MetaQuotes Software Corp, established in 2000, are a leading producer of online trading software in the financial markets. According to the company, the release of MetaTrader 4 (MT4) in 2005 was a breakthrough, with MetaTrader 5 (MT5), a multi-asset trading platform, following five years later.
MT4 delivers rapid execution, provides real-time market prices (quotes), allows clients to place orders, manage accounts, and is loaded with cutting-edge automated trading functions. The online trading platform essentially provides everything required to operate in Forex and CFD markets and, despite its successor boasting additional functionalities and MT4 platform licenses no longer available for purchase, MT4 still remains a go-to platform for many Forex traders.
MT4 Online Platform Installation
Downloading and installing the MT4 trading platform, either on a demo or live account, is straightforward.
MT4 and MT5 WebTrader trading platforms are compatible with Google Chrome, Mozilla Firefox, Apple Safari, and IE 10+. MT4 and MT5 for Windows are available on Windows 7 or higher. It is also supported on Mac OS X 10.x and above.
If you’re an Apple Mac user, the latest version of FP Markets’ custom-built application provides all the advantages of an MT4 trading account without the need to install additional operating systems.
Mobile trading is also possible with MT4 via Android and iOS, offering the ability to trade on the go.
Trading Platform – Overview
Traders will find MT4’s interface surprisingly simple to navigate (figure 1.A).
- The main menu based at the top of the platform – File, View, Insert, Charts, Tools, Window, Help – governs all functions, including adding new charts and technical indicators, to opening the trading terminal. Below this (red), a number of tabs are located on a toolbar, comprised of general commands (opening/closing chart applications), chart window management, technical analysis tools (or line studies) and timeframe selection.
- Market Watch (blue) is a space trader can view symbols (currency pairs and CFD products) and respective Bid/Ask prices. By right-clicking on a financial instrument’s quote you can place orders, open charts, and access the symbol’s specification tab and depth of market (DOM) application. Additionally, customising (adding or deleting symbols) Market Watch is an option.
- In addition to the above, the Navigator tab (purple) and Trading Terminal (green) must be understood. The former allows the opening of accounts (Accounts), Indicators, Expert Advisors, and Scripts. The latter, on the other hand, puts forward a multi-functional space, enabling traders to perform things such as executing trading orders, viewing account history, and analysing market news.
- A fantastic feature on MT4 is the trading tools it provides: 30 built-in indicators, over 2,000 free custom indicators, and 700 paid ones. MT4 also comes with 24 analytical objects (drawing tools), including lines, channels, Gann and Fibonacci tools, shapes, and arrows. Additionally, traders with a focus on automated trading systems (trading robots – EAs) will particularly enjoy MetaQuotes Language (MQL4 [MQL5 is a programming language designed for MT5]), based on the concepts of С++ programming language. The large MQL4 community is also helpful for automated traders.
- Another great aspect of MT4 is the freedom to personalise its interface. For example, to alter a chart’s background colour, simply right click the chart and select properties (F8) and choose a colour scheme from the dropdown menu (see figure 1.B).
- Financial news and alerts tools in MT4 help stay abreast of the latest market events.
- MT4 supports mobile trading via iOS and Android-powered smartphones and tablets. This functionality provides access to operations such as interactive charts, trade orders, analytical tools, and account status.
Within MT4, traders are presented with a wide array of order functions: 2 market orders, 4 pending order (limit orders) types (buy stop, buy limit, sell limit and sell stop), 2 stop orders and trailing stop.
Executing orders on MT4 is reasonably simple.
Through Market Watch, traders can select the financial instrument of choice. By right-clicking the instrument and selecting New Order, a pop-up Order window will appear to execute a trade.
One-click trading is also a popular, and fast, approach to placing orders, implemented by right-clicking the chart and selecting One-Click-Trading (Alt+ T). This feature allows trade execution with a single mouse click without additional confirmation from the trader.
Open positions can be viewed from the trading terminal, which also tracks other measures such as position size, symbols traded, opening price levels, stop-loss and take-profit orders, any commissions, and unrealised profit/loss.
What to Expect?
- A user-friendly professional trading platform offering customisable functionality. The simplicity is second to none.
- Access to MQL4 programming language, essential for traders with a focus on automated trading.
- Access to a broad range of analytical chart drawing tools, designed for comprehensive price action analysis.
- The choice of a wide variety of technical indicators.
- The freedom to employ a broad array of order types, allowing traders to implement trading strategies of any complexity.