The MetaTrader 4 (MT4) platform is one of the most popular and widely used trading platforms for both retail and professional traders. Its popularity is due to its powerful features, such as its comprehensive range of technical indicators and its ability to run automated trading strategies. Automated trading on MT4 allows traders to implement complex strategies quickly and easily with minimal manual intervention.
What is Automated Trading?
Automated trading is a type of trading where trades are placed automatically based on predetermined criteria without any manual intervention required by the trader. Automated trading systems can be developed using either computer algorithms or pre-programmed robots known as “expert advisors” (EAs). These systems allow traders to automate their strategies in order to gain advantages such as speed, accuracy, consistency, and low cost.
Benefits of Using MT4 for Automating Strategies
MT4 provides several key benefits which make it an ideal platform for automating strategies:
1. Technical Indicators
MT4 offers a wide range of technical indicators, such as moving averages (MA), Bollinger bands (BBs), relative strength index (RSI), stochastics and more, allowing traders to identify potential opportunities in the market quickly. These technical indicators can be used in different combinations to develop custom automated trading strategies tailored to individual preferences or needs. Furthermore, a trader can add any custom indicator they want if written in the platform’s respective coding language MQL4 (MT4) or MQL5 (MT5).
2. Customisable Interface
One of the major advantages of MT4 is its customisable interface that allows users to customise the look and feel according to their own personal preferences. This feature makes it possible for even novice traders to become familiar with the platform quickly, allowing them to take advantage of all its features effectively.
3. Flexible Order Types & Execution Styles
MT4 offers several flexible order types, including market orders, limit orders, stop orders and trailing stops. In addition, traders who are looking for more advanced order types such as one-cancel-other (OCO) can access such functionality by downloading CMC Markets’ additional add-ons and indicators package. It also has several execution styles available, allowing traders and brokers the ability to choose how they want their orders executed, such as instant execution or request execution. This can help minimise risk exposure over time.
The MetaTrader 4 platform provides powerful tools to make it one of the most popular platforms among forex traders around the world. Download and sign-up for MT4 here.