It first appeared back in 2005. Since then, Metatrader 4 (MT4) has grown to become the most widely used automated electronic trading platform. So what exactly is it – and how can its features make a positive difference to your trading? We give you low rates

 

 

How MT4 Works

MT4 is a trading platform developed by a company called MetaQuotes. Even if you haven’t heard of that particular company, if you explore some of the famous brokers out there (ETX Capital and  Binary.com  just two), you are likely to come across it.

Often introduced in conjunction with forex trading, MT4 can also be used to trade commodities and indices through spread betting or CFDs and futures markets. It is used on license by many brokers and basically includes an interface to place and manage your trades. On top of that, the platform has a number of tools to put automated trading techniques in place – as well as for price and market analysis.

While some brokers offer the basic MT4 experience, many others (such as IG), enhance it with a set of additional custom tools. So MT4 is like an Android smartphone; Its basic feel is the same no matter the model, although some manufacturers are more inclined than others to add their own touches to it.

Some brokers also offer MT4 as an alternative means of trading alongside their proprietary platform. There is a sound commercial reason for this; Because of the familiarity among merchants, it is a good way to attract new customers.

From a trader’s perspective, getting to know the platform can make sense if you can find yourself switching brokers. Its ubiquity means that if you want to switch from one broker to another (to take advantage of better prices or wider trading options), assuming that both platforms offer trading MT4 translation, you can make the transition without facing a re-learning experience.

 

 

MT4 platform

While MT4 is available to download directly from MetaQuotes, it may make more sense to use the download provided by the broker you are considering (or using). This usually means that any free enhancements offered by that broker are ready and waiting for you.

Download MT4

MT4 downloads are available directly from  www.metatrader4.com – but downloading the version directly from the broker can mean extra features and compatibility already built in.

Top brokers with MT4 or MT5 integration:

 

Make a transaction

This is a simple process. For example, for currency trading, you go to button New Order on the platform toolbar, select your currency pair, enter your position size, choose buy and sell limits and stop – and your loss limit and profit target.

Using Metatrader 4 Automated Trading – EA

An Expert Advisor (or EA) is a program that you put into action on the trading platform to automatically perform a certain action on your behalf if certain criteria are met. If you are using an out-of-the-box EA, you should always make sure it is from a trusted, reputable source. With MT4, it’s easy to create your own EA or host pre-made programs and set the EA to work by dragging it into your interface. Importantly, the platform also allows you to test back an EA and put it to work in demo mode before you risk your capital on it.

 

Meaning of MT4 . Indicators

From both a broker and a trader’s point of view, MT4 is highly customizable. Brokers are free to add their own indicators to the platform menu on top of what is already there.

Traders simply go to that menu, choose which indicators they want to add to their own charts, and how they want each indicator to be visualized in terms of style and color.

In short, MT4 gives traders control over the information they rely on – and how it is presented.

Why use Metatrader4? Other benefits:

Other reasons why MT4 has evolved to become a market standard include the following

  • A large user community – If you have a technical query – or are looking for differing views on the best indicators to include in your trading, there is an international community of users beyond there to help you. Whether you are a novice trader – or perhaps a seasoned trader looking to incorporate your own automated trading support, the MQL4 community site is well worth a visit.
  • Charts you can rely on –  The platform’s combined charting and trading capabilities mean simultaneous trading while market analysis becomes a simple process. You can trust that the current price you are looking for is up to date.
  • Stable, Secure and Portable –  Under the bonnet, MT4 is a relatively simple platform. This is not the kind of system that will damage any device you have installed. With simplicity comes stability; one of the reasons why it is preferred by brokers and traders is because it is not likely to be cut off, making it impossible for you to react at key trading moments. On the desktop versions, there are stable and secure variants for Android, iOS (mac) and Linux.

Compare MetaTrader 4 with competitors

How comfortable do I feel with this particular platform?

This is an important question you should ask yourself when scanning the market. There’s no shortage of brokers who have built their interface around MT4 – but that’s not the only way it works.

It shows that essentially all brokers are not the same in the way information is presented.

So where will be next? Browse our updated platform reviews – which covers a wide range of brokers offering variations of the MT4 platform – to find the package that best meets your needs.