MetaTrader 4 Review

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MetaTrader 4 Review

Shanthi Rexaline
Contributor, Benzinga

1 Minute Review

Considered the gold standard among trading platforms, MetaTrader 4 is a free platform for trading forex and other financial instruments such as CFDs, futures, indices, commodities, and cryptocurrencies. MetaTrader4 is available for retail traders through specific brokers, which individually license the platform. According to its developer, MetaQuotes Software, the platform is available through over 750 brokers and banks and services millions of traders.

Best For

  • Beginning traders looking to dip their toes into data
  • Advanced traders who want a data-rich experience
  • Ease of deployment
  • Platform doesn’t overload the computer
  • User-friendly design for beginner investors
  • Compatible with several operating systems such as Linux, Mac and Windows as well as iOS and Android
  • Comprehensive historical data for backtesting isn’t available
  • Execution speed is not great and is unsuitable for high-frequency trading
  • Its nascent web platform does not allow automated trading
  • Charting package does not provide for a custom timeframe

Use MetaTrader 4 with FOREX.com

Use MetaTrader 4 with FOREX.com

Since 2001, FOREX.com has been connecting independent traders with the global currency market. With trade transparency, a public record of their execution scorecard, and competitive pricing, they are the top Forex broker to execute your trades with. Access MetaTrader 4 through FOREX.com.

Considered the gold standard among trading platforms, MetaTrader 4 is a free platform for trading forex and other financial instruments such as CFDs, futures, indices, commodities, and cryptocurrencies. MetaTrader4 is available for retail traders through specific brokers, which individually license the platform.

According to its developer, MetaQuotes Software, the platform is available through over 750 brokers and banks and services millions of traders.

Table of contents [ Hide ]

Who’s MetaTrader 4 For?

Beginners

MetaTrader 4, with its simple design, excellent user interface, and functionalities such as copy trading and Expert Advisors, is ideal if you’re a beginner.

Since most brokers offer this as a sole platform or as an add-on with their own proprietary platform, you’ll gain access to a plethora of platform of educational resources and tutorials. The fully-functional demo account offers strong support for beginners.

Advanced traders

The platform also appeals to advanced traders due to its advanced charting capabilities and technical analysis, several built-in indicators and graphical tools, etc. The platform also allows automated trading by programming with MetaQuote’s proprietary MQL4 language and constructing custom indicators.

MetaTrader 4’s Platform and Tools

MetaTrader offers desktop, web and mobile platforms. The platforms support over 30 languages, including English, French, Spanish, Portuguese, Japanese, Chinese and Russian. The desktop platform helps analyze financial markets, performs advanced trading operations, runs trading robots and does copy trading.

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The client terminal of the platform allows three trade execution modes:

  • Instant execution
  • Execution on request
  • Execution by market

Orders executed through MetaTrader 4 can be a market order, which is an order executed at the current market price or a pending order, which is a commitment to buy or sell a security at a predefined price in the future.

A pending order can be a limit, stop or stop-loss order. The platform’s quick trading function sends orders from the chart with one click. Another feature, called built-in tick, helps accurately determine entry and exit points. Price movement can be analyzed in nine timeframes. The platform’s charting application has 30 built-in technical indicators and 24 graphic objects.

MetaTrader 4 platform also ensures security; it conforms to the highest security standards. Your trading account is secured by the encryption of data exchanged between the client terminal and the platform’s servers and the usage of RSA digital signatures. The web platform allows you to trade using any browser and operating system. It provides for all trading orders, four execution modes and one-click trading. The chart carries real-time quotes.

MetaTrader 4’s mobile platform gives complete control over your trading account, and you can access your account anywhere, anytime. The free chat option also helps to communicate with other traders. MetaTrader 4 offers an automated trading feature with the help of automated trading robots called Expert Advisors (EAs). EAs can analyze quotes and execute trades.

These EAs, or robots, are available for download for free from Code Base, which is a library that features codes of free EAs, technical indicators and scripts. Alternatively, they can be purchased or rented from the Market, an online store. You can also order EAs from professional MetaTrader freelance developers.

TradingSignals in MetaTrader 4 allows copy trading of successful traders, who provide their trades in public access for free or for a reasonable fee, thereby becoming signal providers. These free and commercial signals are found on the Signals tab of the trading platform and on the firm’s website. You can select a signal provider and start copying trades without leaving the platform.

The alert tool of the platform lets you create an alert for certain trading conditions such as the price that exceeds specified bid and ask prices. Once the specified event occurs, you will be notified.

MetaTrader 4’s Research Offerings

The platform does not carry third-party research offerings. The financial alerts and tools of the platform provide traders with the latest market events, news from exchanges and large financial institutions, interest rate decisions, geopolitical developments, etc.

For transmitting the quotes and news, you need to launch a simple plugin, a gateway for connecting the platform with quotes and news providers. The platform has already created feeds for major quote and news providers such as IB Times, Trading Central, Dow Jones, Claws and Horns, MNI, Bloomberg, Reuters, Alliance News, FXStreet and Trading Central. You can create your own feed using the MetaTrader 4 API.

MetaTrader 4’s Pricing

Metatrader 4 is free for download from the website. On the first launch, you will be prompted to open a free demo account to enable you to test all features of the trading platform.

When you access the platform through a broker, it may offer MetaTrader 4 free for its clients or widen its spread to account for the use of either the MetaTrader 4 standard account or the MetaTrader 4 Pro account. The brokerage pays an upfront fee of $100,000 for a full license and coughs up an extra sum of around $15,000 per month for hosting, bridging, hiring 24/5 support and other services.

MetaTrader 4’s Compatibility

  • OS – Windows XP/2003/Vista/2008/7/8/10
  • Processor – One that supports SSE2 instruction sets

The other hardware depends on terms of using the terminal, load from running MQL4 applications and the number of active instruments and charts, etc. MetaQuotes do not create a version of the platform for Linux and Mac OS. However, to install MetaTrader 4 on the Linux, you need to have the Ubuntu OS and Wine, which is an installer of the Windows program.

For installing on Mac OS, a special program installer called PlayOnMac is needed, which can be downloaded for free. Wine and PlayOnMac do not guarantee perfectly installed programs; they can have bugs at times. If you want to install MetaTrader 4 on a tablet or smartphone with Android OS, Android 4.0 or a higher version is required. For an Apple device, iOS 7.0 or a higher version is required.

MetaTrader 4’s Customer Support

MetaTrader 4’s website has a webpage dedicated to help topics, which provides information under various heads such as getting started, client terminal settings, user interface, working with charts, analytics, trading, auto trading, tools, articles, signals, market and virtual hosting.

To purchase the software, brokerages can contact MetaQuote’s offices in Cyprus, China, Singapore, Australia, Turkey, UAE, Pakistan and Thailand. Support is also available from brokerages that offer the platform.

MetaTrader 4’s Ease of Use

Once you download the platform, you’ll be up and running in no time. Its user interface is friendly and intuitive despite its advanced features. The feature that allows placing of orders right from the charts ensures quick execution and helps you capture profit-making opportunities.

Final Thoughts

Since MetaTrader 4 is the most preferred platform for most brokers, you may not be required to learn to trade with another trading platform. The analytical tools offered by the platform are second to none and the copy trading feature helps beginners draw on the expertise of experienced professional traders without burning their fingers. It also facilitates automated trading by either buying or developing your own EAs.

MetaQuotes has tried to popularize MetaTrader 5, so it’s likely that that licensor may not offer technical updates or support. Even so, if you’re using MetaTrader 4 from an established broker, you’re likely to have unhindered access to the platform.

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Meta Trader 4 is a trading platform that serves forex traders and those who trade financial instruments such as cryptocurrencies, contract for difference (CFDs), futures, indices, commodities and other product. It is regarded as the gold standard for this kind of trade, and as of now, two versions of the platform are available; Meta Trader 4 (MT4) and Meta Trader 5 (MT5).

MetaQuotes Software developed the software in 2002. Since then, the company has released several versions of the platform, but it’s the release of the MT4 in 2005 that caught the attention of the global forex market. Between 2005 and 2020, lots of Forex Brokers switched from using their proprietary software and adopted MT4. Today, MT4 is licensed to over 750 brokers, who then grant access to individual traders. The MT4 program is highly flexible when it comes to integration with the services offered by brokers. Individual traders can only access MetaQuotes through licensed brokers.

Meta Trader 4 is an easy-to-use platform that is best for both beginner and advanced traders. It has some great features and functionalities that make it attractive to beginners and all the tools and features that advanced traders need. For example, functionalities such as copy trading and Expert Advisors, coupled with a user-friendly interface and simple design, make it appealing to those with little knowledge of how to trade Forex. The platform also harbours numerous educational resources, including in-depth courses, how-to guides, and blogs that new traders can use to advance their knowledge.

Advanced traders love MT4 because of its advanced charting capabilities, built-in indicators and technical analysis tools. Meta Trader 4 is also highly customizable. You can save a lot of cash by tailor-making the interface to look exactly how you find it convenient. For example, you can change the way windows are displayed, the arrangement of symbols, charts, appearance and more. The platform also allows traders to integrate a mélange of indicators and signals, both from external and internal sources. Meta Trader 4 has something for everyone.

The MT4 platform is designed such that the broker manages the server while account holders can view charts, live-stream prices, and generally manage their trading accounts. Today, MT4 is one of the most popular electronic trading platforms for forex traders.

The Platform’s Tools and Features

Meta Traders 4 is available in over 30 languages, including English, French, Japanese, Spanish, Chinese, Portuguese, and Russian. It is fully compatible with both mobile and desktop devices, but the desktop version has more features and capabilities compared to the mobile version. MT4 has 30 built-in technical indicators as well as 23 analytical objects for easy analysis that both new and advanced traders can use with ease. To enable traders to pick and respond to prices, MT4 has quotes and interactive charts as well as free CodeBase.

The MT4 Expert Advisor program is yet another noticeable feature that makes it stand out. Through the Expert Advisor (EA) builder program, you can develop, test, as well as optimise algorithms. This is one of the most significant selling points of this platform.

While designing this platform, MetaQuotes factored in the need for information for its users, and so this platform stream financial news and alerts that may have an impact on your trading. Once you have your login details, you are free to set up your notifications so that you only receive those reports that interest you. This feature is also available in the demo version that is available for those who want to test MT4 for a limited time.

Other Useful Features and Tips for Using MT4

  1. Charts: You can save charts if you want to remember how they are arranged. You simply select the Profile icon and then save any selected profile. There is no limit to the number of charts you can save. Saved charts are easy to access later. You only choose your preferred profile from the drop-down menu and open it to access the chart.
  2. Trendlines: The platform has trendlines to allow you to spot areas of resistance and support. You only need to click and drag where you want to draw a trendline, and you can always change it by double-clicking it.
  3. Expert Advisors: The Expert Advisors program is one of its key selling points of MT4. The program allows automated trading by giving you all the tools you need to develop a trading algorithm, test, and optimise it. Once you are done with programming your Expert Advisor, the platform allows you to add them to charts and profile as many functions as you would like. You can then use your own app for trading or to automate trading.
  4. MT4 Multi-Terminal: The multiterminal allows traders to manage funds across multiple accounts from a single account called the Master Account.
  5. Copy Trading: One of the features that MT4 offers new traders is many tutorial PDFs, some of which come with copier services that allow you to copy trades from professional traders. All you have to do is choose your provider, enable the signal, and the terminal will automatically copy the trades for you. This feature allows new traders to benefit from the knowledge of experienced traders as they learn how to trade professionally.

Security Measures

The MT4 platform conforms to high-security standards so users can rest easy knowing their data is safe. The data exchange between the client terminal and servers is encrypted to ensure that it is not interjected by online criminals.

MT4 Mobile Experience

Most people do almost everything on their smartphones these days, and so developers of any platform have to bear this in mind. MT4 ensures you get the same features on your phone as you would on a desktop to give you full control of your account from anywhere. Free chats enable you to have and save conversations with other traders while automated trading robots – EA – enable automated trading. Here are the key features that make MT4 mobile interface great:

  • You have complete control over a trading account at any time.
  • You can access all order types and MetaTrader 4 execution modes.
  • 30 technical indicators
  • Over 20 analytical objects and access to worldwide financial news.

To install MT4 on an android phone, then you will need Android 4.0 or a higher version. Other hardware requirements will depend on the number of tools you need as well as the terms of using the terminal and the MQL4 load.

Desktop Experience

Generally, when you create a new account with a forex broker, you want to concentrate on placing profitable trades; which is extremely demanding even without having to worry about finding your way around the platform. That’s why MT4 focused on simplication. The platform has all the tools you need to trade, but still, it’s intuitive and easy to navigate. You can access the platform using any browser on both Mac and Windows computers. The key highlights of the MT4 desktop client are:

  • You can trade via any browser.
  • It is compatible with all OS – Windows, macOS, Linux.
  • Data is protected.
  • One-Click Trading
  • History of trading operations.

The desptop version of MT4 is super stable. According to information from the company, you can place up to thousands of trades simultaneously without overworking the software. The platform also uses fewer resources no your computer compared to competitors. It works well even if you internet bandwithdth is relatively low.

MetaTrader 4’s pricing

As we mentioned at the beginning, this platform is free to download from the company’s site. When you first launch it, you will be prompted to open a demo account that will show you the features and how to use the platform. You can even test it for a while, during which time you will have unlimited access to all the features and tools.

MT4 is availed to brokers who have to pay to use this platform. Each brokerage spends $100,000 on the license and an additional $15,000 monthly fee for hosting and a host of other services.

Customer Supports

Broker who operate under the MT4 platform enjoy customer support via live chat, phone and email 5 days in a week. The brand also maintains a detailed FAQ section that hosts answers to all frequently asked questions on topics such as getting started, working with charts, user interface, analytics, trading, client terminal settings, virtual hosting auto trading, tools, signals, and the market. If a question is not sufficiently addressed, then you can start a live chat.

Final Thoughts

MT4 is the most preferred trading platform for brokers for a reason. It is easy to use, thanks to a simple design and a demo account that covers everything traders would like to know even when they are new to the business. The features are superior too, and customer care tops it off. Traders can also develop their own EA for better analysis and control of their accounts. The mobile option only sweetens the deal. While MT4 has a few cons, it is overall an excellent platform for beginners and advanced traders alike.

Is this your final decision?

  • The Platform is Free – There very few Forex Trading platforms that are free to use.
  • The platform is light, and so it won’t overload the computer.
  • Compatible with several operating systems – Mac and Windows as well as iOS and Android for mobile.
  • Mobile-friendly.
  • Ease of deployment.
  • The platform is user-friendly even for beginners.
  • Low execution speed that makes it unsuitable for high-frequency trading.
  • Lacking historical data for backtesting.
  • Its nascent web platform makes automated trading impossible.

7 Binary Options review: MetaTrader4: 5 stars

MetaTrader 4 and 5

MetaTrader is a trading platform that facilitates live access to global trading markets. It is most commonly used for online trading in the forex, futures, and CFD markets. There are currently two versions available, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). This page will review both, including downloads, indicators, expert advisors, and invaluable tricks. We also list the top brokers that support the MetaTrader platform.

MetaTrader Brokers

Brief History

Since 2002, MetaTrader developers MetaQuotes Software have released a number of versions of the online trading platform. However, it was the release of MetaTrader 4 in 2005 that really lead to a surge in popularity.

In fact, between 2007 and 2020, large numbers of brokers began offering the MT4 platform as an alternative to their own proprietary software. This was a result of unavoidable popularity amongst the trading community and the high numbers of third-party scripts and advisors.

In September 2020 the first account of the seriously enhanced MetaTrader 5 platform went live. By the time 2020 rolled around, the MQL4 programming language was totally revised, finally reaching MQL5.

MetaTrader 4

MetaTrader 4 is the world’s most popular electronic trading platform used by forex day traders. The software is licensed to forex brokers, who then provide the software to their clients. The server component is managed by the broker. Whilst the client software is used by those holding trading accounts to view live streaming prices and charts, place orders, and generally manage their accounts.

MetaTrader 4 can be downloaded at no charge directly from the official MetaQuotes website. Alternatively, you can download the trading platform from any number of online brokers. The all-in-one interface caters for both beginners and experienced traders.

Below you will find details of what precisely the MetaTrader 4 system has to offer, including instructions on how to get set up on the platform.

Analytics

As MetaTrader 4 brokers often point out, you get a wide range of analytical functions. Online quotes and interactive charts with nine periods, enable you to pick through quotes and respond to price changes. To make the task easier, you also have 23 analytical objects, plus 30 built-in technical indicators.

On top of that, their free Code Base and Market, details of which are covered below, open the doors to thousands of extra indicators.

MultiTerminal

The MetaTrader 4 MultiTerminal allows you to fund and manage multiple accounts from a single master account. It is particularly straightforward to get to grips with if you already have experience with the MetaTrader 4 Client Terminal.

Simply head over to their website and follow the on-screen instructions for this account manager download.

Trading Signals & Copy Trading

Open a MetaTrader 4 tutorial PDF and you may come across their trade copier services. These allow you to automatically copy deals from other traders.

You simply select your provider, subscribe to a signal and then your terminal will copy the trades. If you’re a novice trader and looking to capitalise on the experience of other successful day traders, this is an effective way to go about it.

The Market

Once you have finished your MetaTrader 4 Mac download, you will have access to the built-in market. This is often a great place to find an Expert Advisor or a new technical indicator.

You can buy any of over 1,700 trading robots and 2,100 indicators. On top of that, you can launch any of them without leaving your platform.

Making a purchase is straightforward, transparent and secure. However, you can always contact MetaTrader 4 customer service if you encounter any problems.

Expert Advisors

The MetaTrader 4 Expert Advisor (EA) builder program is a huge selling point of the software offering. Automated trading can be a fantastic way to enhance an effective strategy. The platform gives you the tools to develop, test and optimise algorithmic and high-frequency trading software.

The programming language is known as ‘MetaQuotes Language 4’ (MQL4). Once you have written your EA, you can attach them to a chart to profile any number of functions. Simply click and drag, or double click the item within the ‘navigator’ window to add it to your chart.

MetaTrader 4 forex traders, for example, could then utilise their own application in trading. Alternatively, you could post it in the free code library, or sell in the Market.

Alerts & Financial News

Even with a MetaTrader 4 demo account that’s unlimited, you get access to a range of financial news and alerts. This could help you to anticipate and capitalise on price movements. Once you have your MetaTrader 4 login details, it’s quick and easy to set up email alerts for certain events in the economic calendar.

This service promises current financial notifications and timely notifications. In addition, you have the customisability to streamline access to the data and information relevant to your particular product and market.

How To Use The MetaTrader 4 Platform

When you have downloaded MetaTrader 4 to trade bitcoin or any other instrument, you will be greeted with the same screen. So, how do you go about using the platform?

Firstly, you will find a long list of buttons at the top of the platform. The buttons M1, M5, M15, M30, H1, H4, D1, W1, and MN are the different chart time frames you can choose between. M is for minute, H for hour, D for day, W for week, and M is short for month.

The magnifying glasses are for zooming in and out of the charts without altering the time frame. If you look to the left of the magnifying glasses, you will see the three charting options. These are Bar Charts, Japanese Candlestick Charts, and Line Charts.

Again on the left, you will find the standard drawing tools. These will include:

  • Vertical line
  • Horizontal line
  • Trendline
  • Price channel
  • Fibonacci retracement
  • Image labels

To customise your trading, right click on the chart window and you will be given a number of options.

You can open a trade position by pointing at ‘trading’. Alternatively, select the ‘new order’ button from the options above the chart. Hit ‘One Click Trading’ and Buy/Sell buttons will be added to your chart in the top left. You can then automatically open trades at pre-determined sizes.

All of these basic functions can also be carried out in the MetaTrader 4 portable mobile and tablet offerings.

MetaTrader 4 Tips

There are a number of useful tips and tricks on this platform that can save day traders time.

Profiles

You can save chart groups. This allows you to choose how charts and different windows are arranged. Simply select the ‘Profiles’ icon and select ‘Save Profile As’. You can then save any number of profiles.

To choose from one of your profiles, select the ‘Profiles’ icon and then select from the drop-down list. In addition, you will find a few default profiles are included in the list.

Crosshair Mode

Another useful feature is the crosshair mode. This can be used for identifying specific time and price values, for example, when searching for a recent high or low.

To access this feature, click the middle mouse button. You will then be able to move the crosshair over any price bar, or any part of a price bar. The respective time and price values will then be easily identifiable.

You can also access crosshair mode by selecting the ‘Crosshair’ icon in the toolbar.

Trendlines

As MetaTrader 4 guides will highlight, trendiness drawn on charts allow you to identify areas of support and resistance. To draw one quickly, click and drag to define the trendline, then release the mouse button. If you want to change the trendline, double-click and then do the following:

  • Select and drag either end to rotate.
  • To move your trendline to an alternative price level, select and draw the centre body of the trendline.
  • Hold ‘Ctrl’ and select the trendline to draw a parallel trendline.
  • If you want to adjust the colour, style or change other specifications, simply right click to open the ‘Trendline Properties’ box.
  • You can delete the trendline by right-clicking and then hitting ‘delete’.

MetaTrader 4 Benefits

It doesn’t take long after you have finished your online MetaTrader 4 download to see why the platform is so popular. It offers:

  • Ease of use – The simple and user-friendly design allows for traders of all experience levels to pick it up swiftly.
  • Tools – Customisable charting tools are integrated and you are given direct access to export historical data. In addition, you benefit from a real-time price feed, plus extensive third-party add-ons.
  • Speed – As MetaTrader 4 reviews often highlight, the platform is light. This ensures it doesn’t overload systems in place, enabling fast executions. This is particularly important in highly volatile markets.
  • Expert Advisors – Mechanical traders will appreciate MetaTrader 4 expert advisors make for straightforward plugins.
  • Accessibility – You can trade any number of instruments, including cryptocurrency, such as ethereum and other altcoins. Not to mention you can trade on popular stock indices, the Dow Jones, for example.
  • Flexibility – You have access to three execution modes, two market orders, four pending orders, plus two stop orders and a trailing stop.
  • Compatibility – Steps have been taken to ensure compatibility amongst numerous operating systems. So, you can download MetaTrader 4 for Linux, iOS, plus Windows 7, 8, 9, 10.
  • Mobile apps – For those who like to trade on the move, there are MetaTrader 4 Android and iOS applications available at respective app stores. In addition, MT4 now works for Windows phones. The mobile platform allows for a smooth transition from the desktop version. You can access charts, use technical analysis tools, plus place and manage trades. MT4 Android and Apple tutorials can be found online.

MetaTrader 5

The MetaTrader 5 download is the latest version of the trading platform available. It is a multi-asset platform offering a number of trading tools and services. So, you can trade the traditional forex, futures, stocks, and CFDs. There are also capabilities for trading cryptocurrencies and binary options. The key features of the platform have been explained below.

Fundamental Analysis

Once you have your MetaTrader 5 online login details, you can start exploring their fundamental analysis tools. These include access to financial news and an economic calendar. Both can be used to predict future price shifts in instruments on the MT5 platform.

On top of that, you will have access to a number of economic indicators and breaking news reports from international news outlets.

Compatibility

Those concerned about compatibility will be pleasantly surprised. You can now get MetaTrader 5 on Linux, Windows 7 (32 bit and 64 bit), as well as for Macs. Most MetaTrader 5 brokers will provide direct download links. However, if not, head over to the official website and you will find guidance on how to go about installing the software. As with the old version, MetaTrader 5 comes with zero costs.

In fact, all you need is an internet connection and you can use the MetaTrader 5 Web Platform. You can analyse quotes, execute trades, and access previous trade history.

In addition to flexibility, security is a high priority. All transmitted information is encrypted, and the web platform supports additional protection via the use of two-factor authentication.

MetaTrader 5 Mobile Trading

You can download MetaTrader 5 for iPhone, iPad, and Android devices. The mobile application can be used to compliment your desktop-based platform or to directly trade from. You can do all of the following:

  • Send pending orders
  • Set protective and trailing Stop Losses
  • Take Profit levels

In addition, MetaTrader 5 mobile applications also allow for One-Click Trading. This enables you to send trade orders directly from a price chart, or from the Market Depth window. On top of that, with the assistance of 30 built-in indicators and 24 analytical objects, you can conduct an in-depth technical analysis of forex.

See MetaTrader 5 forums and user guide PDFs for further instructions on getting the most out of your MT5 mobile app.

Algorithmic Trading

MetaTrader 5 expert advisors enable automated trading using robots. These sophisticated algorithms will analyse the market and execute trades when pre-determined criteria have been met. This feature uses MQL5 to develop, debug, test, and optimise trading bots. You can also find MetaTrader 5 expert advisor tutorials in the form of training videos from numerous brokers.

New day traders can use the MQL5 Wizard to get set up with automated trading. This assistant can help build a straightforward robot. While experienced traders can use MQL5 IDE to utilise additional capabilities, such as:

  • C++ like MQL5 programming language (note – all trading applications for MetaTrader 5 are written in MQL5)
  • MetaEditor
  • Strategy tester complete with real tick support
  • Language Reference which details all language constructions

As with the MT4 platform, you can purchase indicators from the Market. Alternatively, head to Code Base where there are free downloads. You can also find MT5 tutorial PDFs online to help you get set up.

Trading Strategy Tester

A useful component highlighted in MetaTrader 5 reviews is the built-in Strategy Tester included in MQL5 IDE. It works by running the strategy against historical price data, automatically executing trades in line with its algorithm. Because this can highlight potential flaws in a strategy before you use it in your live account, it could save you significant capital.

In fact, the MetaTrader 5 Strategy Tester uses several techniques to find the ideal speed/quality ratio. Often, the most effective results are found the using the ‘Every tick based on real ticks’ mode. This uses real ticks from exchanges and liquidity provers. Whilst the ‘Open prices only’ mode offers just a quick, approximate estimation.

You can view the live data feed results on a chart. At the end, a testing report is then generated. This allows for the straightforward identification of potential flaws.

A useful tip is to download a free MetaTrader 5 demo version of a potential robot before you purchase it from the Market. This could save you from making an unwise investment.

Optimisation

An important element of the Strategy Tester is the optimisation capabilities. This can test an algorithm with a number of parameters while choosing optimal values. However, optimising sophisticated robots can become a very time-consuming process. So, use generic algorithms to shorten the process.

You can then view your optimisation results in 2D and 3D modes. On top of the built-in features, there also exist custom visualisation modes too.

Additional Features

Overall, the MetaTrader 5 offering is comprehensive. You can view up to 100 charts, with 21 time-frames, ranging from 1-minute to 1-month. Also, you get 80 MetaTrader 5 indicators, including:

  • Volume indicators
  • Volatility indicators
  • Pivot points indicators
  • Time zones indicators
  • Buy/sell signal indicators
  • Android custom indicators

In addition, there is the option to purchase more, from services such as Code Base.

You also get an advanced Market Depth function with MetaTrader 5, which has a tick chart, plus Times & Sales information. Market scanners too are available, meaning you can swiftly identify potential opportunities.

You can have a separate accounting of orders and trades, plus the support of all types of trading orders and execution modes.

The two accounting modes are as follows:

  • Netting – Adopted on exchange markets
  • Hedging – Used forex trading

If you want to test the platform, you can use an online MetaTrader 5 demo account with ease. These practice simulator accounts allow you to test different financial markets and get familiar with the trading platform. A number of different brokers offer this service or you can always head over to the official website.

However, you must remember to consider trading fees when you upgrade to a live account as a profit factor. Also, some brokers may require a minimum deposit as well as having different rules around leverage and margin levels.

Customer Support

If your MetaTrader software has stopped working, getting support is relatively straightforward. As a result of it being such a popular platform, most brokers will offer technical assistance, via live chat and telephone.

They should be able to assist you with language programming and offer remedies for when the platform is not responding or updating. Customer service should also be able to help you check your desktop meets technical requirements.

You can also turn to active trading communities for support. Due to global popularity, you will find plenty of experienced users voice opinions on indicators that are best, shortcut keys, default templates, backtesting tutorials, and more. Simply head to online blogs and forums. Alternatively, you can find manuals in the form of books and ebooks.

So, if for any reason your platform is not working, support is just a few clicks away.

MetaTrader 4 vs MetaTrader 5

If it is a question of MetaTrader 4 or 5, then there isn’t too much to separate them. Although MT5 is marketed as far more advanced, in reality, you just benefit from more charting systems and in-depth analytical tools.

A few points to consider though are as follows:

  • MetaTrader 4 is more readily available amongst brokers.
  • MetaTrader 5 is considered less user-friendly.
  • You get an extra order execution type and two more pending order types with the MetaTrader 5 version.
  • Roll-over and hedging are possible with MetaTrader 4 and unavailable with MetaTrader 5.
  • MetaTrader 4 uses MQL4 programming language, while MetaTrader 5 uses MQL5.

Overall, the MT4 system is more than adequate for the majority of day traders. However, if advanced charting and analytical tools are important to you, then you may want to update to MetaTrader 5. But note the old MT4 version remains the most popular, demonstrating many have not felt the need to swap.

Verdict

On top of straightforward installation, MetaTrader systems offer a number of trading tools and features that other platforms lack. Setting up trade orders is hassle-free, while Candlestick, Heiken Ashi, and Renko charts are easy to configure and customise. In addition, expert advisors and automated services via scripts are simple to utilise.

Finally, the industry standard MetaTrader 4 trading platform should be able to serve traders of all experience levels. However, for those set on complex, advanced strategies, the MetaTrader 5 platform may be the route to go down.

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