The Local trade copier software can offer many solutions to account managers and retailers or signal providers this article will give you more information about the features inside the local trade copier.
Does your Local Trade Copier copy pending orders and positions?
Yes, the local trade copier version will copy your pending orders and your market orders. You can decide to Put filters on your positions, the default settings for the software will be to copy each of the positions to any slave account right on the spot.
Will my pending orders be copied at the same price as the original trade on the master platform?
The Local trade copier copies pending orders at the same price by default, you can choose to change this feature if you wish, and you can change the open price automatically. There are situations when you are denied to put the same price on pending orders if the price is too close to the market price. This situation may occur when the original master account and the slave account are using different accounts or different brokers and in other cases, it might be because of the difference in spreads or the broker’s stopLevel.
This basically represents the number of pips needed between the opening price and market price, you can find more information about limitations in making trades – here
Is the StopLevel applicable to both Stop Loss (SL) and Take Profit (TL) values?
Essentially, Yes, the Stop level applies for both Take profit and Stop loss values. Remember that you cannot step your stop level on a price that is too close to the current market price, which means the minimum distance of pips allowed (Every broker has a different top level)
If StopLevel rules are disrupted, my pending orders will not be copied?
Pending orders are a feature that your typical MT4 application does not handle very well, and sometimes does not handle at all, be sure that our M4T LTC (local trade copier) knows how to handle the pending orders efficiently, for example, the LTC will create pending orders all the time, until it succeeded or the master account canceled the pending orders itself, The only time it will truly fail will be if the broker refuses the order.
But once you meet the distance rules of the broker and the price moves to its proper place the LTC will create the failed pending orders as soon as it is possible.
Can an Local Trade Copier reverse pending orders?
Reverse pending orders is a feature that our LTC handles very well, but the type of the pending order will be changed because it is a reversal pending order.
What does it mean? That ‘sell stop’ becomes ‘buy limit’ and ‘buy stop’ becomes ‘sell limit’.
The changes happen because you want the pending orders to go the opposite direction, this means that orders that are made above the market price still do but change, that is why ‘buy stop’ becomes ‘sell limit’, both of them are made above market price. Remember only ‘buy stop’ and ‘sell limit’ are made above the market price, and ‘sell stop’ and ‘buy limit’ created below market price.
What happens when a pending order is triggered on the master MT4 account?
Pending order that is created on the master account gets created on the slave account with a “ping” normally a few seconds apart. What triggers the pending order is the broker itself and not the LTC, that is why the local trade copier does not have any role in the process.
There are cases although rare, which a pending order will be created only on master account and not on slave account or the other way around, will be created on the slave account and not the master account, in that case, the pending order will stay open until the “Parent trade” will close on the master account. In the end, you can be with profit or losses in case you have a pending order on your slave account but not on your master account.
The master account can cancel the pending orders and it will have no consequences on its account balance. In case the pending order was not triggered while the “parent order” is triggered you may miss the trade.