OneClickTradingLevel2 Plugin is a useful tool especially for short-term traders. If you trade intraday and a couple of pips per trade makes a difference for you, then this tool is for you. Sure if you are a longer term trader and hold a position for days it may help you in fine picking your entry points, though it might be not as valuable for you.
To start using OneClickTradingLevel2 Plugin you only have to download one exe file OneClickTradingLevel2.exe from fxopen.com web site and run it on your PC. It would not harm, if developers made a little text file helping installation process, though it's not too complicated even for most unsophisticated users. To install the program you only have to run the aforementioned exe file and then choose destination folder, where the installer will put all files you need to work with the program. For the program to function, it needs Microsoft .NET Framework installed on your PC, though if you don't have it, the installer will download it and install automatically for you. Probably it would be better if the developers made an option for manual .NET Framework installation, if the user doesn't want to install it automatically. And it would be great to have a little text file with instructions, where to put the plugin files.
After the installation process is complete (it might take a while if the .NET Framework is to be downloaded and installed) you will have all the files you need in the destination folder you chose. Basically it's an uninstaller file and files you will have to put into your MetaTrader4 terminal folder. Put OneClickTradingLevel2.ex4 into your terminalexperts folder, and files that you find in "libraries" folder into your terminalexpertslibraries folder. This is it, the installation process is complete, you can use the OneClickTradingLevel2 Plugin.
2.Running the program.
First of all run your terminal of course. Then put OneClickTradingLevel2 Expert Advisor on chart. After a while you will see the main plugin window. I think the developers might write somewhere these simple instructions.
3.1 Trade execution.
Like in most applications for one click trading this program has two main buttons by clicking on which you buy or sell at the market. And you will see price at which you sell right on the button, which is convenient. Plus you see current spread in pips between the two main buttons. The program will even automatically make adjustment for you if you are using 5-digit broker. You can set lot size of your trades in this window too. But it organized not very conveniently via dropdown list, though you can just write there the lot size. I scalped using very small lots (0.01 0.05), and had to write the lot size before every trade. It would be better if I could add my preferred lot sizes to the dropdown list.
With this plugin you can execute not only market orders, but pending orders as well. There's a little part in the bottom of the main plugin window, where you can see all the pending orders features. You can choose Buy or Sell order via radio button, execution price, stop loss and take profit distance. Anything you might need working with pending orders. If you, like myself, don't use pending orders in your trading, you can simply remove this part of the window from the screen by choosing "One Click Trading" in a dropdown list on top of the window, which is very convenient. But attention! If you have used pending orders for a while and set some SL and TP, then opted to choose One Click Trading mode, you unfortunately do not see that SL & TP levels, though they are working, and if you open a market order, the plugin will put in SL and TP orders. I think it's necessary to have SL & TP on screen while in One Click Trading mode.
3.2 Trade closing.
With this plugin you can close trades by only one click. Fantastic option! For trades that are already in the market there are four options. 1st, "CloseAll", this will obviously close all open trades of current symbol. 2nd, "CP", this is for Close Profitable. This will close all profitable trades on current symbol, very useful for active day traders who build their positions gradually and then try to close with small profit. This is my favorite option, I love to close trades with profit 🙂 3rd, "CL", Close Losing. This is for what we all do not like to do at all though definitely need to sometimes, if we are gonna stay in trading for some time more. It's for closing all the losing current symbol positions. And the last, 4th option, "CS". It's for partial closing of all your positions. Pretty convenient option, though it would be great to have an option for partial closing of only losing or only winning positions.
The plugin has 3 options for deleting of pending orders. "All", which is obviously to delete all the pending orders on current symbol. And separate buttons to delete Limits and Stops.
3.3 Information functions.
These functions are very useful. You can see on the plugin window not only low and high price for the day, but number of your positions for the current symbol, these positions swap (if you opt to hold them overnight), your average entry price and current symbol profit/loss. These options are very useful if you are an active day trader and trade many currency pairs simultaneously. Sometimes when you have a lot of open trades on different charts you can't be sure where you're losing and where you're winning. The plugin's info functions will help you to sort your trades out.
4.General thoughts on plugin improvement.
4.1 Now you have to run the plugin on every chart you want to trade using it. This is not very convenient. It would be great if the plugin could recognize automatically current chart simbol and trade it, when you change it in terminal.
4.2 I'm a swing trader and usually hold my positions for at least a day or two, but sometimes I feel like scalping a little. This plugin is a good tool for scalping, but if, say, I have an open swing position in EURUSD and want to scalp in EURUSD, I'm risking to close by chance this my swing position by clicking Close All, or CP, or CL. So it would be great if there was a magic number feature, that would make the plugin to only monitor and close the trades it has opened.
In general OneClickTradingLevel2 Plugin is a good tool, very useful for scalpers and short-term traders. It works stably, places and closes orders quickly, and this is what day traders really want from such tool. But there are some aspects of functionality that can be improved, and if treated properly, can make it even more useful and convenient. I rate it at 7 on a ten-point scale. There is still left some room to grow and improve for the plugin, and that can make traders' life a little easier.
This content provided by Serega participates in the FXOpen OCTL2 User Reports Contest. Good luck to Serega!