You can trade with Oanda™ either through the MT4 bridge, or with a direct REST API connection using the Oanda plugin. The REST API connection is preferable due to higher speed, lower spreads, and the ability to trade currencies with minimum volume, such as a single contract. Oanda is a 'market maker' broker with a large selection of index and commodity CFDs, free historical price data, a free API, no commission, no minimum monthly investment, and a simple and transparent margin and fee structure. Especially trading with minimum volume opens interesting possibilities, for instance running strategy tests on real Oanda fxTrader accounts instead of demo accounts.
For opening an Oanda demo account for API access, visit http://www.oanda.com, and select an fxTrader practice account. For opening a live account, use this link for getting a free Zorro S subscription (details here). You will need an Access Token for trading through the API. For this, sign in on the Oanda website with your user name, then select Other Action / Manage API Access for getting your token. It's a long hexadecimal string that you paste in Zorro's Password field. Put your Oanda Account Id in the User field, or leave it empty for using the default primary account. Then you're all set for automated trading with Oanda. Make sure to store the access token for later use. You will need to revoke your token and generate a new one when you create a sub-account.
Select either the Oanda V1 or Oanda V20 plugin, dependent on your account. V1 accounts have a single number identifier, like 1234711. V20 accounts have an account identifier consisting of multiple numbers with hyphens, like 123-456-78999-007. V1 accounts are preferable since the new V20 API is missing some functions f.i. for returning rollover.
Currency names can be directly used for Oanda symbols, but most CFD names must be converted to a specific symbol in the asset list. An asset list AssetsOanda.csv with the main CFD symbols is included for this purpose. A list of available assets can be found at https://www.oanda.com/forex-trading/markets/live. Click on the asset to get its symbol name. Note that some assets are not available in all countries, f.i. no CFDs in the US.
The Oanda plugin supports the following additional data streams:
The Oanda plugin supports the brokerCommand function with the following commands:
The Oanda plugin uses the Oanda REST API. Compared with other broker APIs, the REST API is well structured, easy to implement, supports full trade management and allows unrestricted price history access. Known issues of the Oanda API are:
► latest version online