart Trader on MT4, including chart types, trading methods, and quick execution tools.
Introducing OANDA Tick Chart Trader. A guide to how it works and how to trade
OANDA Tick Chart Trader is a useful tool that allows you to view market activity based on transactions rather than time. The tool displays different styles of tick charts not included by default in MT4.
It also allows you to place orders directly on the tick chart.
Chart types available in Tick Chart Trader
Tick Chart Trader offers six chart styles.
You can select the chart type from the dropdown menu beside the currency pair at the top of the chart.
1. Tick charts
This is a simple tick chart that updates each time the price changes.
When the market is active and prices are changing frequently, the chart moves quickly.
Conversely, when the market is quiet and price updates are infrequent, the chart moves more slowly.
2. Tick speed
This chart displays the average update time for a set number of ticks using grey bars.
Short and frequent bars indicate a high rate of price updates and active trading.
3. Timed charts
This is a time-series chart that displays tick-by-tick price movements along a horizontal axis based on fixed time intervals.
In periods of low market activity, the chart may appear flat.
4. Candles
This chart shows tick movements using candlesticks.
Unlike standard candlesticks based on time, each candle here represents a fixed number of ticks.
When price updates are frequent, new candles appear more quickly.
When updates are infrequent, it takes longer for a new candle to form.
The prices are shown as mid-prices, which are the average of the bid and ask prices.
5. Seconds
This is a time-based candlestick chart that moves to the right at fixed second intervals, regardless of price activity.
6. Versus charts
This chart displays the tick movements of two currency pairs simultaneously.
It is useful for analysing correlations between different currency pairs.
Trading using Tick Chart Trader
Placing a new order
To place a new order, enter the number of lots in the field at the bottom of the Tick Chart Trader interface.
Click the rate displayed to the right to open the order panel.
You can also press the “B” key for buy or “S” for sell to open this panel.
Confirm the lot size, select “Buy” or “Sell”, and click the “Place order” button to execute the trade.
Closing an open position
While holding a position, your unrealised profit or loss is displayed in the upper right corner.
Click this display to open the order panel.
Press the “Close order” button to close the position.
You can also open the order panel by pressing the “C” key.
Alternatively, you can close a position by placing an opposite trade.
Quick order
You can enable quick orders by checking “Allow Ctrl key for quick order entry” at the bottom of the order panel.
Once enabled, you can place quick orders by pressing Ctrl + B (buy), Ctrl + S (sell), or Ctrl + C (close).
Setting up OANDA Tick Chart Trader
Displaying Tick Chart Trader
As OANDA Tick Chart Trader is an EA (Expert Advisor) programme, automated trading must be enabled.
To activate it, drag and drop the tool from the “Navigator” onto a chart.
Ensure that “Allow live trading” and “Allow DLL imports” are checked, then click “OK”.
The Tick Chart Trader will now be displayed.
Selecting the number of ticks to display
You can choose how many ticks to display from the menu at the bottom of the chart.
This article and its contents are intended for educational purposes only and should not be considered trading advice.
