What Is MetaTrader 4?
MetaTrader 4, commonly known as MT4, is one of the most widely used trading platforms in the world. Developed by MetaQuotes Software, it is offered by the majority of forex and CFD brokers and supports manual trading, automated strategies (Expert Advisors), and advanced charting.
If your broker supports MT4, learning this platform gives you a transferable skill — the interface and features are consistent regardless of which broker you use it with.
Step 1: Download and Install MT4
- Go to your broker's website and find their MT4 download link (or download directly from MetaQuotes).
- Run the installer and follow the setup wizard.
- On first launch, you'll be prompted to log in with your trading account credentials provided by your broker, or open a free demo account.
Tip: Always start with a demo account to familiarise yourself with the platform before trading real money.
Step 2: Understanding the MT4 Interface
The MT4 workspace is made up of several key panels:
- Market Watch: A real-time list of tradable instruments with bid/ask prices. Right-click any symbol to open a chart.
- Navigator: Access your accounts, indicators, Expert Advisors (EAs), and scripts here.
- Chart Window: The central workspace where price action is displayed.
- Terminal (bottom panel): Manage open trades, pending orders, account history, and alerts.
Step 3: Reading a Price Chart
MT4 supports three chart types — bar charts, candlestick charts, and line charts. Candlestick charts are the most popular among traders.
Each candlestick represents a time period (e.g., 1 minute, 1 hour, 1 day) and shows:
- Open price — where the price started in that period
- Close price — where the price ended
- High and Low — the extremes reached during the period
A green (or white) candle means price closed higher than it opened. A red (or black) candle means price closed lower.
Step 4: Adding Indicators
MT4 comes pre-loaded with a wide range of technical indicators. To add one:
- Click Insert in the top menu, then select Indicators.
- Choose a category (Trend, Oscillators, Volumes, etc.) and select your indicator.
- Customise its parameters in the settings dialog, then click OK.
Popular starter indicators include Moving Averages, RSI (Relative Strength Index), and Bollinger Bands.
Step 5: Placing a Trade
- Right-click on a chart or double-click a symbol in Market Watch and select New Order (or press F9).
- Choose your instrument, trade size (in lots), and order type (Market Execution or Pending Order).
- Set your Stop Loss (risk limit) and Take Profit (target) levels.
- Click Buy or Sell to execute.
Important: Always use a Stop Loss. Trading without one exposes you to potentially unlimited losses on leveraged positions.
MT4 vs. MT5: Should You Use the Newer Version?
| Feature | MT4 | MT5 |
|---|---|---|
| Asset classes | Forex, CFDs | Forex, CFDs, Stocks, Futures |
| Timeframes | 9 | 21 |
| Built-in indicators | 30 | 38 |
| Order types | 4 | 6 |
| Community/EAs | Very large ecosystem | Growing |
For most beginners focusing on forex, MT4 remains the standard choice due to its simplicity and the vast library of community-developed tools.
Summary
MT4 is a powerful, stable, and well-documented platform. Invest time in learning its features through a demo account, and you'll have a skill set that translates across dozens of brokers worldwide.