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Slippage Measure Indicator

  • Usage scenarios
  • How to install
  • How to set up
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The Slippage Recording Tool is an indicator that automatically records slippage during new orders and closing orders. The recorded slippage details are saved as a CSV file, which can also be viewed in Excel. Additionally, the average slippage for a specified period is displayed on the chart screen, which can be used as a guide for slippage that may occur during new orders.

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Usage scenarios

For reference in broker selection

By running the Slippage Recording Tool with multiple brokers and measuring average slippage, this tool can help in selecting brokers with consistently low slippage. However, since slippage basically doesn’t occur in demo accounts, it needs to be run on real accounts.

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To avoid trades with large slippage

By analyzing recorded slippage, you can avoid trades during time periods and with instruments, lot sizes, or magic numbers (specific EAs for trading) that tend to have particularly large slippage.

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Analyzing slippage from CSV files

The details of slippage measured by the Slippage Recording Tool can be checked in the output CSV file. Please use this to analyze trading performance based on slippage that occurred in past trades.

You can check the CSV file using the following method:

Step 1

Click File > Open Data Folder in the top menu of MT4/MT5.

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Step 2

In the data folder, double-click the MQL4 or MQL5 folder.

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Step 3

In the MQL4/MQL5 folder, double-click the Files folder.

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Step 4

Click the SMT folder.

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Step 5

The CSV files containing slippage data for each setting are saved in the SMT folder. Double-click one of them.

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①FO

Data of entry orders for all symbols, created when "Chart symbol only" is turned off.

②FC

Data of exit orders for all symbols, created when "Chart symbol only" is turned off.

③FO_symbol

Data of entry orders for a specific symbol, created when "Chart symbol only" is turned on.

Example: FO_USDJPY

④FC_symbol

Data of exit orders for a specific symbol, created when "Chart symbol only" is turned on.

Example: FC_USDJPY

⑤FO_magic number

Data of entry orders for a specific magic number, created when a number is provided in the "Magic number" parameter.

Example: FO_123

⑥FC_magic number

Data of exit orders for a specific magic number, created when a number is provided in the "Magic number" parameter.

Example: FC_123

⑦FO_symbol_magic number

Data of entry orders for a specific symbol and magic number, created when "Chart symbol only" is turned on and a number is provided in the "Magic number" parameter.

Example: FO_USDJPY_123

⑧FC_symbol_magic number

Data of exit orders for a specific symbol and magic number, created when "Chart symbol only" is turned on and a number is provided in the "Magic number" parameter.

Example: FC_USDJPY_123

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Data migration is completed by moving CSV files

With the Slippage Recording Tool, since all information is contained in CSV files, even when migrating to another MT4/MT5, data can continue to be used just by moving the CSV files. However, if instrument names have suffixes in the new MT4/MT5, you’ll need to adjust the file names to match the instrument names with suffixes.

Since all data is contained in CSV files, please be careful as accidentally deleting these files will erase all slippage records.

Step 6

The data is saved in the CSV file as shown in the image below.

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①Ticket number

The ticket number of the position.

②Symbol

The symbol of the position.

③Type

The type of the order, SELL or BUY.

④Volume

The lot size of the order.

⑤Date/time

The date and time when the order was placed.

⑥Price

The price at the time the order was placed.

⑦Slippage

The slippage in pips at the time the order was placed.

How to install

To use the Slippage Recording Tool, follow the steps below to download and install it.

Step 1

Click the button below to download the indicator for MT4/MT5.

Step 2

Click File > Open Data Folder in the top menu of MT4/MT5.

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Step 3

In the data folder, double-click the MQL4 or MQL5 folder.

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Step 4

In the MQL4/MQL5 folder, double-click the Indicators folder.

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Step 5

Save the Slippage Recording Tool in the Indicators folder.

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Step 6

Go back to the MT4/MT5. Right-click Indicators in the Navigator, and click Refresh.

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Step 7

In the Navigator, click the + icon next to Indicators. Find the Slippage Recording Tool, then either double-click it or drag it onto a chart.

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Step 8

In the indicator settings window, customize the settings on the Inputs tab according to the How to set up page, then click OK.

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Step 9

The Slippage Recording Tool is applied to the chart, displaying the open and close average slippages on the left.

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How to set up

After applying the indicator to the chart, set the parameters according to your style.

Step 1

First, open the Inputs tab.

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Step 2

Set the parameters as follows.

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①Number of days

Set the number of days to calculate the average slippage. If you enter "7", it displays the "average slippage" based on the slippage for the past 7 days.

②Chart symbol only

Set ON/OFF to specify whether to record the slippage only for the symbol on the chart.

Setting ON creates a separate Excel file for the symbol on the chart. The slippage will be recorded there.

③Magic number

Specify the magic number of the EA to record the slippage. An Excel file for a specified magic number will be exported when there is an opening or closing order of the specified magic number.

If you enter a negative value, the magic number specification will be invalid, and all magic numbers will be subject to recording.

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