Abstract：Besides being easy to download and install, MetaTrader has many trading capabilities and features which other trading platforms simply lack. Follow instrument price fluctuations and examine the trading charts implement complex strategies and studies while plotting the trends to help you make credible trading decisions. The platform showcases and supports the following chart types: Candlestick, Line, Heikin Ashi as well as Renko charts.
Why Trade With the MetaTrader Platform?
Besides being easy to download and install, MetaTrader has many trading capabilities and features which other trading platforms simply lack. Follow instrument price fluctuations and examine the trading charts implement complex strategies and studies while plotting the trends to help you make credible trading decisions. The platform showcases and supports the following chart types: Candlestick, Line, Heikin Ashi as well as Renko charts.
Setting up your trading orders is easy; you can easily set predefined stop losses and take profit orders to trigger automatically. The trailing stop loss and pending orders are just as easy to set up.
Expert advisors (EAs) can automate your trading by using scripts that are uploaded to the platform. The instructions of the scripts are then automatically carried out. This saves you from having to be glued to your screen in order to close positions or miss out on a strong trading opportunity.
Learn from your back-trades as the platform offers the convenience to view your trading history:
Download your historical trading data per currency pair
Create/request detailed reports on the positions you take
Track past charts and graphs to keep a summary of trends per instrument
The MetaTrader 4 is really a superb platform for forex trading which explains its broad scope of popularity among retail traders, however, if you intend to implement more advanced strategies then perhaps the MetaTrader 5 would be right for you.
MetaTrader 4 in Forex Trading
MetaTrader 4 (MT4) is the worlds most popular trading platform that offers all you need for online trading on one interface. On the single platform you will find a powerful combination of analytical technologies and leading trading tools that allow traders to implement even the most complex technical trading strategies.
What is MetaTrader 5?
MetaTrader 5 (MT5) is the newest iteration of the popular MetaTrader platform. While the MT5 is newer, it is not necessarily an upgraded version.
Both MT4 and MT5 are trading platforms with back-testing capabilities, as well as graphical interfaces that look fairly similar. By design, however, MT5 was meant to meet the needs of non-forex and U.S. markets in a manner that MT4 could not. Essentially, MT5 is not necessarily better than MT4, but rather just different.
Here are the different features that the MT5 platform offers in comparison to its older sister, the MT4:
New Order Types The MT5 platform has two additional order types that are not available on its predecessor. These are ‘buy stop limit’ and ‘sell stop-limit’. Additionally, MT5 also supports partial order filling policies.
Added indicators and widgets MT5 has 8 additional built-in indicators, and 13 more graphical objects than MT4. This means that traders can perform more in-depth technical analysis in the financial markets using MT5.
Economic Calendar MT5 has an integrated, comprehensive Economic Calendar tab that shows news release schedules, the impact levels, previous data, and market consensus.
Improved Strategy Tester for EAs (Expert Advisors) MT5 features a multi-threaded strategy tester that has noticeably faster execution speeds when testing programmed trading strategies. In addition, featuring an Agent Manager that enables remote optimisation, the MT5 strategy tester also allows for concurrent multi-currency pair back-testing.
Timeframes MT5 has 21 timeframe charts, which is exactly 12 more than is available on MT4. This can give traders more room for performing a deeper analysis of their favourite assets.
Funds Transfer Traders can easily transfer funds between accounts on MT5 if the accounts are within the same server. This helps to streamline processes, offering clients convenience and flexibility.
Market Depth By hitting the ALT+B buttons, traders can view the depth of market, which is a graphical representation of bids and offers of an underlying financial asset, depending on trading volume. This is a functionality that can allow traders to execute trade orders at the best possible price.
Netting MetaTrader 5 supports the netting accounting system that allows only one position to be held for any particular financial asset.
Email System The MT5 email system supports the sending of emails with attachments.
Tradable Assets Alongside forex as CFDs, traders can also trade indices, futures, cryptocurrencies, bonds and options on the MT5 platform. MT5 has an expanded instruments list of over 1,000 assets compared to the average 250 on MT4.
mt4 vs. Other platforms
Best mt4 brokers in usa
OANDA
Regulation: Registered with the CFTC and NFA.
Features: Offers flexible spreads, a user-friendly interface, and a variety of trading instruments.
Forex.com
Regulation: CFTC and NFA regulated.
Features: Provides a comprehensive trading platform with educational resources and competitive pricing.
IG
Regulation: CFTC regulated.
Features: Offers a wide range of markets, advanced trading tools, and strong customer support.
TD Ameritrade
Regulation: CFTC and NFA regulated.
Features: Known for its robust trading platform and educational resources, although it primarily focuses on stocks and options.
FXCM
Regulation: CFTC regulated.
Features: Offers various trading tools, competitive spreads, and access to a wide range of forex pairs.
MetaTrader 4 vs MetaTrader 5
The more recently launched MetaTrader 5, is not that different from its prototype MT4, even though it is advertised as substantially more advanced. The MT5 offers more advanced charting systems, as well as deeper analytical tools. You can also trade cryptocurrencies on the MT5, and it is faster at executing.
The MT4 is considered an excellent platform for the forex trader, however, if any of the above-mentioned functions appeal to you more, then you can opt for the MT5 . MT4 is still the most widely used and downloaded platform on the market though.
MetaTrader 5 for MacBook
MetaTrader 5 is an advanced trading platform that includes more features than its predecessor, MT4. While MT5 does not have a native version for macOS, you can still run it on your MacBook using several methods:
Use Wine or PlayOnMac: These applications allow you to run Windows applications on macOS. Simply download MT5 for Windows and use one of these programs to install it on your Mac.
Virtual Machines: Another option is to run a Windows virtual machine using software like Parallels or VMware. This method provides a full Windows experience on your Mac.
MetaTrader Web: You can access MetaTrader via a web browser. Many brokers offer a web version of their trading platform, allowing you to trade directly from your Mac without any installation.
Mobile Trading with MetaTrader
For traders who prefer to manage their accounts on the go, MetaTrader offers mobile applications for both MT4 and MT5. Heres a look at the apps available for iOS and Android:
MT4 Mobile App: The MT4 mobile app is available for both iOS and Android devices. It allows you to access your MT4 account, view charts, and execute trades from anywhere. You can easily download the app from the Apple App Store or Google Play Store.
MetaTrader 4 for iOS: Specifically designed for Apple devices, this app provides a user-friendly interface, real-time quotes, and advanced charting tools. You can sign in to your forex account with your MT4 login credentials.
MT4 for Android: The Android version offers similar features, enabling you to trade on the go with ease. Download it from the Google Play Store and set up your MT4 account for mobile access.
MetaTrader 5 App: Just like its predecessor, MT5 also has mobile versions for iOS and Android. The MT5 app includes additional features such as more technical indicators and advanced order types. Its available for download on both platforms.
Setting Up Your MT4 Account
To start trading, you need to set up an MT4 account. Heres a easy guide:
Choose a Broker: Select a forex broker that supports MT4. Ensure they are reputable and regulated.
Download and Install MT4: Visit your broker's website to download the MT4 platform. Follow the installation instructions for your device.
Create an Account: Once MT4 is installed, you can create a live or demo account through the platform or directly with your broker.
Sign In to Forex: Use your login credentials to access your account. Ensure that you have your MT4 account details ready for easy access.
Explore the Trading Demo App: If you're new to trading, consider using the forex trading demo app provided by your broker. This allows you to practice trading with virtual funds before risking real money.
