MetaTrader 4 (MT4) is an advanced trading platform developed and launched in 2005 by a Russian company called "MetaQuotes".
This platform is designed for traders in financial markets such as Forex, precious metals, indices, and energy.
It provides various features for analysis, risk management, and the execution of trading strategies.
Key Features of MetaTrader 4
Here are the most practical features of MT4:
Advanced Analytical Tools
MetaTrader 4 offers 30 built-in technical indicators and 24 charting tools, such as Fibonacci, trendlines, and channels for market analysis.
Traders can add custom MetaTrader 4 indicators from third-party providers and extend this list.
Automated Trading with Expert Advisors (EAs)
One of the most appealing features of this platform is the ability to use Expert advisors.
These trading robots are developed using the MQL4 programming language and can execute trading strategies automatically. You can check out TradingFinder MQL4 page for the most up-to-date EAs.
Strategy Backtesting
The MetaTrader 4 platform allows users to test their trading strategies using historical data.
Backtesting is a feature for improving trading strategies before applying them to real trades.
Access Across Various Devices
This software is available in desktop, mobile, and web versions. Users can access financial markets anytime, anywhere.
Precise Order Management
This platform supports various types of orders, including market orders, pending orders, stop loss, take profit, and trailing stop.
Types of Orders in MetaTrader 4
MT4 supports 4 order types which allows traders to manage their risk effectively. MT4 order types:
- Buy Limit: An order to buy at or below the current market price
- Buy Stop: An order to buy above the current market price
- Sell Limit: An order to sell above the current market price
- Sell Stop: An order to sell at or below the current market price
MetaTrader 4's Internal Market
The MT4 platform includes an internal market for purchasing ready-made indicators (such as Volume Weighted Moving Average Indicator and RSI), experts, and scripts.
In addition to this market, users have access to an extensive library of free tools.
Alert and Notification System
MetaTrader 4 allows setting alerts for specific market conditions, enabling traders to receive mobile notifications about significant market changes.
Copy Trading
This well-known trading platform enables copying the trades of professional traders. Users can leverage trading signals and automatically replicate the trades of others.
Trading History
The MetaTrader 4 platform stores all past trades. Users can view them in the trading report section and clearly see entry and exit points.
Trading Statement
MetaTrader 4 records trades and position results, providing performance metrics like winrate, average profit and loss, etc.
Templates
Templates are a collection of parameters that can be saved and applied to any chart without extra costs. You can create a custom template and quickly use it in future trades.
Advantages and Disadvantages of MetaTrader 4
MetaTrader 4 remains a favorite among brokers due to its intuitive interface and robust features.
However, its limitations in advanced analysis tools and lack of support for newer markets can pose challenges.
MT4 pros and cons:
Advantages | Disadvantages |
Simple user interface: Easy access to tools and quick trade execution | Limited support for new tools: Like options trading |
High security: Uses 128-bit encryption to protect user information | Low processing power in some conditions: When using numerous indicators or experts |
Multi-language support: Allows software use in various languages | Limitations compared to MetaTrader 5: Advanced tools are available in the newer version |
Multi-account management: Suitable for professional traders with diverse strategies | - |
Conclusion
The MetaTrader 4 trading platform offers 30 built-in indicators and 24 charting tools by default for market analysis.
Additionally, this platform provides essential features such as using Expert Advisors (EAs) and strategy backtesting, which are tools for precise trade management.
