What Is Metatrader or MT4 and How It Works?

You need a boat or a bridge when you want to cross a river. Similarly, you need a trading software when you want to trade online and through your personal computer. Indeed, a trading software or platform is a bridge that connects your computer to the currency market. You can have access to the currency market through a trading platform that you install on your computer. And, Metatrader 4 is the most famous trading platform that you can download and install on your computer for free.

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What Is MetaTrader Exactly?

Metatrader is a trading software or platform. It is the most famous trading platform specially among Forex traders. It supports a complete price charting system and all the tools you need to analyze the price charts and locate the chart patterns and buying and selling opportunities that are known as trade setups. There are two main versions of MetaTrader: MetaTrader 4 or MT4 and MetaTrader 5 or MT5

There are two versions of Metatrader:

  1. MetaTrader 4 or MT4 which is very popular and well-known.
  2. MetaTrader 5 or MT5 created by the same company (MetaQuotes Software Corp). MT5 supports more features compared to MT4.

To trade Forex, MetaTrader 4 or MT4 is more than enough. To use this platform, first you have to install it on your computer.

MetaTrader has a lot of features and abilities. You can open the price charts and follow the markets price fluctuations and analyze the charts. You can plot trendlines on the charts, analyze the charts and locate the trade setups. You can have candlestick, bar and line charts. It also supports Heikin Ashi candlesticks, and you can add Renko chart indicator to it to use Renko charts as well.

You can place orders and set stop loss and target. You can set trailing stop loss and pending orders. You can follow the news.

Even you can use some special programs named Expert Advisor or EA to do some jobs automatically. You can use some small software named scripts that can be added to MetaTrader. They can also do some special jobs and save a lot of time for you (read this and this).

MetaTrader is a light software that doesn’t overload your computer and doesn’t make your computer slow. You can run multiple instances of MetaTrader on the same computer and login to the same account through all of them.

You can easily download several years of historical data for each currency pair, CFD and… from MetaQuotes Software Corp severs for free. You can use this feature to back-test your trading strategies.

Another good feature of MetaTrader is that it creates detailed reports from the positions you take.

In general, although MetaTrader is not a 100% perfect trading platform and still there are some features that have to be added to it, it is so user-friendly and easy to use and it is a perfect trading platform specially for the novice traders.

I am going to have some more articles about MetaTrader features and abilities. You can refer to MT4 category to have access to the list of the articles focused around MetaTrader and its application.
MetaTrader 4 or MT4 Abilities and Features


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LuckScout Team

"Whether you think you can, or you think you cannot, you are right." - Henry Ford


  1. Thanks so much of the above articles, its like a simulator, through your exposition of the above articles I wished i can start sooner my demo trading…….

  2. i don’t understand nothing 😛 but i like it i was used at watching trading view charts here i have to switch a lot

  3. I like Metatrader because it is customizable with script and indi. Not perfect but good tool. I have read that even though it is free that some broker add some fees to use it.

  4. But how can we save our changes? I mean, I can set all the parameters, but if I close the currency chart window and then open it again, the template I’ve created disappears, like if it weren’t never made. Is it normal?

    1. If you close the chart, then whatever you had on it will be gone and if you open a new chart you will have to do it from the scratch. But, after adding the indicators and… to the chart, you can right click on it and click on “Template” and then “Save Template”. Give it a name and save it. Then, whenever you open a new chart, you can right click on it, Click on “template” and click on the name of the template you saved.

      If you don’t close the chart, but you close the platform, the chart will still be there when you open the platform again.

      I am going to write an article about template and profile.

  5. Hi,

    I am new to your website and so far it is great. As for MT4 it is nice trading platform with a lot of different application but for trading with MT4 it is wise to master its functions in order to trade efficiently.

  6. Thanks.

    Some corrections:

    Last Paragraph: Link for “MT4 category” does not work.

    Para # 6: Please replace “cab” with “can” in that cab be added to MetaTrader.

    And I have a question: I have downloaded CM Trading Station for my demo trade. Do I still need to download MT4? What is the difference between the two?

    Thanks again.

    1. Casey,

      Thank you so much for the corrections.

      Your questions:

      As far as I know CM supports MT4. So I suggest you to download and use their MT4 because it is more user-friendly.

  7. Good as MT4 is, there is the need to get a good broker with accurate MT4 with the current market price. This may account for the slightly different prices one may see at the same time on different brokers’platforms. Please watch out

    1. Thank you for this clarification.

      Am I correct that based on the liquidity providers of each broker, their price chart will also be different?

  8. I have question about MT4 disconnection.
    I guess you have experienced this issues.
    Who`s responsible for disconnection?
    broker? metaquotes? bridge provider?
    have a nice day.

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