MetaTrader 4 or MT4 is a MetaQuotes-developed trading platform and is a top-rated platform for charting and trading. There are many instruments and assets on the MT4 platform that you can use to trade and can be downloaded to your computer, tablet, or smartphone.
At first, the platform may look complicated, but you will see it is easy to use and very efficient once you get used to it and all its functions. With its numerous tools, you can buy and sell all kinds of assets directly from the platform and perform technical analysis.
When the platform opens for the first time, the area on the left is the market watch area that shows the most common assets you can trade. This space will include pairs of currencies such as EUR/USD, GBP/USD, etc. To reflect the assets you want to view most, this area can be adapted and changed. But you do get a range of options by right-clicking on the assets.
By right-clicking on the chart and activating One-Click-Trading, you can place a trade. Even by right-clicking and choosing the option to trade, you can exchange directly from the market watch window.
It is also possible to customize charts by color, type of chart, indicators, or one-click trading, where you can buy and sell directly on the chart. Upon opening the trading position, you can manage the profit and target levels on the chart by dragging the dotted lines.
For the MT4 terminal, there are lots of setting and customization tools. Below are some of the most frequently used.
There are many MT4 terminal settings and customization tools. Below are some of the most frequently used ones.
What are the tools available?
Some types of charts are shown as line charts, candles, or market profiles. Many traders use chart types to make trading decisions (some could need additional downloads).
Support and resistance lines – let’s figure out where your primary market levels are.
Relative strength – an indicator that is commonly used to measure momentum.
EA (Expert Advisors) – trading robots for signals that can be downloaded and used.
Fibonacci levels – is a common tool for technical traders.
Stochastics – another indicator of momentum.
Gann Fans – is a technical tool developed by an internationally renowned timing analyst.
MACD – Moving average convergence and divergence, an indicator of the trend commonly used.
Other indicators – ADX, ADR, Bollinger, etc.
Key price level alerts– Alerts can be set if you wish to be informed that the asset price has hit a specific price.
Time Frames – you can view multiple timescales with M1, M5, M15, M30, H1, H4, D1, W1, and MN on the MT4 platform.
Multi-chart screen setup – You can create multiple windows if you need to watch over more than one asset. You can set up as many diagrams as you like to monitor market movements in this way.
The assets are listed on the left (customizable), allowing you to switch between assets seamlessly.
The trading platform for MT4 is quick and reliable. The purchase and sale of options make trading multiple asset classes easy for you. Some losses can help you limit your risk and help you close your positions when you achieve your profit objectives.
The MT4 demo environment is an excellent way to learn how to use the platform if you’re new to trading.