In this review we will talk about a replicator of operations, it is not the first that we have analyzed in this section. Clonelt4 Trade Copier can transfer the power MT5 has to your MT4 account.
The Cloneit4 trade copier will copy the large trades you perform on your Metatrader 5 account to your Metatrader 4 account. Cloneit4 is a simple Expert Advisor (EA) that is attached to a chart on Metatrader 4. When a trade is started, modified, or closed in MT5, Cloneit5 sends real-time data to Cloneit4 in its MT4 account to copy the same trade for the same symbol. The user must have the current version of Cloneit5 running on your Metatrader 5 and on the same computer. Cloneit5 is also available on the MQL market.
In your MT4 account, copy Cloneit4 to the chart and symbol you want to trade. Enter the MT5 account code in the Clone Link Input section. The volume of each trade can be scaled with the volume indicator multiplier at the source.
Cloneit4 will perform all processes and customize batch sizes, take the gain levels, and stop the Cloneit5 loss levels. Any transaction you make at Metatrader 5 will be reflected in your Metatrader 4 account. You can try the free demo versions of these tools.
Descriptions of the entries:
System name – you can name the system as you like if you wish.
Clone Link (MT5 Account Number) – this is the MT5 account number where Cloneit5 EA is running.
Source volume multiplier – Value can be reported in order to multiply the volume of the position sent by Cloneit5. For example, if you want Metatrader 4 volume to be half of Metatrader 5 volume, enter 0.5.
Delay time between closing and opening (in seconds) – There may be a delay time between different brokers for MT4 and MT5. This entry in seconds will be delayed between the last closing and the next opening.
Update rate (in seconds) 0= Each Tick – specify how often to check. Enter 0 to check only the incoming ticks.
Limitations
Cloneit4 is not a trading robot. It only receives information about transactions that you or another EA has made on your Metatrader 5 account.
Cloneit4 does not set outstanding order details, only opens, closes, and modifies position information.
Cloneit4 only trades with the symbol of the card to which it is attached.
Cloneit5 and Cloneit4 must be installed on the same computer.
In short, it is a very simple copying program. We have seen copiers with more possibilities in the market and much more complete. In this copy we detect several limitations; the most important is that you have to install 2 Eas and on the same computer.
Although the cost of this copier is very cheap, 10 USD, we do not recommend it because there are better options in the MQL market. Anyway, if you want to try it for free, there is a demo version so you can try it out and see if it fits your needs.