Although you can go on enjoying great trading on the Olymp Trade online platform, MetaTrader 4 also deserves your attention. Why?
MetaTrader 4 (MT4) has many advantages. The terminal appeared in the market more than 10 years ago but Forex traders are getting more and more interested in it year after year. In this article, we will tell you about the main reasons why you should try this tool.
Olymp Trade MT4 has new currency pairs, indexes, and metals. For example, you can earn on the volatility of the Chinese yuan or invest in a Spanish stock index.
The total number of assets available for trading is 67. When trading currency pairs, you can use the largest leverage of 1:400. Leverage of 1:50 can be used when working with metals, and the one of 1:30—for trading indexes and commodities.
To take a look at the whole list of trading instruments, login to the terminal and press the Crtl+U hotkeys.
Expanding Set of Indicators
As soon as MT4 has its own open-source programming language, thousands of traders have been engaged in indicators development. As a result, there is a huge number of unique indicators, which traders can access when using the terminal.
Many of these developments are in the public domain. They can be downloaded to the terminal’s internal folder and you can start using them after rebooting MT4. All new tools will be in the “Custom” section.
Please note: the extensions of indicator files are .ex4 or mql4. Do not use other formats to avoid endangering your trading account or computer.
When working with MT4, you can use several charts at the same time. Their number is limited only by the technical characteristics of your computer. In addition, some options like chart types, color scheme, and many others—can be individually configured in each window.
Traders save the completed version of setting as a template and apply it later.
Types of Orders
There are 5 trade orders available on Olymp Trade MT4:
Market execution—an order to open a trade that will be executed immediately at the current market price.
Buy limit—a type of a pending order. Use it when you want to buy the asset at a lower price than the current one.
Sell limit—this pending order is an order to sell the asset at a higher price than the current one.
Buy Stop—a pending order to buy the asset at a higher price than the current one.
Sell Stop—an order to sell the asset a lower price than the current one.
Unlike market orders, pending ones only work when the asset price reaches some specified values.
For example, you want to buy gold (XAU/USD) if its price breaks the psychological resistance level of $1500.00 per ounce. Let’s say that now the metal costs $1475.00. In this case, it is better to use the Buy Stop order and place it above $1500.
Use the F9 hotkey to call the window of a new trade.
Of course, you can also manage your positions effectively by using Stop Loss, Take Profit, and Trailing Stop in MT4.
MetaTrader 4 is the first platform that enables common traders to use real trading robots (Expert Advisors). The Expert Advisor is an algorithm that continuously analyzes the market and provides trading recommendations. You can also grant it rights to trade, close, and manage your trades—in general, to perform the functions that are usually controlled by a person.
Developing robots is labor-intensive. But just like in the case of indicators, you can search for ready-made advisors online, on thematic forums and websites. At least you will find basic analysis systems based on some credible oscillators and other methods of technical analysis.
Many people dream of having a profitable robot, but any trading strategy can fail. All we can do is to test the Expert Advisor before using it. That’s why MT4 has a special strategy tester.
This service will analyze the efficiency of the Expert Advisor using historical data, taking into account the parameters that you set before launching (like tolerable drawdown or position size.)
Note that any Expert Advisor has its strengths and weaknesses. For example, the built-in Moving Average (do not confuse it with the indicator) is likely to perform well when a new trend emerges, while it will be difficult to profit from using this tool when the market is flat.
The Moving Average Expert Advisor opens a position when the SMA line is broken and closes it in case of an inversed intersection of the base indicator’s signal line. In general, this concept is a trend-based development, which is better to use when trading volatile assets characterized by stronger trends.
Testing this strategy helped traders identify a significant drawback: the algorithm of closing positions with a profit is inefficient. For this reason, if you decide on this Expert Advisor, we recommend that you install a mobile application on the spot. It will allow you to fix the profit from anywhere in the world where you can connect to the Internet. Do not forget to follow other methods of analysis to check.
The full range of MT4 advantages is only available in the terminal version for Windows or Mac OS-based personal computers. However, you will find everything you need for trading on the web and mobile applications.
You can get links to different versions of the platform in your trading account .
For example, the web version includes 31 indicators and more than 20 graphical tools (Fibonacci, Gann, Elliot methods). You can also adjust the chart parameters by changing its type or color component. Similar options are available in mobile applications.
The above-mentioned features of the MT4 terminal make it an indispensable tool. Its analytical component will help you better understand the market, track trends or indicator readings of a larger number of assets at once. If you want to make a breakthrough in the art of trading or enhance your professionalism, MetaTrader 4 is all that you need.
Stay with Olymp Trade!