What is MetaTrader 4 software? Metatrader is one software application that has a function to access the online forex broker system.
Using Metatrader, traders able to trade forex easily, quickly, and equipped with sophisticated tools and facilities for analysis. Most brokers in the world support their traders with this Metatrader platform.
Compared to other trading software, Metatrader has advantages because it provides facilities for traders to be able to add and create special scripts (Custom Indicator, Robot/Expert Advisor) for their trading needs.
It’s not surprising that traders can easily find indicator scripts and trading robots on the internet.
MetaTrader is one type of forex trading software, Contract For Difference CFD and various other forms of virtual investment.
MetaQuotes Corp is a company that developed this platform. The software is designed to support mini trading with medium to high investment value.
For beginners, you can use Metatrader to learn to trade with risk-free by choosing a demo account. Currently, there are two types of MetaTrader, namely MetaTrader 4 and MetaTrader 5.
Because of the many investors and forex brokers who use MetaTrader 4 rather than MetaTrader 5, hence MetaTrader 4 is more popular, many traders choose MetaTrader 4 for now.
MetaTrader 4 uses the C- programming language, while MetaTrader 5 uses the C ++ programming language which is the development of its predecessor.
Generally, MetaTrader has a working board mechanism that shows all the buying/selling processes along with various supporting indicators.
From there, every MetaTrader user can know the movement of the trading process in real-time and with the right calculation.
TenkoFX uses the Metatrader platform for Windows, Mac and also iPhone/Ipad and Android.
You can download it on Tenkofx website, by selecting the download platform according to your device.
The advantages of Metatrader.
There are still many advantages to other Metatrader. The following include:
- Supports all PC and laptop operating systems, both Windows and MAC.
- Available in the form of a mobile application can be accessed via smartphones, both Android and iOS.
- Facilitating all types of trading products, be it Forex, Index CFDs and Commodities, or Futures.
- Multi-language facilities.
- Various facilities, graph variations, and hundreds of technical indicators as a tool for analyzing and trading forex. There are default indicators and graphs, also possible to attached indicators and graphs from the third party. Or in other words, is use custom indicators.
- Script facility for adding, editing, and programming, so traders can modify functions. The goal is that traders can analyze and transactions as comfortably as possible.
- The Trading Robot Facility (Expert Advisor) can be added in Metatrader. This robot can be made from a script that makes transactions automatically. More interestingly, EA Metatrader robots can be found easily on the internet, both free and paid.
- Metatrader already has an internal email system that allows traders to get forex news, messages from forex brokers, etc. when the platform is opened.
- Ease of exporting data, both in the form of softcopy and print files.
- Supports a variety of execution technologies: Instant Execution and Market Execution.
- Traders can use various orders, both orders for direct transactions and pending orders.
- Use Take Profit and Stop Loss to regulate profitability and limit risk automatically.
- Metatrader possible to include in investment and copy trading programs, such as PAMM and ZuluTrade.
- A good security system, already equipped with encryption and continuously updated regularly.
How to Download Metatrader?
Before downloading Metatrader, need to know first there are three Metatrader formats, namely:
- Metatrader software format for PC. In order to be used, the software must be downloaded and installed first on the computer or laptop from the link provided.
- Web-based MetaTrader. This software format doesn’t need to be downloaded and installed first. We can open Web-based Metatrader directly in the browser (Chrome or Mozilla Firefox) via a specific URL link.
- Mobile App. The Metatrader mobile application can be found easily on Google Play Store for Android and the App Store for iOS.
The three Metatrader formats can usually be opened using the same username and keyword. The download link with the required password and username can be obtained from the forex broker after we open a trading account.
However, if you want to try the simulation first, you can also download the demo version of Metatrader on the Metaquotes site.
Types of Metatrader.
Metaquotes has made two types of Metatrader, namely Metatrader 4 (MT4) and Metatrader 5 (MT5). The interface is similar, but both programs are different platforms and MT5 is not an upgrade from MT4.
Therefore, indicators and robots for MT4 cannot run on MT5. Here are the details of the difference between the two:
- One of the main differences for traders is the diversity of markets that can be traded through platforms. MT4 is specifically designed for Forex trading, and also supports CFD trading.
- The goal of the MT5 system is to expand market selection that can be accessed by traders. Therefore, in addition to Forex and CFD, trading can be done on futures, stocks, bonds, and more. This allows the trading of thousands of different products that are not available through the MT4 platform.
Depth of the market.
The Depth of Market is an important and useful tool for traders, allowing them to understand the liquidity available on the market at each price point and give them extra transparency and market visibility.
This feature is offered on newer MT5 platforms, but not on MT4.
The Order Filling policy for MT4 is ‘fill or kill’. This means that the order of a trader is required to run at a certain volume, or the order is canceled.
MT5 offers a more liberal Order Filling policy, where the partial filling is permitted. For example, if a part of a trader’s order is not immediately filled, MT5 will automatically create a limit or market order to fill the remaining volume.
MT4 is designed to accept four types of pending orders. This includes buy limit, buy stop, sell limit & sell stop.
MT5 can handle six types of pending orders. Additional types of pending orders buy stop limits and sell stop limits.
This feature allows traders to buy or sell positions when prices pass the requested entry point, and also determine the price they want to enter to open a trade.
What is MetaTrader 4 software? Metatrader 4 is certainly more compatible with 32-bit operating systems. When MT4 was first released in 2005, most computer operating systems were 32-bit, and MT4 was designed around this system.
Currently, 64-bit operating systems are more widely used, and MT5 has been designed to use them. MT5 can operate on 32-bit systems, but for maximum performance and efficiency, 64-bit operating systems are preferred.
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What is MetaTrader 4 software? Order routing is rather old-fashioned with MetaTrader 4. Forex brokers are required to develop their systems to connect with liquidity providers such as JP Morgan, Citibank, and other banks and financial institutions.
Order routing does not run smoothly with the MT5 platform because it offers integrated functionality integrated with the main liquidity provider system in the Forex arena.
These include companies such as JP Morgan, Citibank, UBS, Goldman Sachs, and Morgan Stanley. This allows retail traders to use the platform from this.
What is MetaTrader 4 software? Databases that host the Metatrader 4 platform can comfortably handle up to ten million trades.
This limitation is removed on the MetaTrader 5 platform, which can execute an unlimited number of trades.
This database is designed to handle very large order flows without compromising platform integrity.
What is MetaTrader 4 software? The MetaTrader 4 platform has 30 different technical indicators. Technical indicators are used to detect various price patterns on the Forex market. The majority of these indicators are based on mathematical formulas.
The number of built-in technical indicators available through the MT5 platform has been extended to 8.
That said, both systems allow external indicators to be downloaded onto the platform. traders can also write themselves, so the number of default indicators won’t make much difference to platform users.
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Graphical Tools allows traders to draw trendlines and support and resistance levels on their Forex chart. Metatrader 4 has 31 different Graphical Tools that can be accessed by traders.
The availability of Graphical Tools is quite strong with Metatrader 5. traders can choose from 44 different Graphical Tools.
Forex traders use various timeframes to analyze and trade markets. For example, some traders prefer trading using 30-minute timeframes while others use timeframes that are shorter than 5 minutes.
The Metatrader 4 platform provides merchants with 9 different timeframes.
Forex traders have the ability to trade in 21 different timeframes using the Metatrader 5 platform.
Time and sales data.
Time and Sales Data is a popular indicator used by many Forex traders.
This data provides a detailed description of trading activities for a certain security or Forex currencies.
This displays the volume, price, direction, and time/date for each trade. Time & sales data is available on the MT5 platform.
Both platforms have an e-mail system that allows registered users to send notifications from the trading terminal, but MT5 allows traders to include the attached documents.
News update and an economic calendar.
Metatrader 5 has an economic calendar embedded on the platform. This allows traders to see real-time news that can affect the market. This includes press releases from major central banks and government agencies.
The Metatrader 5 platform allows traders to test different trading strategies using real-time data. Traders can test multiple currencies at the same time.
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What is MetaTrader 4 software? which is better compared with Metatrader 5? The MT5 platform has more functions and trading tools than the MT4 platform.
These include features such as the economic calendar, time & sales data, testing of real-time trading strategies, more liberal order filling policies, in-depth market visibility, greater choice of technical indicators and graphical tools, and the ability to see multiple time frames.
Therefore, on the surface, it seems MetaTrader 5 is a superior product of MetaTrader 4. If Metatrader 5 is a better platform, why do the majority of traders still use Metatrader 4?
The answer is that the Metatrader 4 platform is still functioning well in the Forex community, so even though Metatrader 5 definitely has more features, the Forex industry has been slow enough to adopt this new platform.
Metatrader 5 was primarily developed with the aim of attracting non-Forex traders, with access to stocks, bonds, options, and futures. The Metatrader 4 platform is only able to execute Forex and CFD trading. Therefore, Metatrader 5 captures a wider audience of traders.
Because this support has been removed for Metatrader 4 and because Metatrader 5 continues to improve its offerings, the possibility of demand will increase for the new platform above its predecessor, which ultimately makes it the preferred platform of choice in the industry.
MetaTrader 4 continues to serve the Forex community well, however, and is likely to continue to be offered by many top brokers in the future.