MetaTrader4 is one of the most popular online trading platforms around the world. MetaTrader 4, also known as MT4 is a free online trading platform created in 2005 by MetaQuotes Softarwe. Although there’s already MetaTrader 5, MT4 is still the most used version.
The software is licensed to forex brokers who provide the software to their clients. The software consists of two components. The one for a client and the other for server. The client software is issued to the traders who use it to see live prices and charts, to place orders, and to manage their accounts while the server component is used by the foreign exchange broker.
The platform helps traders by providing them with everything they need to use when trading. This unique interface also provides investors with a pack of trading and technical analysis tools that help traders execute their trading strategies. The platform can be downloaded from their official website.
Advantages of MetaTrader4
One of the most essential advantages of MetaTrader is its lightness. It does not slowdown or overloads your computer or laptop. It allows you to open multiple tabs of MetaTrader simultaneously without your computer freezing. The platform is also compatible with mobile devices and laptops.
Functions of MetaTrader4
MetaTrader allows traders to track the foreign exchange market price fluctuations. It also allows you to create and export market reports so that you can analyse the charts. If you want to determine the value, you can do so by drawing trends lines on charts and analyse them.
With this popular trading platform, you can place orders and stop loss anytime you want. The platform also comes with the recent online trading news that is useful to investors, brokers and traders. If you want, you can also add some scripts that will save you time and be more efficient. Special programs such as Expert Advisor (EA) are also available to automate some tasks.
The components of MetaTrader 4
There are 6 components that come with the platform and they are:
- Metatrader Client Terminal: this is the software that allows traders and investors to download the online brokers.
- Metatrader Data Center: This is a specialized proxy server that acts as a mediator between the server and the client terminals. This decreases the intermission of trades and quotes that are sent to the main server.
- Metatrader Server: the server is responsible for everything in the software. It processes all the data between you and the broker.
- Metatrader Mobile: this one is the mobile version of the desktop software.
- Metatrader Administrator: Is used to somewhat configure servers.
- Metatrader Manager: this allows you to manage multiple accounts at the same time. People who have multiple accounts can use this option.
How to use MetaTrader4 Platform
To use the platform is simple. First, you need to download it. You can download directly from their official website or download it from one of your brokers. However, most brokers don’t have the platforms since some brokers might make some modifications to the platform to influence your trading.
Once you are done downloading the platform, you can now install it on your PC or laptop.