What is a Magic number in Forex? A magic number in Forex is a unique identifier adjusted in Forex EA settings, allowing an Expert Advisor to identify its trades. It’s like a CNIC which is a unique identifier for humans. Every MT4 EA must have a different Magic number value.
As soon as a trade is opened, this number is issued to it and stays with the trade until it is closed. This makes it possible for the MT4 EA to successfully track and manage its trades without making any mistakes.
The Importance of Magic Number in Forex for Managing Multiple Expert Advisors MT4
For traders who use many MT4 EA or MT5 EA simultaneously, It would be difficult (for the EA) to remember which trades belong to which EA without a magic number. This can result in errors during opening or closing trades because an EA might access trades of other EA.
MetaTrader EAs often need to modify stop loss or take profit from open trades. They use magic numbers to distinguish among their trades.
Note: If you set the same magic number to multiple EAs, they might malfunction by modifying and closing other trades.
We hope this blog has been helpful in understanding the concept of magic numbers in MT4 forex EA.
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