MetaTrader 4 is an online Forex trading platform widely used by tradets all over the world. It is developed by Metaquotes Software Corporation and was released last 2005.
It is licensed under the same company and is consists of both client and server component. It enable clients to write down their own scripts and robots that has the capacity to automate trading.
A client terminal is provided which is equipped with a compiler and built-in editor. The compiler gives access to clients to a wide range of software library and information which can be of great help especially when trading.
Expert Advisors are also available for client use through the MQL4/MQL5. The most prominent feature of MT4 is the algorithmic trading in as much as it is also known as a stand alone system. This means that positions are manually managed by brokers.
On the other side, there are also third party developers who have created software bridges in order to automatically hedge positions.
There are two types of trading orders available with MT4. The first one is pending orders which is executed when the predefined price is reached. The second one is Market orders which is executed with one of the following modes:
- Request Execution – Request execution works with two steps. The first step is the request of price quote. The second one is the to buy or sell with the received price.
- Instant Execution – With instant execution, the platform displays a price and traders will put their orders in it.
- Exchange Execution – With exchange execution, orders are processed by the Broker. This type of execution are set by the broker and cannot be changed by the trader.
- Market Execution – Market execution to place orders which will be executed with the price predefined by the broker regardless of the price that is displayed in the platform.
MT4 is made up of six components. The six components include:
1. MT4 Client Terminal
The MT4 client terminal comes with a demo account where clients can practice trading in as much as it offers real time online trading. It also provide traders real time technical analysis, charts and trade operations.
2. MT4 Mobile
This enable traders to trade at the comfort of their mobile phones.
3. MT4 Server
This is the heart of the system which handles request. Other functions include sending price quotes and news broadcast, display and execute warrants and so much more.
4. MT4 Administrator
Manages the server settings remotely.
5. MT4 Manager
Handles trade inquiries and manages customer accounts
6. MT4 Data Center
It is a proxy server which reduces the price quote sending load on the main server.
MT4 is the most popular and most widely used trading platform all over the world. Its great features make it different from the rest.
MT4 is an old trading platform that is still maximized by almost 80% of the brokers today due to its great features which include advance charting package, Expert Advisers, a number of built-in indicators and back testing option which clients can use whenever they like.
Clients using MT4 by LMAX can access it via web, mobile or desktop. MT4 is MultiTerminal as well which means that clients can manage multiple accounts all at one using one device only.