What is MetaTrader 4 (MT4)?
Overview of MT4 and its features
MetaTrader 4 (MT4) is a strong trading platform made for Forex traders. Released in 2005 by MetaQuotes Software, MT4 offers a solid trading setup with live charts, standard technical indicators, auto trading options along with an easy-to-use interface. It supports several order types, live price quotes plus analysis tools that help traders place accurate trades fast.
MT4 works on Windows, Mac, Linux as well as mobile devices making it available for traders who need a flexible, professional-grade platform. The platform is known for its stability, security, with options for custom settings to match individual strategies.
Why is MT4 popular among Forex traders?
MT4 is popular because it is simple, useful, with many tools. Some key reasons include:
- Simple Interface: Beginners can use it easily.
- Basic Charting Tools: Customizable charts, multiple time frames plus built-in technical indicators allow full market review.
- Auto Trading with Expert Advisors (EAs): Traders use EAs to run strategies instead of manual work.
- Low Delay and Quick Order Execution: MT4 makes orders fast, which helps to cut slippage.
- Secure and Trustworthy: It uses encryption to guard transactions and personal data.
- Broker Compatibility: Most Forex brokers support MT4 making it simple to try different brokers.
MT4 vs. MT5 – Which one should you use?
Although MetaTrader 4 remains a favorite among Forex traders, MetaTrader 5 (MT5) adds extra features like more time frames, an economic calendar plus improved order types. MT5 is set up for various asset classes, such as stocks and futures, while MT4 focuses on Forex.
MT4:
- Focus: Forex Trading
- Order types: 4 Order types
- Timeframe: 9 Timeframes
- Programming: MQL4
- No depth of market
- No economic calendar
MT5:
- Focus: Multi-Asset Trading (Forex, Stocks, Commodities)
- Order types: Multiple order types
- Timeframe: 21 Timeframes
- Programming: MQL5
- Depth of market
- Economic calendar
For most Forex traders, MT4 stays the top choice because of its simplicity and broad broker support. Traders looking to go beyond Forex might find MT5 better suited.
How to Set Up MetaTrader 4
Downloading and installing MT4
Installing MT4 on Windows
- Go to your broker’s site or MetaQuotes to get MT4.
- Run the file and follow the steps.
- Pick the folder and finish the setup.
- Start the platform and log in with your broker’s details.
Installing MT4 on Mac
- Get MT4 from your broker’s site.
- Use a tool like Wine or PlayOnMac to install it.
- Follow the steps and adjust the settings.
- Open MT4 and connect to your broker’s server.
Installing MT4 on Linux
- Install Wine using your distro’s package manager.
- Get the MT4 file from your broker.
- Run the file with Wine.
- Start MT4 and set it for trading.
Installing MT4 on Android & iPhone
- Open Google Play Store (Android) or App Store (iPhone).
- Look up MetaTrader 4 and install the app.
- Open the app, enter your broker’s details, and begin trading.
- Creating an MT4 Trading Account
To trade open a broker account by doing these steps:
- Pick a broker that works with MT4 and sign up on their site.
- Show who you are by providing the needed documents.
- Get your login info and access your account on MT4.
Logging In and Out of MT4
- Open MT4.
- Click File > Login to Trade Account.
- Type your account number, password, and server name.
- Click OK to connect.
Close the platform or use the File menu to switch accounts when done.
Choosing a Broker Server
- Go to File > Open an Account.
- Pick your broker’s server from the list.
- If it is not found, type it in manually.
- Click Next and finish logging in.
Navigating the MetaTrader 4 Interface
Understanding the MT4 dashboard
The MT4 dashboard has:
- Market Watch: Shows current currency pair prices.
- Navigator: Lets you access accounts, indicators, Expert Advisors.
- Chart Window: Displays price changes and technical tools.
- Terminal: Shows trade history, balance, news, and alerts.
Customizing the MT4 chart setup
Changing chart styles and colors
- Right-click the chart and choose Properties.
- Change background, candlestick, and grid colors.
- Click OK to save changes.
Adding indicators and drawing tools
- Select Insert > Indicators then pick a built-in indicator.
- Use toolbar tools to mark support and resistance levels.
Saving templates and profiles
- Adjust your chart settings.
- Open Charts, choose Template then Save Template to reuse the setup.
Managing trade history and account balance
- Open the Terminal window (Ctrl + T).
- Go to Trade for open positions and balance.
- Select Account History to view past trades.
Conclusion: MT4 Still Delivers if It Fits Your Plan
MetaTrader 4 remains one of the strongest choices for Forex traders who want a stable platform with an extensive community and wide broker support. If your focus is Forex, MT4 is more than enough. If you need additional tools and assets, MT5 may be a better fit. Always start with a demo, test your strategies, and focus on risk management.
FAQ’s
Yes. The platform itself is free. Costs come from spreads, commissions, or add-ons purchased separately.
Yes. The iOS app was reinstated to the App Store in 2023 after being temporarily removed.
MT4 has nine timeframes and thirty built-in indicators.
Depth of Market is not built into MT4 by default. Some brokers add it through plugins, but MT5 includes it natively.
No. MT4 uses your broker’s server time. You can only view local time through custom indicators.
MT5 offers more features such as additional timeframes, order types, and advanced testing. However, MT4 is simpler, has a larger community, and is still preferred by many Forex traders.
