What is Metatrader

What is MetaTrader

What is MT4

MetaTrader is a trading software that is most commonly used amongst forex traders as their trading platform. Posing similarly as a connecting channel between currency trading systems and your computer (or mobile device), and so MetaTrader is the link. Let’s take a look at the MetaTrader in review.

There are two versions of the MetaTrader Platform:

  1. MetaTrader 4 – Available on desktop, mobile and web
  2. MetaTrader 5 – New at AvaTrade

Either platform you choose, one can run multiple platforms where you will not experience a lagging effect on your server or computer. The software is light and will not overload the systems in place, making for fast trading and immediate executions, a must when trading on the volatile markets.

Download Metatrader Trading Platform in order to start trading Forex, CFDs and Cryptocurrencies

Why trade with the MetaTrader Platform?

Besides being easy to download and install, MetaTrader has many trading capabilities and features which other trading platforms lack. Follow instrument price fluctuations and examine the trading charts and graphs, while plotting the trends to locate your planned trades. The platform showcases and supports the following graphs: Candlestick, Heikin Ashi as well as Renko charts.

Setting up your trading orders is simple and predefined stop losses and targets are executed immediately. The trailing stop loss and pending orders are just as easily accessed.

Expert advisors (EA’s) can automate your trading by using scripts that are uploaded to the platform and the instructions of the scripts are easily carried out. Saving you the hassle of being close to your computer or missing out on a trading opportunity.

Learn from your mistakes, the platform offers a functionality of convenience to view your trade history:

  1. Download your historical trading data per currency pair
  2. Create / request detailed reports on the positions you take
  3. Track past charts and graphs to keep a summary of trends per instrument

With these features the Metatrader 4 is really enough for forex trading however for more advanced strategies the MetaTrader 5 would be the alternative option.

MetaTrader 4 in forex trading

MetaTrader 4 (MT4) is the world’s most popular trading platform that offers all you need for online trading on one interface. On the single platform you will find a powerful combination of analytical technologies and leading trading tools that allow traders to implement even the most complex trading strategies.

Download Metatrader Trading Platform in order to start trading Forex, CFDs and Cryptocurrencies

The MQL Language:

Developed by MetaQuotes Software Corp. the MetaQuotes Language is a script that is built-in for programming specific trading strategies. The purpose of the way these scripts are written is to easily facilitate automated trading as well as customize technical indicators, libraries and scripts.

One can also analyze large amounts of information and assists users in orientating themselves easily in the expert systems.

Each program (pertaining to MetaTrader 4 and MetaTrader 5) has different features and purposes:

MQL4 and 5

  • Expert Advisors:

    An algorithmic trading system that links directly to the internal charting. Allowing the system to run when an event happens in real time, or remind you of a planned event.

  • Custom Indicators:

    In addition to technical indicators already written into the system, you can write your own technical indicators independently.

  • Scripts:

    Scripts are imposed when traders want a single execution in an action. They are only acceptable for the start of an event and cannot process any other trade actions.

  • Library:

    This is a set of custom functions that is intended to store and distribute the same used parts of the program.

    Download Metatrader Trading Platform in order to start trading Forex, CFDs and Cryptocurrencies

What is MetaTrader 5?

MetaTrader 5 (MT5) is the newest iteration of the popular MetaTrader platform. While the number sequence lends the belief that MT5 is an upgrade to MT4, this is actually not necessarily the case.

Both MT4 and MT5 are trading platforms with backtesting capabilities as well as graphical interfaces that look fairly similar. By design, however, MT5 was meant to meet the needs of non-forex and U.S. markets in a manner that MT4 could not. Essentially, MT5 is not necessarily better than MT4, but rather just different.

Here are the different features that the MT5 platform offers in comparison to its older sister MT4:

  • New Order Types

The MT5 platform has two additional order types that are not available on its predecessor. These are ‘buy stop limit’ and ‘sell stop limit’. Additionally, MT5 also supports partial order filling policies.

  • Added indicators and widgets

MT5 has 8 additional built-in indicators and 13 more graphical objects than MT4. This means that traders can perform more in-depth technical analysis in the financial markets using MT5.

  • Economic Calendar

MT5 has an integrated, comprehensive Economic Calendar tab that shows news release schedules, the impact levels, previous data, and market consensus.

  • Improved Strategy Tester for EAs (Expert Advisors)

MT5 features a multi-threaded strategy tester that has noticeably faster execution speeds when testing programmed trading strategies. In addition, featuring an Agent Manager that enables remote optimisation, the MT5 strategy tester also allows for concurrent multi-currency pair backtesting.

  • Timeframes

MT5 has 21 timeframe charts, which is exactly 12 more than is available on MT4. This can give traders more room for performing deeper analysis of their favourite assets.

  • Funds Transfer

Traders can easily transfer funds between accounts on MT5 if the accounts are within the same server. This helps to streamline processes, offering clients convenience and flexibility.

  • Market Depth

By hitting the ALT+B buttons, traders can view the depth of markets, which is a graphical representation of bids and offers of an underlying financial asset, depending on trading volume. This is a functionality that can allow traders to execute trade orders at the best prices possible.

  • Netting

MetaTrader 5 supports the netting accounting system that allows only one position to be held for any particular financial asset.

  • Email System

The MT5 email system supports the sending of emails with attachments.

  • Tradable Assets

Alongside forex and CFDs, traders can also trade indices, futures, bonds and options on the MT5 platform. MT5 has an expanded instruments list of over 1,000 assets compared to the average 250 on MT4.

MetaTrader 4 vs MetaTrader 5

The relatively recently launched MetaTrader5, is not that much different from its prototype MT4, even though it is advertised as substantially more advanced. The features you will find are: more advanced charting systems as well as deep analytical tools. Even though the MT4 is more than enough of a platform for the forex trader, if these two functions will improve your trading skills then MT5 would be the way to trade. MT4 is still the most widely used and downloaded platform and traders are satisfied with its current abilities, hence not feeling a need to change / upgrade.

MT4 VS MT5 Features
Feature MT4 MT5
Availability to brokers Very popular Very popular
User-friendly and easy to navigate Extremely easy Extremely easy
Roll-over and Hedging Possible Possible
Programming Language used MQL4 MQL5
Number of order execution types 3 4
Number of Pending Order Types 4 6
Depth of Market No Yes, but not available from beginning
Technical Indicators 30 38
Timeframes 9 21
Economic Calendar Not Available Available in MT5 apps
Reports Tables only Tables + Charts
Everything can be exported to Excel
Open Trades View Lots only Lots, Quantity + Milliseconds
Docked Charts Not available Available
Market Watch Less detailed More details + easy navigation
Partial Order Filling Not available Available
Email System No attachments With attachments
Strategy Tester Single threaded Multi-threaded + Multi-currency + Agent manager
Netting Not supported Not supported
Exchange Trading Not supported Not supported
Funds Transfer between Accounts Not supported Supported

Trade with AvaTrade and open MetaTrader 4 account today for instant market access!

Why trade with AvaTrade and MT4:

There are a number of reasons that thousands of traders have chosen to trade with AvaTrade, offering the MT4 is very well one of them among others:

  • Fully Regulated Broker
    With multiple awards being won, amongst the 2015 and 2016 Best broker, we also boast over 10 years of industry experience and have a presence in over 150 countries.
  • More Markets
    Over 250 assets to trade on. Variety of the most popular instruments including forex, commodities, indices, bonds, ETFs and individual stocks trading.
  • Deep Analysis
    Enjoy more than 30 advanced charting & analytical tools, including trading strategy back-testing on the MT4.
  • Automated Trading
    EA compatible, giving you free access to thousands of auto trading strategies. Additionally, there’s an option to upload your developed or purchased trading robots to take your trades automation to the next level.
  • Flexible Conditions
    Competitive spreads to trade on the most popular assets in the industry.
  • Mobile Trading.
    Trade with MT4 or MT5 on your tablet or mobile phone with our free Android & iOS trading apps.
  • Full Support
    Get free daily market analysis, quality education materials and live multilingual support 24/5 when the markets are at their best.

Trade with AvaTrade and open MetaTrader 4 account today for instant market access.