What is MetaTrader 4?
MetaTrader 4 is one of the most widely used electronic trading platforms used by retail foreign exchange traders for trading in forex, futures and options.
MetaTrader 4 is made by a company called MetaQuotes Software and was first released on 2005. MetaTrader is a completely programmable trading platform and has its own programming language called MQL4.
The software is primarily sold through forex brokers to their clients. The server side component is run by the broker while the client-side software is given to the customers. Clients can use their terminal to see live quotes and charts, place orders, and even manage their accounts.
The brokers generally package their own versions of the software for their customers. However, the backend software is maintained by MetaQuotes itself.
The MetaTrader platform is widely popular because of its ability to perform a variety of technical analysis, full support for Forex Robots and Expert Advisors. Forex robot refers to automated forex trading software, which can analyse market and execute automatic trades based on the settings entered by the users. Expert advisors are pieces of software exclusively written for MetaTrader. These programs, which the user can write himself, can execute the trader’s strategy without any manual intervention. The users can use Expert Advisors to only advise them about the profitable traders or even automatically trade on live accounts based on the trader’s preference. The Expert Advisors are written using MQL4, using the programming module known as MetaEditor.
MetaTrader is available for all platforms including Windows and Apple. It also comes with a mobile component so trading accouns can be controlled using mobile devices.
In 2010, MetaQuotes released MetaTrader 5 which is for both forex and equity markets.