MetaTrader 4 is the most popular forex trading platform. Today, the trading platform has expanded into the world of cryptocurrencies, and works with most popular crypto exchanges.
What is MetaTrader 4?
MetaTrader 4 is a trading software available for Windows, Mac OS X, iOS, and Android. You can download it in the form of desktop software or a mobile app.
Using MetaTrader 4, you can analyze forex markets and use “Expert Advisors” to dive deeper into market details.
The software is used by millions of traders around the world. It’s typically used by intermediate to advanced traders. However, MetaTrader 4 has grown better at accommodating newbies. The apps have a particularly user-friendly UI.
Two of the key features of MetaTrader 4 include Signals and Market. The Signals service lets you copy trades of other traders, while the Market provides you with Expert Advisors and technical indicators that you can buy. Other key features include advanced technical analysis, a flexible trading system, algorithmic trading, and mobile trading.
One of the weird things about MetaTrader 4 is that it’s not the latest version of MetaTrader. The software’s developer, MetaQuotes, released MetaTrader 5 all the way back in 2010. However, most traders still use MT4 to this day.
How to Use MetaTrader 4
Most of the major exchanges support MT4. Typically, you download their trading applications, and those applications support MT4.
Using MetaTrader 4 is straightforward. You can download the software directly from MetaTrader4.com, which is the official MetaQuotes Software website. You can also download MT4 through your forex broker or cryptocurrency broker. Install the software as you normally would, then get started.
By default, MetaTrader 4 will open with four chart windows. Each chart window represents a different currency pair.
The toolbars, populated with many icons, can be found at the top of the screen. On the left side of the screen, below the toolbars, you’ll see a “Market Watch” window. That window lists a variety of currency pairs along with corresponding bid and ask prices. The bottom of this window features two tabs for “Symbols” and “Tick Charts”. Symbols shows the list of currency pairs, while Tick Charts shows the current price activity of any currency pairs.
The lower left-hand corner of the screen is called the Navigator window. The Navigator window lets traders view their accounts and various indicators. You can also see Expert Advisors and Scripts.
Finally, the bottom of the MetaTrader 4 software screen features the “Terminal”, which comes with six tabs: Trade, Account History, Alerts, Mailbox, Experts, and Journal. The Trade tab features open orders and trades (along with their symbol, trade entry price, stop loss levels, take profit levels, closing price, and profit or loss). The Account History tab lists all activity in your account, including closed orders.
The main screen of MetaTrader 4 shows the four charts. The charts can be customized to reflect the trader’s style and color preferences. You can customize everything with MetaTrader 4 – including choosing the color for each bar and each background, or coloring the ask line or stop levels on the screen.
Obviously, you’re going to spend a lot of time staring at the MetaTrader 4 charts, so you should take the time to tinker with the settings. To do that, right-click on any chart and click Properties. From the next screen, you’ll be able to customize everything.
After you’ve picked your color scheme, you can save that color scheme as a template. Click on the Template icon in the top toolbar, then click Save Template. Give the template a name, and you’ll see it in the drop-down list of templates.
Ultimately, there are hundreds of customization options available in MetaTrader 4. I won’t get into all of them here. Suffice to say you can customize your trading windows however you like. Investopedia has a good article about MT4 tips here.
Who Made MetaTrader 4?
MetaTrader 4 was made by MetaQuotes Software Corp. The original MT4 was released in 2005. Prior to that release, the developer had released several different versions of the client, but none of them had been as popular or well-known as MT4. MT4 delivered significant improvements and quickly became popular among traders.
MetaQuotes was founded in 2000. The company maintains offices around the world, including in Cyprus, China, Singapore, Sydney, Istanbul, Dubai, Lahore, Bangkok, Tokyo, and Sofia. The company is officially registered and based in Limassol, Cyprus, although the company was founded in Kazan, Russia.
In addition to MT4, MetaQuotes is known for the TeamWox software, a CRM system that was initially developed for internal use in the company.
MetaTrader 4 Conclusion
MetaTrader 4 is popular trading software available for desktops and mobile devices. Virtually all major forex and cryptocurrency exchanges work with MetaTrader 4. You download the software, connect your account, then begin trading in various pairs. The app is great for trading on the go, but the desktop software is what makes MT4 the most popular trading software in the forex world.
Download MetaTrader 4 today from MetaTrader4.com.