Worldwide, traders rely on and enjoy using the MetaTrader 4 platform. Because of its comprehensive features, it has become a standard for online forex trading for tens of millions of forex traders.
MT4was developed by MetaQuotes Software Corp. in 2005. This trading platform enables users to trade forex, CFDs, commodities, stocks, and indices. For many years, reputable brokers have provided MT4 as an alternative to their proprietary trading platforms. MT4’s features include multi-device operability, advanced analytical capabilities, and automated trading processes. The system’s user-friendly interface and a broad variety of trading choices will benefit traders of all skill and experience levels.
Here are the top 3 benefits of using MT4 to trade forex:
Live Market Prices and Liquidity Access
MT4 provides traders with real-time access to currency quotations and transaction execution. Traders using a broker will see a list of their chosen currencies and securities in the “Market Watch” box. The real-time bid/ask quotation is shown beside the security symbol.
Also included in this window is a list of all the other important information for traders to be aware of. The “Depth of Market” function also provides traders with information on current market activity. The market depth section, for example, shows the number of buys and sell orders for a currency pair at various prices.
This provides some insight into the current state of the market. If the information shows that the offer side has greater liquidity than the bid side, the overall trend for a currency pair may be deemed bullish. The likelihood of orders being completed at present pricing increases as liquidity increases. When it comes to techniques like scalping, this may be critical because of the time constraints.
Awesome Technical and Fundamental Analysis Tools
MT4’s price analysis skills are bolstered by a robust set of built-in technical indicators and charting features. Technical indicators on this platform include moving average convergence divergence (MACD), relative strength index (RSI), on-balance volume (OBV), and Fibonacci retracements, among others. There are over 30 in-built indicators on this platform.
Each currency pair is available in nine different periods, ranging from one minute to monthly. Traders may see as many charts as they want at once. The MQL4 community has more charts and indicators, and many traders create their own as well.
Advanced mathematical tools, charting, and drawing objects enable traders to decipher even the most complicated pricing behavior. Additionally, these charts may be completely customized to meet the specific needs of any trader. Different trader profiles may be used to preserve them.
Market participants may predict price movements, identify support and resistance levels, specify entry and exit locations, as well as establish stop-loss levels, all from the charts. When important economic or financial data is released, alerts may be set up. Traders also have the option of tailoring their access to market-specific data.
Automated Trading
MT4 Expert Advisors allow experienced traders to use automated trading methods. It gives investors the opportunity to profit from market fluctuations without having to make any decisions on their own. It is also possible for traders to develop their own EAs and technical indicators using the MQL4 IDE (Integrated Development Environment). The strategy may be evaluated and improved using the system’s Strategy Tester once an EA has been created.
EA customization has aided professional traders in developing and implementing their own trading methods. The MQL5 codebase, or “Marketplace,” in MT4 allows traders to monetize their trading methods. Since the MQL4 programming language is easy to learn, traders may benefit from their programming skills.
MetaTrader 4 is a powerful trading platform that can be used in a variety of ways. Its unique selling points are the great degree of customization and flexibility it offers. MT4 is a popular trading platform for both newcomers and seasoned traders alike because of its extensive set of technical tools, intuitive user interface, instructional materials, and demo-testing capabilities.