MetaTrader 4 or MT4 is one of the most popular trading platforms in the market and it is offered by majority of the forex brokers today. It was developed by MetaQuotes Software for trading forex, CFDs and futures markets online. It can be downloaded directly from dozens of online forex brokers for free and is available as a desktop or mobile app for Android and iPhone devices. This platform is offered by popular brokers like XM, AvaTrade and Trade.com.
Trade Speed and Reaction
MT4’s platform is very responsive and intelligently developed. The reaction time is quite fast with most of the graphics and all the elements taking only a few seconds to load. Requotes and slippages are very uncommon and placing an order is very quick with minimal gaps between hitting the button and placing the trade.
MT4’s interface is simple and very organized to start with but there is an option to customize it with graphs and charts to match the needs of their traders. The intuitive menus, toolbars and windows enhance the user experience without being overwhelmed. All the important graphics are laid out in order and finding all the necessary commands can be found on the menu.
The platform features advanced charting capabilities which allows simultaneous trading and analysis of the market’s technical aspects. The ability to trade straight from the graphs fosters a speedy response time and allows me to react immediately when there is a quick movement in the markets. I can move in and out of positions, and keep track of my profits and losses directly from the charts. What I also liked from their graphs is that there is an option to customize the size, color and timeframe according to my preference. It’s also possible to overlap two oscillation graphs for more advanced chart analysis. The charting package includes the essential line, bar candlestick charts but there also other useful types such as the nine time frames, trend lines, Fibonacci retracements, support and resistance levels, and 30 built-in technical indicators.
Navigating the MT4 platform is quite easy when compared to other forex platforms. By default, there are four chart windows that represent different currency pairs while the toolbars located at the top of the screen is populated with all the necessary icons that are needed for trading. There is a Market Watch window on the left side which lists the available currency pairs and their current bid and ask prices.
Unlike with the regular charts, the MT4 provides full functionalities where automated trades called algorithmic trading can be set. This is basically scripting the strategy into the software and executing the automated trades and many traders are known to be using this feature especially with currencies. It comes with more than 50 indicators that can be customized and modified for better results. Scripts and custom indicators can be used although this requires a trader to have knowledge of the MQL programming language. There’s an option though to download scripts and indicators from the platform’s extensive library where some of them are free and some requires a premium.
It’s easy to monitor the current open and pending trades from the platform’s terminal window which is located at the bottom of the screen. From this section there is a tab labeled as Trade where it is possible to view the active trades and next to it is another tab labeled as Account History which monitors all the activities that I did from my account including the deposits and withdrawals that I made and all the trades that I closed. Next to it are other useful tabs that are dedicated for News, Alerts, Mailbox, and Journal.
MetaTrader 4’s user-friendly interface, outstanding charting package and the useful functionalities certainly allowed me to make the most of my trades. This is the ideal charting solution to use for those who are focused on trading currencies. Overall, I could say that this is one of the best technical analysis solutions in the market today and trading with brokers that offer this platform is a wise choice.
Average Score: 8.1/10