MetaTrader 4: Definitive Guide

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The Meta Trader 4 platform has been developed by the Metaquotes Software Corporation. It supports Automated trading which allows traders to develop a set of definitive rules of trade entries and exits. The rules are programmed in the proprietary language of the trading platform. The use of the proprietary language ensures that the platform itself handles all the analytical functionalities alongside trading itself. Once the rules are established, the platform should be able to identify the circumstances under which a short or long trade should be initiated or closed at profit or when the trade should be closed at loss. If you are really interested in metatrader4 download then it would only be prudent on your part to explore its nuances. Read on.

The benefits of MetaEditor and how it is related to Meta Trader 4 platform

Meta Trader 4 utilizes the MetaEditor 4 interface for creating, compiling and editing program source codes written in the MQL4 (the platform’s proprietary language). The interface (i.e. MetaEditor) is backed by an in built feature called the Expert Advisors Wizard which aids in the creation of new MQL4 programs. MetaEditor is the platform where the program can be compiled after it has been written. Some of the programs that can be created using MetaEditor are Scripts, Expert Advisors and Custom Indicators.

  • The Custom Indicators are programs that the user develops in MQL4 to assess price activity but not strictly for trading purposes
  • The Expert Advisors are primarily used for the automation of both trading and analytical processes.
  • Scripts: Scripts are meant to deliver the dual function of providing both trading and analytical insights.

Meta Trader 4: How is it different from Meta Trader 5?

From their names themselves, it can well be understood that both are created by the same creator and that Meta Trader 5 is a more developed version of MT4. Given below are a few basic differences that exist between these platforms.

The difference can be traced in the method of installation itself. Please remember that it is not as easy to install MT5 as it is the case with MT4. When it comes to MT5, METAQUOTE (the platform’s demo trading server) is present by default during the opening account phase of the installation.

When it comes to the Fundamental Analysis part, let us tell you that MT4 is not backed by an Economic Calendar in the news tab. Metatrader 5, on the other hand, has an inbuilt Forex economic calendar tab full with all the features like schedule, news event, forecast, impact, earlier events among others.

MT5 has 21 timeframes as against MT4’s 9. On Meta Trader 4, the number of charts that can be opened is limited as well. The 21 timeframes available with Meta Trader 5 range from 1 minute to 1 month with an unlimited number of charts. Around a hundred charts can be opened at the same time.

It is very important to educate yourself about more such differences between the two platforms in order to select one of them.

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