You've connected your AI client, it lists the MTContext tools, but every time you ask for a price you get "no terminal connected." The good news: this specific message means your key and your client are fine. The problem is on the MetaTrader side — the terminal the tools would talk to isn't online right now.
What this message actually means
MTContext has two halves: the MCP connection (your AI client, authenticated with your terminal key) and the terminal (MetaTrader running the Expert Advisor). "No terminal connected" means the first half is working — your key authenticated — but there's no live EA for the request to reach. That's why it's different from an auth error: if the key were bad, you'd get a 401/403 instead, and often no tools at all.
Fix it in order
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Is MetaTrader open? The terminal has to be running for the EA to connect. Open it.
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Is the EA attached and running? Look for the smiley face in the top-right of the chart the EA is on. No smiley means it isn't running — check that algo trading is enabled (see EA won't connect / shows "disconnected").
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Does the dashboard show the terminal online? Open your dashboard. If it shows disconnected there too, this is really an EA connection problem — fix that first; the client message will clear on its own once the terminal is back online.
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Right key, right terminal? If your key was bound to a different terminal, requests won't find the one you expect. Confirm the EA that's online is the one bound to the key your client is using.
If you have more than one terminal
On multi-seat plans you may have several terminals bound. When more than one is connected, tools accept an optional terminal_id so you can target a specific one — ask your AI to "use terminal <id>" if a request is hitting the wrong account.
Empty tool list instead?
If your client shows no MTContext tools at all (rather than tools that fail), that's a capability/tier or auth issue, not a terminal one — recheck the bearer key and your subscription tier.
Next steps
Most of the time the fix lives in EA won't connect / shows "disconnected". If the key itself is suspect, see Activating your license key.