Meta Trader 4 is often more commonly known as MT4. This program is actually a trading platform that is frequently used by traders that work in the forex markets. In 2005, a company called MetaQuotes Software developed a program called MT4 and this was subsequently launched onto the market. To use the MT4 software, it first has to be licensed to a forex broker. They will then provide their clients with access to it. There are two parts to the MT4 software; a server and client. The brokers will look after the server component of the MT4 software who will, in turn, arrange for their client to use it. From the customer’s point of view, they can then start to use the MT4 software to follow prices and charts on a live stream as well as actually make deals and look after their own account. The capability for other users to develop their own scripts and trading robots that would deal immediately are what make MT4 so popular. Even though MT5 was launched in 2010, there was hardly any take up and most people continue to use MT4 to this day.
The background to MT4
There were a few versions of MetaTrader issued since the first one came out in 2002, but it took a lot of improvements to be made before the success that is now MT4 came about in 2005. By 2007, such was the success of MT4 that even the broker firms started including it as a further option to their own software due to its popularity as a platform with all the other dealers and its ability to be flexible alongside other programs. It was by 2010 that MT5 was released.
How to use the MT4 software
An editor and compiler are built within the system meaning it can work alongside other software, their help functions and articles that others users can put forward. A scripting language was developed for this software called MQL4. This can let traders make their own specific robots, indicators and rules. The MT4 supports algorithmic dealing which another reason for its popularity. Some free software is also developed to work with MT4 by online communities, groups and forums. The idea of the dealer managing their own position as a single trading system is the foundation of MT4. But, there have been a good number of other developers that have decided to make their own software bundles that will connect up to some more financial trading systems to create what is effectively an automatic hedging system.
What is the MT4 made up of?
The MT4 has:
• MT4 Client Terminal – as the name suggests this is the part that faces off to the client. Brokers will give this to their clients without charge so they can trade online in a live environment and practice with demo accounts. This will be able to provide trading operations, tech analysis as well as charts in a real time situation. The language it has developed can facilitate users to write up their own tools, signals and dealing strategies. Additionally there are 50 basic indicators that can be manipulated for the customer’s needs. Windows is the operating system that MT4 works on (98/2000/XP/Vista/7)
• MT4 mobile – when you would like to conduct deals or manage your account from your PDA or mobile phone, you can use this. It also works on the Windows operating system – the Pocket PC 2002/Mobile 2003.
• MT4 Server – each system needs a core. This server will manage all of the user requests and manages all of the deals plus warrant display and execution. It can also send out quotes for values and news broadcasts at the same time keeping track of deals and archiving them.
• MT4 Administrator – the settings of the server can be managed remotely with this
• MT4 Manager – customer accounts and customer deal enquiries are handled here
• MT4 Data Centre – a proxy server that is very specific that performs as an intermediary from the client terminals and the server. As a secondary function it can issue quotes on prices.