When MetaQuotes launched the now iconic MetaTrader 4 (MT4) program in 2005, few could have imagined that it would remain the benchmark in forex trading in 2022.
However, the MT4 remains one of the most powerful trading platforms in the foreign exchange, and one that has become synonymous with autonomous forex trading across both fiat currencies and CFD products.
But what makes the MT4 so advantageous for forex traders, and can the platform help to execute and reboot orders automatically in the absence of human interaction?
The Advantages of the MT4 for Forex Traders
On a fundamental level, the main reason for downloading the MetaTrader 4 on the Oanda trading platform is that it offers real-time access to market prices and optimal liquidity.
More specifically, the MT4 allows traders to access forex quotes in real-time and execute subsequent trades, which is ideal for retail traders who want to leverage live price volatility to their advantage.
What’s more, the platform offers an insight into real-time market sentiment, allowing for informed decisions based on liquidity levels, price volatility and trading volumes.
Beyond this, the MT4 is renowned for offering a broad range of technical and fundamental analytical tools, including more than 30 built-in indicators like major trend and volume tools.
Traders can also review an unlimited number of charts at any given time, while each targeted currency pair (such as the dominant EUR/USD) can be displayed in up to nine alternative time-frames.
On a final note, the MT4 allows for multiple trading orders for increased flexibility, allowing for various execution modes and ensuring that traders can implement their chosen strategy (whether you’re a scalper in pursuit of short-term gains or deploying a more risk-averse approach like position trading).
Managing and Executing Automatic Orders Through the MT4
The global forex market is split across three different trading sessions; namely North America, European and Asia-Pacific. This creates a need for automated trading in the modern age, through which investors can execute, manage and even reboot orders even while they’re asleep.
Similarly, investors are required to identify and implement viable risk-management tools, which can also be deployed automatically and while you’re away from the screen.
The MT4 excels in these respects, featuring the MQL4 IDE (Integrated Development Environment) that enables you to develop so-called “Expert Advisors”.
These are capable trading robots that work alongside technical indicators of any complexity and allow you to build automated trades. These are underpinned by the platform’s unique MQL4 programming language, which is highly flexible and provides EAs with their core functionality.
What’s more, the built-in MetaEditor is designed for the development of bespoke trading strategies in MQL4, which also allows investors to backtest and optimise these comprehensively over time.