MetaTrader 4 Features
MetaTrader 4 features the highest security and technology standards. It supports the native MQL4 (MetaQuotes Language 4) programming language, which enables the development of various custom trading tools to be utilised on the MetaTrader 4 trading platform. MQL4 is based on the popular C++ and its flexibility can help create the following:
- Expert Advisors (EAs). EAs are basically programmes that make it possible to apply automated trading strategies in the forex market.
- Custom Indicators. Aside from the built-in technical indicators, traders can also develop their own custom mathematical tools to perform any analytical operation based on defined conditions.
- Scripts. A script is an application that can be programmed to perform any function on the MetaTrader 4 platform. For instance, there can be a script to close all pending orders or to delete all the indicators on a chart.
- Libraries. These are sets of custom functions that are designed to store and easily distribute parts of custom applications that are commonly used on the MetaTrader 4 platform.
- What is the difference between MetaTrader 4 and MetaTrader 5?
Traders can use either the older MetaTrader 4 or the newer MetaTrader 5 for their trading and be equally successful. The older MetaTrader 4 is specifically designed for forex trading, and it excels in the currency markets. The newer MetaTrader 5 was designed to be more effective in trading CFDs, futures, and stocks. MetaTrader 5 also features advanced order management and has more timeframes to access. MetaTrader 5 also saw the MQL4 programming language upgraded to MQL5, which is both easier to use and more powerful.
- How much does it cost to use MetaTrader 4?
It costs nothing to use MetaTrader 4. The download is available from your broker for free, and any licensing fees are paid by the broker to MetaQuotes, the makers of MetaTrader 4. You might be interested to know that according to MetaQuotes the full license for MetaTrader 4 costs $100,000 and there is an additional sum of around $15,000 per month for hosting, bridging, hiring 24/5 support and other services. That’s not cheap, but all of the costs are borne by the broker, making it more cost-effective and easier for their clients to start trading.
- Is MetaTrader 4 the best trading platform there is?
MetaTrader is probably the most well-known trading platform there is, simply because it has been available for so many years and from so many brokers. It’s not the only trading platform out there however. There are others such as NinjaTrader and the Interactive Brokers or TD Ameritrade terminals. And yet for forex trading, and for most retail traders MetaTrader remains the best trading platform with the greatest functionality and ease of use. It also has the largest community and the broadest array of plugins and addons.