TradingView vs. MetaTrader 4 (MT4): Which Platform is Best for Forex Trading

TradingView vs. MetaTrader 4 (MT4): Which Platform is Best for Forex Trading

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We all have different trading styles, trading techniques, budgets, and time constraints. Consequently, determining the most optimal platform generally depends on individual trading requirements.

Irrespective of whether you employ TradingView or MetaTrader 4 (MT4) as your go-to trading platform, possessing a sound trading plan, working with a trading journal and adopting a risk-management system are critical components for any professional trader or investor. Additionally, it's prudent to test any strategy on a demo account (or testing software) before you start trading with real money (a live account).

TradingView

TradingView is a cutting-edge, comprehensive charting solution that boasts a mammoth social media network. Catering to more than 50 million users globally, 2011 witnessed the launch of operations, which now works out of locations across the globe.

Offering a free version (basic) to pre-paid plans, with access available through web, desktop, tablet, and mobile applications, TradingView generates most of its revenue via low-cost monthly memberships. Thus, TradingView is not reliant on whether you trade; the company’s main objective is to provide superior charting software for beginners and advanced traders and investors.

Primary Features of TradingView:

• Comprehensive social trading functionality. TradingView users can discover top trading ideas (market analysis) with TradIngView’s dedicated community.
• The ability to communicate in real time with other like-minded traders.
• Easy-to-use functional charting capabilities.
• More than 15 chart types with up to 8 charts per tab permitted.
• 100+ pre-built most popular indicators.
• Multiple screeners for Stocks and Forex markets.
• Simulated trading options to back-test trading strategies.
• Flexible advanced alerts.
• Write and share indicators and strategies with TradingView’s Pine Script programming language.

TradingView’s Codebase: Pine Script™

With TradingView, you can develop unique custom indicators, strategies and alerts, and execute them through TradingView’s servers. Pine Script can be learned for free by anyone, regardless of how proficient they are in coding.

More Pine Script information can be found on TradingView’s website.

MetaTrader 4 (MT4)

Used by millions of traders and investors worldwide, MT4 is a popular online trading platform among retail Forex currency speculators. Created by MetaQuotes software and made available in 2005, foreign exchange brokers are licensed to distribute the software to their clients.

MT4 is where beginners usually start their trading journey due to its straightforward interface and reliability. Its feature-rich platform delivers everything needed to begin trading the financial markets.

Primary Features of MT4:

• Create and share trading robots, technical indicators and scripts using MetaQuotes Language 4 (MQL4) programming language for use on MT4.
• Large and diverse trading community, offering a vast and extensive library of indicators and strategies.
• Trade directly from MT4’s web-based platform, desktop version or mobile apps.
• MT4 is available on Windows, Mac OS, and Linux. For mobile trading: iPhone/iPad, Android, and Huawei.
• One-click trading feature.
• Real-time quotes with up to 9 timeframes per chart and multiple order types.
• More than 20 analytical objects and 30 built-in technical indicators available.
• Trading signals and copy-trading facility.
• Easy-to-use strategy tester.

MT4 Algorithmic Trading

The MT4 platform features MQL4 IDE (Integrated Development Environment), allowing you to develop Expert Advisors (EAs - trading robots) and technical indicators of any complexity. At its core is the object-oriented programming language: MQL4, which is used to create trading systems, and It has a high level of efficiency, flexibility, and utility.

The built-in MetaEditor is designed to develop trading strategies in MQL4, and debugging is also performed inside the editor. The application is then usually (depending on the trader) sent to MT4 for backtesting or optimised in the strategy tester, another component of the MQL4 IDE. Following the completion of your algorithmic strategy development, you can do the following:

1. Publish it in the Codebase so that millions of traders may freely download it.
2. Offer it on the market for sale.
3. Deliver it to your client via a freelance service and be compensated for your efforts.

Which Is the Best Forex Trading Platform?

Deciding on the most optimal trading platform ultimately depends on you.

The MT4 platform is one of the most widely used platforms for trading Forex. Some traders and investors prefer its simplicity and ease of use. However, many have claimed that MT4 is outdated compared to TradingView, though they choose to remain faithful to MT4 on the back of its reliability.

TradingView’s charting capabilities offer advanced charting features, providing access to different trading tools unavailable on MT4. The ability to apply advanced harmonic patterns, for example, can be easily drawn using TradingView. Another key attraction for TradingView users, of course, is the social trading community, as well as having access to vastly more financial markets.