UTM: Local Trade Copier Installation Guide

This is part of the larger UTM Manager Guide – Other – 30 January 2023 – Traders’ Blogs (mql5.com

This guide is designed to assist you in setting up a master and multiple slave installations for synchronized trading across different MT5 platforms. We will delve into two scenarios: utilizing a broker’s MT5 installations and creating portable MT5 installations from a version downloaded directly from the MetaTrader site.

If you have already established multiple MT5 installations through the installation of various broker MT5 versions, there is no need to create a “portable installation of MT5” as in Scenario 2. This method is primarily for those who have downloaded MT5 directly from the MetaTrader site and wish to duplicate that installation across multiple platforms. In this case, creating “portable MT5 installations” becomes necessary. The ultimate objective is to facilitate the copying of trades from one MT5 installation to another seamlessly, ensuring a streamlined trading experience.

Scenario 1: Using Broker’s MT5 Installation

Step 1: Install MT5

1. Download and install MT5 from your broker’s website (skip this step if you already have it installed).

Step 2: Set Up the Master Terminal

1. Open the MT5 installation from your broker that you installed in step 1.
2. Log in to your MQL5 account.
3. Download the UTM Manager from the marketplace.
4. Attach the UTM EA to a chart within the terminal.
5. Activate the copier in master mode, transforming this terminal into the central hub for broadcasting trades.

Step 3: Configure Slave Terminals

1. Install other MT5 installations from different brokers that you wish to designate as slave terminals (skip this step if you already have them installed).
2. Open each of these installations and log in to your MQL5 account.
3. Attach the UTM EA to a random chart within these terminals.
4. Set the copier to slave mode to replicate the trades executed on the master terminal.
5. Repeat the process for each terminal you intend to use as a slave, configuring custom risk settings if necessary for individualized risk management.

Step 4: Start Trading

1. Log in to your broker and configure all necessary settings.
2. Initiate trading on the master terminal, and monitor the trades being mirrored on the slave terminals.

Scenario 2: Setting Up Portable MT5 Installations (Downloaded from MetaTrader Site)

Step 1: Install MT5 Initially

1. Download and install MT5 directly from the MetaTrader site to the default Program Files directory on your computer.

Step 2: Decide on Master Installation

1. You have the option to use the original MT5 installation (from Step 1) as your master/main installation. If you choose this, proceed to Step 3 for configuring the master terminal.
2. Alternatively, if you prefer to have a separate portable master installation, follow the steps below to create a portable master installation:
   • Copy the entire MT5 installation folder (found in Program Files) to a new location, e.g., C:\MT5\Master .
   • Create a shortcut to the terminal by right-clicking on terminal64.exe inside the new folder, and selecting ‘Create shortcut’.  
   • Right-click on the newly created shortcut, select ‘Properties’, and add /portable at the end of the Target field. Example: “C:\MT5\Master\terminal.exe /portable” (without quotes in the shortcut).  
   • Move this shortcut to your desktop for easy access.

Step 3: Configure the Master Terminal

1. Open the master installation (original or portable master created in Step 2) using the shortcut on your desktop.
2. Log in to your MQL5 account.
3. Download the UTM Manager from the marketplace.
4. Attach the UTM EA to a chart within the terminal.
5. Enable master mode on this terminal to act as the central hub for broadcasting trades.

Step 4: Create and Configure Slave Terminals

1. Create a portable installation for your first slave terminal by copying the original MT5 installation folder to a new location, e.g., C:\MT5\Slave1 .
2. Follow the steps outlined in Step 2 (point 2) to create a shortcut and enable portable mode for this slave installation.
3. Repeat steps 1 and 2 to create additional slave installations, each in a new folder (e.g., C:\MT5\Slave2 , C:\MT5\Slave3 , etc.).
4. Open each slave installation using the respective shortcuts on your desktop.
5. Log in to your MQL5 account in each installation.
6. Download the UTM Manager from the marketplace.
7. Attach the UTM EA to a chart within these terminals and set the copier to slave mode to replicate the trades executed on the master terminal.
8. Configure custom risk settings on each slave terminal, if necessary, for individualized risk management.

Step 5: Start Trading

1. Log in to your broker and configure all necessary settings.
2. Initiate trading on the master terminal, and monitor the trades being mirrored on the slave terminals