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What is MetaTrader: A Complete Guide

2020-11-08

2020-11-08

What Is MetaTrader? Learn How to Use This Online Platform in TradingJana Kane

MetaTrader is a fully-featured trading platform used by tons of traders and brokers. Still, there is quite a lot of uncertainty when it comes to how MetaTrader 4 and MetaTrader 5 work, especially for those just starting out. Before you put your money on the line, I recommend taking the time to thoroughly understand the terminal.

This is exactly what this guide is aimed for – to teach you all the basics of this software that you can carry into successful trading.

The article covers the following subjects:

Keep reading to find out this and a lot more.

MT4 vs. MT5

Five years after the roll-out of the MetaTrader 4 trading software in 2005, MetaQuotes released MetaTrader 5. The main idea behind MT4 was to offer an all-in-one platform for Forex trading. With the introduction of MT5, the functionality was extended to include more instruments and several other additions.

What’s the difference between MetaTrader 4 and MetaTrader 5? Let’s figure out step by step.

Trading assets

MT4 is suitable for FX traders of all skill levels, giving them access to many currency pairs or Forex CFDs from the same platform. MT5 also caters to non-Forex traders, although some limitations are still present. MT5 can connect to a huge range of markets (over 500) covering a wider area than MT4.

Technical analysis

Both MT4 and MT5 are great for technical analysis. In MT5, however, the number of built-in technical indicators has been increased from 30 to 38. The number of analytical objects was increased as well – 44 compared to 31 in MT4. Another useful addition is the economic calendar ingrained in MT5. This supplies traders with financial market news and data releases from major countries.

Timeframes

MT4 has 9 timeframes (M1, M5, M15, M30, H1, H4, D1, W1, and MN). MT5 features 21 in total – in addition to the ones presented in MT4, there are M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, and H12.

Graphical objects

MT4 and MT5 feature vast suites of graphic objects – 31 and 44 items, respectively. The extension was due to an increasing need for more tools to mark patterns, areas, and levels on the chart.

Programming languages

MT4 uses MQL4 (MetaQuotes Language 4) and MT5 uses MQL5. This can be an issue for traders trying to upgrade from MT4 to MT5, as MQL4 cannot run on MQL5. Many traders believe that MQL4 is a simpler language. However, MQL5 is more efficient for creating and changing the scripts and has superior backtesting capabilities.

Read more about the differences of[ MetaTrader4 vs MetaTrader5 here][1] .

MT4 Review

What is MT4? MetaTrader 4 is a platform developed by MetaQuotes Software and initially released in 2005. It hasn’t stayed the same for all the years. The team behind it had worked on growing it and introduced superb levels of customization and automation. For many years, MT4 wasn’t just popular; it was the gold standard platform of the retail Forex / CFD trading industry.

It covers traders of all experience levels. Newbies appreciate beginner- friendly elements, such as a copy trading system and automated Expert Advisor apps. As for advanced trading, they can take advantage of complex analytics and charting tools. Moreover, they can design their own trading indicators using the proprietary MQL4 programming language.

Pros of MT4:

  • Strategic focus on Forex trading
  • Easy to use and manage
  • Stable, reliable software
  • Unlimited leverage

Cons of MT4:

MT5 Review

What is MetaTrader 5? MetaQuotes incorporated MetaTrader 5 into the market in 2010. The team kept most of the advantages but introduced several improvements. MT5 accommodates advanced trading across a wider selection of asset classes than its predecessor. The platform also features an integrated fundamental calendar and exclusive indicators.

However, MT5 isn’t as widely used as MT4. One particular reason is perhaps the different encoding that each platform has. Also, many traders adhere to “less is more” and stick to the essentials of Forex trading, thus, choosing the more straightforward MT4 platform.

If you’re thinking: “What software do stock traders use?” The answer might very well be MT5.

Pros of MetaTrader 5:

  • Ideal for multiple markets (stocks, Forex, futures, etc.)
  • More indicators, graphical objects, and timeframes
  • Settings are more refined
  • Embedded MQL5.community chat

Cons of MetaTrader 5:

  • Disabled hedging
  • More prone to bugs than MT4

How to Use MetaTrader 4

Now, let’s look at the detailed description of each step for using MT4 for the first time. Overall, it’s a straightforward process, but for clarity, I’ll also attach screenshots that you can reference.

Step 1 - Open an Account Using the Client’s Profile

Visit your broker’s site and sign up for a new account.

Enter your country and email/phone, and come up with a password.

You will be sent a code (email or phone depending on what you provided), which you should enter in the corresponding field.

Step 2 - Make a Deposit

Once you’re registered and logged in, click the ‘Finance’ tab and choose your preferred deposit method. The time when the funds are added to your accounts depends on the payment processor.

Step 3 - Download and Set MetaTrader

Go to the ‘MetaTrader’ tab and click ‘Download terminal’.

You will see a pop-up window. Click ‘Okay’ to initiate the download.

Step 4 - Login Into Account

When the download is complete, start the installation program and launch the terminal. As soon as it opens, you should see a pop-up where you should enter the broker’s server and provide your login and password.

You can change the default language to any other one from the list.

Step 5 - Choose the Asset and Open Its Chart

Select Market Watch from the ‘View’ menu and click the Market Watch icon from the toolbar - or use a shortcut Ctrl+M.

You will see a list of symbols. To expand the list, right-click the window and select ‘Show all’. If you want to add a limited number of instruments to the Market Watch, do that through the ‘Symbols’ menu.

To load a particular asset onto a price chart, left-click on a pair. Once it’s highlighted, hold down your mouse button, drag it across, and let go.

Step 6 - Open a Trade

Click the ‘New Order’ menu command or press the corresponding icon in the standard toolbar.

You will see the order window appear where you can manage trade positions.

Here’s a quick video tutorial on how to open an order in MT4:

Step 7 - Set Stop Loss and Take Profit

Open the context menu of the Trade window or double-click with the left mouse button on this position. Here, you can fill in the Stop Loss and Take Profit fields with your desired levels.

Step 8 - Close a Trade

There are two options for closing a position: automatically or manually.

The trade I’ve opened earlier (on the screenshot) was automatically closed according to the Take Profit level.

Alternatively, you can exit the trade by opening the context menu again or double-clicking the position. Click ‘Close’, and you’re done. Hopefully, it was a profitable one!

How to Install MT4

MetaTrader 4 is available in versions for all major operating systems: Windows, macOS, Android, and iOS. The easiest way to find the link to download the installation file is directly through your broker. Here is a [link][2] to get started.

How to Install MT4 for PС

1. Log in to your LiteForex personal account, go to the ‘ MetaTrader ‘ tab and click ‘Download Terminal’.

2. After the pop-up window appears, click ‘Run’ to launch the download.

3. Launch the file and go through all the steps for installation as instructed.

4. Launch the terminal when the installation process is completed.

5. In the pop-up window, enter your login credentials, password and connect to the LiteForex ECN trading server.

How to Install MT4 for Android

1. Launch the Google Play app, find the MetaTrader 4 app, and tap ‘Install’.

2. Open the app.

3. Tap the bottom left icon and then ‘Manage accounts’.

4. Assuming you already have a LiteForex account, tap ‘Login to existing account’.

5. Type in ‘liteforex’ to reveal the list of available servers.

6. Choose the server that you need (you can double-check on the broker’s website), and enter your login and password.

How to Install MT4 for iOS

1. Go to the Apple Store, search for MetaTrader 4, and tap the download button.

2. Open the app.

3. Go to Settings and tap ‘New Account’.

4. Select ‘Login to an existing account’.

5. Type in ‘liteforex’ to see which servers are available to you.

6. Tap on the needed server name and login into your account that you previously created on the broker’s website.

How to Install MT4 for MacBook?

Since the MT4 trading terminal was developed for Windows OS, and mobile OS Android/iOS, you’ll need to install the terminal through third-party software.

  1. Install the program for running Windows programs on Macs called [Wine][3]. I recommend Wine’s Staging version.
  2. To correctly install Wine, you will also need to install [XQuartz][4].
  3. Download the Windows installation program from the Liteforex website.
  4. Right-click the file with the .exe extension and select ‘Open in Wine’.
  5. Then follow the standard procedure for installing software on Windows as I described above.
  6. Later on, when you want to launch the terminal, you’ll need to do it through Wine as well.

Chart Window Option in MetaTrader

What is the MetaTrader Chart Window? The major section of the terminal is comprised of the Charts window that displays the current charts. Right-clicking a particular chart will open a drop-down window with a number of options:

  • Trading allows you to place new orders and price alerts ****on a particular market.
  • The Depth of Market tool lets you into Stop Loss and Take Profit levels attached to all trades made through this window. You can also integrate it into the left side of the window.
  • The timeframe feature enables you to select the period you wish the chart to show.
  • Selecting templates will bring up a selection of options for managing available templates.
  • Volumes adds a graphical representation of the market volume to your chart.

As for properties, the common tab has a number of popular options for customizing charts.

Here, you can choose these parameters: bar, candlestick chart, and line charts; place the chart in the foreground, shift it or enable/disable autoscroll, and set the adjustment of the chart scale.

Lastly, you can customize the color of the chart in the color tab.

MetaTrader Pending Orders

When trading the financial markets, there are essentially two ways to open a trade: instant execution at the available price and pending orders that are executed when a market reaches the level you chose.

MT4 offers four types of pending orders:

  • Buy Limit: Allows traders to set a lower price than the asset is currently valued at. This should be placed with the assumption that the price will fall to a certain level and then increase. Suppose the asset price is $20 - you can set the order at $18. The trade will open if the price reaches $18. Even if it continues to fall, the trade will still be open.
  • Buy Stop: Allows you to set a buy order above the current market price. If you anticipate the current price level will continue to increase, the order will be opened when the price reaches a higher pre-defined price.
  • Sell Limit: Let’s say the price is $18, and you think it will rise to $20 and go down. You can place your Stop Limit at $20.
  • Sell Stop: If the asset has fallen and you expect it to keep falling, you can place Sell Stop at a lower price. For example, set it at $18 if the current price is $20 and is about to fall to your specified level.

MT5 has the same four types of pending orders but also the following two:

  • Buy Stop Limit: This is a Stop order for placing Buy Limit. A Stop level is set higher than the market price, while a Stop Limit price is set at a lower level.
  • Sell Stop Limit: A stop order for placing Sell Limit. The Sell order will be placed if the asset’s price falls down to, or down through, the Stop price.

In both MT4 and MT5, you can place pending orders the same way as market orders. Here are several ways to open the ‘New Order’ window:

Open the “New Order” window using any of the following methods:

  • In the toolbar;
  • In the context menu;
  • In the Market Watch
  • From the chart;
  • By pressing F9.

Here is a little video you might want to watch to better understand pending orders in MT5:

Stop Loss and Take Profit

Stop Loss manages the high risk of losing money in these markets. When opening a new position, the value you set for Stop Loss is the price at which the trade will be automatically closed. This would prevent further losses if your forecast turned out to be incorrect.

Take Profit works similarly. You set the Take Profit value to close the trade automatically as soon as it reaches the target profit amount. The goal here is to lock profits.

S/L or T/P can be set up or modified in the order window. The specific values depend on your trading strategy and risk tolerance. But one thing to note is that you can’t set them too close to the current price. In this case, you will see the message ‘Invalid S/L or T/P’.

Trailing Stop in MetaTrader

Trailing Stop is meant to adjust the level of the Stop Loss along with price movement. Let’s say you have opened a Buy position, and the asset price goes up. Trailing Stop will increase the Stop Loss level accordingly. If you hold a sell trade and the asset price plummets, the level of the Stop Order will go down as well.

Overall, as the name suggests, this feature makes Stop Loss trail the price level.

Setting a Trailing Stop feature in MetaTrader requires the following:

  1. Open a position with a reasonable Stop Loss.
  2. Go to the context menu command of the open position in the ‘Terminal’ window.
  3. Choose between the available options (10 through 55 points) or set a custom one.
  4. That’s it! If you want to disable the feature, go through the same steps but click ‘None’ on the last tab.

A big difference between Stop Loss and Take Profit is that these orders are managed by the server. This means that S/L and T/P will remain active even if you close the terminal. Trailing Stop, on the other hand, is operated by the client’s trading platform. This order will be active only under the conditions that MetaTrader is open and connected to the Internet.

Indicators in MetaTrader

Indicators derive metrics from any price activity. In general terms, they help identify market trends and give evidence for price movement predictions. Each MetaTrader indicator or add-on has a specific purpose, and you can apply a combination of them in your trading strategy.

Best MT4 Indicators

What is the best MT4 indicator? The MT4 trading platform offers a wealth of technical analysis tools. I want to point out the following four specifically:

  • Moving Average calculates the mean average of the price to see the longer-term tendency of the market.
  • Moving Average Convergence Divergence (MACD) shows momentum or trend strength by measuring the relationship between two moving averages of the asset’s price.
  • Relative Strength Index (RSI) falls within the momentum oscillator family and identifies overbought and oversold conditions in the market.
  • Pivot Points determine significant support and resistance levels in the current or upcoming session.

Let’s say you’ve settled on a certain indicator and want to apply it to the chart. This will be a simple two-step process:

1. Go to the ‘Insert’ toolbar and navigate to ‘Indicators’.

2. Set the parameters (color, line style, and other settings) and click ‘OK’.

If you’re interested in using custom indicators, follow these steps to add them to the terminal:

  1. Download an MT4 indicator and locate the file (in the .ex4 and .mq4 formats or .rar where you extract the files from).
  2. Open the MT4 software.
  3. Click ‘File’ on the top navigation menu and then ‘Open Data Folder’ in the drop-down menu.
  4. After being redirected to Data Folder, go to ‘MQL4’ – ‘Indicators’.
  5. Transfer the indicator file to this folder.
  6. Close the terminal and restart it.

You can find new indicators for your toolbox by looking at broker websites, independent developers, forums, or your fellow traders.

Watch this video to get a better grasp of indicators and how to use them in MT4:

Best MT5 Indicators

You might remember the question of “What program do people use for stock trends?” You also might remember that it’s MT5 since the previous version doesn’t support it, so some indicators will differ.

But on the whole, the selection of indicators in MetaTrader 5 overlaps with MT4, meaning, you can include the ones I mentioned earlier in this terminal as well. Some of the other most used indicators are:

  • Awesome Oscillator compares recent market movements to past market movements. This helps determine whether the market is driven by bullish or bearish forces.
  • Ichimoku Cloud displays support and resistance, momentum, and trend direction in one view.
  • Volumes supplies information that you can’t discern from price alone. Specifically, it points to the amount of a financial instrument that was traded over a specified period of time.
  • Market Facilitation Index helps decide when a price trend is strong enough based on the movements of the price of an asset.

The process of applying MT5 indicators on the chart or adding them to the terminal is practically the same. The only differences are that MetaTrader 5 has more built-in indicators and uses the .mq5 or .ex5 file format. So, just follow instructions from the previous section.

MetaTrader Templates

A template is a set of parameters that you can save and use it on any new chart. You can build your own template with your unique settings and quickly apply it the next time you need it.

This eliminates the need to set the indicators all over again when you open and start trading another asset. Another benefit of custom templates is that you can have more than one indicator at the ready. Since many trading strategies involve using a combination of indicators, you’ll be saving time and effort.

In both MT4 and MT5, you can create your own template if you do this:

  1. Open any chart that you like.
  2. Apply the indicators you need to and set them up. You can make other additions to the chart as well.
  3. Right-click on the chart and select ‘Template’ - ‘Save Template’. You can also click the dedicated icon on the menu.
  4. Name your template and click ‘Save’.

Now, the template is ready to be used the next time you start the platform. To load it, you need to right-click on the chart, aim at the Template field and click on the template you need.

It’s not only you who can take advantage of the template. All template files can be accessed outside of the terminal. In the menu bar, select ‘File’ - ‘Open Data Folder’ - ‘Template’. Here, you can locate the needed files with the .tpl extension and share them.

MT4 Secret Features, Tricks & Tips

What is a MetaTrader4 trick? Well, you’ve just learned the basic MT4 features, but there is quite a lot that this program is capable of. Let me tell you about several hidden capabilities that can make your life easier and more convenient.

Trick 1. Add indicators to Favorites via the context menu in the Navigator window (CTRL+N). This way, all your mostly used indicators will be stored in one place.

Trick 2. Click the plus icon (on the screenshot) in the upper menu to find all available indicators and quickly add them to the chart.

Trick 3. Access expert advisors and indicators on the MT4 [marketplace][5]. There’s no need to look everywhere on the Internet - most of what you might need is already here.

Trick 4. Download the quote history for an instrument by going to ‘Tools’ - ‘History Center’. The quotes will be downloaded automatically.

Alternatively, you can increase the maximum number of bars in the chart settings. Go to ‘Tools’ in the upper toolbar - ‘Options’ - ‘Charts’, and enter 1,440.

Trick 5. To track the total exposure, profit-loss, and weighted average entry price for all positions, you can use the iExposure indicator. Open the ‘Navigator’ window and go to Custom indicators.

Drag iExposure to the chart, and you will see the following information - Symbol, Deals, Buy lots, Buy Price, Sell ​​Lots, Sell ​​Price, Net Lots, and Profit.

Trick 6. The One Click Trading feature offers a quick 1-step process to execute trades. This is useful for those who value speed in their operations. Right-click on the trade to activate it.

Trick 7. You can open the ‘Specification’ tab to learn all you need about a particular market. Right-click on the instrument symbol in the ‘Market Watch’ window to enable it.

For instance, ‘Swap long’ provides the swap rate charged for a Buy position, and ‘Swap short’ - the swap rate charged for a Sell position. Let me add some clarification: swap is a fee that is either charged or added to your account for holding a position overnight.

Trick 8. To find more accurate moments to enter the market, go to ‘View’ at the upper toolbar - ‘Data Window’. This will show the exact values ​​of both the price and all indicators installed on the chart.

How to Backtest on MT4

With MetaTrader 4 Strategy Tester, you can test out the effectiveness of your strategies based on historical data. Let’s briefly go over the steps:

  1. Go to the View sub-menu and select the Tester window.
  2. Choose a specific EA/indicator to run the tests on (if they are installed).
  3. Choose a trading symbol (depends on which ones you selected in Market Watch) and a time period.
  4. Select between the three modeling methods: Every tick (the most precise), Control points, or Open prices only
  5. Choose the spread (the current option / 2, 5, 10, 30, 50, or 100 pips).
  6. Under the properties button, provide more specific details (initial deposit, currency, and position type).
  7. Click ‘Start’ and wait for the results.

In a few seconds or minutes (depending on the timeframe and the device’s computing power), the terminal should be able to generate results. You can analyze the results in three separate tabs:

  • Results: It contains 10 tabs that show the time of the trade, price of the security, the profit/loss, and other data.
  • Graph: Here, the graphical view of the account balance and general account status are drawn automatically.
  • Report: These are summarized results with a substantial number of factors for further analysis. In addition to trade results, you can draw a comparison between different experts. Parameters include bars in test, ticks modeled, and modeling quality.

I recommend paying close attention to a few particular statistics: total net profit, profit factor, absolute drawdown, profit trades, and modeling quality.

We have a comprehensive guide on[][6][MetaTrader 4][6][ Strategy Tester][6]. For more information, check it out and learn all the ins and outs.

How Does Auto-Trading Work on MT4

An expert advisor or a trading robot is a computer program installed on MT4 that grants it permission to trade on your behalf. It’s up to the trader to decide to which extent they want to use the auto-trading feature. They can use it as an assistance tool for potential trading opportunities or have the program fully take over for the time being.

Before you start using automated software, you should figure out a sound trading strategy. Since you won’t be around when trading decisions are made, you need to be sure that the strategy can sustain it without your direct intervention.

Let me give you a quick rundown of what you should do to install and use Expert Advisor in MT4:

  1. Develop or find a trading robot and have it saved on your computer.
  2. Launch the terminal and click ‘File’ - ‘Open Data Folder’ - ‘MQL4’ - ‘Experts’.
  3. Copy the robot file to the Experts folder.
  4. Restart the terminal.
  5. Find Expert Advisor under the ‘Navigator’ panel on the left side.
  6. Click the plus sign and choose from available bots.
  7. Drag and drop the EA on the needed chart.

Even after the bot is in place, you can modify it as automated trading sometimes requires adjustments. Click on the ‘Tools’ menu and selection ‘Options’ to display the settings.

I strongly recommend testing out the bot under simulated trading conditions. This will show its potential profitability and pinpoint whether you need to set it differently.

Alternatives to MetaTrader

We already featured several MetaTrader alternatives in [our article][7]. Still, let’s brush up on this topic and see what other platforms can match up to this undeniable leader of online trading software.

What software do day traders use? What about other types of trading? Let’s find out.

  • ** Thinkorswim** suits the active trader demographic the most, like day traders. The platform may appear complicated at first, but there is, in fact, extra educational perks that come with it. Particularly, newbie traders will have a field day with all the fundamental tools and videos.
  • ** LiteForex** , in addition to being a regulated broker, features a web-based terminal. It provides a direct-to-server connection to display live market charts across multiple trading assets and several analysis tools. Before switching to desktop programs, it’s a great way to start trading.
  • ** TradingView** __is valuable as a screener platform and community-based capabilities. It incorporates cloud-based charting tools for research and facilitates collaboration with other active traders online.
  • ** E*Trade** __is a terminal that appeals to beginner retail investors and traders. It provides useful investment assistance through their financial consultants who can assist with creating an investment plan, choosing investments, and managing portfolio risk.
  • ** TT Futures** is a trading workstation with customizable solutions. It’s targeted at advanced traders who want to design, test, and deploy custom algorithms and bespoke engineer applications.

Advantages & Limitations of MetaTrader

Before we delve into the platform’s advantages and drawbacks, let’s compare it with other popular trading terminals.

What is the best stock market trading software? Or what is the best trading software for beginners? It’s hard to tell, but I can try to simplify your decision with this table.

|

MetaTrader 4

|

MetaTrader 5

|

LiteForex

|

Thinkorswim

|

TradingView

—|—|—|—|—|—

Founded

|

2005

|

2010

|

2008

|

1999

|

2011

Markets

|

Currencies

Equity Indices

Commodities

Cryptocurrencies

|

Currencies

Stocks

Equity Indices

Metals

Commodities

Cryptocurrencies

|

Currencies

Stocks

Stock Indices

Commodities

Cryptocurrencies

|

Currencies

Stocks

ETFs

|

Currencies

Stocks

Futures

Indices

Cryptocurrencies

Analysis tools

|

Comprehensive technical toolbox

Free Code Base indicators

Unlimited number of charts

Analytical objects (lines, channels, etc.)

Autochartist

Freelance service for custom indicators

|

Host of analytical options

Added indicators and widgets

Graphic objects

Financial news

Economic calendar

Forecasted values

Depth of market

Correlation Matrix

|

Analytics feed

Charting tools

Free indicators and signals

Structured economic calendar

World market news blog

Claws&Horns’ expertise

|

Economic data

Social sentiment

Company profiles

Live media

Market Marker Move

Market monitor

|

Trend analysis

Chart patterns

Market summary

Asset screener

Technical analysis widget

News feed

Features

|

Most comprehensive broker support

One Click Trading

Multi-terminal

Single threaded backtesting

Fast and easy MQL code language

Copy trading

Virtual hosting

|

‘Mini Terminal’

Custom timeframes

Multi-currency strategy tester

Partial order filling

Multi-lingual Unicode

Several auto-trading options

Tables & charts reports

Embedded community chat

|

Social trading

Affiliate program

Trade history and profitability chart

Customizable email and SMS notifications

Islamic account

|

300 built-in studies and strategies

paperMoney trading simulator

Investor education

Custom alerts

thinkScript algorithms

|

Trading streams

Backtesting

Paper money trading

Server-side alerts

Large trading community

Platform choices

|

Web

Desktop

Mobile (iOS, Android)

|

Web

Desktop

Mobile (iOS, Android)

|

Web

|

Web

Desktop

Mobile (iOS, Android)

|

Web

Mobile (iOS, Android)

I want to focus on specific benefits that MT4 and MT5 can offer. Granted, it’s impossible to name all of them here, especially since this guide was meant to highlight its capabilities. Below are three main aspects that are responsible for making it such a prominent piece of software:

Customization opportunities

Basically, you can customize everything in your terminal. The operation speed and flexibility of MQL4 and MQL5 allows you to develop very complex programs. The programs can perform complex calculations and manage Expert Advisor and indicator parameters.

Simplistic design

While the design may look somewhat outdated to some people, it’s an online trading platform that is extremely easy to use. Being widely embraced by the trading community, the software is familiar to many. But even for those who aren’t accustomed to it, the controls are simple enough to master in a short time.

Amazing performance

The software uses very little resources from your computer. This means that the terminal reacts and updates the data quickly in tougher conditions. Plus, the developers have had 15 years since the release of MT4 to fix all of the bugs and make the performance almost flawless.

Three areas where MetaTrader lacks are:

The terminals are incompatible.

All EAs and custom indicators written with MQL 4 for MT4 can’t be used for MT5. They have to be coded again with MQL 5 from scratch since it’s not based on MT4. So, transitioning from one platform to another isn’t smooth.

Advanced tools may be intimidating.

Customization opportunities are particularly appealing to advanced traders. As a beginner, you may not be able to enhance your trading strategy to a similar extent.

MT4 and MT5 have their own flaws.

MT4 users usually face the issue of a limited number of instruments, indicators, and timeframes. While MT5 fixes these particular limitations, it’s not perfect either. The biggest disadvantage of MT5 is that hedging is disabled.

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker [here][8]. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while [depositing][9] your trading account.
  • Telegram chat for traders: . We are sharing the signals and trading experience
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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  1. www.liteforex.pt/blog/for-beginners/metatrader4-vs-metatrader5/
  2. www.liteforex.com/downloads/mt4/
  3. dl.winehq.org/wine-builds/macosx/download.html
  4. www.xquartz.org/releases/XQuartz-2.7.11.html
  5. www.metatrader4.com/en/market/robots-indicators
  6. www.liteforex.com/blog/for-professionals/metatrader-4-strategy-tester/
  7. www.liteforex.com/blog/for-professionals/what-system-can-be-used-as-an-alternative-to-meta-trader/
  8. my.liteforex.com/?category=for-beginners&slug=what-is-metatrader&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. my.liteforex.com/deposit/?category=for-beginners&slug=what-is-metatrader&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus