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MT4 spread betting

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Hi everyone,

 

I’m new to this world and have a number of questions

 

1) I have downloaded MT4 from the IG website and have a demo account. How do I specify in MT4 whether I am using CFD or spread betting account? Can this be done with a demo account?

 

2) I’m slightly confused about placing an order. What does the volume in the order form refer to? Is this different for a spread betting and a CFD account?

 

If anyone can point me some information regarding these two questions I’d appreciate that

 

Any help is appreciated

 

Many thanks,

 

Ed

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Hi @EdFuk,  with IG you can either have a spread bet mt4 account or a cfd mt4 account, the mt4 platform remains the same.

To link mt4 to your IG account (demo or live);

In mt4 click File > Open an Account and the IG feeds should be there, select either and follow the instructions.

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image.png.6c2f29f2bfa3a08b14467286f56e6ec4.png

The original mt4 order ticket is old and volume refers to the volume number of lots. Recommend you also download the IG mt4 app pack and within in you will find a trade and mini terminal.

If you download the app pack with mt4 open it will load directly into mt4. You will find them in the Navigator tab.

image.png.d68e1d65ff3f851903b75efbb1fa4cb9.png

The mini (below) is a deal ticket which is attached to the chart while the trade terminal is for orders.

image.png.b479b2b83e98ef0ce6312711a4597dba.png

The 1 lot equates to £1/point for spread bet. On mt4 there is an extra decimal for points so stop loss 150 is 15 points and the take profit 300 is 30 points and the spread (out of hours) is 20 meaning 2 points.

Hope this helps.

 

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Hi @Caseynotes  thank you very much for your reply. I will download the apps and have a play. I’m looking to trade forex and currently writing my first EA so that I can automatically back test my strategy. How does the lots figure relate to each pip movement?

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Hi @EdFuk,  IG have tried to simplify the nomenclature by making a pip (FX) and a Tick (indices) = to a Point.

They have also tried to simplify Lots as to mean 1 Lot = £1/point on the spread betting ticket but I don't use the cfd account so don't know if that translates the same.

Best of luck with the EA.

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Thanks.

I'm trying to make sure I obtain the correct value per pip in the EA. Is there an instrument property that gives me the amount/pip information from the specification?

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@EdFuk,  not that I'm aware of, I simply played around to find the values starting low and working up. Each broker seems to assign the platform with their own specifications.

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