The MT4 platform contains more than 30 native technical indicators that reveal information about major trends and trade volumes, such as the Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI) and On-Balance Volume (OBV) indicators. These, together with the massive number of charting capabilities, allow forex traders to analyse their forex prices extensively. Traders would also be able to see many charts at the same time with each currency pair being able to display in 9 different timeframes. A massive number of mathematical tools can also be found on the platform to assist users in in-depth chart analysis.
In addition, MT4’s native programming language, MLQ4/5, allows for great flexibility when it comes to creating custom indicators. Experienced users or those willing to learn can code their own indicators, or purchase one from the MetaTrader Market, MetaQuotes’ internal app store.
Other than that, it is also possible to set notifications for economic data or financial news. These traders can choose which particular market they would like to receive information for on the platform, which can help to facilitate them in making more informed decisions about trading a certain currency pair.
Most forex traders use charts on a daily basis as a source of key market information, hence they have to fit their trading needs well. With a few clicks, traders will be able to customise the charts to fit their own preference using the MT4 platform.
Other than chart customisation, the platform allows for two market order types, four pending order types and three trade execution types. For minimising downside risks, it also provides two types of stop orders: take profit order and trailing stops. This enables them to have more flexibility when it comes to forming their own trading strategy. Hence, MT4 is really designed with high flexibility to allow traders to cater to their own specific needs.
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Traders looking to trade forex are able to access forex prices and liquidity via the MT4 platform in real time. The platform contains a “Market Watch” window that displays the live bid/ask prices of the selected currencies, trading instruments available, as well as the concerning parameters such as day’s high/low/opening prices and trading volumes of the currency pair. Using the Depth of Market information presented in MT4 and 5, traders will be able to tell whether the trend for a currency pair is considered bullish as the information provided would show if the bid side liquidity is higher than the offer side liquidity. This benefit would be really helpful especially for short-term trading strategies such as scalping which relies on profiting from small price movements.
Traders can also implement automated forex trading strategies on the MT4 platform, and that prevents them from making trading decisions based on their emotions. The MQL4 Integrated Development Environment found on the platform allows users to run algorithmic trading programs and customise trading robots, technical indicators, scripts and function libraries.
Trade orders are normally executed automatically when the trade rules set beforehand are met, therefore it can be easier for these traders to follow their original plan for a successful trade.
While MT4’s interface might look a little daunting for beginners, accessing the basic functions and charting tools are simple enough. With a little practice, MT4 can be a powerful tool for traders no matter the kind of markets you are trading.
For traders on the go, you might also want to check out PU Prime’s mobile trading app only easy-to-use, it also combines powerful in-built charting tools, automated trading capabilities, technical analysis reports and more on one platform, making it the ultimate convenient choice for any traders looking to kickstart their forex trading journey.
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