What is a MetaTrader?

What is a MetaTrader

MetaTrader is an electronic trading platform developed by MetaQuotes Software Corp. for Forex trading, CFDs, stocks, futures and online options. The platform provides advanced graphical features (multiple integrated indicators), multiple account types, multi-window platform management, and the ability to place all types of market orders (except OCO), as well as advanced features such as C # (MQL4 and MQL5), which allows traders to develop custom indicators, scribes and trading robots (called MetaTrader Expert Advisors). But the most important feature of the MetaTrader is that it is available free of charge to traders (intermediaries pay fees for using the software server). The image below shows an example of the MetaTrader interface:

There are two major versions of this pivotal platform for Forex trading right now - MetaTrader 4 (or MT4) and MetaTrader 5 (or MT5). MT4 is more popular because of the limited number of forex brokers who provide real trading via MetaTrader 5. In the beginning, there are two main differences between the fourth and fifth editions of the podium:

What is a MetaTrader

The difference of the internal coding language - MQL4 near the C language in the MetaTrader 4 and MQL5 near the C ++ language in the MetaTrader 5.

Unlike the MetaTrader 4, MT5 can only hold one position on a currency pair at the same time. You can not open hedges in MT5. In other words, if you send a sell order and you have an open purchase, it will close the deal rather than open a new position in the opposite direction. This property has been introduced to comply with FIFO regulations in the United States, which aims to minimize the impact of Swap fees in traders' accounts.

These differences have disappeared at the moment as MQL4 accepts the construction of MQL5 robots, and MetaTrader 5 currently provides hedge accounting.

MetaTrader is easily used for trading and consists mainly of a number of standard windows and toolbars:

Chart Window - Displays charts and indicators - You can analyze currency pairs through this window.

Market Monitoring - displays a list of available symbols along with current bid / ask prices.

Browser - Allows switching between different accounts, custom cursors, scripts and expert consultants.

Station - This section displays open positions, account log, broker alerts, account mail, news, economic calendar (in MT5, market displays, signals, coding basis, all records etc.)

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MetaTrader is popular for its many advantages, some of which can be listed below:

Free software. You do not need to pay any fee for using the platform where you can download it through any MetaTrader broker or from the MetaQuotes website, then open a demo account from within and use it to analyze the graph, even if you are trading with a broker that does not provide the MetaTrader.

Simplicity and ease of customization - You do not need to learn any special terms, and you can do all the necessary steps with two or three clicks. You can also customize your graphs and windows without any problems.

Ability to create your own indicators and expert consultants. After getting some basic coding training you will be able to create your own tools that fit your personal trading style.

Increasing popularity means a lot of user creations. There are thousands of indicators and expert consultants developed by other traders available for free download via the MetaTrader platform.

Account reports and records. You can customize reports and get great statistical analytics through standard accounts reports in MetaTrader.

Of course, there is nothing perfect in this life and the MetaTrader is no exception to this rule. Some disadvantages associated with the platform can be listed as follows:

The need to install the program .. Although the mobile and web versions of the MetaTrader, but you will still need to download and install on your PC to be able to use all of its capabilities - this may be a problem for some. For this reason, many intermediaries are keen to provide web-based trading platforms that can be run within the Internet browser without installing any software, with more functionality than the MetaTrader web version.

There is no real support for programs published by users. If you download an expert or expert consultant, you will have difficulty getting help, let alone using external software may be a bit dangerous.

Do not have "One cancels the other" commands. MetaTrader does not provide the ability to place trading orders while canceling one when activating the other. Activation of this feature requires the creation of a custom script or script - but of course this option can not be compared with the availability of standard OCO commands in the platform.

Is now familiar with the details of MetaTrader and why it is so popular among Forex traders around the world. If the features we offer are compelling for you, you can download and test the platform through a demo account.