MetaTrader 4 Terminal was developed by MetaQuotes Software Corp. and launched in 2005 as a trading platform which could be comprehensively utilized for trading in Forex.
Overview of MetaTrader 4 Terminal
- ✔️Overview
- ✔️MetaTrader 4 Features
- ✔️MetaTrader 4 Terminal Installation
- Terminal Start and the structure of Data
- How to Open an Account
- Authorization
- OTP
- Live Updates
Even after 15 years of operation, MetaTrader 4 is still being offered by a vast number of some of the best brokers in the world
Overview
MetaTrader 4 was developed by MetaQuotes Software Corp. and launched in 2005 as a trading platform which could be comprehensively utilized for trading in Forex.
Through the years, MetaTrader 4 accumulated a significant amount of popularity amongst brokers and traders alike due to its variety of features along with highly customizable interface and charting options.
MetaTrader 4 allowed traders to conduct detailed, advanced, and comprehensive technical analysis through the provision of a variety of technical indicators and analytical tools in addition to traders being able to have several charting windows open simultaneously.
Even after 15 years of operation, MetaTrader 4 is still being offered by a vast number of some of the best brokers in the world, including:
City Index, and more
MetaTrader 4 Features
MetaTrader 4 features some of the most advanced trading and analytical technologies in addition to other services, making it one of the absolute best trading platforms which has been designed specifically for trading in Forex.
As a trading system, MetaTrader 4 offers traders with flexible and convenient trading by providing access to the following:
3 execution modes
2 market orders
4 pending orders
2 stop orders in addition to trailing stop
MetaTrader 4 has advanced analytical functions through the provision of online quotes and interactive charts which can be viewed in nine different time zone in addition to being able to use 23 analytical objects and 30 technical indicators on charts.
Traders also gain access to more technical indicators which can be downloaded either from the Code Base, downloaded for free or purchased from the Market, or ordered from independent developers by making use of the Freelance Service.
MetaTrader 4 provides traders with an alternative way of trading should traders not have the time to do so themselves, this can be done through:
Trading signals and copy trading – where traders can subscribe to trading signals of providers and have their trades copied to the traders account through the terminal.
Algorithmic trading done through using Expert Advisors, or EAs, that execute trades on behalf of the trader using mathematical calculations and sets of commands input by the trader.
The MetaTrader 4 trading platform can be utilized either through installing it on the desktop of computers that run on either Windows, Linux, or Mac OS, or by downloading and installing it to Android or iOS mobile devices.
Traders will never miss any news while using MetaTrader 4 as their trading platform due to the customizable alerts and financial news which is sent to the trader either via email or push notifications on their mobile devices.
MetaTrader 4 Terminal Installation
The MetaTrader 4 Client Terminal was specifically designed to perform trade operations within different financial markets along with offering a wide variety of analytical possibilities and supporting more than 70 various tools which can be used to conduct technical analysis.
Contained in the Client Terminal, users will find the necessary tools pertaining to the development, testing, debugging and the running of programs for automated, or algorithmic trading, more commonly known as EAs.
Through installing and utilizing the Client Terminal, users have access to MetaQuotes Language 5, known as MQL5, which can be used to create custom indicators, EAs and scripts.
Installation on MS Windows
Before installation of the Client Terminal can proceed, the user is required to download its distributive first before installing it and then launching it.
It is necessary for the user to choose a directory pertaining to the installation of the program followed by the following of Installation Wizard tips and prompts. As soon as the terminal has been installed, it will run automatically without being promoted.
Should the user have an outdated or older version of the Client Terminal installed, it is possible to install the new program over the existing version which will allow for it to be updated without the user’s existing settings being affected.
Exceptions do exist with regards to settings affected and this pertains specifically to the default profile and templates along with standard MQL5 programs which are included in the delivery set.
To avoid this, users are advised not to change the standard templates or profiles, but to rather create MQL5 programs and rename them uniquely.
Should the user have several accounts which they are managing simultaneously, the user must install the corresponding number of terminals in different directories.
This ensures that each terminal will have its individual settings apart from registration details and interface language, of which both are stored in the Registry.
Installation on Mac OS
To install MetaTrader 4 on a computer running Mac OS, the user will first have to download and install Wine. It is a free application that allows applications which have been developed for MS Windows to run on Unix-based systems.
Unfortunately, Wine is not an application which is fully stable, and users may not have access to certain functions in the applications that are started and run through use of this software.
To avoid any issues with using MetaTrader 4 on a Mac OS system, it is highly recommended that users download, install, and use PlayOnMac, which is a Wine-based software that allows for the installation and utilization of Windows Applications on a Mac OS system.
To download and install PlayOnMac, the user can proceed to the official website of the product, navigate to the Download section, and click on the relevant link provided to start the download.
As soon as the application has finished downloading, the user can access the installation file by going to Downloads on their computer and selecting the PlayOnMac download file.
After clicking on the relevant file, the PlayOnMac application will open and the first launch window will appear, and the application will start checking for- and installing all the components required for it to run.
Xquartz is a necessary component that PlayOnMac requires to use the X Windows System on a Mac OS system. Should the user not have this application pre-installed on their computer, installation can be done through the PlayOnMac installation process.
The Xquartz installation has several stages which include:
Introduction
Read Me
License
Destination Select
Installation Type
Installation
Summary
Once the user has gone through the first four stages, they will be prompted to enter their Mac OS username and password before installation of Xquartz can be completed.
As soon as the Xquartz installation has been completed, the user must restart their computer for the necessary changes to take effect. As soon as the computer has restarted, the user can open the PlayOnMac application from the setup file in the Downloads folder.
When the PlayOnMac launch window opens, the installer will prompt to install the MS Windows Fonts which is necessary for the correct operation of the MetaTrader 4 Client Terminal.
As soon as the user has read and accepted the License Agreement Conditions, installation can be completed and PlayOnMac is ready for use. The user can now proceed to download and install MetaTrader 4 on their computer.
To install MetaTrader 4, the user must download the installer ‘mt4.setup.exe’ from MetaTrader 4’s download page. When the download has completed, the user can launch the file and PlayOnMac will be opened and used to open the MetaTrader 4 Client Terminal.
As soon as the user utilizes PlayOnMac to open the setup file, the standard Client Terminal installation, which includes several stages, will begin, and the user can simply follow the prompts to complete installation.
Once installation of the MetaTrader 4 Client Terminal has completed, PlayOnMac will offer the user the option of creating shortcuts for the Client Terminal components which include the MetaTrader 4 shortcut and the MetaEditor shortcut.
As soon as the user has created shortcuts to the MetaTrader 4 Client Terminal along with MetaEditor, the program can be used by double clicking on the PlayOnMac window and launching the Client Terminal.
Installation on Linux
Linux, like Mac OS, forms part of Unix-like computer systems and due to this reason, it will be necessary to make use of the Wine application to be able to install the MetaTrader 4 Client Terminal.
Whereas Wine is also necessary to run applications such as MetaTrader 4, Linux differs from Mac OS as the unified distribution kit is absent and this forms part of one of the Linux key features.
Several different Linux versions are created by separate groups of developers and some of these versions include Debian, Mint, Ubuntu, and various others.
Due to the variety of Linux versions available, users will have to download and install the corresponding version of Wine by visiting the product’s website and selecting the corresponding version.
As soon as the user has downloaded and installed Wine, the MetaTrader 4 Client Terminal can be downloaded. As soon as the download has completed, the user can run the setup file through Wine.
Terminal Start and the structure of Data
For this article, the following sections of this walkthrough will be explained in accordance with utilizing the MetaTrader 4 Client Terminal on a MS Windows system.
As soon as the MetaTrader 4 Client Terminal has been downloaded and installed, the user will note that a group of Client Terminal programs will have been created in the ‘Start’ Menu of their computer. In addition, a shortcut to the application will also appear on the desktop.
Since the launch of the MetaTrader 4 Client Terminal build 600, the new structure along with the location of the Client Terminal files are featured within the Client Terminal with MQL5 applications being placed in separate directories.
These directories are placed according to the program type along with the terminal data being stored in a separate dedicated folder which is apart from the location of the terminal installation.
As the Microsoft Windows system has evolved over the years, the requirement for data to be in a separate user directory was imposed to ensure the protection of users against any malicious programs.
In addition to this, it also ensures that applications which are installed under one user accounts are prohibited from changing or damaging the data of the same program which may be used by another account.
How to Open an Account
When making use of the MetaTrader 4 Client Terminal, users can either open a demo account with a broker aligned to offer MetaTrader 4 or a demo account through MetaTrader 4 itself.
Demo accounts are useful to beginner traders who want to practice their trading in a risk-free environment in addition to providing more advanced traders the opportunity to explore a broker’s offering, or to implement and test their trading strategies.
Demo accounts provide traders with the same access to financial instruments as a live account would, but without traders running the risk of losing capital as virtual money is used when utilizing a demo account.
An account on the MetaTrader 4 Client Terminal can be opened either by clicking on ‘File’ in the Main Menu and selecting ‘Open an Account’, or by selecting the same command in the Navigator and ‘Accounts’ window to the side of the interface charts.
As soon as the user opens the MetaTrader 4 Client Terminal, they will be offered the opening of a demo account which is automatically generated and allows them to begin work immediately.
When opening an account, the window provided will require the user either to search for their broker and selecting the demo account option, or the user can proceed to the next step by selecting the MetaQuotes demo account.
As soon as the user has made their selection, the next window will require information pertaining to the First and Second Name, Email Address and Cellphone Number of the user.
In addition, the user will have to complete the following section by selecting or entering information pertaining to the server, the account type, the virtual deposit amount, and the leverage.
After the user has entered the required information and selected the relevant options, the terms and conditions agreement can be accepted, and the user can move on to the next window.
The next window will confirm the information the user provided in addition to the selections made and the user will be provided with their Login ID, Password, and investor – all of which will be generated automatically with the creating of a new account.
The user will also be provided with the option to download the MetaTrader 4 Client Terminal to their mobile devices which can be done by following the links, or by visiting Google Play or the App Store depending on the OS of their mobile device.
Authorization
To be able to make use of the MetaTrader 4 Client Terminal, the user will have to verify their credentials when starting up the Client Terminal by entering their login and password.
There are two ways to access an account on the MetaTrader 4 Client Terminal, by using a normal password and an investor password.
A normal password will provide access to use the Client Terminal in a standard manner to conduct trading activities while logging in with the investor password provides access to the account status, price analysis and working with the user’s own Expert Advisors.
Trade activities cannot be conducted while logged in with the investor password.
OTP
In addition to using passwords to access the MetaTrader 4 Client Terminal, users can also make use of the One-Time Password to log into their terminal.
This provides additional security when working with trade accounts and requires that a unique OTP be entered every time the user wishes to connect with an account.
To make use of the OTP, it is necessary for the user to have the Mobile Client Terminal installed on their mobile device. The option to activate and use OTP will be listed under the Mobile Client Terminal settings.
When selecting this, the user will be prompted to enter their four-digit password with which they login to the Mobile Client Terminal and this password will also be used every time the user accesses the OTP generator.
As soon as the user has linked their desktop Client Terminal to the OTP generator on the Mobile Client Terminal, the request for an OTP will be requested in addition to the user being required to enter their login and password.
Live Updates
The process to check for automatic updates is built into the terminal and users will be notified immediately should there be an update on their Client Terminal software and this function cannot be disabled.
Conclusion
Despite the requirements pertaining to being able to use the MetaTrader 4 Client Terminal on various computer systems, the download and installation process is simple and hassle-free.
The MetaTrader 4 Client Terminal is an exceptionally user-friendly application and even beginner traders should not find it difficult to navigate and get to know the terminal.
Accounts, whether demo or live, can be created in a few simple steps and managed with ease from the interface of the Client Terminal in addition to being able to manage several accounts simultaneously.
The MetaTrader 4 Client Terminal remains one of the most popular ways in which brokers and traders are connected, allowing traders the opportunity of making full use of the broker’s offering.
Despite the broker’s offering, traders can use the MetaTrader 4 Client Terminal to conduct advanced, comprehensive, and extensive technical analysis by making use of the variety of charting options, technical indicators, and analytical tools available.
The MetaTrader 4 Client Terminal was developed and designed to keep various brokers and traders on differing levels of experience in mind to ensure that the trading environment created is unique and unlike what competitors are capable of.
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