MT4 is a software specifically designed for use by foreign exchange traders. In 2005 Meta Quote developed the software and it was released for use the same year. Foreign exchange brokers need to acquire a license from the developer to access the software. The software operates with clients and server components. The foreign exchange brokers run the server component while their clients use the client’s element. The client’s portion has features that enable the user to access charts, place orders, watch live streaming pictures and control their accounts with a lot of ease. 

Features of the software

•    The software works with expert advisors, built-in and custom indicators.
•    The platform uses I click trading
•    MT4 has streaming news
•    MT4 has complete technical analysis; it has over 50 indicators and charting tools
•    MT4 can handle a massive number of orders at once.
•    The platform has a history database management where the data can be exported.
•    The trading platform guarantees its users full data back up and security. 
•    The platform provides its users with an internal mail system.
•    MT4 has a built-in guide to help user for MT4 and Metaquotes language.

Functionality of MT4

The client component has a built-in editor and compiler that gives the uses free access to the library found in the platform, articles, and help. The software supports algorithmic trading hence its vast popularity.

MT4 was developed as a stand-alone system where the brokers are required to manage their positions manually. However, various software developers designed software bridges that enable MT4 to integrate with other financial trading systems. MetaTrader provides its users with a set of trading orders which include pending and marketing requests. 

Pending orders are restricted and will only be completed if the target or specified price is reached. Market orders differ from pending orders and highly depend on certain modes such as market, exchange, instant and request execution. For Instant execution to be completed the price listed in the platform must be achieved.

Request execution offers the user some freedom of choice. The user requests the price quote and if they are comfortable with the price they can place the order. Market execution is completed with the broker’s worth even if the broker’s price is different from the amount listed in the platform transaction. 

MT4 specific components

Terminal – it is acquired freely. A client can receive the element from a broker to act as a sample account. It provides charts, technical analysis, and trading operations. 

MT4 mobile – it allows control of the trading operation with a mobile phone and PDAs, it runs on windows pocket.

MT4 server – it’s the core of the platform that is designed to receive orders from the users, perform the given executions and displaying them in a form that the user understands the best. It also sends price quotes, keeping records. 

In a nutshell, MT4 is widely used for the endless opportunities it offers its users a chance to maximize their trading. The developer released a new version MT5, but its uptake was slow therefore most brokers use MT4.

However, you need an expert to ensure that you maximize your benefits from the software. Additionally, for maximum productivity, you need to navigate through the software with a lot of ease. If you wish for a great result, will help you achieve that.