The decentralized nature of the Forex market has imposed a trading style on it that may be slightly different from other financial markets, and during this topic we will talk about the Forex trading platform which is the window through which the Forex trader prices prices from. learns currency pairs, tracks and analyzes them and also implements them.
And the forex trading platform or program that we are going to talk about now is MetaTrader 4, the most famous and widely used platform among forex traders and it is provided by almost all forex brokers around the world.
In 2002, a group of technical developers at MetaQuotes Software launched the forex trading platform MetaTrader 4 or MetaTrader 4, which stands for MT4, which was then considered the primitive version of the version currently in use and initially did not achieve the same degree of prevalence among broker programs and platforms. Hence, up to the 2005 version, this first version underwent a lot of technical trials and experiments that spread and prevailed in the trading community until it was used as an alternative to specialized forex trading programs and platforms.
The MetaTrader 4 program, despite its simplicity, provided an effective and connected trading environment, and this was one of the main reasons for its proliferation no longer limited to the Forex market, but expanded to trading in futures and contracts for difference, CFDs, and stock and commodity trading such as Gold, silver and oil, as well as cryptocurrencies like bitcoin, ripple and ethereum, and with the advent and proliferation of smartphones, the program has become available on Android and iOS systems to add more attachments to its users
Even after MetaQuotes discontinued support for MetaTrader 4 in order to attract new customers to switch to the other trading platform MetaTrader 5 or MT5 over 10 years ago, forex traders or financial markets in general are still dependent on MT4, although it has more features and support offers MT5 – especially since MetaTrader 4 users have relied on the use of technical indicators and scripts for automated trading in their work, based on the first programming language that MetaTrader 4 supported, namely MQL4, which is not compatible with the Metatrader 5 programming language who have favourited MQL5
Features of MetaTrader 4
The MetaTrader 4 program has many important features that initially helped it spread and compete with the special trading programs and discourage its old customers from switching to its successor MT5, the most important of which are presented below.
The program interface
One of the most important features of the MetaTrader 4 program is its simple user interface, or as it is called, an intuitive interface, which means that most of those who use it do not need an explanation in order to know how to use it, and rarely encounters problems in opening stores, identifying market prices or even changing indicators or fees graphically, with high controllability and customization.
The MetaTrader 4 program initially appeared under a group of trading programs for brokerage firms at the time where the charts were a kind of price indicator and whose developers were focused on execution and the charts lacked additional graphical tools and the ability to customize, which did it Difficult for the Trader to Analyze Even the trading platforms – at the time – that offered the benefits of chart display and technical analysis tools were considered difficult and required training, and here comes the power of MetaTrader 4, which has an integrated graphical interface with most of the graphical Auxiliary tools in a simple and easy way with a high adaptability and modification ability Make it a competitive advantage then and now
Automated trading solutions
Automated trading systems or forex signal generator scripts are very popular with both beginners and professional currency or CFD traders, and MetaTrader 4 provides an ideal environment for this, starting with the programming platform, creating the code or script and being able to use it adapt and then test In addition to the possibility of automatic operation and direct execution on the market.
Notification and warning solutions:
The MetaTrader 4 program has enhanced its trading environment with a customizable notification and warning system that allows its users to keep track of the signals or market conditions according to certain set and adjusted conditions, which helps den Track the market on the go. integrated with mobile devices of different operating systems
Disadvantages of the MetaTrader 4 software:
After listing the main functions and characteristics of the MetaTrader 4 program, there are some shortcomings that have prevented it from being the most powerful program among the trading programs in the financial markets as follows
Complete historical data available for testing of a species may not be available or insufficient
The speed of execution is acceptable, but insufficient or unsuitable for fast and intensive implementation
The web platform or trading program available through the browser without downloading does not offer the automated trading function
Price data charts do not offer custom timeframes other than the timeframes available by default