If you are interested in the trading industry, most likely, you’ve already heard of MetaTrader or its creator, the MetaQuotes Software which was first established in 2000. MetaQuotes Software Corp. is considered to be the leading software developer for exchanges, banks, and brokerages as well. Ever since the company started to operate, it has developed multiple products. From FX charts to the popular MetaTrader 4 and MetaTrader 5 (MT5).
Both these trading platforms, MT4 and MetaTrader 5, are famous for their user-friendly interface, fast execution as well as excellent trading tools to satisfy your trading needs. If you’ve known some traders, they would surely tell you something good about the trading platform. MetaTrader is also known to provide good trading opportunities, the ability to check live accounts as well as manage accounts and place your orders.
Features of MetaTrader 4 and MetaTrader 5
MT4 was released ahead of MetaTrader 5. MT4 was released in 2005. This trading platform is user-friendly and particularly made for Forex traders. As for the MT5, it was released 5 years after MT4. But contrary to MT4, MT5 offers access to multiple markets, and its features and trading tools are more updated than its predecessor.
It is very hard to step away from your trading station knowing that anytime, a good chance to open a trade or exit a trade could strike in. But with the mobile versions of MT4 and MetaTrader 5 which supports iOS and Android devices, you are free to trade anywhere you want. You can open trades on the go since you can install an application to your smartphones. All you have to do is to secure an internet connection, either with your mobile data or a Wi-Fi connection.
Some of the functionality offered in the mobile versions of these platforms are trading orders, quote charts, analytical tools, and the option to monitor the status of the account as well as the buy and sell of the financial instruments.
There are analytical objects available in MT4 and 5. These two trading platforms allow customization on the interface to better suit the needs of the trader. The interactive charts found in MT4 are loaded with nine different timeframes and 21 timeframes for MetaTrader 5.
Aside from the timeframes, the MT4 is also equipped with 30 technical indicators already built into the platform. As for MetaTrader 5, it has 38 technical indicators that you can choose from. When it comes to the drawing tools, the MT5 trading platform is fully equipped with Elliot wave drawing tools and the famous Fibonacci studies. The total number of graphical objects in MetaTrader 4 is 31 while the MetaTrader 5 has 44.
It is important to mention that both these trading platforms are equipped with alert functionalities to get the latest financial news that could affect the price movement. These alerts are very handy especially if you are dealing with multiple markets. Another remarkable additional tool in MetaTrader 5 is the economic calendar where you can easily see the upcoming financial news.