The 17 Tools MetaTrader 4 Offers Traders
While Metatrader 4 is really a labyrinth that still has to be explored some main
features that are mentioned in this article have been exploited by traders to extract the most from the forex market using this trading platform.It is because of the various tools and Forex Software that a trader can use to research, compare and predict the market using Metatrader 4 is what makes the platform such a hit with traders all over the world. We will mention and discuss 17 tools that make Metatrader 4 the versatile trading platform that it is. You can use MT4 programming services to get custom Forex Software.
Metatrader 4 offers:
1. Over 50 indicators
2. Charting tools
3. Strategy tester
4. Shortcut keys
5. Strategy developing software
6. News feeds
7. Accounting software
8. Journals
9. An online Library of Expert Advisors
10. Ability to use 3rd party Expert Advisors
11. Automatic Trading
12. Alert Systems
13. History Center
14. 9 chart timings
15. Three kinds of charts
16. Mailbox
17. Logs
Indicators:
This is a tool that allows a trader to pick certain indicators that can guide a decision to buy or sell. There are 30 indicators that are ready to use and can be imposed on a chart or installed below it depending on the type of indicator it is. Indicators are normally not used alone but in conjunction with one or two others to confirm setups of the market before placing a trade. Apart from the ready-to-use indicators there are 20 custom indicators that a trader can customize according to individual needs and beliefs.
Charting Tools:
Using the charting tools a trader can draw lines, channels and angles or any shape on the chart to analyze the market conditions. This tool allows for entering text, placing arrows, thumbs up and down, stop signs Fibonacci re-tracements and printing the chart for physical analysis and comparison.
Strategy Tester:
The strategy tester can be used to test a trading strategy by creating an EA of the strategy and running it over a period of time such as a few weeks, or even years to see the results and tweak the strategy.
Short cut keys:
Keyboard shortcuts can be created to speed up trades instead of using the mouse.
Strategy Development Software:
Software built into the platform allows the trader to build his own strategy or EAs.
News Feeds:
News feeds allows the trader to keep up to date on developments in world economies and base trading decisions on theme.
Accounting Software:
The inbuilt accounting software keeps a track of all trading activity and financial information.
Journals:
The journals of the platform keep a tab of all activity that has been executed.
Online Library:
This online library allows for traders to pick and choose from among 104 Expert Advisors for automated trading or manual trading based on advice from alerts.
3rd Party Advisors:
Traders can buy EAs developed by reputed traders and load them to the platform and trade. Using MT4 programming services you can get Forex Software to help you trade.
Automatic Trading:
Using EAs traders can set up the system to trade market conditions automatically without having to sit by the PC all day. This is how Forex Software is useful for all traders.
Alert Systems:
It is possible to set up alert systems on the platform and get a SMS, and email or even a popup message or a sound when certain market conditions are met. SMS and email alerts can be offered by MT4 programming services.
History Center:
Using the history center traders can download tick history for any currency pair over an extended period of time. This is useful in evaluating the strategy of the trader.
9 Chart Timings:
The time period of the chart can be set to 9 periods. Beginning from M1 (Tick) to 1 Month (MN). This is important in analyzing the market.
3 Kinds of charts:
The platform allows the trader to choose the kind of chart he or she prefers. Namely: Line chart, Candlestick chart, and Bar chart.
Mail Box:
This feature allows the trader to receive mail from the broker in real time while trading. Useful information is send by the broker in the Mail Box such as: Login details on account registration, so you could save them, Daily Technical Levels, Trading Hours and other useful news that affects trading.
Logs:
The platform maintains logs in three sections of the platform. These logs can be accessed from the platform itself or from the folders. A text reader is required to read the logs.
The 17 Tools MetaTrader 4 Offers Traders
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