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Who Uses Metatrader 4 (MT4)

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This is actually an easy answer. It is the Retail traders who are using the Metatrader 4. Why do they use could be the next question that we can ask ourselves. Here are the reasons:

  • Metatrader 4 is available at all the major retail forex brokers. This means that if you have a strategy based on MT4 then you can simply move from one broker to another without affecting your trading strategy.
  • If you google online about indicators and expert advisors based on Metatrader 4; then you will end up millions of results. The Internet is full of mq4 coded indicators and expert advisors.
  • Programming services of Metatrader 4 is the most affordable prices when compared to development prices for other platforms such as MT5 or CTrader.
  • It is user-friendly for the typical people who have no information about coding. Newbie traders can get used to the Metatrader 4 very easily.
  • It has strategy tester inside the platform. This will give you the ability to do the backtest your strategy. However, note that the backtest may give healthy results. We will explain it in future blogs.
  • Traders who do not know coding can simply use lots of indicators which they find online and play with their settings to find their own strategy. If they use other platforms they will not have enough indicators to test.
  • The platform itself has lots of user language options. This is the main advantage for the people who do not know English.
  • It has lots of currencies and indexes in its charts section. This will give an opportunity for the trader to choose what to trade.
  • Because it is an old program (built-in 2005) it requires low resources from your computer. But one of the bad parts of the MT4 is that it is built for 32 bits. Currently, most of the computers are based on 64 bits. Being in 32 bits will prevent the MT4 to use the full potential the processing of your computer power.
  • It has many timeframes options which will give you the opportunity to navigate between different timeframes to check your strategy. Some strategies can work better at higher timeframes.

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