Developed by MetaQuotes Software, the MetaTrader 4 and MetaTrader 5 platforms provide users with powerful tools for market analysis, trade execution, and risk management.
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Advantages of MetaTrader 4
1. Functionality
- 3 order execution modes,
- 9 types of orders, including trailing stop,
- 30 built-in technical indicators,
- 31 graphical objects,
- 9 timeframes.
2. Ability to add custom tools
- Scripts,
- Expert Advisors,
- Indicators.
These can be created in the MetaEditor platform editor, utilizing the MQL4 programming language, making it convenient for developing unique trading systems — another distinct advantage of the platform.
3. Security. To ensure secure data exchange between the client terminal and the server, the platform uses 128-bit encryption. This encryption technique, based on a unique digital signature algorithm, provides strong protection against hacking. Even if a Trojan virus penetrates the computer, the platform remains secure and reliable.
MetaTrader 4 has been a leading platform in online trading for many years. Over time, however, it started to make way for its newer and more advanced successor, MetaTrader 5 (MT5).
Advantages of MetaTrader 5
MetaTrader 5 (MT5) brings several enhancements, expanding its capabilities for technical analysis, optimizing the order execution process, and improving the strategy tester tool.
- Position Accounting System. The position accounting system in MT5 has been improved by introducing a netting system. Now, a trader will see a single order in the trading terminal, representing the average value of all open positions for one symbol. This simplifies the process, eliminating the need to track multiple transactions.
- Improved Strategy Tester. MT5’s strategy tester has seen notable improvements, including the addition of a multi-currency option and expanded backtesting statistics. These updates enhanced the accuracy of testing and optimizing expert advisors and indicators. As a result, a process that took 20 minutes in MetaTrader 4 can be completed in just 5 minutes in MetaTrader 5 using similar parameters.
- Expanded Timeframes. MT5 boasts 12 new timeframes, added specifically for scalpers and high-frequency traders, bringing the total to 21. In addition to those included in MetaTrader 4, MT5 introduces a few non-standard timeframes, such as 2, 3, 4, 5, 6, 10, 12, and 20 minutes, along with several extended hourly timeframes, including 2, 3, 6, 8, and 12 hours.
- Technical Analysis Tools. MT5 includes 38 indicators, 8 more than MT4, providing traders with additional tools for accurate and comprehensive technical analysis. Furthermore, two new types of pending orders, Buy Stop Limit and Sell Stop Limit, were introduced. MT5 currently supports 6 types of pending orders, while MT4 offers only four.
- Built-In Economic Calendar. MT5 terminal features a dedicated economic calendar tab, offering news, a schedule of upcoming economic events and data releases, impact estimates, forecasts, and previous readings, allowing traders to make well-informed trading decisions.
Lesser-Known but Useful MetaTrader Features
MetaTrader provides several hidden features and keyboard shortcuts to enhance efficiency and speed up your platform navigation:
1. Quick Commands for Charts:
- F1: Open the MetaTrader user guide
- Ctrl + Y: Show/hide period separators on the chart
- Ctrl + I: Display the “Indicators List” window
- Ctrl + G: Show/hide grid
- F8: Open the chart settings window
2. Order Management:
- F9: Open the “New Order” window
- Ctrl + T: Open/close the “Toolbox” window to manage orders and view account history
Using MultiTerminal to Manage Multiple Accounts
- Installation and Launch. Install MetaTrader MultiTerminal using this link. Run the program.
- Adding Accounts. You can add multiple accounts to MultiTerminal. To do this, log in to each account with the appropriate username and password.
- Order Management. Place orders on several accounts simultaneously, set stop loss and take profit orders, and manage open positions on all accounts at once.
Security Tips To Protect Your MetaTrader Account
- Strong Passwords. Use complex and unique passwords. Avoid password reuse.
- Two-Factor Authentication (2FA). Enable 2FA for an extra layer of protection.
- Regular Software Updates. Ensure you are using the latest MetaTrader version since the updates usually include important security fixes.
Recommendations for Using Plugins
- Official Sources. Make sure you use reliable plugins – download plugins and updates only from official or trusted sources.
- Compatibility Check. Before installation, ensure that the plugin is compatible with your MetaTrader version.
- Regular Updates. Check for plugin updates regularly to avoid security vulnerabilities.
Using these functions and tips will not only allow you to manage your transactions but also to tailor the trading platform to your trading strategies — a crucial step towards more effective and successful trading.
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