The Best Features of MetaTrader 4
MetaTrader 4 or MT4 was released almost 15 years ago by the Russian software company MetaQuotes. To this day it remains the preferred trading platform for both brokers and traders across the financial industry. MT4 provides a simple but effective trading environment that connects investors to various financial markets including forex, equities and crypto.
MetaQuotes has discontinued the sales of MT4 in hopes of enticing new clients to switch to MT5, its new flagship platform and divert resources away from MT4. However, apparently it has all been in vain since MT5 has been out for more than 10 years now and adoption rates are quite low still. Even though there are more features and better multi-asset support on MT5, traders continue to prefer MT4 because they have come to rely on the custom tools provided by third-party members of the community or even their own custom-built indicators and scripts. Unfortunately, MT5 isn’t backward compatible with MT4’s programming language and as such, traders who make the move will need to leave their custom tools, indicators and scripts behind.
The MetaTrader trading platform is available at no cost to traders and it comes bundled with several technical indicators that can be utilized to interpret market movements and predict future direction. If you are looking for a reliable platform that gives you access to the markets, MT4 can be downloaded on all mainstream devices, including both desktops and laptops and you can even download the MT4 app for Android and iPhone to access your account while on the go.
Interface and user experience
If you are looking for a platform that doesn’t get in the way of what you are trying to do, then MT4 is the perfect tool for the job. Its user-friendly interface is completely intuitive and you won’t have any problems figuring out how to open positions or customize your charts. The Market Watch window alone can be used to monitor the rates of your favorite assets and open positions in just one click, but do note that you need to modify positions manually to add your profit and stop loss levels accordingly.
Moreover, you can expect the same usability from all iterations of the platform on both desktop and mobile. The mobile MT4 app can also be used to access your account, plan your trades and execute them hassle-free.
Even though the charting capabilities of MT4 have been criticized for not being as extensive as other dedicated charting platforms – you will find that MT4 still provides a strong offering of advanced trading features. Nine different timeframes are available to choose from with three different chart types including line, bar and candlestick.
The preinstalled indicators that come with MT4 can be easily added to your charts and these include Moving Averages, Bollinger Bands and the oscillators like the MACD and RSI. In short, MT4 provides everything you would need to analyze price action and develop your own trading setups and strategies. The Strategy tester tool also can be employed to backtest your Expert Advisors or indicators on historical data and confirm their reliability and accuracy.
One of the most underrated benefits of using the MT4 trading platform is its extensive customization options which you can use to modify various features of the platform according to your liking.
Aside from being able to customize the whole platform to suit your needs, including language and chart colors – you can create your own custom indicators and scripts to do any function you can imagine with MT4’s built in a programming language. Namely, the MQL4 is one of the most powerful assets included in MT4 and where all the custom technical indicators and expert advisors are developed.
Forex signals and expert advisors are incredibly useful services and quite popular among beginner and professional traders alike. The MT4 trading platform is equipped with a marketplace where traders can buy and sell their own trading signals and expert advisors for a fee.
The providers of these trading signals in MT4 are vetted for at least a month before being allowed on the marketplace in order to weed out the scammers. Moreover, you will find that their historical performance is made public on the platform, as well as user reviews from active clients.
The MT4 trading platform is one of the most versatile, secure and stable tools in a retail trader’s arsenal. The majority of brokerages include MT4 in their offering even if they have their own proprietary trading platforms and this is a testament to MT4’s popularity and widespread adoption in the industry.
The simplicity of the platform is second to none, but it doesn’t mean it compromises on useful features and advanced solutions for the more experienced trader. Even most seasoned traders prefer MT4 when it comes to conducting their market analysis and executing their trades.