Explore the comprehensive features of MetaTrader platforms, from customization to automated trading, tailored for forex and multi-asset traders.

MetaTrader is one of the most widely used trading platforms in forex, offering tools for real-time quotes, advanced charting, and automated trading. It comes in two versions, MT4 and MT5, each tailored for specific trading needs:

• MT4: Best for forex traders with 30 built-in indicators, 9 timeframes, and a simple interface.
• MT5: Ideal for multi-asset trading, with 38 indicators, 21 timeframes, and broader market coverage (stocks, futures, options).

Quick Comparison

MetaTrader also supports customization, automated trading using Expert Advisors (EAs), and risk management tools like stop-loss and take-profit orders. Whether you're a beginner or an experienced trader, it provides a secure and flexible platform for trading success.

MetaTrader 4 vs 5: Which One?

Main Platform Features

Interface Settings

MetaTrader allows traders to adjust charts, toolbars, and market monitors to match their trading preferences. Here’s a quick look at some customization options:

Blueberry Markets highlights that "Customizing the MT4 interface can improve traders' overall experience, increase productivity, and help them make better trading decisions" . Additionally, MT4 supports multiple languages, letting users work in their native language. By tailoring the workspace to their preferences, traders can make the most of MetaTrader's powerful tools.

Charts and Analysis Tools

MetaTrader 4 (MT4) comes with 30 built-in indicators, while MetaTrader 5 (MT5) adds 8 more to the mix. These tools are essential for identifying trends and planning entry or exit points.

"Technical analysis is an integral part of successful Forex, Stock and Futures trading. It helps to identify various symbol trends, define support/resistance levels, forecast price dynamics and much more. In other words, with technical analysis you are allowed to have 'a peek into the future' and use this advantage to succeed in trading." - MetaTrader5.com

Some standout features include:

• Advanced Charting: MT5 provides 21 timeframes for in-depth market views.
• Technical Indicators: Access over 2,000 free custom indicators.
• Analytical Tools: MT4 offers 24 objects, while MT5 expands this to 44, including Fibonacci and Gann tools.
• Custom Development: Design your own indicators with MQL4 or MQL5.

These tools also lay the foundation for automated trading through Expert Advisors.

Expert Advisors (EAs)

MetaTrader's automation capabilities shine with Expert Advisors (EAs), which traders can either purchase or develop themselves using MQL4 or MQL5.

To get the most out of EAs, traders should:

• Test them on demo accounts first.
• Use a VPS for consistent execution and monitor their performance.
• Adjust settings to match current market conditions.

It’s important to note that MT4 and MT5 EAs are not interchangeable, as each uses its own programming language (MQL4 or MQL5) . This ensures that automated strategies are optimized for the specific platform version.

Pro Trading Tools

MQL Programming

MetaTrader's MQL language allows traders to create custom indicators, Expert Advisors, and one-time execution scripts. With support for up to eight indicator lines per program, MQL is a powerful tool for building tailored trading solutions. Traders can also use historical data to backtest strategies, helping refine their approach. For instance, the 'averagevalue.mq4' indicator calculates average maximum and minimum values over multiple bars .

These tools work seamlessly with MetaTrader's other advanced features, such as its copy trading system.

Copy Trading System

MetaTrader's copy trading feature allows users to replicate the trades of successful investors. This system provides access to well-tested strategies and automates execution, offering a reported 10% improvement in success rates compared to manual trading .

The platform includes customizable settings to tailor the copy trading experience:

This system is ideal for traders looking to leverage proven methods without the need for constant manual intervention.

Multiple Account Tools

MetaTrader simplifies managing multiple trading accounts with its Multi-Account Trader and Multi-Account Terminal. These tools allow traders to oversee multiple portfolios from a single interface, making operations more efficient.

The platform supports several allocation methods:

These tools ensure real-time trade execution across accounts and provide detailed reporting for better oversight, enabling traders to manage portfolios with precision and ease.

Platform Setup Guide

Chart Layout Setup

This section helps you configure your chart layout for a smoother trading experience. Templates allow you to save settings like colors, indicators, and chart types for quick reuse, while profiles let you organize multiple charts with specific timeframes for a broader market view.

For better price action visibility, use a plain white background and disable gridlines. Save your layout as a template for easy application to new charts. You can quickly apply this by dragging currency pairs from the Market Watch window.

Alert Configuration

Set up alerts to stay updated on market movements without needing to monitor constantly. MetaTrader supports both desktop and mobile push notifications.

Desktop Alert Setup:

• Press CTRL+T to open the Terminal.
• Go to the Alerts tab.
• Click on Create.
• Define price levels and conditions.
• Choose your preferred notification type.

For mobile alerts, enter your MetaQuotes ID under Tools → Options → Notifications.

Once your alerts are set, you can focus on other tasks while staying informed about key market movements.

Risk Control Tools

Managing risk effectively is essential for successful trading. MetaTrader provides tools like stop-loss, take-profit orders, trailing stops, and position sizing calculators to help you stay in control.

Always set your stop-loss immediately after entering a trade. Use the position sizing calculator to determine the appropriate lot size based on your risk percentage and stop-loss distance in pips. This ensures consistent risk management across all your trades.

Wrap-Up

Platform Highlights

MetaTrader stands out in forex trading by providing a wide range of tools tailored for both beginners and seasoned traders. Its analytical toolkit includes over 30 built-in technical indicators and supports 9 different timeframes, making it a versatile option for various trading strategies.

The MetaTrader Market expands these capabilities with over 1,700 trading robots and 2,100 technical indicators. This allows users to go beyond the standard tools and customize their trading experience. As Blackwell Global states :

"MetaTrader 4 is a highly versatile platform. Its USPs are its high degree of flexibility and customisation options."

With this powerful set of features, getting started is straightforward.

Quick Start Guide

To make the most of MetaTrader, follow these simple steps:

1. Download and Install
   Select a regulated broker and download MetaTrader from their official site. While the platform itself is free, you’ll need to fund a live account to trade real money.
2. Set Up Your Account
   Start with a demo account to practice and familiarize yourself with the platform without financial risk.
3. Customize Your Workspace
   • Add your preferred indicators to charts
   • Set up price alerts for key currency pairs
   • Adjust the interface layout to suit your workflow
   • Enable mobile notifications for updates on the go

"MetaTrader 4 offers the leading trading and analytical technologies, as well as additional services. It has everything you need for Forex trading." - MetaTrader4.com

Before diving into advanced tools like Expert Advisors, spend time mastering the basics. MetaTrader’s security measures, including data encryption and secure authentication, ensure that your trading activities are protected as you refine your strategies.