The trading platform Metatrader 4 was developed in 2005 by MetaQuotes software. The main purpose of platform development is forex trading on it. Every day, a thousand traders from all over the world carry out the process of buying and selling currencies, making profitable deals, and monitoring the Forex market due to the MT4 and the tools it offers.
In this article, we are going to speak about the MT4, its benefits to forex traders, and why it is so convenient to carry out the technical analysis on it.
Let’s begin now.
The advantages of MT4
What makes the MT4 so attractive? Everything is very simple – the ease of use and saturation with basic tools that every trader needs.
Here are a few main advantages the MT4 offers to its users:
In fact, if the interface is complicated the chances of high demand can decrease enough. The user-friendly interface of the trading platform attracts both beginners and experienced traders. Its ‘’main page’’ consists of 4 parts:
- market watch
- terminal panel
- navigator panel
Consumption of the device is minimum
What is important in trading is the speed and continuity of the process. The great thing is that downloading the Metatrader 4 is very easy and you won’t have any problems with other apps slowing down your computer.
Due to its multi-device, the Metatrader 4 platform can be used from anywhere. You can trade from your office, on public transport, or even during your vacation if download the platform on another device. The platform will always be available so you don’t have to worry about missing out on a trade.
Technical analysis on the Metatrader 4
Let’s understand what is a technical analysis first. Saying simple, technical analysis is used by investors and traders to identify market trends and trading opportunities, as well as to limit losses. Many investors believe that analyzing past price movements can be helpful in predicting future price movements.
Technical analysis tools that match trends can help traders figure out how the exchange rate might change in the future. This helps to decide when to buy or sell currency, and also where to set the Stop Loss and Take Profit levels.
The MT4 has a wide range of technical analysis tools and can satisfy even the requests of the capricious trader.
Here are the main technical analysis tools the MT4 includes:
- 9 timeframes from 1 minute to 1 month
- 30 built-in indicators
- the Gann and Fibonacci tools, lines, and charts
Thus, everyone on MT4, regardless of their level of proficiency, can use the technical analysis tools the platform offers.
As you see, the MT4 platform is a powerful tool for Forex traders and technical analysts. It offers a wide range of features and allows traders to perform a detailed analysis of the markets.
So no matter how experienced you are, we encourage you to practice on this platform, experiment with the tools, and take the risk to see how this software can help you achieve your trading goals.