Review Of BinaryOptionGain.com’s MT4 software package

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Contents

BinaryOptionGain A New Trading Tool

BinaryOptionGain.com is a downloadable software package for MT4. It is based on the popular Fibonacci sequences and utilizes several proprietary indicators. In order to get the down load you will have to register with the website, but unlike so many other sites I review this one actually gives you a lot of information before you have to give up your data. The strategy is described using the 15 minute MT4 charts but longer and shorter time frames can be used as well. The strategy uses 4 indicators to provide signals and works for both calls and puts. While not a trend following strategy per se, it does work best on a trending asset but is also useful for assets the tend to trade in tighter long term ranges like forex and commodities.

After reading through the website I get the feeling that our author is disciple of Fibonacci and who can blame him. I use Fib’s myself on a day to day basis and think they are a great method of technical analysis. This strategy uses standard Fibonacci Retracement with a 10 bar simple moving average and two proprietary indicators. These are called the FD Index and the Trend F Histogram, both based on Fibonacci theory. Now, to be clear, you will have to register with this website in order to get the download but there are full instructions on how to use the strategy provided with free and open access. This is a good sign that the tools are legit. To make sure, using a fake email address of course, I signed up to find out what the deal really was and I was pleasantly surprised to find that the tools and an ebook were free for the using. He does recommend a few brokers at the end but they are respectable and depositing money is never a requirement to get the strategy and tools.

How Does It Work

After you sign in you will get a link sent to your email address. From there you are sent to page where you can download the MT4 plug in and an ebook outlining hot to set up the indicators and use the strategy. As I said it is based on four indicators. Signals are as follows. First draw Fibonacci Retracements between the most recent low/high or high/low as the case may be. The Fibonacci lines are not signals in themselves but places where you should look for bounces. At that point wait for bounce from one of the retracement lines confirmed by a cross above the simple moving average. The Signal is given when the FD Index and Trend F indicators confirm the bounce and cross.

  • A call signal is given when the price action moves and closes above the 10 bar SMA, the FD indicator turns green and the Trend F indicator is moving up.
  • A put signal is given when the price action moves and closes below the 10 bar SMA, the FD indicator turns red and the Trend F indicator is moving down.

My Thoughts On The BinaryOptionGain Fibonacci Strategy

I like the strategy, and the fact that it is completely free, but I am not sure that you need to down load his proprietary indicators. For one, the standard Fibonacci Retracement is commonly found on trading platforms across the board, and if it isn’t on yours you can probably get one off the internet. Trading with Fibonacci is very popular and there are lots of other ways to get retracement levels if you can’t put them on your charts. Second, applying a simple moving average to the Fibonacci is good way to begin to set up a signal but again, are commonly found on trading platforms. As for the proprietary indicators, who knows. The FD Index is OK, it turns red and green when it gives a signal but so what. The Trend F indicator looks pretty useful but it also looks just like the MACD. I don’t see why you couldn’t put a MACD on your charts, use a simple moving average with Fibonacci Retracements, forget about the other indicator and still follow his rules. I think his strategy is good, you just don’t need it. There are too many indicators and strategies that are tested by time and trusted by traders around the world. I think in the end this is going to turn around and bite me in the ass with untold amounts of email offers to buy more services.

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

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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.

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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.

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.

Best MetaTrader Brokers

The ForexBrokers.com annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Having personally used MetaTrader platforms from several dozen brokers for more than a decade, in this guide I will outline some of the reasons why new and existing traders continue to use this online trading software. This guide starts with basics that will help beginners and then progresses to more advanced topics, such as social copy-trading and using automated trading systems.

Best MetaTrader (MT4) Brokers

Here’s a summary of the best MetaTrader brokers, scored on 3,180 data points.

  • Admiral Markets – Best overall for MetaTrader
  • FxPro – Full MetaTrader suite, average pricing
  • Pepperstone – Excellent pricing and customer service
  • Darwinex – Full MetaTrader suite, expensive pricing
  • Swissquote – Full MetaTrader suite, pricing varies
  • XM Group – Full MetaTrader suite, average pricing
  • HotForex – Full MetaTrader suite, average pricing

Best overall for MetaTrader

Forex and CFD traders choose Admiral Markets for its excellent investor education and advanced MetaTrader features, including the Supreme add-on and market research via Premium Analytics. Overall, Admiral Markets is our top MetaTrader broker for 2020. Read full review

Full MetaTrader suite, average pricing

FxPro competes among the top MetaTrader brokers, offering the full suite of MT4 and MT5 platforms with multiple account pricing options. Drawbacks to FxPro include a small range of tradeable products and limited market research. Read full review

Excellent pricing and customer service

Pepperstone offers a small set of tradeable products but provides forex and CFD traders with competitive pricing, excellent customer service, and one of the largest selections of third-party platforms, including numerous options for social copy trading. Read full review

Full MetaTrader suite, expensive pricing

Copy trading aside, Darwinex is not an ideal choice for self-directed trading. To trade individual stocks and CFDs, you have to MetaTrader instead of the excellent proprietary Dukascopy platform. With MetaTrader, pricing is higher, research is weak, and no tools are available beyond the standard experience. Read full review

Great pricing for higher balance

While Swissquote’s Advanced Trader platform suite is user-friendly, its underlying platform technology needs an upgrade from flash to HTML5. Fortunately, Swissquote offers the full MetaTrader platform suite, which also comes with better pricing. Read full review

MetaTrader Overview

Founded in 2000, MetaQuotes Software Corporation – the developer of MetaTrader4 (MT4) and MetaTrader5 (MT5) software – was an early pioneer in developing forex trading and charting platforms. The Metatrader suite – which is licensed by brokers and offered to traders – continues to be one of the most widely used trading platforms in the retail foreign exchange (Forex) and CFD markets globally.

Today, MT4 and MT5 have extensive documentation, codebase, and articles supported by the developer and its global community of users, making it an ideal solution for retail and professional traders to find the resources they need to create algorithmic trading systems or carry out manual trading and even social copy-trading.

A key catalyst was the developer created the MetaQuotes Language (MQL) syntax to allow programmers to create automated scripts and trading systems.

The proprietary MQL language – both MQL4 and MQL5 – enabled the growth of a secondary marketplace supported by programmers who created custom scripts, including utilities, libraries, indicators, and automated trading strategies known as Expert Advisors (EAs). This ecosystem continues to evolve.

MetaTrader History

After launching its MetaTrader brand in 2002 as its third-generation software, MT4 was subsequently launched in 2005, and by 2020 the company followed with the launch of MT5 to expand into additional asset classes, including securities and futures markets.

By this time, the marketplace for EAs and custom indicators was becoming saturated, and traders could buy or obtain plugins for free, or even hire developers to code their Experts on the freelance section of the MQL5 Community marketplace or outside of it.

This led to the rise of more MetaTrader brokers, as companies competed for existing market share and new market entrants.

MetaTrader Brokers List

Today the MT4 and MT5 platforms are available across hundreds of online forex brokers, with the native version of the desktop platforms available for Windows operating system (OS) and a Mobile app for Android and Apple iOS devices available by default.

Based on our 2020 Review, which included 30 brokers, here is a list of those that offer MetaTrader:

A web-based version of both platforms are available, although the web-based versions are not offered by all brokers and do not support automated trading as the desktop versions do.

MetaTrader Charting and Tools

Starting with the desktop version of MetaTrader (MT4 or MT5), beyond an easy-to-navigate layout (with everything housed under seven categories from the upper toolbar), the scope of charting tools and number of available indicators by default give traders a good starting point for performing basic technical analysis.

In terms of the layout and charting, customizable chart templates can control how default charts appear; meanwhile traders can save all their charts into a profile so the entire workspace is backed up, including all trend lines and chart configurations. All such custom and default settings, including scripts, experts, and indicators, are stored in designated folders within the main data folder under “File>Open Data Folder.”

This structure of storing settings within specific files makes it easy for users to back up or transfer their settings to other devices or users, and it is what helps make the platform so versatile, as these settings are exportable.

Those seeking more advanced indicators and analysis tools (and even automated trading strategies) can buy or rent them directly from the MQL5 marketplace from within the platform under the options menu under “Tools>Options” or CTRL+S. In terms of fundamental news, the available news streams vary, depending on the broker and any related news providers the broker uses to deliver headlines within the platform.

Signals Market and Social Copy Trading on MT4

The signals market available on the MQL5 Community lets users copy the live trades of approved signal providers in what can be described as social copy trading, which is available for a subscription fee charged by each signal provider.

From within the platform, users can also sync their account with their MQL5 Community user ID to enable the signals market for social trading and in the mobile app to receive push notifications of their trading activity.

Automated Trading via Experts (EAs)

Expert Advisors (EAs) are used in the MT4 (and MT5) platform to run automated trading systems. An EA will either be a copy of the original .MQ4 file that contains the source code, which can be modified, or it will be an .EX4 (executable) file of the same code, which cannot be tampered with and is often chosen by those who want to distribute their strategies without revealing their source code.

Most EAs have a range of customizable parameters that let users specify the position size and risk/reward-related attributes, among other elements, that may be configured before automated trading is enabled.

Back-testing and optimizing EAs

The MetaTrader platforms also let users test how an EA would have performed over historical data, using a process known as backtesting in the Strategy Tester section. This is useful when users want to check out how an EA would have performed over a given period and for a given instrument.

When an EA is built and then tested on historical data for the first time, this is known as testing on out-of-sample data, which means the EA has never used these historical prices (in which case the result will not have the benefit of hindsight).

On the other hand, some developers may optimize their strategies over a historical data set (i.e., run it multiple times over the past three months of EUR/USD tick data) on purpose – which can lead to curve-fitted results. While there can be some benefits to optimizing a strategy over historical data, results of a curve-fitted strategy can be misleading as only the best trades are cherry-picked, and the results of forward-testing the same strategy can be significantly different. Therefore, forward testing a strategy can be even more important than backtesting it, before the value of results can be assessed.

Using VPNs and the cloud for automated trading

Another important distinction is that back-testing occurs locally on MT4 and requires users to have the platform running either on their local machines or using a dedicated Virtual Private Network (VPN).

The same applies to trading with EAs; the platform must be open and running as the EA runs locally, which is why many traders use VPNs to host their EAs so the strategies can run continually without interruption on remote servers.

Pros and Cons of using Expert Advisors

Just like manual trading, any automated strategy is only as good as the results it can achieve on a risk-adjusted basis over time, and just as there are some good EAs available, there are also some bad ones circulating on the internet. Therefore, while there can be pros to using EAs to automate trading, traders must be aware of the pitfalls and know how to vet an EA before using one to manage their investment capital.

Here are five tips to select a good expert advisor:

  1. Understand the trading methodology (strategy) the expert advisor follows.
  2. Consider its availability, cost, and historical performance for other traders (if any).
  3. Back-test it across multiple instruments/timeframes, if possible, or examine its historical performance (if available).
  4. Analyze the results of multiple back tests to see if they meet your expectations.
  5. Forward-test the strategy with a small test amount before getting serious.

MT5 – MetaQuotes’ latest generation platform

While MetaQuotes continues to update the MT4 platform to cater to the significant user base that still runs its prior generation platform for Forex and CFD trading, the developer has pushed many of its most innovative features into its latest generation MT5 platform. In addition to CFDs and Forex trading, MT5 can support Stocks and Futures, making it more of a multi-asset platform than its predecessor MT4, in addition to supporting more complex trading strategies.

A significant difference between MT4 and MT5 is in the syntax of how EAs are coded, where the MT4 EAs (based on MQL4) are not cross-compatible with MT5 (based on MQL5). Even though many third-party programs offer to convert MT4 EAs to run on MT5, this difference in coding keeps both platforms isolated from each other on purpose.

However, from build 600 onwards, MetaQuotes created a unified MetaEditor development environment and revised the MQL4 programming language to more closely match features available within MQL5 syntax. This unified compiler supports both languages, helping to aid the transition of many old trading robots to be compatible with the latest build or for use on MT5.

Overall, MT5 has a more modern look and feel in terms of visual layout and navigation, while much of the platform design still looks like MT4 in terms of the layout. Another key difference is the use of the MT5 cloud network, where users carry out backtesting through the developers’ own VPN available within the platform as virtual hosting. Otherwise, with the signals markets available for social copy trading, both platforms provide traders with plenty of options, yet MT4 is more widely available than MT5.

Trading Platforms Comparison

Taken from our forex broker comparison tool, here’s a comparison of the trading platforms for the best metatrader forex brokers.

Feature Admiral Markets FxPro Pepperstone Darwinex
Proprietary Platform No No No Yes
Desktop Platform (Windows) Yes Yes Yes Yes
Web Platform Yes Yes Yes Yes
Social Trading / Copy-Trading Yes Yes Yes Yes
MetaTrader 4 (MT4) Yes Yes Yes Yes
MetaTrader 5 (MT5) Yes Yes Yes Yes
cTrader No Yes Yes No

Which MT4 broker is the best?

When it comes to forex trading on MetaTrader 4 (MT4) in 2020, the best MT4 broker is Admiral Markets. Admiral Markets offers traders a variety of excellent educational resources alongside the Premium Analytics add-on for MT4.

Is MetaTrader only for forex?

The MetaTrader 4 (MT4) platform is predominantly for forex trading. However, depending on the broker, MT4 often comes with a range of other symbols such as CFDs on indices, commodities, futures, energies, and metals.

What is the difference between MetaTrader 4 and MetaTrader 5?

The MetaTrader 4 (MT4) forex trading platform is based on a prior generation (version) of software developed by Metaquotes Software Corporation, whereas, MetaTrader 5 (MT5) is the latest version. In addition to supporting individual shares, MT5 features advanced functions like utilizing cloud-storage to run strategies and to conduct backtesting. With MT4, backtesting must be done locally or through a virtual private server (VPS).

What are Experts in MetaTrader?

When using MetaTrader platforms, such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5), there are automated trading systems known as Expert Advisors (EAs), or Experts for short. Experts are not humans. Instead, they are automated trading systems created by traders designed to execute a trading strategy.

Is it risky to use automated strategies with MetaTrader?

Yes. Experts, which are automated trading systems in MT4 and MT5, are built by traders and rely on backtesting to prove their profitability. As the famous market adage says, “past performance is not indicative of future results.” The problem with automated strategies is that they rely on the benefit of hindsight bias. The reality is that very few trading systems are profitable over the course of an entire year.

Final Thoughts

While determining whether to use MT4 and/or MT5, traders should consider the range of markets available from their broker on each platform as this may vary. Other points to consider are any related tools that may be used, including custom indicators, scripts, libraries, or EAs, as these may not be cross-compatible, although an increasing number of developers are able to create dedicated versions for each platform.

All in all, after 17 years of development, MetaQuotes has proved to be a leader in developing forex and multi-asset trading platforms for online forex brokers and retail traders globally, with MT4 and MT5 providing nearly all user types with the necessary tools to trade and backed by its user-supported community and market place.

To sign up for a live forex account or demo trading account with a MetaTrader broker that offers MT4 or MT5, see our list of reviewed brokers for further guides and resources to choose a broker that best suits your overall trading needs.

Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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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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