What is Metatrader 4?
The Forex market turns over an estimated $5.3 trillion volume per 24 hour period, and it accounts for 5.5% of the whole foreign exchange market. It is the only market that runs for 24 hours a day, new traders are regularly attracted to the world of Forex trading in a bid to grow their portfolios and take big strides into the most liquid market in the world.
As more and more people begin to join the world of Forex trading, the prominence of certain tools continues to grow in tandem. MetaTrader 4 is one such tool, and it is undoubtedly one of the most popular electronic trading platforms on the market.
Could this be the right option for your trading activities? Here’s a closer look at the platform, the functions that it offers to you, and the key reasons that you will want to use this powerful tool.
What is MetaTrader 4?
MetaTrader 4 is a free-of-charge electronic trading platform that was developed by MetaQuotes Software. The initial offering was released back in 2005, and many updates and features have been added over the years.
The platform is a favorite among online retail foreign exchange speculative traders. Despite MetaQuotes releasing MetaTrader 5 in 2010, MT4 still remains a favorite among brokers given that MT5 was offered at a different market. Rather than it being a case of one tool being more superior than the other, there are different use cases.
The platform can be run on all platforms including Windows, Mac, iOS, Linux, and Android.
What functions does MetaTrader 4 have?
MT4 is a favorite among brokers given that it is possible to automate trade strategies using MQL4. The leverage available also ranges from 20:1 to 400:1.
Micro lote is offered, as well as hedge support which makes it possible to open long and short positions at he same time. Predefined technical indicators can also be overlaid, or the user is free to create their own.
Another powerful feature is the ability to place trades and view open positions directly within charts. These charts can be opened, monitored, and updated in an unlimited number to make working fast and flexible.
A range of indicator alerts can be set, as well as an audible rate. Another reason that MT4 is so popular around the world is its multi-lingual support for 17 languages, giving it a truly international appeal.
What are the advantages to using the MetaTrader 4 forex trading platform?
There are a host of nuances and special features that make MT4 a go-to for traders looking for a trading platform that has a lot of perks.
A range of Trade Execution Modes are a welcome feature, helping the users to give permissions and authority to different users and groups.
Similarly, Order Types allow the user to place a range of order requests whether those are Stop Loss, take Profit, or Pending.
Alongside special features, the platform is also a favourite because of the professional look that it offers. The UI and UX are streamlined, making the tool a pleasure to use when compared to many of the alternatives that are out there.
We hope that this look at MetaTrader 4 has been helpful for you, and gives you a better idea of why you might want to use it for your trading activities.