What is MT4? – How to Use MetaTrader 4? – Free MT4 Tutorial

Written by Fxigor in Metatrader

What is MT4?

MetaTrader 4 or MT4 represents the most popular electronic online trading software developed by MetaQuotes in 2005. The platform can be used for demo trading (virtual money trading or paper trading) and live real accounts trading. In both cases, MT4 provides real-time price data. Traders can trade various assets such as forex, equities, cryptocurrencies, indices, commodities, etc.

metatrader overview

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MetaTrader 4 was a platform that offered only currency pairs in the first versions, but today, online brokers offer various securities for trading via this platform. All the tools for applying technical analysis are available within the platform: trend lines, support/resistance, indicators, and many other trading tools. It is easy to apply, and using all the necessary functions can be learned quickly.

Is MT4 legit?

Yes, MT4 software is a legitimate platform and the most used trading platform in the world. Live trading prices can be seen in demo and real accounts. It is a legit platform that follows the highest security standards and is very stable.

The platform is available in several world languages: English, Swedish, Spanish, Slovak, Serbian, Russian, Portuguese, Polish, Mongolian, Lithuanian, Latvian, Korean, Japanese, Italian, Indonesian, Chinese, Bulgarian, Vietnamese, and Turkish.

Advantages of MetaTrader

MT4 benefits are:

  • Easy to use Technical and Fundamental Analysis Tools
  • Real-Time Access to Market Prices and Liquidity for demo and real traders
  • Offers Multiple Trading Orders and High Flexibility
  • Robust Security
  • High Stability
  • Automated Trading is easy to set
  • There are a lot of free indicators and Expert Advisors for MT4 on the internet.

It is made unique by the specific programming language MQL4, which allows refining and formatting programs following users’ needs by inserting external indicators, experts, robots, and other additional applications.

The program provides the ability to conduct one-click trading and graphical adjustment of “take profit” and “stop-loss” orders on the price chart. This way, we can easily adjust the entered accounts and start new positions without opening additional windows.

MT4 platform screenshot

In short, the main advantages of the MT4 program are:

– Maximum user orientation

– Overview charts

– Security and protection

– Simplicity

There is a possibility of installing the program on desktop computers, tablets, and mobile phones.

The number of instruments available on the platform depends on the offer of the given brokerage house. The software is primarily intended for trading leveraged products (foreign currency pairs, index CFDs, CFDs on stocks…).

How to add a broker to MT4?

First, you need to pick a broker and download the MT4 platform from the broker’s download page. Each broker has its own MT4 platform, the same M4 platform, but the company logo and instruments are different for each broker. You do not add several brokers to one MT4 platform. Instead, you download for each broker a separate MT4 platform.

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How to use MT4?

To use MT4, you need to download the platform, log in using your username and password, set up charts, add indicators,  open trading positions, and set stop loss and target price. 

To learn how to use MT4, please read the following questions and steps:

How to download MT4 on Windows?


To download MT4 on Windows OS, you must visit your broker’s download page and run the .exe installation file. After you download the file on your computer, follow the installation process.
For example, you can download the Fxpro MT4 platform or download the Hotforex MT4 platform.

How to download MT4 on Mac?


To download MT4 on Mac, you must visit your broker’s download page and run the dmg installation file. Usually, almost all brokers besides Windows offers Mac installation file too. After downloading the file on your computer, follow the Apple Mac operating system’s installation process.

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For example, download the Hotforex Mac MT4 platform.

How to add indicators to MT4?

To add indicators to MT4, you need to paste the .ex4 (or mql file) file in the MT4 Indicators folder and then add indicators on the chart using the Insert/Indicator option.

Usually, to add an indicator to the MT4 platform folder, the fastest way is to open the MT4 platform, go to the File menu and choose the Open data Folder option. In that folder, find the Indicator directory and paste the ex4 file. If you have an mql file, in that case, paste the mql file into the folder, go to the MT4 Navigator section, Righ click, and then Refresh.

add custom indicator in MT4

See the video below on how to install a custom indicator:

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How to lock MT4 indicators?

To lock the MT4 indicator in your MT4 platform, you need to add the following mql4 code to your indicator source, where you will enable your indicator to work only on wished account number:

Copy Code 


//code to lock mt4 indicators


int init(){


if (AccountNumber()!=654241) return(INIT_PARAMETERS_INCORRECT);



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//codes


}

How to draw trend lines on MT4?

To draw trend lines on MT4, we need to connect either highs or lows using diagonal lines. We need to connect successive price reaction lows to draw an upper trendline. To draw a down trendline, we need to connect successive price reaction highs (peaks). The trendline importance depends on the number of connected lows and highs.

To learn how to draw trendlines, read the article and watch the video below:

 

How to trade US30 on MT4?

To trade the US30  on Mt4, you need to choose the option “Insert,” then “Chart,”  and open the symbol US30, DJ3, or DAX30 index. Various brokers have different names for this trading symbol. Usually, you can find it in the MT4 section Spot Index or Spot Index major, Index major.

To open the US30 chart in MT4 please go to File/ New chart/ Spot Index Major/ US30.
Open US30 symbol in MetaTrader - How to trade US30 on MT4

How to trade NAS100 on MT4?

To trade the NAS100 index on Mt4, choose the option “Insert,” then “Chart,” and open the symbol index USNDAQ100, DAX100, or NASDAQ. Various brokers have different names for this trading symbol. Usually, you can find it in the MT4 section Spot Index or Spot Index major, Index major.

To open the NAS100 chart in MT4 please go to File/ New chart/ Spot Index Major/ USNDAQ100:
nas100 index on mt4

How to calculate pips on the MT4 app?

To calculate pips on the MT4 app or MT4 desktop, you must remember that 1 pip for significant pairs is 0.0001, and for yen pairs, one pip is equivalent to 0.01. So if the EURUSD price gain from 1.3001 to 1.3002, it is a 1 pip gain. If the price for USDJPY profits from 102.31 to 102.32, it is 1 pip gain because USDJPY is yen pair. Some indicators can help you do this simple calculation, but professional traders can easily calculate the number of pips using a manual approach.

How to change leverage on MT4?

To change leverage on MT4, you need to go to your broker’s website, log in to the user platform (members area), and manually adjust the account leverage value in the accounts section. Leverage can be changed only with the help of your broker. You can always contact your broker’s support to help you to do this.
Please read our article How to Change Leverage on MT4 for Different Brokers.

MetaTrader FAQ

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Fxigor
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Fxigor

Igor has been a trader since 2007. Currently, Igor works for several prop trading companies. He is an expert in financial niche, long-term trading, and weekly technical levels. The primary field of Igor's research is the application of machine learning in algorithmic trading. Education: Computer Engineering and Ph.D. in machine learning. Igor regularly publishes trading-related videos on the Fxigor Youtube channel. To contact Igor write on: igor@forex.in.rs

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