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I am trying to do some stuff in Forex with low latency. I'm currently using mql. But as far as I see MT4 terminal is very slow and I can't execute as fast as i want. I am guessing mt4 terminal getting the prices with some FIX message and sends executions via the FIX message again. I thought if I can crack that message I will be able to get the prices and send orders without the need of MT4. Have you did or seen anything like this before? Is it possible?

mert
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Short answer is NO.

MT4 terminal uses a proprietary protocol to talk to MT4 server. The server usually belongs to a broker. The broker purchased the server from Metaquotes as a stand alone piece of software.

On the server side brokers usually set up what's called a bridge. Another piece of software that stp's your orders to the bank. The bridge may send your order to the bank directly or in aggregate via fix or any other prop protocol, depending on the bank.

You will never get a fix connection to a broker as a regular retail client, you would only get a fix connection as an institutional trader which will require a segnificantly large deposit with the broker.

If you have existing algo/software implementation in fix your best bet would be to abandon MT4 all together and go to interactive brokers They have a piece of software called ib gateway, which can act as a fix server on you local network while sending orders to them.

If your writing something new, MT4 and mql is about the worst case scenario you can get. Best go with a broker dealer like ib

Dmitry
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  • Can you give more information about the protocol which mt4 client talks with mt4 server? Is there a way to replicate its messages or they are encrypted? – mert Aug 19 '17 at 23:46
  • All traffic between MT4 servers and terminal is encrypted and they tweak it with every update. It's really, really about the worst approach to trading Forex over fix – Dmitry Aug 21 '17 at 18:02
  • The point is i know a guy who is doing it and he told me that he was updating the code in every update of mt4. That must be it. Because i have a living example I just want to know where to start. – mert Aug 21 '17 at 18:47
  • My point is it's a useless effort bc even if you can trade electricly over MT4 connections the prices you get and the number of hops your orders go thru will eat any pnl you think you might be generating via electronic trading, best be in this scenario is make an ea – Dmitry Aug 21 '17 at 19:13