MetaTrader 4
 | |
| Developer(s) | Metaquotes Software Corp. |
|---|---|
| Operating system | Windows |
| Type | Trading platform, Technical analysis software |
| License | Metaquotes Software Corp. |
| Website |
www |
MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients. The software consists of both a client and server component. The server component is run by the broker and the client software is provided to the broker’s customers, who use it to see live streaming prices and charts, to place orders, and to manage their accounts.
The client is a Microsoft Windows-based application that became popular mainly due to the ability for end users to write their own trading scripts and robots that could automate trading. In 2010, MetaQuotes released a successor, MetaTrader 5. However, uptake was slow and as of April 2013 most brokers still used MT4. While there is no official MetaTrader 4 version available for Mac OS, some brokers provide their own custom developed MT4 variants for Mac OS.[1][2][3]
History
Its developer, MetaQuotes Software, had previously released a number of versions of the MetaTrader platform starting in 2002. MetaTrader 4 was a significantly enhanced version and was released in 2005.[4]
Between 2007 and 2010, a number of brokerages added the MT4 platform as an optional alternative to their existing trading software due to its popularity with traders and the large number of third party scripts and advisors.
In October 2009, a significantly re-coded MetaTrader 5 went into public beta testing.[5] The first MT5 live account was subsequently launched by InstaForex in September 2010.[6] In 2013 and 2014, MQL4 programming language has been completely revised reaching the level of MQL5. Starting from build 600, MQL4 and MQL5 use unified MetaEditor.[7]
Functionality
The client terminal includes a built-in editor and compiler with access to a user contributed free library of software, articles and help. The software utilizes a proprietary scripting language, MQL4/MQL5,[8][9][10] which enables traders to develop Expert Advisors, custom indicators and scripts. MetaTrader's popularity largely stems from its support of algorithmic trading.
Yahoo! hosts a large group (over 12,000 members) devoted to development of free open source software for MetaTrader.[11]
MT4 is designed to be used as a stand-alone system with the broker manually managing their position and this is a common configuration used by brokers. However a number of third party developers have written software bridges enabling integration with other financial trading systems for automatic hedging of positions. In late 2012 and early 2013, MetaQuotes Software began to work towards removing third-party plugins for its software from the market, suing and warning developers and brokers.[12]
Components
The complete MetaTrader 4 package includes the following components:
- MetaTrader 4 Client Terminal - the client part. Provided free by brokerages for real-time online trading and as Demo (practice trading) accounts. This provides trade operations, charts and technical analysis in real time. The internal C-like programming language allows users to program trading strategies, indicators and signals. 50 basic indicators are included, each of which can be further customized. The software runs on Windows 98/2000/XP/Vista/7. Some users have reported success using Wine on Linux for the client terminal[13] and on Mac using WineBottler.[14]
- MetaTrader 4 Mobile - controls a trading account via mobile devices such as mobile phones or PDAs. Runs on Windows Pocket PC 2002/Mobile 2003,[15] iOS,[16] and Android.[17]
- MetaTrader 4 Server - the core of the system, the server part. Designed to handle user requests to perform trade operations, display and execution of warrants. Also, sends price quotes and news broadcasts, records and maintains archives. Works as a service. Does not have a separate interface.
- MetaTrader 4 Administrator - is designed to remotely manage the server settings.
- MetaTrader 4 Manager - designed to handle trade inquiries and manage customer accounts.
- MetaTrader 4 Data Center - a specialized proxy server and can be an intermediary between the server and client terminals. It reduces the price quote sending load on the main server.
Products
The platform is focused on margin trading. Some brokerages use MetaTrader 4 to trade CFD but it is not designed for full-time work in the stock market or exchange-traded futures. At the same time, MetaTrader 5 also works with equities and commodities exchange-traded commodities. Both MetaTrader 4 and 5 can use custom indicators and trading programs (called Expert Advisors) for trading automation.[18]
See also
References
- ↑ "XEMarkets Launches XEM MT4 for Mac Operating System". Forex Broker News. April 10, 2013. Retrieved April 11, 2013.
- ↑ "Running MetaTrader on a Mac". Metatrader Programming. March 17, 2012. Retrieved March 17, 2014.
- ↑ "Full list of brokers with native Mac MT4 versions". Metatrader 4 mac. October 12, 2014. Retrieved October 13, 2014.
- ↑ "Meta Quotes Software". TTFXFC.com. Retrieved 28 April 2015.
- ↑ "Download MetaTrader 5". 12 October 2009. Retrieved 28 April 2015.
- ↑ "InstaForex — First Broker to Offer Real MetaTrader 5 Accounts". EarnForex.com. 14 September 2010. Retrieved 28 April 2015.
- ↑ "MT4 Build 600: Full Recap". PimpMyEA.com. 10 February 2014. Retrieved 28 April 2015.
- ↑ Young, Andrew (16 December 2009). Expert Advisor Programming: Creating Automated Trading Systems in MQL for MetaTrader 4. Edgehill Publishing. ISBN 0982645902.
- ↑ "Programming of mql4 vs mql5". Retrieved 28 April 2015.
- ↑ "Novelties of the MQL5 language". MQL Magazine. 21 November 2009. Retrieved 28 April 2015.
- ↑ "MetaTrader_Experts_and_Indicators - Yahoo Groups". Yahoo!. Retrieved 28 April 2015.
- ↑ Finberg, Ron (22 March 2013). "MetaQuotes Warns Brokers About Illegal Plugins". Finance Magnates. Retrieved 28 April 2015.
- ↑ Jafar Calley (17 June 2010). "Installing Metatrader 4 Forex Charts Under Linux". AboutCurrency.com. Retrieved 28 April 2015.
- ↑ "Installing Metatrader on Mac". Metatradermac.info. 16 April 2013. Retrieved 28 April 2015.
- ↑ "MetaTrader 4 for Windows Mobile". Trader's Way. Retrieved 28 April 2015.
- ↑ "MetaTrader 4 on The App Store". Retrieved 28 April 2015.
- ↑ "MetaTrader 4 on Google Play". Retrieved 28 April 2015.
- ↑ "MetaTrader 5 vs. MetaTrader 4 Comparison Table". FXStreet. Retrieved 28 April 2015.