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MrMetaTrader.com Review Visit site
Mr. MetaTrader develops automated forex trading software for the MetaTrader platform. MrMetatrader.com provides MQL programming services including the creation of EAs, Indicators and Scripts,as well as forward testing and backtesting.
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MrMetaTrader.com profile provided by Gosta Hulden, Oct 1, 2020
Forex programming for MT4 / MT5
If you are on the hunt for a programmer with excellent skills both within forex trading and MT4/MT5 programming, then you have come to the right place. I can help you turn your trading strategy into an automated Expert Advisor (EA). Are you unsure whether your requirements can be automated, or how to formalise them? No problem, let’s just schedule a no obligation Skype call to discuss your needs.
Your company video here? Contact ad sales
Let other traders know if this service is worth checking or should be avoided.
Your feedback matters!
Service use: Live
Length of use: 3-6 Months
I based my decision on performing my EAs by Mr. Metatrader on the great reviews I found about his professionalism, his talented coding skills, fair pricing and on-time delivery.
He corroborated all these expectations in the 2 jobs I gave him.
On my first EA, and later in an updated version, he was super attentive, and despite my weak technical language for discussing specifications, he has devoted a very useful initial time to clarifying every detail, always offering patient help and constructive proposals to improve the EA’s operation.
Also, always available to help and provide clarifications after delivery.
I highly recommend his excellent service.
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October 08, 2020
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I am very blessed that I came across Gosta. Because my previous experiences with other programmers were very bad and I lost money with different Freelancers programmers too, and the last guy it went on for 8 weeks and he still couldn’t finish the job. So I when online check for Great programmers and I thank God I’m blessed I came across Gosta because he’s a true gentleman.
He went through every in highly detail by Skype, and understood everything what I wanted and delivered on time. He’s support is great, if any questions is always back in less then 24hrs.
So if any of you guys are looking for a world-class programmer you got your hands on one Gosta is world class.
Yes I will be using Gosta in the near future again of course.
Gosta is the Man .
I was impressed by the time he took to talk through the requirement and gain a full understanding of the EA specification.
He is easy to communicate with and gets the code written in good time.
Best coder I have used by far.
Originally I hired a developer from another platform and he took 6 weeks to create the EA, which still did not do the complete job. I was on linkedin and came across Gosta profile, read the reviews on this website and thought il give it a go as everyone is very complimentary towards him, he must be doing some good work.
Gosta was a true professional, we spent 1 hour and 30 minutes on skype discussing the EA, I want to build, the same he sent the invoice, It was paid for by me. Within a couple of days the EA was built and in working order.
The truth is, I trust Gosta to fix any problem if I find any issues with the EA, such as bugs etc, and Gosta has maintained that he is also always to fix anything, if there is any issues.
It is really difficult to find a trusted reliable partner and you should not look further if you want your EA built by the best. He is more expensive than the rest, but still very affordable.
I have certainly went back to Gosta, to add some extra features to my EA and he has always welcomed it and helped build me the EA, I want.
TradingView Review: Why I Stopped Using Metatrader
Metatrader is such a great charting platform. But now there is something better. Learn why I decided to make the switch, even though Metatrader is free and TradingView is paid.
By: Hugh Kimura | Updated: March 11, 2020
For a long time, Metatrader was the very best charting software for Forex.
…and it’s still really good.
The best part is that it is also free.
But things have changed.
In this post, I’ll show you why I decided to switch from the free MT4 platform to the pro version of TradingView. Some people may think that this is crazy, but I’ll give you 5 reasons why I decided to do it.
I’m not saying that you should switch…use whatever works best for you. But if you are frustrated with certain things about Metatrader, like I was, then TradingView might be a great MT4 alternative.
To learn more, watch this video. If you prefer the text version, it is provided below the video.
1. Platform Independence
If you have been reading this blog for awhile, then you know that I hate using Microsoft Windows.
Sure, you can install VMWare Fusion with Windows 7 to get MT4 to work on a Mac. But it’s a pain in the ass to reinstall everything whenever something happens to Windows or if I get a new computer.
Having a browser-based charting platform makes it easy to log into my TradingView account any computer and have all of my presets available. No more manual setups or Dropbox backups.
I can even log into a Linux computer and still use the same charts.
This reason alone makes it worth considering. But other platforms have promised this ability and have fallen short on one huge thing.
2. Solid Charts
If you look at most of the online charting solutions that are available, they are pretty crappy. Even Metatrader’s online charting platform is a stripped down version of the installable version.
Do you remember the first Java charts that were available for Forex?
I’m talking back in like 2000.
They were barely good enough to trade with. But you couldn’t save any settings and they would always crash.
Newer online charts are quite a bit better, but they still face the same glitchy behavior. For example, one of TradingView’s closest competitors (not naming names) doesn’t change the background of a chart, even after you change them in the settings.
In stark contrast, TradingView’s charts are rock-solid. They scroll forward and backwards as expected and when you change a setting it actually works.
The chart zooming is super smooth.
From what I hear, TradingView spent a ton of money on their charts and it shows. In my opinion, they are better than Metatrader charts.
…and that’s saying a lot, because Metatrader charts are awesome!
On top of that you don’t have to manually download historical data like you have to do with MT4 data.
3. Easy Multi-Timeframe Analysis
This one is a big one for me.
Since I’m a Swing Trader, I trade off the 4-hour and daily charts. But I also want to see the 1-hour and weekly charts to get some additional context.
In Metatrader, you cannot instantly analyze different timeframes for the same currency pair. You have to switch each chart individually.
But in TradingView, you can have 4 charts up at the same time and you can set each one to a different timeframe. When you switch currency pairs, all of the charts change to the new pair, but keep their timeframe.
This is super convenient and makes it so easy to analyze each pair, with just one click. You can also hit the down arrow on your keyboard and move to the next pair.
This alone has saved me so much time when checking the charts.
4. Access to Other Markets
One big thing that is missing from most Metatrader installations is the ability to see other markets. For example, I also trade ETFs, some stocks and I watch markets like oil, gold, the S&P500 and correlated markets, because they can influence FX.
But Metatrader was built to primarily be a Forex platform and only allow traders to see the trading instruments that are available from each broker. So if your broker does not provide a data feed for gold, then you have to get it somewhere else.
But on TradingView, I can see quotes for futures, commodities, stocks and FX. This makes it a one-stop platform to see everything I need.
Why would I go anywhere else?
5. Great Charting Features
Last, but certainly not least, the charting tools in TradingView are superior to any other platform that I have seen. One of my favorites is the long/short position markers.
They make it easy for me to mark my positions and instantly see how each position is doing. In Metatrader, I had to create three separate lines to mark my entry, stop loss and take profit.
But in TradingView, one tool takes care of all of these things.
You can also save your charts or trading ideas, then play them forward after the trade has been closed. Click the play button on any of these charts and see it action.
As you know, a trade can look much different before you enter a trade and after it has been seen to completion. So by creating a before and after snapshot allows you to get a good feel for what the trade looked like when you entered.
All of the other TradingView tools are pretty standard. But I do like the huge library of icons that you can add to a chart
Yeah, it’s a minor thing. But it’s a nice touch.
TradingView Pro Review
I use TradingView Pro.
I decided to upgrade for two reasons:
- The nag screens were annoying and distracted me
- It pricing was cheap enough, compared to the value that I got
In my opinion, the paid version is downright cheap. Of course, this will depend on your income and geographic location. It currently starts at $9.95 per month, you get rid of all the annoying popups and get other excellent benefits.
You can also trade directly on the charts. They are always adding new brokers so be sure to check their current list.
The free version is good enough for beginning traders. But if are serious about this, pro is the only way to go.
If you are new to Forex trading, then there are certainly very capable alternatives to TradingView. Consider the following…
Metatrader 4 is still a very solid charting and trading platform. My only complaint is that you cannot trade nano lots and the interface still has that 1999-Microsoft-Windows swagger going on.
I still use MT4 on a VPS for my alerts because the TradingView Pine programming language is not at the same level as Metatrader or Tradestation.
But once Pine is ready for prime time, I’ll be all over it.
I don’t know anyone who uses MT5 exclusively. But it might work well for you.
It’s also free, so if you are interested, you should check it out.
My opinion is that you should stick to MT4. There is a bigger code base, more programmers and MT4 for just works.
So why mess with it?
Brokers like FXCM have their own trading platforms. They might work better for you.
I’m not a big fan of the FXCM platform, but some love it. The one thing that I didn’t like (the last time I used it) was that they blended all trade entries.
Since I live in the US, I can’t trade with them anymore anyway.
But it’s an option to consider.
If we look forward to the near future, most trading software that we use is going to be browser-based. Any software that is platform dependent, is going to have to adapt or be overtaken by SaaS (Software as a Service) solutions.
This goes for trading journals, charting/trading platforms and even backtesting software.
It’s funny how some traders are so resistant to this shift in platforms though.
I got a really angry email from a trader that basically said:
“Profitable traders only use Metatrader.”
If you believe that your charting/trading platform determines your profitability, then I’m not sure what to say to you.
Just like with anything else in trading, keep an open mind.
You might be surprised at what you discover.
What’s your opinion about Metatrader vs TradingView?
Disclaimer: Some links on this page are affiliate links. We do make a commission if you purchase through these links, but it does not cost you anything extra and we only promote products and services that we personally use and wholeheartedly believe in. A portion of the proceeds are donated to my charity partners.
MetaTrader 4 Review
1 Minute Review
Considered the gold standard among trading platforms, MetaTrader 4 is a free platform for trading forex and other financial instruments such as CFDs, futures, indices, commodities, and cryptocurrencies. MetaTrader4 is available for retail traders through specific brokers, which individually license the platform. According to its developer, MetaQuotes Software, the platform is available through over 750 brokers and banks and services millions of traders.
- Beginning traders looking to dip their toes into data
- Advanced traders who want a data-rich experience
- Ease of deployment
- Platform doesn’t overload the computer
- User-friendly design for beginner investors
- Compatible with several operating systems such as Linux, Mac and Windows as well as iOS and Android
- Comprehensive historical data for backtesting isn’t available
- Execution speed is not great and is unsuitable for high-frequency trading
- Its nascent web platform does not allow automated trading
- Charting package does not provide for a custom timeframe
Use MetaTrader 4 with FOREX.com
Use MetaTrader 4 with FOREX.com
Since 2001, FOREX.com has been connecting independent traders with the global currency market. With trade transparency, a public record of their execution scorecard, and competitive pricing, they are the top Forex broker to execute your trades with. Access MetaTrader 4 through FOREX.com.
Considered the gold standard among trading platforms, MetaTrader 4 is a free platform for trading forex and other financial instruments such as CFDs, futures, indices, commodities, and cryptocurrencies. MetaTrader4 is available for retail traders through specific brokers, which individually license the platform.
According to its developer, MetaQuotes Software, the platform is available through over 750 brokers and banks and services millions of traders.
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Who’s MetaTrader 4 For?
MetaTrader 4, with its simple design, excellent user interface, and functionalities such as copy trading and Expert Advisors, is ideal if you’re a beginner.
Since most brokers offer this as a sole platform or as an add-on with their own proprietary platform, you’ll gain access to a plethora of platform of educational resources and tutorials. The fully-functional demo account offers strong support for beginners.
The platform also appeals to advanced traders due to its advanced charting capabilities and technical analysis, several built-in indicators and graphical tools, etc. The platform also allows automated trading by programming with MetaQuote’s proprietary MQL4 language and constructing custom indicators.
MetaTrader 4’s Platform and Tools
MetaTrader offers desktop, web and mobile platforms. The platforms support over 30 languages, including English, French, Spanish, Portuguese, Japanese, Chinese and Russian. The desktop platform helps analyze financial markets, performs advanced trading operations, runs trading robots and does copy trading.
The client terminal of the platform allows three trade execution modes:
- Instant execution
- Execution on request
- Execution by market
Orders executed through MetaTrader 4 can be a market order, which is an order executed at the current market price or a pending order, which is a commitment to buy or sell a security at a predefined price in the future.
A pending order can be a limit, stop or stop-loss order. The platform’s quick trading function sends orders from the chart with one click. Another feature, called built-in tick, helps accurately determine entry and exit points. Price movement can be analyzed in nine timeframes. The platform’s charting application has 30 built-in technical indicators and 24 graphic objects.
MetaTrader 4 platform also ensures security; it conforms to the highest security standards. Your trading account is secured by the encryption of data exchanged between the client terminal and the platform’s servers and the usage of RSA digital signatures. The web platform allows you to trade using any browser and operating system. It provides for all trading orders, four execution modes and one-click trading. The chart carries real-time quotes.
MetaTrader 4’s mobile platform gives complete control over your trading account, and you can access your account anywhere, anytime. The free chat option also helps to communicate with other traders. MetaTrader 4 offers an automated trading feature with the help of automated trading robots called Expert Advisors (EAs). EAs can analyze quotes and execute trades.
These EAs, or robots, are available for download for free from Code Base, which is a library that features codes of free EAs, technical indicators and scripts. Alternatively, they can be purchased or rented from the Market, an online store. You can also order EAs from professional MetaTrader freelance developers.
TradingSignals in MetaTrader 4 allows copy trading of successful traders, who provide their trades in public access for free or for a reasonable fee, thereby becoming signal providers. These free and commercial signals are found on the Signals tab of the trading platform and on the firm’s website. You can select a signal provider and start copying trades without leaving the platform.
The alert tool of the platform lets you create an alert for certain trading conditions such as the price that exceeds specified bid and ask prices. Once the specified event occurs, you will be notified.
MetaTrader 4’s Research Offerings
The platform does not carry third-party research offerings. The financial alerts and tools of the platform provide traders with the latest market events, news from exchanges and large financial institutions, interest rate decisions, geopolitical developments, etc.
For transmitting the quotes and news, you need to launch a simple plugin, a gateway for connecting the platform with quotes and news providers. The platform has already created feeds for major quote and news providers such as IB Times, Trading Central, Dow Jones, Claws and Horns, MNI, Bloomberg, Reuters, Alliance News, FXStreet and Trading Central. You can create your own feed using the MetaTrader 4 API.
MetaTrader 4’s Pricing
Metatrader 4 is free for download from the website. On the first launch, you will be prompted to open a free demo account to enable you to test all features of the trading platform.
When you access the platform through a broker, it may offer MetaTrader 4 free for its clients or widen its spread to account for the use of either the MetaTrader 4 standard account or the MetaTrader 4 Pro account. The brokerage pays an upfront fee of $100,000 for a full license and coughs up an extra sum of around $15,000 per month for hosting, bridging, hiring 24/5 support and other services.
MetaTrader 4’s Compatibility
- OS – Windows XP/2003/Vista/2008/7/8/10
- Processor – One that supports SSE2 instruction sets
The other hardware depends on terms of using the terminal, load from running MQL4 applications and the number of active instruments and charts, etc. MetaQuotes do not create a version of the platform for Linux and Mac OS. However, to install MetaTrader 4 on the Linux, you need to have the Ubuntu OS and Wine, which is an installer of the Windows program.
For installing on Mac OS, a special program installer called PlayOnMac is needed, which can be downloaded for free. Wine and PlayOnMac do not guarantee perfectly installed programs; they can have bugs at times. If you want to install MetaTrader 4 on a tablet or smartphone with Android OS, Android 4.0 or a higher version is required. For an Apple device, iOS 7.0 or a higher version is required.
MetaTrader 4’s Customer Support
MetaTrader 4’s website has a webpage dedicated to help topics, which provides information under various heads such as getting started, client terminal settings, user interface, working with charts, analytics, trading, auto trading, tools, articles, signals, market and virtual hosting.
To purchase the software, brokerages can contact MetaQuote’s offices in Cyprus, China, Singapore, Australia, Turkey, UAE, Pakistan and Thailand. Support is also available from brokerages that offer the platform.
MetaTrader 4’s Ease of Use
Once you download the platform, you’ll be up and running in no time. Its user interface is friendly and intuitive despite its advanced features. The feature that allows placing of orders right from the charts ensures quick execution and helps you capture profit-making opportunities.
Since MetaTrader 4 is the most preferred platform for most brokers, you may not be required to learn to trade with another trading platform. The analytical tools offered by the platform are second to none and the copy trading feature helps beginners draw on the expertise of experienced professional traders without burning their fingers. It also facilitates automated trading by either buying or developing your own EAs.
MetaQuotes has tried to popularize MetaTrader 5, so it’s likely that that licensor may not offer technical updates or support. Even so, if you’re using MetaTrader 4 from an established broker, you’re likely to have unhindered access to the platform.
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MetaTrader 4 and 5
MetaTrader is a trading platform that facilitates live access to global trading markets. It is most commonly used for online trading in the forex, futures, and CFD markets. There are currently two versions available, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). This page will review both, including downloads, indicators, expert advisors, and invaluable tricks. We also list the top brokers that support the MetaTrader platform.
Since 2002, MetaTrader developers MetaQuotes Software have released a number of versions of the online trading platform. However, it was the release of MetaTrader 4 in 2005 that really lead to a surge in popularity.
In fact, between 2007 and 2020, large numbers of brokers began offering the MT4 platform as an alternative to their own proprietary software. This was a result of unavoidable popularity amongst the trading community and the high numbers of third-party scripts and advisors.
In September 2020 the first account of the seriously enhanced MetaTrader 5 platform went live. By the time 2020 rolled around, the MQL4 programming language was totally revised, finally reaching MQL5.
MetaTrader 4 is the world’s most popular electronic trading platform used by forex day traders. The software is licensed to forex brokers, who then provide the software to their clients. The server component is managed by the broker. Whilst the client software is used by those holding trading accounts to view live streaming prices and charts, place orders, and generally manage their accounts.
MetaTrader 4 can be downloaded at no charge directly from the official MetaQuotes website. Alternatively, you can download the trading platform from any number of online brokers. The all-in-one interface caters for both beginners and experienced traders.
Below you will find details of what precisely the MetaTrader 4 system has to offer, including instructions on how to get set up on the platform.
As MetaTrader 4 brokers often point out, you get a wide range of analytical functions. Online quotes and interactive charts with nine periods, enable you to pick through quotes and respond to price changes. To make the task easier, you also have 23 analytical objects, plus 30 built-in technical indicators.
On top of that, their free Code Base and Market, details of which are covered below, open the doors to thousands of extra indicators.
The MetaTrader 4 MultiTerminal allows you to fund and manage multiple accounts from a single master account. It is particularly straightforward to get to grips with if you already have experience with the MetaTrader 4 Client Terminal.
Simply head over to their website and follow the on-screen instructions for this account manager download.
Trading Signals & Copy Trading
Open a MetaTrader 4 tutorial PDF and you may come across their trade copier services. These allow you to automatically copy deals from other traders.
You simply select your provider, subscribe to a signal and then your terminal will copy the trades. If you’re a novice trader and looking to capitalise on the experience of other successful day traders, this is an effective way to go about it.
Once you have finished your MetaTrader 4 Mac download, you will have access to the built-in market. This is often a great place to find an Expert Advisor or a new technical indicator.
You can buy any of over 1,700 trading robots and 2,100 indicators. On top of that, you can launch any of them without leaving your platform.
Making a purchase is straightforward, transparent and secure. However, you can always contact MetaTrader 4 customer service if you encounter any problems.
The MetaTrader 4 Expert Advisor (EA) builder program is a huge selling point of the software offering. Automated trading can be a fantastic way to enhance an effective strategy. The platform gives you the tools to develop, test and optimise algorithmic and high-frequency trading software.
The programming language is known as ‘MetaQuotes Language 4’ (MQL4). Once you have written your EA, you can attach them to a chart to profile any number of functions. Simply click and drag, or double click the item within the ‘navigator’ window to add it to your chart.
MetaTrader 4 forex traders, for example, could then utilise their own application in trading. Alternatively, you could post it in the free code library, or sell in the Market.
Alerts & Financial News
Even with a MetaTrader 4 demo account that’s unlimited, you get access to a range of financial news and alerts. This could help you to anticipate and capitalise on price movements. Once you have your MetaTrader 4 login details, it’s quick and easy to set up email alerts for certain events in the economic calendar.
This service promises current financial notifications and timely notifications. In addition, you have the customisability to streamline access to the data and information relevant to your particular product and market.
How To Use The MetaTrader 4 Platform
When you have downloaded MetaTrader 4 to trade bitcoin or any other instrument, you will be greeted with the same screen. So, how do you go about using the platform?
Firstly, you will find a long list of buttons at the top of the platform. The buttons M1, M5, M15, M30, H1, H4, D1, W1, and MN are the different chart time frames you can choose between. M is for minute, H for hour, D for day, W for week, and M is short for month.
The magnifying glasses are for zooming in and out of the charts without altering the time frame. If you look to the left of the magnifying glasses, you will see the three charting options. These are Bar Charts, Japanese Candlestick Charts, and Line Charts.
Again on the left, you will find the standard drawing tools. These will include:
- Vertical line
- Horizontal line
- Price channel
- Fibonacci retracement
- Image labels
To customise your trading, right click on the chart window and you will be given a number of options.
You can open a trade position by pointing at ‘trading’. Alternatively, select the ‘new order’ button from the options above the chart. Hit ‘One Click Trading’ and Buy/Sell buttons will be added to your chart in the top left. You can then automatically open trades at pre-determined sizes.
All of these basic functions can also be carried out in the MetaTrader 4 portable mobile and tablet offerings.
MetaTrader 4 Tips
There are a number of useful tips and tricks on this platform that can save day traders time.
You can save chart groups. This allows you to choose how charts and different windows are arranged. Simply select the ‘Profiles’ icon and select ‘Save Profile As’. You can then save any number of profiles.
To choose from one of your profiles, select the ‘Profiles’ icon and then select from the drop-down list. In addition, you will find a few default profiles are included in the list.
Another useful feature is the crosshair mode. This can be used for identifying specific time and price values, for example, when searching for a recent high or low.
To access this feature, click the middle mouse button. You will then be able to move the crosshair over any price bar, or any part of a price bar. The respective time and price values will then be easily identifiable.
You can also access crosshair mode by selecting the ‘Crosshair’ icon in the toolbar.
As MetaTrader 4 guides will highlight, trendiness drawn on charts allow you to identify areas of support and resistance. To draw one quickly, click and drag to define the trendline, then release the mouse button. If you want to change the trendline, double-click and then do the following:
- Select and drag either end to rotate.
- To move your trendline to an alternative price level, select and draw the centre body of the trendline.
- Hold ‘Ctrl’ and select the trendline to draw a parallel trendline.
- If you want to adjust the colour, style or change other specifications, simply right click to open the ‘Trendline Properties’ box.
- You can delete the trendline by right-clicking and then hitting ‘delete’.
MetaTrader 4 Benefits
It doesn’t take long after you have finished your online MetaTrader 4 download to see why the platform is so popular. It offers:
- Ease of use – The simple and user-friendly design allows for traders of all experience levels to pick it up swiftly.
- Tools – Customisable charting tools are integrated and you are given direct access to export historical data. In addition, you benefit from a real-time price feed, plus extensive third-party add-ons.
- Speed – As MetaTrader 4 reviews often highlight, the platform is light. This ensures it doesn’t overload systems in place, enabling fast executions. This is particularly important in highly volatile markets.
- Expert Advisors – Mechanical traders will appreciate MetaTrader 4 expert advisors make for straightforward plugins.
- Accessibility – You can trade any number of instruments, including cryptocurrency, such as ethereum and other altcoins. Not to mention you can trade on popular stock indices, the Dow Jones, for example.
- Flexibility – You have access to three execution modes, two market orders, four pending orders, plus two stop orders and a trailing stop.
- Compatibility – Steps have been taken to ensure compatibility amongst numerous operating systems. So, you can download MetaTrader 4 for Linux, iOS, plus Windows 7, 8, 9, 10.
- Mobile apps – For those who like to trade on the move, there are MetaTrader 4 Android and iOS applications available at respective app stores. In addition, MT4 now works for Windows phones. The mobile platform allows for a smooth transition from the desktop version. You can access charts, use technical analysis tools, plus place and manage trades. MT4 Android and Apple tutorials can be found online.
The MetaTrader 5 download is the latest version of the trading platform available. It is a multi-asset platform offering a number of trading tools and services. So, you can trade the traditional forex, futures, stocks, and CFDs. There are also capabilities for trading cryptocurrencies and binary options. The key features of the platform have been explained below.
Once you have your MetaTrader 5 online login details, you can start exploring their fundamental analysis tools. These include access to financial news and an economic calendar. Both can be used to predict future price shifts in instruments on the MT5 platform.
On top of that, you will have access to a number of economic indicators and breaking news reports from international news outlets.
Those concerned about compatibility will be pleasantly surprised. You can now get MetaTrader 5 on Linux, Windows 7 (32 bit and 64 bit), as well as for Macs. Most MetaTrader 5 brokers will provide direct download links. However, if not, head over to the official website and you will find guidance on how to go about installing the software. As with the old version, MetaTrader 5 comes with zero costs.
In fact, all you need is an internet connection and you can use the MetaTrader 5 Web Platform. You can analyse quotes, execute trades, and access previous trade history.
In addition to flexibility, security is a high priority. All transmitted information is encrypted, and the web platform supports additional protection via the use of two-factor authentication.
MetaTrader 5 Mobile Trading
You can download MetaTrader 5 for iPhone, iPad, and Android devices. The mobile application can be used to compliment your desktop-based platform or to directly trade from. You can do all of the following:
- Send pending orders
- Set protective and trailing Stop Losses
- Take Profit levels
In addition, MetaTrader 5 mobile applications also allow for One-Click Trading. This enables you to send trade orders directly from a price chart, or from the Market Depth window. On top of that, with the assistance of 30 built-in indicators and 24 analytical objects, you can conduct an in-depth technical analysis of forex.
See MetaTrader 5 forums and user guide PDFs for further instructions on getting the most out of your MT5 mobile app.
MetaTrader 5 expert advisors enable automated trading using robots. These sophisticated algorithms will analyse the market and execute trades when pre-determined criteria have been met. This feature uses MQL5 to develop, debug, test, and optimise trading bots. You can also find MetaTrader 5 expert advisor tutorials in the form of training videos from numerous brokers.
New day traders can use the MQL5 Wizard to get set up with automated trading. This assistant can help build a straightforward robot. While experienced traders can use MQL5 IDE to utilise additional capabilities, such as:
- C++ like MQL5 programming language (note – all trading applications for MetaTrader 5 are written in MQL5)
- Strategy tester complete with real tick support
- Language Reference which details all language constructions
As with the MT4 platform, you can purchase indicators from the Market. Alternatively, head to Code Base where there are free downloads. You can also find MT5 tutorial PDFs online to help you get set up.
Trading Strategy Tester
A useful component highlighted in MetaTrader 5 reviews is the built-in Strategy Tester included in MQL5 IDE. It works by running the strategy against historical price data, automatically executing trades in line with its algorithm. Because this can highlight potential flaws in a strategy before you use it in your live account, it could save you significant capital.
In fact, the MetaTrader 5 Strategy Tester uses several techniques to find the ideal speed/quality ratio. Often, the most effective results are found the using the ‘Every tick based on real ticks’ mode. This uses real ticks from exchanges and liquidity provers. Whilst the ‘Open prices only’ mode offers just a quick, approximate estimation.
You can view the live data feed results on a chart. At the end, a testing report is then generated. This allows for the straightforward identification of potential flaws.
A useful tip is to download a free MetaTrader 5 demo version of a potential robot before you purchase it from the Market. This could save you from making an unwise investment.
An important element of the Strategy Tester is the optimisation capabilities. This can test an algorithm with a number of parameters while choosing optimal values. However, optimising sophisticated robots can become a very time-consuming process. So, use generic algorithms to shorten the process.
You can then view your optimisation results in 2D and 3D modes. On top of the built-in features, there also exist custom visualisation modes too.
Overall, the MetaTrader 5 offering is comprehensive. You can view up to 100 charts, with 21 time-frames, ranging from 1-minute to 1-month. Also, you get 80 MetaTrader 5 indicators, including:
- Volume indicators
- Volatility indicators
- Pivot points indicators
- Time zones indicators
- Buy/sell signal indicators
- Android custom indicators
In addition, there is the option to purchase more, from services such as Code Base.
You also get an advanced Market Depth function with MetaTrader 5, which has a tick chart, plus Times & Sales information. Market scanners too are available, meaning you can swiftly identify potential opportunities.
You can have a separate accounting of orders and trades, plus the support of all types of trading orders and execution modes.
The two accounting modes are as follows:
- Netting – Adopted on exchange markets
- Hedging – Used forex trading
If you want to test the platform, you can use an online MetaTrader 5 demo account with ease. These practice simulator accounts allow you to test different financial markets and get familiar with the trading platform. A number of different brokers offer this service or you can always head over to the official website.
However, you must remember to consider trading fees when you upgrade to a live account as a profit factor. Also, some brokers may require a minimum deposit as well as having different rules around leverage and margin levels.
If your MetaTrader software has stopped working, getting support is relatively straightforward. As a result of it being such a popular platform, most brokers will offer technical assistance, via live chat and telephone.
They should be able to assist you with language programming and offer remedies for when the platform is not responding or updating. Customer service should also be able to help you check your desktop meets technical requirements.
You can also turn to active trading communities for support. Due to global popularity, you will find plenty of experienced users voice opinions on indicators that are best, shortcut keys, default templates, backtesting tutorials, and more. Simply head to online blogs and forums. Alternatively, you can find manuals in the form of books and ebooks.
So, if for any reason your platform is not working, support is just a few clicks away.
MetaTrader 4 vs MetaTrader 5
If it is a question of MetaTrader 4 or 5, then there isn’t too much to separate them. Although MT5 is marketed as far more advanced, in reality, you just benefit from more charting systems and in-depth analytical tools.
A few points to consider though are as follows:
- MetaTrader 4 is more readily available amongst brokers.
- MetaTrader 5 is considered less user-friendly.
- You get an extra order execution type and two more pending order types with the MetaTrader 5 version.
- Roll-over and hedging are possible with MetaTrader 4 and unavailable with MetaTrader 5.
- MetaTrader 4 uses MQL4 programming language, while MetaTrader 5 uses MQL5.
Overall, the MT4 system is more than adequate for the majority of day traders. However, if advanced charting and analytical tools are important to you, then you may want to update to MetaTrader 5. But note the old MT4 version remains the most popular, demonstrating many have not felt the need to swap.
On top of straightforward installation, MetaTrader systems offer a number of trading tools and features that other platforms lack. Setting up trade orders is hassle-free, while Candlestick, Heiken Ashi, and Renko charts are easy to configure and customise. In addition, expert advisors and automated services via scripts are simple to utilise.
Finally, the industry standard MetaTrader 4 trading platform should be able to serve traders of all experience levels. However, for those set on complex, advanced strategies, the MetaTrader 5 platform may be the route to go down.
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