MetaTrader 4 – MT4 platform, download and setup explained

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
    Get a Sign-Up Bonus Now!

  • Binomo
    Binomo

    2nd in our ranking!

Contents

Metatrader 4

By Gary Smith

MetaTrader 4: What is it – and how can it benefit traders?

It first made an appearance back in 2005. Since that time Metatrader 4 (MT4) has grown to become the single most widely used automated electronic trading platform. So what exactly is it – and how can its features make a positive difference to your trading activity? We give you the lowdown…

How MT4 works

MT4 is a trading platform developed by a company called MetaQuotes. Even if you haven’t heard of that particular company, if you explore some of the popular brokers out there (ETX Capital and Binary.com to name just two), you are likely to come across it.

Most often put to work in conjunction with forex trading, MT4 can also be used to trade commodities and indices via spread betting or CFDs and futures markets. It’s used on licence by many brokers and essentially consists of an interface for placing and managing your trades. On top of this, the platform features a number of tools for putting automatic trading techniques into place – as well as for analysing prices and markets.

Whereas some brokers offer a basic MT4 experience, many others (IG, for instance), enhance it with a customised set of extra tools. So MT4 is rather like an Android smartphone; the basic feel of it is the same no matter what the model, albeit some manufacturers are more inclined than others to add their own touches to it.

Several brokers also offer MT4 as an alternative vehicle for trading alongside their proprietary platform. There’s a sound commercial reason for this; because of its familiarity among traders, it’s a good way of drawing new customers in.

From a trader’s point of view, getting to know the platform can make sense if you can see yourself switching brokers. Its universality means that if you want to hop from one broker to another (to take advantage of better rates or wider trading options), assuming that both platforms offer MT4 trading, you can make the switch without facing a re-learning experience.

The MT4 platform

While MT4 is available to download direct from MetaQuotes, it can make more sense to use the download provided by the broker you are considering (or using). This generally means that any free enhancements provided by that broker are ready and waiting for you.

MT4 download

Leading Brokers with MT4 or MT5 Integration:

Review Min. Deposit Bonus Regulated Rating
£5 95%
Review
» Visit
£5 75% Pro Account + 10% CB 89%
Review
» Visit

Executing a trade

This is a straightforward process. For a currency trade for instance, you go to the New Order button on the platform toolbar, select your currency pair, enter the size of your position, choose your buy and sell limits and stops – as well as your loss limits and profit targets.

Using Metatrader 4 automated trading – EA

An Expert Advisor (or “EA”) is a program that you put to work on the trading platform to automatically take a certain action on your behalf if certain criteria are met. If you are using an off-the-shelf EA, you should always ensure it is from a trusted, reputable source. With MT4, it’s easy to create your own EA or store ready-made programs and put an EA to work by basically dragging it onto your interface. Crucially, the platform also enables you to back-test an EA and put it to work in demo mode before you risk your capital to it.

Making sense of MT4 indicators

From both the broker and trader’s point of view, MT4 is highly customisable. Brokers are free to add their own indicators to the platform menu on top of what’s there already.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
    Get a Sign-Up Bonus Now!

  • Binomo
    Binomo

    2nd in our ranking!

Traders simply go to that menu, choose which indicators they wish to add to their own charts and how they want each indicator to be visualised in terms of line style and colour.

In short, MT4 enables traders to control what information they rely on – and how it is presented.

Why use Metatrader4? Other benefits:

Other reasons why MT4 has grown to become a market standard include the following…

  • A large community of users – If you have a technical query – or are looking for different perspectives on the best indicators to put to work in your trading activity, there’s an international community of users out there to help you. Whether you are a novice trader – or perhaps a seasoned trader looking to put together your own automated trading aid, the MQL4 community site is worth visiting.
  • Charts you can rely on – The combined trading and charting capabilities of the platform mean that simultaneously trading while analysing the markets becomes a straightforward process. You can trust that the current prices you are looking at are bang up to date.
  • Stable, secure and mobile – Under the bonnet, MT4 is a relatively simple platform. It’s not the type of system that will take its toll on whichever device you have it installed on. With simplicity comes stability; one of the reasons why it’s favoured by brokers and traders alike is that it’s unlikely to cut out, leaving you unable to react at key trading junctures. On top of the desktop versions, there are stable and secure variants for Android, iOS (mac) and Linux.

Compare MetaTrader 4 with rivals

“How comfortable am I with this particular platform?”

This is a key question you should be asking yourself as you scan the market. There’s no shortage of brokers who have built their interface around MT4 – but it’s not the only way of doing things.

It goes to show that by no means are all brokers “basically the same” in the way that information is presented.

So where next? Browse our up to date platform reviews – including a wide range of brokers who offer variants of the MT4 platform – to find the package that best meets your needs.

Download MetaTrader 4

Download MetaTrader 4 for PC to receive the most powerful and convenient tool for technical analysis and trading in the markets. During the first launch, you will be prompted to open a free demo account allowing you to test all the features of the trading platform.

Features of MetaTrader 4

  • Powerful trading system with support for 3 execution modes and 8 order types
  • Unlimited number of charts and 50+ analytical tools
  • Algorithmic trading, Expert Advisors and MQL4 IDE
  • MetaTrader Market where you can buy indicators and trading robots
  • Trading signals allowing you to copy deals of other traders
  • News and alerts informing you of the important market events

Trade Forex with the most popular and powerful trading platform.

MetaTrader 4 iPhone/iPad

Millions of traders have already chosen MetaTrader 4 iPad/iPhone to work in the financial markets anytime and anywhere.

Join them for free.

  • Access to Forex from anywhere in the world 24 hours a day
  • Connection to 2 000+ broker servers
  • 30 popular technical indicators and 24 analytical objects
  • Full-featured trading system: 2 execution modes and 4 order types
  • Real-time symbol quotes
  • Up to 10 open charts opened simultaneously
  • Financial news
  • Email and chat

MetaTrader 4 can now be placed in your pocket allowing you to trade Forex at any time!

MetaTrader 4 Android

There are numerous Android powered smartphones and tablets, and any of them can be used to trade Forex via MetaTrader 4

  • Round-the-clock access to the market
  • Connection to 2 000+ broker servers
  • 30 technical indicators and 24 analytical objects
  • Full-featured trading system: 2 execution modes and 4 order types
  • Real-time symbol quotes
  • 3 chart types and 9 timeframes (periods)

Download MetaTrader 4 Android and manage your trading account wherever you are and whatever you do!

If you do not have access to Google Play — download MetaTrader 5 in APK format (for Android 4.0 and higher)

MetaTrader 4

The best Forex trading platform

MetaTrader 4 offers the leading trading and analytical technologies, as well as additional services. It has everything you need for Forex trading.

Analyze quotes of financial instruments using interactive charts and technical indicators

Flexible trading system and support for all order types allow you to implement any strategy

Examine currency quotes from various perspectives with more than 65 built-in technical indicators and analytical objects

Copy deals of successful traders directly in the platform using the Trading Signals service (social trading)

Trading alerts will notify you of favorable market conditions

Visit the Market — the biggest online store of trading robots and technical indicators

Test any trading robot in the Market before purchasing it

Purchase or rent a Market product the way you like

Read the product description in the Market before purchasing it

Thousands of free robots and indicators are published in the Code Base and ready to be downloaded

Maintain total control of your assets

Trading robots and indicators are developed using the specialized MetaEditor tool

Customize the chart appearance

Order the virtual hosting at a reasonable price directly from the platform

Test robots in visual mode to better understand their trading algorithms

A trading robot test report will show you how good it is

Browse through the quotes of any currency pair from one minute to one month in the History Center

Your MetaTrader 4 desktop platform is integrated with the MetaTrader 4 mobile application for Android and iOS. Specify your MetaQuotes ID to receive push notifications from launched trading robots and scripts directly to your smartphone

Join the largest community of traders directly via your platform!

Receive useful information and hints from the MetaTrader 4 developers in Mailbox section

The MetaTrader 4 trading system

The powerful MetaTrader 4 trading system allows you to implement strategies of any complexity.

The Market and pending orders, Instant Execution and trading from a chart, stop orders and trailing stop, a tick chart and trading history — all these tools are at your disposal.

With MetaTrader 4, trading becomes flexible and convenient.

  • 3 execution modes
  • 2 market orders
  • 4 pending orders
  • 2 stop orders and a trailing stop

The MetaTrader 4 analytics

Analytical functions are one of the MetaTrader 4 platform’s strongest points.

Online quotes and interactive charts with 9 periods allow you to examine quotes in all the details quickly responding to any price changes.

23 analytical objects and 30 built-in technical indicators greatly simplify this task. However, they are only the tip of the iceberg.

The free Code Base and built-in Market provide thousands of additional indicators rising the amount of analytical options up to the sky. If there is a movement in the market, you have the analytical tools to detect it and react in a timely manner.

  • Interactive charts
  • 9 timeframes
  • 23 analytical objects
  • 30 technical indicators

Trading signals and copy trading

No time for trading? That is not a problem, since MetaTrader 4 can automatically copy deals of other traders. Select your provider, subscribe to a signal and let your terminal copy the provider’s trades.

Thousands of free and paid signals with various profitability and risk levels working on demo and real accounts are at your fingertips.

Make your choice, and MetaTrader 4 will trade for you.

  • Thousands of providers
  • Thousands of trading strategies
  • Any trading conditions

The MetaTrader Market

The built-in Market is the best place to find an Expert Advisor or a newest technical indicator.

Buy any of the hundreds of trading robots or indicators and launch them without leaving the platform. The purchase is simple, transparent and secure.

  • the widest selection of trading applications in the world
  • 1 700+ trading robots and 2 100+ technical indicators
  • free and commercial products

Algorithmic trading

Almost any trading strategy can be formalized and implemented as an Expert Advisor, so that it automatically does all the work for you. A trading robot can control both trading and analytics freeing you from the routine market analysis.

MetaTrader 4 provides the full-fledged environment for the development, testing and optimizing algorithmic/automated trading programs.

You can use your own application in trading, post it in the free code library or sell in the Market.

  • The MQL4 language of trading strategies
  • MetaEditor
  • Strategy tester
  • Library of free trading robots

Mobile trading

Smartphones and tablets are indispensable in trading when you are away from your computer.

Use the mobile versions of MetaTrader 4 on your iPhone/iPad and Android devices to trade in the financial markets.

You will certainly appreciate the functionality of the mobile trading platforms that include the full support for the trading functions, broad analytical capabilities with technical indicators and other graphical objects. Of course, all these features are available from anywhere in the world 24 hours a day.

  • Support for iOS and Android OS
  • Full set of trading orders
  • Analytics and technical indicators

Alerts and financial news

The latest financial news allows you to prepare for unexpected price movements and make the right trading decisions.

Alerts inform you about certain events, so that you can take appropriate measures.

  • Current financial information
  • Timely notification
  • Different market conditions

Beginner’s Guide to MetaTrader 4 (MT4)

Introduction

The most popular Forex Trading Platform in the world is MetaTrader 4 (MT4). This is a platform through which anyone can do Forex Trading or analyzing the financial market. This software was developed by MetaQuotes. This lesson will let you know about the basics of how to use the MetaTrader 4 (MT4) trading platform.

How to Install the MT4 Platform

To download the MetaTrader 4 platform, you can go straight to the article where we discuss the recommended brokers for price action traders and download a Free Demo platform. You can do that here:

A setup file (mt4setup) will be downloaded into your PC. Click on the mt4setup file to initiate the installation. You have to agree with their terms of this license agreement and then click next, as shown in the following figure:

When the installation is successfully completed, click the finish button to exit.

Now, click Next to open a demo account because without opening a demo account, you cannot operate this software.

Select New Demo Account from the drop down menu, and then click next.

After clicking Next, a new popup window will appear. Fill in the blanks. Select currency, account type, leverage, and deposit. Select the radio button “I agree to subscribe to your newsletters”, and then click Next.

Now, you will get a user ID and password. Keep your user ID and password in a safe place. Click Finish to log in.

How to change the password on the MT4 platform

To change the password on the MT4 platform, click on the “Tools” located on the toolbar. Now, a popup window will appear. You can easily change your MT4 password from here.

How to Navigate the MT4 Platform

The following is a screen shot of what your MT4 platform will look like when you first open it up. MT4 opens with four different currency pair chart windows like the EURUSD, GBPUSD, USDCHF, and USDJPY charts.

For the time being, let’s cover the primary elements of every window you find in the picture above:

  1. Toolbars” is the first window located at the very top of the MT4 platform. In this window, you will find different icons to do different things. We have discussed these icons in the later part of this article.
  2. The next window of the MT4 platform is the “Chart” window. Here, you will see the running chart(s) you have open.
  3. Below the Chart window is the “Market Watch” window located at the top left corner of the MT4 platform. This window shows every pair (symbol) of the market available according to your broker, and shows you their current bid prices and asks prices. To see every symbol offered by your broker, just right click inside of the market watch window and click to “show all”. By pressing (Ctrl + m), you can easily hide / unhide the market watch window.
  4. The next window is the “Navigator” window. This window will show your username, indicators, expert advisors, and scripts. To hide / unhide the navigator window, press (Ctrl + n).
  5. At the bottom of the MT4 platform, you will see the “Terminal window” showing a few tabs within it: Trade, Exposure, Account History, News, Alerts, Mailbox, Market, Codebase, Experts, and Journal. You can click on every tab to get acquainted with what it means. But, the most important tab is the “Trade” where you can see the running and pending trades. The Account History tab shows your account activity like deposits, withdrawals, profit, or loss. You can find your full trading history from here. You can easily hide/unhide the terminal window by pressing (Ctrl + t).

How to setup your MT4 platform for clean price action trading

For a price action trading, we need to setup our MT4 platforms chart. According to your own personal style and color choices, you can customize your MT4 platforms chart. Personally, I like a white background with a black foreground. Here’s the way to setup a clean white chart for ideal price action trading:

How to open a chart

You can open a chart by three different ways:

A. Click on the File menu at the top left of the MT4, and then click “new chart”.

B. Right click on the specific currency pair you want to open in the “Market watch” segment, and then click “chart window”.

C. Just below the File menu bar, there is an icon named “new chart”. Click on that icon, and then select the specific currency pair you want to open.

How to set the properties of a chart

Open your desired chart, then right-click the chart and select properties. Now, you will see a popup window appear.

On the properties popup window, you will find a “color scheme”. By clicking on this color scheme, you can change the color of your chart. I have clicked on “Back on White” and my chart shows black and white candlesticks on a white background, as shown in the following figure:

After that, you can take off the “grid” and “volume” by right clicking the chart and un-selecting grid and volume.

There is a “common” tab located at the right side of the “colors” tab. Using this common tab, you can change certain features like volume, grid, ask line, period separators, auto scroll, etc. You can also change the chart from candlestick to the bar chart or line chart through this common tab.

How to save your chart as a template

If you want to save the chart according to your desired color scheme and other chart properties, you can easily do it by saving the chart as a template.

To do this, click on the “Template icon” located at the top right corner of the toolbar, and then save the template. There is another way to save the template. Right click on the chart, then select template, then click on “save template”.

You can change the chart type by using the “chart type icon” located in the toolbar. You can select candlestick, bar chart, or line chart – whatever you want. But, I suggest you to use candlestick chart for better understanding the Forex market. You can use the zoom-in/zoom-out icon to make the chart zoom in or out. To change the time frame of the chart from 1 minute to monthly, use the time frame icon located in the toolbar.

If you want to open a new chart with your existing template properties, you can easily do that. Open the new chart, right click on that chart, select template, then click on your previously saved template. Now, you will see your new chart having a new currency pair that will be converted to your previously saved template.

How to set up 4 different time frames of one currency pair

You can easily set up 4 different time frame charts of a single currency pair in the same screen. To do this, open 4 new charts having the same currency pair. Now, select each chart, and then click on the time frame icon gradually from 1 minute, 5 minutes, 15 minutes, and 1 hour. Now, click on “window”, which is located at the toolbar, and then click “Tile Windows”. You will see that MT4 will automatically set 4 different time frame charts of a single currency pair in the same screen.

How to analyze multiple markets quickly

If you want to analyze as many different chart windows as you want in the MT4 platform, you can easily do it by clicking on the tabs at the bottom of the MT4 platform showing currency pairs name. You can easily edit any chart by clicking on it, and then using the toolbars icon just like we have already discussed.

How to setup more than 4 charts in the same screen

To set up more than 4 charts of the same timeframe or different timeframes in the same screen, open all those charts, then click on “Window”, then click “Tile Vertically”. Now, you will see all of your charts in the same screen, as shown in the following picture:

How to Open a Trade

You can open an entry using one of the following ways:

  • Using Market Watch Window: Double click on the desired pair or right click on the desired pair, and then click “new order”. Then, set your desired volume and click on sell or buy. You may set Stop Loss and Take Profit at this time if you want.
  • Using an Active Chart: Right click on the active chart, then click on “trading”, and then “new order”. You can simply open an entry by clicking Sell / Buy located at the top left corner of the active chart, but to do this, you must set your desired volume first by pressing the arrow key or through the keyboard.
  • Using the Toolbar: You can easily open an entry by clicking “new order” located on the toolbar.
  • Using F9: There is a shortcut key in your keyboard (F9). You can open an entry by pressing F9.

How to Modify a Trade

To modify a trade, open the terminal (Ctrl + t), then double click on the trade you want to modify. Now, you will find a popup window. Select “modify order” from the drop-down menu located beside “type”. Now, you can modify your “stop loss” or “take profit”, and then click on “modify” row located at the bottom of the popup window.

How to Close a Trade

Just like the modify option, open the terminal, and then double click on the trade you want to close. Now, a popup window will open. Select “market execution” from the drop-down menu located beside “type”, and then click on “close” located at the bottom of the popup window.

How to Monitor Your Running Trade

You can monitor your running trade either through the chart or through the “Trade” section of the terminal. You can easily view your terminal through a shortcut (Ctrl + t) or by clicking on “View” on the toolbar, and then selecting terminal.

How to check Your Trading History

To check your trading history, you have to open your terminal (Ctrl + t), and then click on “Account History”. Here, you will find each of your closed trades showing, trade entry time, type (buy/sell), size (trade volume), symbol (currency pair), entry price, stop loss, take profit, trade closing time, closing price, commission (not applicable for every trading account), swap (if you carry your trade from one day to another day, you have to pay a little as a swap charge), and finally, profit / loss.

Recap

I hope now you can easily set up your MetaTrader 4 platform for a clean and clear price action trading. If you have any questions at all, please just post them in the comments section below or send me an email. You may be interested in the related lessons and articles of this post because I have added some related MT4 indicators and expert advisors that you can use now that you know how to use this really popular trading platform.

MetaTrader 4

Take advantage of MetaTrader 4 with your OANDA trading account. Our custom-built bridge combines OANDA’s pricing and execution with MT4’s charting and analysis, giving you an even more powerful trading experience.

Automated trading strategies

The MT4 platform supports expert advisors (EAs) – automated trading tools developed by third parties. Using our expert advisors, you can:

  • Build trading algorithms
  • Backtest your trading strategies
  • Use existing algorithms to enhance your trading strategy.

Trade from charts

Use MetaTrader 4’s advanced charting package to access:

  • Nine time frames and multiple displays
  • Five candles per week on the Daily NY Close Charts
  • Over 50 built-in indicators.

Proprietary MT4 plug in

Our suite of technical analysis packages can be used as a plug in to your MT4 platform. The plug in lets you:

  • Execute trades directly from the interface
  • Access intraday market scanning
  • Set up automatic chart pattern recognition and pattern quality indicators
  • Set up automated alerts for specified patterns.

MT4 open order indicator

See aggregate OANDA client open orders and open positions directly on your MT4 charts with the open orderbook MT4 indicator:

  • Capture market sentiment, the foundation of most institutional trading strategies
  • Identify key trends by monitoring our client open orders
  • Gain visibility over the markets with our proprietary technology
  • View aggregate current buy and sell orders placed by our traders
  • Benefit from clearly visible support and resistance levels on your charts.
Trade using retail pricing sentiment
View open orders directly on your MT4 charts
View open positions directly on your MT4 charts
Access net order information
Access cumulative order information
Indicator data refresh frequency: 5 minutes (premium) and 20 minutes (standard)

Trade on the go

Access more than 50 technical tools, including 32 overlay indicators, 11 drawing tools and 9 chart types with our apps for iOS and Android.

Ready to start trading? Open an account in minutes

Already have a live trading account? It’s easy to fund your account using one of the following payment methods.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
    Get a Sign-Up Bonus Now!

  • Binomo
    Binomo

    2nd in our ranking!

Like this post? Please share to your friends:
How To Start Binary Options Trading 2020
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: