Launched in 2005, MetaTrader 4, or MT4 remains a widely popular trading platform.
MT4 boasts an impressive array of applications, from advanced trading operations to running individual trading robots (Expert Advisors).
Given MT4’s long-standing position, the security and stability of the software have been thoroughly tested and rarely malfunctions.
Nowadays, mobile trading is also a common theme. Having the ability to access trading accounts and trading tools via mobile apps on smartphones and other mobile devices is a huge benefit. MT4 trading platforms for iOS can be accessed anywhere with an internet connection, offering a user-friendly interface and easy-to-download process from the Apple store.
Although designed for Windows OS, downloading MT4 on Mac OS is relatively straightforward.
To run software developed for Windows OS, you’ll need to run a compatibility layer – allows software written for one operating system to run on a different OS. This essentially provides a translation layer between Mac OS and the MetaTrader 4 Windows OS software. A common compatibility layer used for this purpose is WINE, software originated in the Linux community for running Windows applications on Linux.
Today, however, most reputable brokers take the legwork out of installing MT4 on Mac OS via an easy-to-install package. If you’re an Apple Mac user, the latest version of FP Markets’ custom-built application lets you enjoy all of the advantages of your MetaTrader 4 trading account without needing to install additional operating systems. Our MetaTrader 4 Apple Mac application gives Mac users all of the functionality when trading Forex, just by installing a simple application.
It is suggested once MT4 is operational you experiment with a demo account before unleashing a live account. Ensure you’re able to place trading orders, set protective stop-loss, and take-profit levels. Forex trading can, if not controlled, carry a high level of risk, therefore ensure you’re comfortable with the MetaQuotes software.
Regardless of the trading strategy employed, slippage, though more of a concern for day traders and scalpers, is a weight for most market participants. MT4’s lightning-fast execution and stability help combat this issue, which, ultimately, could have a dramatic effect on your bottom line.
MT4 supports one-click trading, essentially permitting the execution of trades with one click. This is ideal for scalping and day trading systems.
MT4 also supports alert functionality, informing users of significant price movements across financial markets. Simply press CTRL+T and click on the Alert tab to activate this feature. What’s more, traders also have access to an email-alert function, found by clicking Options > Tools > Email (see figure 1.A).
Technical Analysis Tools:
MT4 offers 30 built-in technical indicators and 24 graphical objects; the software also permits the use of custom indicators developed within the MT4 community. Another great feature is anyone can develop new technical indicators and code plugins.
Drawing tools, ideal for price action traders, include diagonal, horizontal, and vertical lines, as well as channels, text, and visual elements, such as arrows. These trading tools can help identify and label support and resistance levels, entry, exit, stop-loss, and take-profit points.
The aforementioned tools make for an invaluable space to perform extensive market analysis.
Orders and Charting:
The MT4 platform comes with 2 market orders, 4 different pending order types (buy stop, buy limit, sell limit and sell stop), 2 stop orders, and trailing stop.
Real-time charts are also available via MT4, loaded with nine different timeframes, from one minute to the monthly time interval.
Additionally, traders have the freedom to explore the many financial instruments offered in MT4, including currency pairs (Forex market) and CFDs.
Expert Advisors – Algorithmic Trading:
Expert advisors enable traders to take advantage of automated trading strategies – MT4 comes with MQL4 IDE (programming language). Traders are, therefore, free to create their own expert advisors and indicators, such automated strategies can also be monetised by advertising on MetaTrader’s Marketplace.
Considering any indicator can be coded in MQL4 and uploaded to MT4, the number of indicators supported by MT4 is virtually limitless.
MetaTrader 4 provides a number of key features and benefits for traders, delivering a complete trading experience.
MT4 has remained popular since its inception with many long-term users still faithful. Its long tenure as a reliable tool for foreign exchange trading has allowed the software to work out a lot of bugs and make it what it is today: a highly stable trading platform.
Ultimately, MT4 stands tall in the financial industry, and thanks to brokers developing easy-to-install packages for Mac OS users, MT4’s unparalleled features are available for all to benefit from.
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