There are a number of companies that provide platforms through which customers can access the trading market. These platforms each have their own unique features. With these platforms, you can trade at any time and from anywhere using a computer or smartphone.
One of the most popular platforms for Forex traders is MetaTrader. As a matter of fact, it acts as a bridge between the traders and the trading market. In comparison to other platforms, this platform has a number of distinctive features, which will be discussed in the following sections.
What is the MetaTrader platform?
Among the most popular and useful trading software is MetaTrader, which was released by the Russian company MetaQuotes. MetaTrader enables traders to conduct a broad range of trading activities, including technical analysis, charting, market monitoring, and automated trade execution.
The MetaTrader software is currently available in two versions:
- MetaTrader 4
- MetaTrader 5
MetaTrader 4 and MetaTrader 5 were released to the financial markets in 2005 and 2010, respectively. These two versions can be used on computers, mobile devices, and the web.
MetaTrader: Why should you use this platform?
Aside from its convenient download and installation process, MetaTrader provides a number of trading features that are not available on other Forex trading platforms. You can access this platform for free, and the tools within this software allow you to monitor price fluctuations. In addition, you are also able to check trading charts along with plotting trends to ensure that you are making valid trading decisions. Among the chart types displayed and supported by the platform are Candlestick, Line, Heikin Ashi, and Renko charts.
You have the option of easily adjusting your order. The platform allows users to perform transactions automatically. Among the other advantages of this platform is the availability of a demo version. Trading can be conducted in real-time market conditions without the need to deposit any money. Through the use of a demo account, novice traders can gain enough experience without losing money.
What are the features of MetaTrader?
The first thing you need as a forex trader to start is a broker and a trading platform. A trading platform allows you to analyze trades and then execute them, while the broker provides access to the market. MetaTrader includes features designed to assist you in progressing and succeeding. Let’s take a look at some of MetaTrader’s features.
System for trading
With MetaTrader, you will have access to a variety of tools including tick charts, trading history, trailing stops, stop orders, instant execution, and trading from the chart.
Trading analysis
Among the other features, it is worth noting the in-depth analysis of prices. In addition, with interactive charts and online prices, you can be responsive to any changes as they occur.
Signals
Thousands of free and paid signals, with varying degrees of profitability and risk, are available on this platform which works on both demo and real accounts. It is also possible to copy other traders’ transactions in MetaTrader if it is enabled.
Automation and optimization
As an automated trading system, the MetaTrader platform handles both trading and analysis, simplifying the process for you.
Multi-platform functionality
MetaTrader is not only accessible on computers for use on financial markets, but also on mobile devices.
Regardless of the operating system you use, you will have access to full support for trading features, you will be able to perform extensive analysis using technical indicators and other graphical elements, and all of these features are available from anywhere in the world at any time.
The MetaTrader program is also compatible with Windows and other popular desktop operating systems, as well as all types of virtual servers.
Updates and notifications
Keeping up with financial updates will help you anticipate price fluctuations and make smart trading decisions. Using the notifications platform, you will be notified of certain events so that you can respond accordingly.
MetaTrader 4 (MT4):
The MetaTrader 4 platform has been around since 2005 and is considered one of the most popular trading platforms in the world. This platform provides everything you need to run a successful online business. You will find a powerful combination of analytical technologies and cutting-edge trading tools that will enable traders to implement even the most complex trading strategies within this platform.
The fact that it contains digital currencies demonstrates how valuable and significant it is. It is evident from the experiences of this section that MetaTrader of digital currency can be useful to users in many ways. Various features are included in this version of MetaTrader, which is why it is so important.
With MetaTrader, you can monitor the price charts of each digital currency independently and make the necessary transactions to purchase and sell them. There is also the option to place orders in MetaTrader 4, which has increased its value. The MetaTrader 4 platform allows you to manage your accounts in the most convenient way. This broker offers items such as indices, commodities, gold, fiat currency, and digital currencies; therefore, it provides a wide range of options.
Features of MetaTrader 4:
- Automated trading system
- Enhanced transaction security through complex cryptography
- Wide range of timeframe charts for trading transactions
- More than 50 built-in indicators for technical analysis
MetaTrader 5 (MT5):
MetaTrader 5, which has been in service since 2010, is the most recent version of the popular MetaTrader platform. MT5 is a newer version of MT4 and has more features. A noteworthy feature of this MetaTrader is its support for a variety of indicators. As a result, traders are able to perform a deeper analysis of financial markets using MT5.
This version enables you to perform technical analysis using indicators in MetaTrader of digital currency. The process of registering buying and selling is very easy in MetaTrader 5, and it takes only a few clicks. By using this version, you will profit from declines and growths simultaneously. Among the appealing features of digital currency trading in MetaTrader is the possibility of setting different alerts. Setting a price alert is beneficial because it allows you to catch trading opportunities at the right time.
Features of MetaTrader 5:
- A display of the depth of the market
- Having a multilingual interface
- Compatibility with autotrading in the virtual testing environment
- Having fast interbank cash access using MT5 Bridge technology
The difference between MetaTrader 4 and MetaTrader 5:
- Transactions in MetaTrader 5 are faster. Their accuracy is also higher.
- MetaTrader 5 includes two new types of orders: “buy stop limit” and “sell stop limit”, which were not available in the previous version.
- There are some indicators and programs that are only available in MetaTrader 5 and not in MetaTrader 4. In addition to that, it contains 12 time frames that are not available in MetaTrader 4.
- An integrated and comprehensive calendar tab is included in MetaTrader 5 that displays the timing of news releases, impact levels, previous data and market consensus.
- A further difference between MetaTrader 4 and 5 is their programming and coding infrastructure. MetaTrader 5 is more suited to developers proficient in MQL language and traders who use robots to automate their trading. Others who manually register their transactions can use both versions since both versions are identical.
Which MetaTrader is more suited to my needs?
The newly released MetaTrader 5 does not differ much from the prototype version of MetaTrader 4. MT5 provides better charting tools, deeper analytical tools, and it supports cryptocurrency trading as well. It is also faster when it comes to executing trades.
MT4 is widely regarded as an excellent trading platform for forex traders. However, if any of the functions mentioned above are of greater importance to you, you may want to consider MT5. Nevertheless, MT4 remains one of the most popular and commonly used platforms on the market today.
Tutorials for MetaTrader on Windows and Android:
MetaTrader is very simple to install on Windows and Android and the process is similar to installing any other app.
Windows installation:
To begin, you must register on the reference site and create a username and password.
After that, you should download the MetaTrader software from the link below.
https://www.MetaTrader4.com/en/download
Android and iOS installations:
To get started, you must register on the reference site and create a username and password.
After that, you can search and download the MetaTrader application from Apple Store and Google Play. Additionally, you can download the application from the official website using the link below.
https://www.MetaTrader4.com/en/download
Having an easy-to-use user interface makes this application very easy to use and by having it on a mobile phone, the user can make use of all its features and functions.
Installation of MetaTrader on a virtual server:
- Registration with a brokerage or a broker
- Open the Remote Desktop software
- Download MetaTrader
Step 1:
The first step is to register on the reference site. After that, purchase a virtual server from a reputable provider and you will receive an email with your IP address and password. IP addresses are typically eight digits long and cannot be changed, but passwords can.
Step 2:
The next step is to log into your virtual server. This can be done through RDC or Remote Desktop Connection.
In order to do this, click the Windows icon in the lower-left corner of your screen to go to your start menu or press the Windows key on your keyboard and search for Remote Desktop. Getting started requires setting up a new remote desktop.
By clicking on this option, a form will open for us to enter our VPS connection information. As shown in the image below, we need to enter the IP address and password from the service where we acquired the virtual server. Clicking the connect option will now connect you to the virtual server, where MetaTrader can be installed.
Step 3:
The environment of virtual servers inside Windows is no different from that of standard Windows and the only difference is how to access and log into them, which we discussed. In the same way that MetaTrader can be installed on a Windows computer, you can now install this platform on a virtual server and start using it.
Concluding remarks
The MetaTrader 4 software is an old, highly efficient and easy-to-use platform with many plugins , an old and very efficient platform with many plugins designed for trading in Forex instruments, CFDs and other OTC derivatives.
Furthermore, MetaTrader 5 is a professional platform for trading stock markets, along with Forex strategy testing, portfolio, and cloud testing program. The improvement of the programming language and environment, the display of the depth chart of the stock market, and the addition of more timeframes and the economic calendar each have their own advantages.
Frequently Asked Questions
- Can first-time traders use MetaTrader 4?
Yes, this platform has a fairly simple interface, and it only requires a little research and some studying to get started.
- What are the resources available to MetaTrader 4 users?
The Internet provides many resources for learning how to use the platform in the form of educational articles and instructional videos, with YouTube videos being one of the most popular and widely used ones.
- How do I download MetaTrader?
MetaTrader is available for Android, Windows, and iOS directly from the company’s website or it can be found in app stores by searching for MetaTrader.
Once you are in MetaTrader and have connected to your real account, you can select the “Navigator”, click on “Accounts” and then “Real Account”, and click “+” to see your username.
Simply right-click on it and select “Change Password”. In the window that appears, enter your old password first, then the new password twice, and finally click the “OK” button.
How to install indicators on MetaTrader
How to install indicators on MetaTrader
Method 1:
- First, download the indicator you wish to use.
- Copy the indicator.
- Open the Metatrader software and from the “File menu” select “Open Data Folder”.
- Open the “MQL4” folder.
- Open the “Indicators” folder
- Paste the indicator file you copied earlier here.
If you wish to verify the accuracy of your work, you can use the menu Insert => Custom to search for the name of the indicator. If there is no indicator, exit MetaTrader and restart it.
Method 2: Click View => Navigator or press “Ctrl+N” to access the Indicators section.