The ‘Off Quote’ is a common error message in the MT4/MT5 platform, indicating that no price is currently available, or the last prices are no longer considered valid market prices. This error typically occurs in the following situations:
1. Poor Internet Connection: A weak or unstable internet connection is a frequent cause of off quotes. When your connection is lost or experiences disruptions, it can lead to error codes, usually appearing either when placing an order or following a disconnection.
2. Market Volatility: During periods of high market volatility, prices can change rapidly. If the price fluctuates significantly between the time a trade is initiated and the time it is executed, the original price may no longer be valid, resulting in an "off-quote" message.
3. Failure to Connect with the Broker Server: Sometimes, off quotes occur because the broker rejects an order due to the unavailability of the quoted price. For instance, if you submit a sell order at a specific price and specify a maximum deviation, but the broker attempts to match it with a deviation beyond that maximum, an error will occur because the order exceeds the defined limits.
To reduce the likelihood of encountering off quotes, traders can take several precautionary steps:
1. Ensure a stable internet connection: Maintain a stable and high-speed internet connection for your trading activities. Wired connections are generally more reliable than wireless ones, reducing the risk of network-related issues.
2. Avoid high volatility or low liquidity periods: High volatility, often associated with major news releases, can increase the chances of off quotes. Consider refraining from trading during these periods or adjusting your trading strategy to account for the heightened market activity.
3. Analyse Rejection Messages: Take a closer look at any preceding rejection messages recorded in the log or journal. These messages can provide valuable insights into the specific reasons behind the error and help you address them effectively.
Please be aware that in the event of off-quote errors:
1. PU Prime cannot be held liable for any damages, claims, losses, liabilities, or costs arising from the error.
2. PU Prime reserves the right to restrict or suspend the trading activities of the involved Client until further notice.
3. PU Prime reserves the right to make the necessary adjustments to rectify the error.
Any dispute arising from a quoting or off-quote error will be resolved based on the fair market value, as reasonably determined by PU Prime, of the relevant currency at the time the error occurred.