- What is MetaTrader 4?
- What Sets MetaTrader 4 Apart?
- Custom Indicators not showing on new MT4
- Trade Execution Modes
- Order Types
- Why does the ally forex mt4 not show added indicators
- Benefits of Using MetaTrader 4
- Installing Custom Indicators on MT4
- How to Add and Install Custom Indicators in Metatrader 4 Forex Platform
- Why Traders Should Use MetaTrader 4
- Drawbacks of Using MetaTrader 4
- Part 8: What is an Indicator in Forex Trading and Metatrader 4?
- Final Thoughts
- Similar Threads
More and more trading platforms can now be found online, thanks to the continuous advancement of technology.
But one trading platform has stood out above the rest by proving itself to be highly effective; the platform widely known as MetaTrader 4.
Despite having mixed reviews, numerous brokerages offer their clients MT4 as the trading platform in their respective websites due to many of its perks.
This is now your chance to learn more about one of the most popular and most operated trading platforms which is known as MT4.
What is MetaTrader 4?
MetaTrader 4 or, as traders call it, MT4, is a state of the art trading platform used and popularized by many traders and brokerages alike across the globe.
MT4 is a software developed by MetaQuotes Software which can be used by both traders and investors to open, close, and manage market positions through the use of a financial mediator.
MetaQuotes built the platform and gave it the purpose of trading in foreign exchange (forex), futures markets, and contracts for differences (CFDs).
You can use MetaTrader 4 to perform advanced trading operations while also analyzing the financial markets.
Trading platforms are normally offered by online brokerage firms for free or at a discounted price with the condition of maintaining a well-funded account.
But MetaTrader 4 can be downloaded from HQBroker’s main website wholly for free and with no conditions attached. You can also download the platform directly from the MetaQuotes website.
What Sets MetaTrader 4 Apart?
MetaTrader 4 supports three trade execution modes, as well as two market, four pending, and two stop orders, plus a trailing stop function.
Custom Indicators not showing on new MT4
There are also quick trading functions which allow sending trading orders directly from the chart with just one click.
Aside from these, the built-in tick chart feature will give you a way to accurately determine your perfect entry and exit points.
Trade Execution Modes
You can choose from the three trade execution modes that MetaTrader 4 offer:
- Instant Execution
- Execution on Request
- Execution by Market
The Instant Execution mode executes the order at the price offered to the broker.
The terminal will set the current prices in sequence upon sending the trade order, but it will not be executing any order until the broker accepts the prices.
A “requote” might occur when the broker returns the prices.
After that, the order can be executed.
Second is the Execution on Request. In this mode, the market order can be executed at the price that the broker provided beforehand. Prices are initially requested from brokers before the order is sent when it comes to inputting certain market orders.
When the prices are available and delivered, the order execution at the given price can then either be confirmed or rejected.
Execution by Market is the last of the three modes you can choose from. When using this mode, you relinquish authority to the broker, since it will give the broker the power to make decisions about the order execution price without needing any additional discussion with you, the trader.
This means that you give advanced permission to the order execution at this given price.
MetaTrader 4 also allows you to place different order requests, which are Market order, Pending order, Stop Loss and Take Profit.
Market orders are made as a way to guarantee your brokerage company that you allow the buying or selling of a given security at the current price.
Upon execution of such order, a trade position will instantly begin to move, tracking the various changes taking place in the actual financial markets. You can also add Stop Loss and Take Profit orders alongside the market order; the mode of execution is dependent on the security you chose to trade.
A Pending order is the commitment you make to the brokerage company, giving them the permission to buy or sell a security in the future but at a predetermined price.
This order can be used when opening a trade position provided that the future quotes will reach the predetermined level.
Why does the ally forex mt4 not show added indicators
A Stop Loss and Take Profit order can be automatically attached to pending orders when a pending order has been activated.
There are four types of pending orders that MetaTrader 4 offers:
- Buy Limit – This type of order are usually made when expecting a security price, which has recently fallen to a certain level, to increase in the future. A buy order can be executed provided that the current “ASK” price level is higher than the value of the placed order.
- Buy Stop – When you predict that a security price, which has risen to certain level, will only keep on rising, you can place this type of order.
A buy order can be executed provided that the current “ASK” price level is lower than the value of the placed order.
- Sell Limit – Orders made under this type are normally made when you expect for a recent uptick in the security price to make a turn around. A sell order can be executed provided that the current “BID” price level is lower than the value of the placed order.
- Sell Stop – When making this type of order, traders usually expect that a security price that has recently dropped will continue falling.
A sell order can be executed provided that the current “BID” price level is higher than the value of the placed order.
Stop Loss and Take Profit orders normally go together, but we’ll now be discussing them separately.
A Stop Loss order can help in minimizing the losses you incur if the security price begins moving towards an unprofitable direction. If a security price reaches your set price level, the position will automatically closed.
They are always placed together with a market or a pending order.
A Take Profit order, on the other hand, is intended for gaining profits. When a set level for profits has been reached, the position will automatically close.
It is always connected to an open position or a pending order, and can only be placed together with a market or a pending order.
Benefits of Using MetaTrader 4
Aside from the MT4, there are other platforms out there that you might have heard of as well through some reviews or people you know, such as ZuluTrade, NinjaTrade, and Trading Station.
But not all leading trading experts offer those other platforms, unlike with MetaTrader 4.
So, what is it exactly that makes brokers and traders choose MetaTrader 4 over and over again?
There have been countless reviews and posts made by traders which detail their thoughts about the infamous trading platform.
Installing Custom Indicators on MT4
You can try researching on the internet; trader reviews about MetaTrader 4 will begin pouring out, telling you about their own experiences and thoughts regarding the trading platform.
Almost every notable broker offer MT4 as their trading platform, giving it a vast community of traders and brokers, each of which have different experiences when it comes to dealing with the platform.
The MetaTrader 4 was designed to have a professional look and feel, along with the extensive range of professional features which is the standard for every trading platform.
It also comes with a wide range of customizable indicators that can be easily added and removed from the charts.
Other trading platforms are browser-based, unlike MetaTrader 4 which can be downloaded and used, separate from your browser. It is also much easier to use and manage aside from having generally fewer glitches than most platforms out there in the financial industry.
Additionally, MetaTrader 5, a newer trading platform also made by MetaQuotes Software, does not provide any options for hedging, which has led to disappointments seen in the MetaTrader community reviews.
How to Add and Install Custom Indicators in Metatrader 4 Forex Platform
This only led to a greater boost in the popularity of the previous version.
Hedging is practically providing protection to your funds or assets. It works much like how insurance does. When you have important belongings, you would like to protect them as much as you can, thus making you consider buying other investments to ensure yourself from any possible harm in the future.
Hedging will allow you to protect yourself from any negative event that might come your way, but keep in mind that hedging does not and will not completely eliminate the impact of a negative event.
It just lessens the blow so that you won’t experience more loss.
Now back to the MetaTrader platforms. MT5 does not support hedging and multi-hedging, something that most traders look for when deciding on what platform they should operate with.
Why Traders Should Use MetaTrader 4
There have been suggestions for workarounds, but most would prefer to not rely on any plugins when dealing with their platforms, something you won’t have a problem with when using MetaTrader 4.
This is one of the main reasons why HQBroker uses the MetaTrader 4 platform; the brokerage firm allows its clients to hedge their portfolios to make their accounts safer.
The positive or negative reviews of others won’t matter as long as you know how to properly utilize the platform to your advantage.
MetaTrader 4 also has a significantly lower demand for RAM usage.
It doesn’t need to take up too much space in order to function at its best, unlike with MetaTrader 5 which demands the use of 3 times more RAM memory. It can function well on computers or iOS and Android devices.
Drawbacks of Using MetaTrader 4
In spite of the benefits that you can reap from using MetaTrader 4 as your trading platform, there are still some drawbacks that you must first consider to avoid any possible regrets over deciding to use the MetaTrader 4 platform:
- MetaTrader 4 offers limited flexibility when compared to the other platforms that you can find in the financial industry today.
So it’s important to remember that once you put up guidelines, the platform will strictly adhere to implementing them, which can also lead to another drawback.
- The set of rules and guidelines you implement in this program might cause you to not be able to realize the big gains even when they’re right in front of you.
- Sudden changes in the foreign exchange market do not immediately show in the MetaTrader 4 program.
For example, if a press release was made regarding the economic status and the market reacts to it, MT4 might not immediately react to this change.
- Not every operating system out there can run the MetaTrader 4 platform. It is strictly limited to major operating systems Microsoft, iOS and Android.
Part 8: What is an Indicator in Forex Trading and Metatrader 4?
So, if you don’t have any device that runs on this operating system, it won’t be possible for you to use it.
The number of trading platforms that are available out there in the financial industry will only continue to grow, and you can’t just keep on trying every new one that comes along.
You can rely on other people’s opinion about each and every trading platform; just don’t let it cloud your own judgment.
You can try out other platforms to know which one will be the best for you, and rest assured that you will always have MetaTrader 4 to fall back on.
MetaTrader 4 has been used and relied upon by numerous traders for years since it was initially released to masses.
Even though some reviews point out its imperfections, it doesn’t mean that it is useless and should be disregarded once a new and updated version comes along.
MT4 offers every trader unlimited access to trades which can be managed easily without needing to exert too much effort. It has its own benefits and drawbacks, so consider wisely before making any final decisions.
MetaTrader 4 can help make your trading journey much easier; assisting you on every transaction along with your own broker.
Don’t let another minute go to waste, learn as much as you can through research and remember that important lessons can also be learned through experience.
Our goal is to carry out advanced solutions to further improve the quality of online forex trading. HQBroker takes pride in the level of the trading systems and solutions it is offering to its clients and partners around the world.
Our every move is centered on setting up the most effective and low latency performance, keeping our clients one step ahead of the competition at the same time providing them unparalleled and excellent service.
More from HQBrokers