How to open O T C market on Metatrader
Premise
This tutorial is aimed towards those who are concentrated on their work on the weekends with the OTC market, and the need to open a Metatrader 4 or 5 chart as reference, which normally does not list OTC assets as available. Except for the possibility of inserting their own indicators.
(PDF at the end of the page)
The procedure must be carried out specifically during the weekends, when the IQ Option OTC assets are active. Throughout the week, OTC pairs will not appear on the MT4 asset list.
How it works
To view the OTC assets, MT4 uses data from the IQ Option platform when its OTC pairs are activated.
It is not necessary to open operations with the IQ binaries, in Italy it has been prohibited to non-professionals, but we only require your data to use the MT4 OTC charts for our trading. Once you have obtained our OTC reference charts on MT4, these can then be used through separate brokers, such as Pocket Option for instance.
Requirements
- The IQ Option platform can be acquired through their official website.If you are a European resident, you will be able to download it online by browsing with a non-European IP (On Google you will find several simple options, even an extension for Chrome).It will not be used for trading with IQ, but simply for receiving OTC data. Sign up by filling out the form and open the demo.
2. The “MT2” trading program is now required and can be downloaded from the MT2 Trading site. The program itself is free almost entirely (except for a fee for automatic trading on real accounts).
3. Open your Metatrader. If you do not have it or want to switch it, MT2 proposes Alpari as well as provides the executable file (read below), either of these are acceptable.
Set up
Let’s open the IQ demo and keep it active during operations.
We download the MT2 program then we will obtain an executable file and a “MetaTrader” folder, which in turn will contain other files.
We install the “mt2trading_setup.exe” application, where we will insert our IQ Option credentials (email and password).
If we don’t already have it, install a MetaTrader, for example the one proposed in the download, by launching the “Alpari4setup” application.
Open the Metatrader Offline chart (“File”, “Open Offline”) and an asset list will appear, which will also contain the OTC assets.
Note: OTC pairs are displayed only when their assets are active on the IQ Option.
From the list we will choose our favorite, for example EURUSD-OTC M5.
The relative OTC chart will then open.
.
Initially it will be free of candles, as the data must be received through the IQ Option platform.
We now install two indicators onto our newly opened chart.
The indicators
We install the “MT2 IQ-OTC.ex4” indicator as per the usual procedure used to install indicators on MetaTrader. You can find the indicator in the package files of the MT2 download folder.
After inserting the indicator, a window will appear where you will be able to select from a drop-down menu the 8 OTC pairs available on the IQ Option.
We always install the MT2IQ_Connector indicator on MetaTrader:
We do not consider the other files in the MT2 folder if we are not interested in automatic trading to the IQ Option. For automatic trading, refer to the MT2IQ main page.
We can install indicators to our liking, with customizable colors. Over time our usual chart will be formed with candles and completed indicators.
For future convenience, let’s also save this template.
FAQ
D. The candles are narrow and the “lens” button in the menu are inactive.
R. Right click on the graph and then “Zoom In”.
D. I can use IQ Option for manual or automatic trading, however after our installation it does not seem to open my operations.
R. Make sure you have copied the “mt2trading_library” file to the “Libraries” folder.
Check that the name of the indicator is correctly written in the IQ connector.
D. The graph does not update.
R. Check that there is a connection in the lower right:
D. Automatic trades are not yet opened on IQ.
A. Make sure both MT2 and IQ are on Demo (or both on real).
Conclusion
As MetaTrader is not active during the weekends, this solution allows us to take advantage of its charts for OTC trading.
IQ Option remains our favorite broker, although a valid alternative will definitely be Pocket Option which allows for European trading.
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