OpenAPI for Excel

All functionality in OpenAPI for Excel is exposed via worksheet functions. This means that everything from sending orders to viewing positions and pulling historic prices can be performed by typing a formula into a worksheet cell (or using Application.Run in VBA). Output from functions that return datapoints is structured as an array with preformatted data (such as dates and prices).

The syntax of the formulas closely mirrors the structure of Saxo's OpenAPI and is not much different from the 'raw' underlying HTTP requests. This provides optimal flexibility, although formulas tend to get convoluted quickly. The Formula Builder (see here) alleviates this issue greatly and is advised for all (first-time) users. The OpenAPI Functions page contains information on the basic structure of OpenAPI formulas and explains the underlying data model and parameter list arguments. In-depth function documentation can be found here.

As a general rule of thumb, OpenAPI functionality is available through the add-in only if the relevant endpoints are available in the (public) API. This implies a down-stream hierarchy where the Excel add-in is dependent on endpoints and functionality exposed by the OpenAPI. The add-in itself does not add or modify functionality from the OpenAPI and hence functions as a pure wrapper. Users of the Excel add-in are advised to follow the developments of the underlying API, which are available on the OpenAPI main page. Changes to the OpenAPI can have direct effect on the Excel add-in, such as the deprecation of endpoints, as discussed in this blog post.

Logging into OpenAPI for Excel

Much like SaxoTraderGO, OpenAPI for Excel supports logging in to both the simulated trading environment (known as Demo or SIM), and the LIVE environment, which offers an additional layer in the form of 'read-only' access. Direct clients of Saxo Bank can log in to Excel on LIVE through read-only, without requiring any approval. In order to obtain full (trading) access, please see the application procedure on this page. All first-time users are highly recommended to open a simulation account on our Developer Portal, which is directly enabled for both Excel and tools such as the Tutorial and the Explorer, which are helpful for developing applications in Excel and getting a better understanding of how the underlying API operates.

The developer account only supports FX instruments by default. Please send us an email at to request access to additional instruments in the simulation environment.

Trading via OpenAPI for Excel

The add-in allows for both user-initiated trades and automatic execution of trading strategies directly in Excel. Depending on the use case, automated trades can be serviced by combining existing VBA trading models, rules, or signals with OpenAPI's order functionality. Orders sent through Excel are handled in the exact same way as orders sent through SaxoTraderGO, as both are powered by the same underlying API. The usual commission scheme applies when performing trades through Excel and the majority of instruments available in SaxoTraderGO can be traded in Excel as well.

Users are advised to carefully study documentation on trade functionality on the OpenAPI Developer Portal, in particular the sections on Messages, Order Placement and Algo Orders, as order functionality is an intricate topic that requires thorough understanding before being applied in Excel.

Direct clients of Saxo Bank have to be approved for trading in Excel, please find instructions on how to obtain access here.

Exposing market data via OpenAPI for Excel

The add-in exposes all required information in order to trade as either real-time updating views (subscriptions) or static datasets. Data and order functionality available on other platforms such as SaxoTraderGO can be replicated in Excel, including historic prices for graphing purposes, and snapshots of current positions, watchlists and quotes. Market data through Excel (and other OpenAPI apps) can be enabled through SaxoTraderGO, see the instructions here.

Real-time price data for non-FX instruments in Excel is only available on the condition that a separate price subscription has been set up. For more information on access and costs, see the detailed instructions on Saxo's homepage.