МТ4 (Meta Trader 4) trading terminal
Meta Trader 4 is the least popular and, at the same time, the most professional trading platform, which is used for binary options trading. The percentage of use of such software is approximately 6%.
This terminal is now widely used for trading in the Forex market. However, thanks to its enormous gear for technical analysis, some brokerage companies have begun to provide MT4 for binary options trading, thereby expanding trading opportunities of their own clients.
The developer is Meta Quotes, which is also is a supplier of quotes for its software.
MT4 is difficult for apprehension, it has plenty of buttons, indicators, graphical tools, predefined templates in its interface, as well as the ability to create your own trading space.
Let’s start with the fact that there is an exclusive set for technical analysis at the disposal of the trader, namely:
- technical indicators;
- graphics for technical analysis (grids, lines, marks, etc.)
- ability to change timeframe;
- choice between the charts: linear, candlesticks and bars.
Do you want to develop your own trading strategy? Then MT4 is exactly what you need, because this terminal provides every opportunity to test it in real-time using quotes history.
If you are already trading profitably, you can fully automate your trading strategy with MT4, since this terminal supports automated trading. Moreover, the work of the newly created trading advisor can be tested using the abovementioned strategy tester on quotes history, starting 2000.
This terminal is fast and dynamic. Quotes are changed online. In this case, the trader can trade in any number of quotation chart windows simultaneously.
Selection of financial instruments and indicators is available from different sections of the terminal.
However, the trading terminal is currently used for one type of option trading only, because only classic options trading is available via this program.
As you might have noticed, the design of the terminal leaves much to be desired. For the inexperienced trader, functionality and the optional provided by the terminal are incomprehensible, because it contains plenty of tools, and they can be found in the most unexpected places.
Software from Meta Quotes has the following pros and cons:
- terminal is very good in terms of technical analysis, since it has most of the technical indicators and visual objects (trend lines, Fibonacci grid, price marks, etc.);
- security of trading is ensured by the data flow encryption;
- program allows trading in many windows at the same time;
- tester strategy is available;
- availability of automated trading;
- ability to change timeframes and price quotations presentation (bars and Japanese candlesticks)
- very difficult for apprehension - even experienced traders are confused in trading;
- need to download and install the terminal to computer;
- lack of diversity in options choice (because the terminal only supports the ability to trade classic options).
Thus, MT4 trading platform is the terminal of contradictions. On the one hand, it implements all the possible tools for technical analysis, which won’t be found in other terminals for binary options trading. On the other hand, it does not contain binary options other than classic, which greatly limits the abilities of the trader.