Ladder interface

I've always hated the plonky way you have to place trades in Metatrader. I like DOMs or ladder-type interfaces where you can insert your order at the price you want quickly and easily.

Those who know Button Trader for IB will know what I mean.
Whilst I realise there is generally no DOM data for FX, I still like the ease of use the ladder interface affords and you can create strategies with trailing stops etc

So, my question is, does such an interface exist as a third party add-on that anyone knows of ?

Thanks

By the lack of response it would seem that there isn't one.

I have a good coder available and we're currently designing such an interface for LMAX. D'you think the users of Metatrader would appreciate it if we were to create a similar one for MT4/5 ? It won't be free but it will allow much greater flexibility placing trades and creating money management strategies. Take a look at buttontrader.com to see the sort of interface I'm talking about.

I'd really apperciate some feedback with thoughts. Thanks

165 views and not a single opinion.

Obviously something no one seems to be interested in.

Odd really because a DOM or ladder interface, particularly one with programmable money management strategies like Button Trader is a fantastic way to trade.

Ah well, I'll keep it to myself

If you're talking MT4, no DOM data is available, making any kind of DOM-based interface impossible. But apparently MT5 has such a facility.

It's also possible that many folk here don't understand the significance of DOM, or what you mean by a 'ladder'.

I agree that MT4's order entry interface is primitive. It would seem that the philosophy behind MT4 is to provide bare-bones charting, but a feature-rich programming language that allow (programming-literate) users to develop indicators, EAs, etc that meet their own specialist requirements.

My own preference would be for a visual order placement/modification system where entry/SL/TP levels exist as movable lines on the chart, and then calculates return/risk and position sizes automatically. That way I can focus on the technicals while the software looks after the numbers. I will shortly be releasing such a product in the commercial forum.

I'd also be interested to see whatever you and your programmer come up with.

Compliments of the season to you; I wish you many pips in 2011.

David (not Tennant )

Hanover,

Thanks for the post. And Happy New Year to you too.
I still use your fantastic news indicators and really do respect what you've done for the fx factory world. Its mainly because I trade news that I find a ladder interface so useful. I do appreciate what you say regarding other users and their knowledge of ladders and DOMs. The MT5 DOM isnt a DOM in the normal useage of the term as far as my investigations go.

Those that are interested in knowing more about ladders or DOMs should take a look at buttontrader.com as that is a good example of what we're going to develop. Ninja of course, and many other trading apps have good DOMs and for manual traders who want to be able to pinpoint exactly where their trades go, DOMs are a must.

I'm just a little surprised that this forum doesn't appear to be that interested.

I'm keen to see your version of this Hanover and if you need any beta testing just let me know. From what you said it would appear you're going to build in some money management strategies. How sophisticated will you allow them to become ?

Check out this link: http://www.multicharts.com/traders-blog/?p=89 Click on the tumbnails.

Unfortunately only a few forex brokers are available with this platform.

I'm an IB customer and I've demoed ButtonTrader but I have to say that I never really "got it". i.e. I never really saw the utility of trading DOM.

There's no DOM on MT4 but a ButtonTrader-like interface could still be developed for it. An external dll with the button interface that ties into the MetaTrader platform for order entry would be pretty straightforward.

I have tried to use a ladder interface in the past and like Steve just didn't get it. MT4s primitive entry system is much better than the sophisticated be all end interfaces. I doubt if the retail forex industry would have grown as fast without simple interfaces. Remember new traders want to trade not learn to drive someone's idea of the ultimate trading platform only to have to learn someone else's if they switch brokers. And since 95% fail, nothing is to be gained; and no I don't think a ladder interface would change the failure rate by even 1%.

Still, being able to do 1-click entries at market for video game style scalping might be handy. There are 3rd party apps for IB that let you enter this way and also scale out by 1/2, go flat, etc.

I haven't seen anything like this in MT4.

Thanks for the feedback. There is already a one-click trade placement app for MT4 but I personally dont think much of it.

I'm surprised that you guys didn't 'get it' when using a DOM or ladder interface because for me at least, it makes trades placement so much easier and more intuitive. Ite means you can place your trades at exactly the price you want with one click and then that kicks off a money management strategy, with trailing stops, profits etc

One of the things I thnk most traders don't understand is how much of their losses are due to the spread they have to deal with. And one of the big advantages of the DOM interface is that you can place your trades inside the spread, or anywhere else you want. The idea I'm aiming at is an interface that I can use a dll to link to MT4 with.

Obviously this is going to be a bigger deal than I thought trying to sell the concept to traders on LMAX. Perhaps there isn't going to be quite the demand that I'd anticipated. You live and learn...Thats why feedback is so important.

what? what does a 'ladder interface' have to do with placing orders in mt4? i think you are confusing what is allowed in stock trading versus the restrictions mt4 brokers put on their clients when sending orders. if your broker doesn't allow limit/stop orders within x distance of the bid/ask then no interface is going to make a difference. an EA could deal with this by tracking what you want to do and just place market orders for any limit/stop orders you want to place within that x distance, but then of course you will be stuck dealing with slippage.

or i completely misunderstand what you are meaning. please collaborate if you can.

I am used to OEC's platform trading futures and it has a very good ladder with trade capabilities. This would be a great enhancement to the basic MetaTrader.

Whether or not a broker can deal with limit orders - - this could be emulated very easily on the workstation.

Please keep us updated with information about your project.

Dr Who, I certainly would be very interested in the increased functionality a ladder-esque interface would bring. Do drop me a line if you need a tester. Indeed, I too am somewhat shocked that many more aren't crying out for something like this from LMAX.

In terms of research for your coder, I would recommend looking at Gruss Software, which provides an API interface for the Betfair betting platform (but who sadly won't be moving their expertise over to LMAX any time soon, apparently). It offers a ladder option for sports betting, which I feel has really nailed functionality.

Is this project still in the works? any updates would be appreciated.

The whole DOM interface with LMAX went belly up in the end cos the people behind LMAX just don't understand their market. Many have now left the company which is possibly a good sign if they're going to get in new blood who know what they're talking about.
The same happened at Betfair (some of the people behind LMAX) where they could only think of interfaces designed for numpties because in the final analysis they dont really want people who know what they're doing on the exchange because it makes it much more difficult to steal the money from them. They then have to resort to additional commissions like the Betfair Premium Charge where they steal money from the people on the exchange who have proved they're cleverer than those running the exchange.
They're just greedy people who arent willing to be satisfied with the commissions they earn and then have to resort to theft. A bit like most of the brokers running MT4 I suppose.

MBT has a ladder.

I need this too.

The MT4 order entry is terrible.

looking for a trade manager who is similar to the trade managers some brokers offer.

I like it because I can analyze my lot size and stops very fast and it is easy to place orders

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