Metatrader 4
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Not to be confused with metatrader 5.
MetaTrader 4 (MT4) is a client terminal that connects to a broker's server to place, modify and monitor orders across forex, CFDs and futures. It provides charting, technical indicators, expert advisors and a strategy tester, and it is distributed by brokers rather than sold directly to traders. Its feature set and available instruments are determined by the broker's configuration, not by the platform alone.[1]
Core components
MT4 consists of a desktop, web and mobile terminal, a server component hosted by the broker, and a programming environment. The terminal includes:
- Price charts with nine timeframes and a library of built-in indicators.
- Market, limit, stop and trailing-stop order types, with one-click trading available.
- Expert advisors (EAs) written in MQL4 that can automate entries, exits and risk management.
- A strategy tester for backtesting EAs on historical data supplied by the broker.
Order execution, spreads, leverage and the set of tradable symbols vary by broker and jurisdiction, so the same terminal can behave differently across accounts.
Worked example: margin and pip value
Assume an account denominated in USD, trading one standard lot (100,000 units) of EUR/USD at an entry price of 1.1000 with leverage of 1:100. The pip value for a standard lot is approximately 10 USD when the quote currency is USD.
Leverage, margin requirements and pip value calculations differ by broker, account type and instrument; the figures above are illustrative only.
Automation and limitations
MQL4 supports indicators, scripts and expert advisors. EAs can run on the broker's server through a virtual private server, but they depend on the terminal being connected and on the broker's execution model. MT4 does not natively support exchange-traded futures or stocks in all regions, and its backtesting quality depends on the historical tick data provided by the broker. MetaQuotes has shifted development toward MetaTrader 5, yet MT4 remains supported by many brokers, particularly for forex and CFD trading.
Often confused with
- metatrader 5
- MetaTrader 5 is a separate platform with a different programming language (MQL5), additional timeframes, an economic calendar and native support for exchange-traded instruments; the visible sign is the platform name and version shown in the terminal's title bar and About dialog.
See also
References
- ↑ MetaTrader 4 and MetaTrader 5 terminal documentation; cTrader order window documentation. Field names and defaults vary between builds and between brokers.