Microsoft Excel is one tool that is used by almost everyone. Whether you are a student, a business person, a trader, or even a homemaker, you can take advantage of this tool to organize everything ranging from content to expenses and more. On the surface, Microsoft Excel looks like a sheet that can help you manage your content. Still, it offers many other functionalities that could be highly useful for traders when used correctly.
MetaTrader 4 is a popular Forex trading platform. It offers a plethora of features and tools that can make trading easier and more effective. Traders can use these tools to devise efficient trading strategies. However, one is required to know MQL Programming to experience the full potential of these tools. Coding is not common to all, and managing all the Expert Advisors (EAs) and indicators can leave many feeling overwhelmed. If you are finding the MQL language difficult to understand, you can try Microsoft Excel.
Export MT4 data to Excel
A trader can export live data from MT4 to Excel using a free MT4 file. A trader needs to enable Enable Dynamic Data Exchange Server (DDE server) in Metatrader Tools/Options section in the first step. In the next step, a trader needs to open the DDE-sample file from the Program Files directory. In that Excel file, a trader can change values, add new columns and rows, new instruments.
Let us see the steps:
Step 1: Enable DDE server MT4
Step 2: Open DDE sample Excel file:
Step 3: Connect mt4 to excel. Add new instruments, quotes, rows, and columns and update live data (low, high, ask, and bid price):
In Excel, traders can call ASK, BID, HIGH, and LOW price using commands and manually add new instruments:
BID request: = MT4|BID!USDCHF result: 1.2234
ASK request: = MT4|ASK!USDCHF result: 1.2235
HIGH request: = MT4|HIGH!USDCHF result: 1.2238
LOW request: = MT4|LOW!USDCHF result: 1.2134
TIME request: = MT4|TIME!USDCHF result: 21.05.02 11:52
TIMES request: = MT4|TIME!USDCHF result: 21.05.02 11:52:43
QUOTE request: = MT4|QUOTE!USDCHF result: 21.05.02 11:52:43 1.2234 1.2235 1.2238
This is one of the simplest transitions possible in the trading market. You can easily export live data from MT4 to Excel. This is how you can transfer prices:
Run the Excel software and open a chart.
- Click on the file. You a box will appear. You need to click on ‘Save As.’
- You can now rename the file per your comfort.
- Make sure that the file is in .csv format. CSV is the acronym for Comma Separated Values. MS Excel supports this format.
- Now, click on ‘Save,’ and you are done.
Benefits of Exporting MT4 Prices to Excel
Let’s begin by stating the obvious; using Microsoft Excel is easy. You can find a lot of tutorials online that can assist you in learning shortcuts as well. As it is a popular software, the chances are that you can easily find someone in your vicinity to tell you more about it. Now, let’s see the other benefits of this software that will convince you to export MT4 prices:
- You can easily view data for longer time periods.
- Excel files do not require a lot of space. Thus, you can easily share Excel files with others as attachments.
- You can use this software for price comparisons if you are using multiple brokers on the MT4 platform.
- You do not need super-speed internet for Excel. It works offline, as well.
- You can take advantage of this software if you are one of those who find it difficult to set up platforms.
- Excel does not crash the way platforms do. If it does, your data gets automatically stored.
- It is not an expensive software. If you already have Office, Excel will not cost you a thing.
Export Live Data from MT4 to Excel
The Drawbacks or Limitations of Using Microsoft Excel
While MS Excel is excellent software, it does have a few limitations rather than drawbacks. One of the most important limitations arises from MT4’s inability to save ask prices. As the MT4 platform saves only bid prices, you will export only this data to Excel. You can easily export the history of price movements, and you can do it as frequently as you wish; you cannot stream live data on MS Excel.
Download EXCEL RTD Premium Tool to export live MT4 data to Excel- MT4 excel plugin
Traders in MT4 can use a special MT4 Excel plugin to export MT4 data to Excel.
Hotforex broker offers an excellent free tool for exporting MT4 data to Excel.
Please download the EXCEL RTD tool and export live data from MT4 to excel.
In this video, you can see how it works:
Plainly put, Excel is a basic software with several advantages. It is a reasonable buy and easy to understand. It is its qualities that, sometimes, render it inadequate. If you want to up your game, you can ask a professional programmer to help you understand how to use the MT4 platform and use its tools like the EA and magic numbers. The programmer will also assist you in managing bugs. However, keep in mind that it will be an expensive alternative.
There is a middle way, as well. You can buy software or an application from a third-party. These applications can work separately as well as an extension of MS Excel. These applications are generally easy to understand. The only thing you need to keep in mind with third-party vendors is that your information on the MT4 platform becomes vulnerable. You need to ensure that the vendor is trusted and offers good customer support. We would advise you to use a VPN blocker when using a third-party extension.