please, how to know if the platform is ECN?
Open a new trade order window. If it shows "market execution", it is most likely ECN broker. If it shows "instant execution", it is most likely dealing desk broker.
Check out their web sites also helps.
You don't need a script.
Hi, is there any script tell me if a broker is ECN? Thanks
I have the same question... Does anybody know any way of knowing if a broker is 'ECN' via code?
So far I've noticed the following differences between 'ECN' brokers and non-ECN brokers:
- ECN brokers ignore slippage (hence they have virtually no re-quotes).
- Market orders cannot be opened with tp/sl with 'ECN' brokers (tp/sl can be modified after order is opened).
- Margin Required calculations seem to be different with 'ECN' brokers, but I am not sure it's the same for all of them...?
My only idea at the moment is to hard-code the company name and it's type, but I'm looking for a more universal solution.
I have the same question... Does anybody know any way of knowing if a broker is 'ECN' via code?
It partly depends on why you want or need to know - and on your definition of an "ECN broker". If you're talking about a platform which passes on the raw best bid and offer, then the defining characteristic is that they charge commission. But I'm not aware of a way of querying MT4 using something like MarketInfo() to find out what the commission will be on orders.
Alternatively, if what you actually want to know is whether a market order will fail if you try to place an s/l or t/p on it, then that's not necessarily meeting everyone's definition of ECN. However, it does seem easier to test for. On anything which uses the Boston Technologies bridge, MODE_STOPLEVEL should return 0. Not sure about other bridge technologies. In other words, from my limited experience, if MODE_STOPLEVEL == 0 then you have to set the t/p and s/l on a market order using OrderModify().
It partly depends on why you want or need to know - and on your definition of an "ECN broker". If you're talking about a platform which passes on the raw best bid and offer, then the defining characteristic is that they charge commission. But I'm not aware of a way of querying MT4 using something like MarketInfo() to find out what the commission will be on orders.
Hmmm... Well I don't necessarily care if a broker is 'ECN' in the sense of passing best offers... I don't care if he has commissions either, since that can be accounted for in any EA with relative ease (even if only after the first order we know that the broker actually has commissions).
What I want to know is how to determine via code if a broker has irregular characteristics such as - ignoring slippage, not allowing market orders with tp/sl and weird margin required calculations.
Alternatively, if what you actually want to know is whether a market order will fail if you try to place an s/l or t/p on it, then that's not necessarily meeting everyone's definition of ECN. However, it does seem easier to test for.
Is there any way of testing this besides attempting to open a market order with tp/sl?
On anything which uses the Boston Technologies bridge, MODE_STOPLEVEL should return 0. Not sure about other bridge technologies. In other words, from my limited experience, if MODE_STOPLEVEL == 0 then you have to set the t/p and s/l on a market order using OrderModify().
Interesting. I never noticed that, I'll have to check it out. BTW, what other bridge technologies are there? I have only heard of BT so far... All 'ECN' brokers I know of, have the BT logo somewhere on their site...
BTW, what other bridge technologies are there?
Alpari have a proprietary bridge. Gold-i (http://www.gold-i.com/) have a competitor to BT, but I'm not aware that it's in live use yet.
Alpari have a proprietary bridge. Gold-i (http://www.gold-i.com/) have a competitor to BT, but I'm not aware that it's in live use yet.
Thanks for the info.
I believe the Gold-i bridge went live in the last month live to its first partner.
Regarding the ability to set stops in the order open, this is not a limitation of the broker, but a limitation in how the bridging technology has been implemented.
The Boston Technologies solution is implemented in the Manager.API in MT4 Server, resulting in a bridge architecture which requires that orders are opened without stops and then subsequently modified. Limit and Stop orders are persisted on the bridge itself until the conditions are met to pass them to the back-end as market orders.
The Gold-i bridge, on the other hand, is implemented on the Server.API in MT4 Server, resulting in an architecture which allows orders to be opened with stops set, and for stop and limit orders to be passed through and created on the bank end.
CB
I believe the Gold-i bridge went live in the last month live to its first partner.
Regarding the ability to set stops in the order open, this is not a limitation of the broker, but a limitation in how the bridging technology has been implemented.
The Boston Technologies solution is implemented in the Manager.API in MT4 Server, resulting in a bridge architecture which requires that orders are opened without stops and then subsequently modified. Limit and Stop orders are persisted on the bridge itself until the conditions are met to pass them to the back-end as market orders.
The Gold-i bridge, on the other hand, is implemented on the Server.API in MT4 Server, resulting in an architecture which allows orders to be opened with stops set, and for stop and limit orders to be passed through and created on the bank end.
CB
That's interesting, although I know very little about the server-side architecture of MT4... Have any idea where I can get my hands on the MT4 API documentation? Just for educational/curiosity purposes... :)
That's interesting, although I know very little about the server-side architecture of MT4... Have any idea where I can get my hands on the MT4 API documentation? Just for educational/curiosity purposes... :)
This site is more likely to be a starting point https://www.metaquotes.net/en/metatrader4
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Hi, is there any script tell me if a broker is ECN? Thanks