Digital advancement has also impacted financial market trading to a larger extent. Today each trade is pursued through advanced softwares and application. One such globally accepted and renowned trading platform is MetaTrader4. In this article, we will present everything you require to know about MT4. The guide throws light on the following:
What is Metatrader4?
MetaTrader4, popularly known as MT4, is an online trading platform globally used by numerous traders to speculate the financial market. The software was developed in 2005 by MetaQuotes Software. All the foreign exchange brokerage firms have a licence of MT4, and they offer this to their clients to ease trading. This software contains two primary components: server and clients. Now you might be wondering what this server and client component is?
This is the component of MT4 which the financial service provider runs.
This is the component of MT4 provided by the broker to its clients. They use it to place trade orders, set bids, view charts and graphs, track market price, and manage their online trading account.
The client component is basically a Microsoft window based program. It gained widespread popularity among traders because it allows them to write their own trading code, which is future executed by the robots (automatic trading or Robo trading).
Another phase in the online trading software came with the successor of MetaTrader4. MetaQuotes in 2010, released MetaTrader 5. However, this didn’t work as expected, and brokers continued to use MT4. It is to note that there is no MT4 version for Mac OS. Various financial service providers have designed their own custom MT4 version for Mac OS clients.
Tracing the history of MetaTrader4
MetaQuotes Software launched numerous variants of the MT4 trading platform in and after 2002. The MT4, which we use today, is an advanced version to those launched before. It was introduced in the year 2005.
Its popularity surges between 2007 and 2010. Due to its enhancing demand among traders, advisors, and third party scripts, many brokerage firms incorporated this trading option into their existing online trading software.
MetaQuotes Software released the advanced version of MT4 in October 2009. However, MT5 does not gain anticipated popularity. MT4 is still a popular online trading platform among investors worldwide.
Elements of MetaTrader4
The entire MT4 package incorporates the following elements:
1) Client Terminal of MT4:
It is a free component offered by the financial service provider for a demo or virtual trading and real-time online trading. It allows users to trade in real-time through technical analysis tools, charts and graphs. Numerous other operations, trading signals and indicators are programmed in C language. It includes 50 primary types of indications that are future customisable. You can access this software through Windows 2000/98/Vista/XP and 7.
2) Manager of MT4:
This is designed to manage all the inquiries related to trade and client accounts.
3) Administrator of MT4:
This is entirely designed to manage the server setting remotely.
4) Server of MT4:
The server part is the core of the entire system. It is basically designed to handle clients’ requirements to pursue trade orders, execution, and warrants’ display. It also provides users with news updates, market price shifts, maintenance and store archives. The server in MT4 does not have any separate interface.
5) Data Center of MT4:
Data Center is a techno specific proxy server and an intermediary between client and server terminal. It mitigates the load of sending price quotes on the central server.
6) Mobile version of MT4:
You can also manage your online trading account through mobile devices such as PDAs or mobile phones. It also runs on Mobile 2003/ Windows Pocket PC 2002, Android and iOS.
Features of MetaTrader4
1) Market watch feature:
This feature is a mirror to financial markets and presents all the current market trends and trading instruments that financial service providers offer traders to fulfil their trading objectives.
2) Expert Advisors:
This is a special program or code written in MetaQuotes Language 4. This feature allows you to pursue automated trading and has attracted numerous traders as it eliminates the need to monitor each price shift. You can write your own trading script or code as per your requirement by altering the former one.
3) Trading indicators:
Many advance indicators come pre-installed with the package of MT4. However, you can also download some additional ones from the Indicators directory. The indicators are entirely designed, keeping all types of customer in mind. Thus, you can easily apply them in your trading.
From this, you can execute the trade. It is placed at the bottom of the screen.
Through this option, you can access the open trades.
6) Account History:
It shows the history of all trades that were executed (from past till date)
This feature, once enabled, provides you with regular alerts related to an asset’s price or regular updates on an asset’s buying or selling. You can easily enable the option by just right-clicking on the window and then clicking create.
8) Time Frame:
You can also set a time frame in the MT4 by clicking on the periodicity button placed at the bottom of the toolbar. Let’s see how this function works. Suppose you set the time frame as eight minutes, then the graph or chart will get refreshed every eight minutes.
9) Order Execution:
It is the primary and important MT4 function that allows you to pursue real trade.
10) Order opening:
This feature allows you to open a new trade. Through this
11) Market order:
This feature is beneficial when you have to place an order at the market price instantly.
12) Limit or Stop orders:
Through this feature, you can set the price for your asset beforehand, or you can also stop your trade order from execution if the price of that specific asset falls below the desired level.
13) Modify or close order:
To alter or close any pending or opening trade order, you can use this feature. It is easily available in the terminal window.
All these features mentioned above are useful and simple concerning the functionality and look. All these features are sufficient and can enhance the trading standards of traders.
Advantages of MetaTrader4
Benefits of MetaTrader4 are as follows:
1) Free online trading platform
2) Ntechnolyased charges
3) Suitable for all types of traders
4) Wide variety of financial markets available for trading, including stock, forex, commodity, Cryptocurrency, indices etc
5) Smartly designed, easy to use interface
6) Numerous trading indicator for efficient trading
7) The platform also provides hedging against financial risks
8) Provides personalised trading experience as can be customised to larger extend
9) Luring back-testing functionality
Top MT4 financial service provider
To pursue trading in the financial arena, you require a legitimate financial service provider. Here is the list of some authentic brokers who facilitate trading through MT4.
1) Global TradeATF:
Global TradeATF is a renowned firm established in the year 2013. It is a trading name of Bayline Trading Limited authorised and regulated by the International Financial Services Commission. The broker allows traders to speculate on a wide variety of markets, including forex, cryptocurrency, commodities through the advanced MT4 platform. One can access these markets through four primary types of accounts: retail or precious metal account, professional account, Islamic trading account and demo account. The minimum deposit to start trading with the broker is $250.
101investing is a relatively new brokerage firm established in 2020. The famous FXBFI Broker Financial Invest Limited owns the firm, and the Cyprus Securities and Exchange Commission regulates it. It also facilitates trading on more than 250 assets via MT4. Though being a relatively new firm, it provides all the advanced features at affordable rates to its clients. The minimum deposit to start trading with the broker is just $100.