Meta Trader 4 is a software application that helps brokers and the general public to trade currencies. It is a charting & trading tool combined into one and allows the user to visualize charts, analyze the market, and eventually place orders, as well. It also has a built in communications tool so that the broker can inform the client of the latest news, analysis, and other messages. This makes it convenient and cost effective as e-mail or phone messages do not need to be exchanged. What makes this software so useful is the fact that an MT4 programmer can program it to write individualized trading strategies.
The basic MT4 programming is done in a language called MQL4 which stands for MetaQuotes Language and the four is the version number. The MQL is similar to C but has a number of built-in functions that allow MT4 programming to automate analysis with ease. Someone with prior knowledge of C can easily write programs in MQL. MetaQuotes is actually the name of the Russian company that built the system. An MT4 programmer can create expert advisors, custom indicators, or scripts in the system.
Expert Advisor is included in MT4 programming and automates the trading deals for the user. This means that it stops them, cancels them, or replaces these orders, depending on the instructions written into program. Custom Indicator is another program which allows the use of technical indicators and the script program executes a single function. Scripts are held only one time and not by ticks.
The MetaTrader Client Terminal is the one most people are interested in and use most frequently. It is a freeware that can be downloaded into the computer directly online and supports automated trading. A demo needs to be opened or there has to be a live account through a broker if trading is to be conducted. When the need arises, an MT4 programmer can be hired to write programs into the system so the individual strategies can be carried out by the software.
The MetaTrader Mobile and Smartphone are not freeware; they need to be purchased. But with their addition, a trader is free to trade from anywhere, even when they are on the move, provided there is a good internet connection. Finally, there is the MetaTrader MultiTerminal which is a more specialized tool. It allows money managers with multiple trading accounts to carry out trades on the same platform. Automated trading is not supported on this yet.
MetaTrader is a very powerful tool that both experts and beginners like to use. It has the convenience of built-in strategies for the novice, while the option to write personal strategies make it practical for the expert. Being a freeware for the end user, it is accessible to everyone with equal ease.