MetaTrader 4

MetaTrader 4, or MT4, is a software program or electronic trading platform widely used by online Forex (foreign exchange, i.e. currency) speculative traders.

Its developer Meta Trader Software had previously released MetaTrader 3 (now not used) and a significantly re-coded MetaTrader 5 is currently in public beta testing.

The client terminal includes a built-in editor & compiler with access to a user contributed free library of software, articles and help. The software utilizes a proprietary scripting language, MQL4, which enables traders to develop Expert Advisors, custom indicators and scripts. MetaTrader's popularity largely stems from its support of algorithmic trading

Yahoo hosts a large group (over 12,000 members) devoted to development of free open source software for MetaTrader.

Lately a number of brokerages have added the MT4 platform as an optional alternative to their existing trading software. Third party developers have written software bridges enabling integration with other financial programs, although MT4 is used as a stand alone complete solution by many brokerages.

The complete MetaTrader 4 package includes the following components:

• MetaTrader 4 Client Terminal - the client part. Provided free by brokerages for real-time online trading and as Demo (practice trading) accounts.

Provides trade operations, charts and technical analysis in real time. The internal C-like programming language allows users to program trading strategies, indicators, signals. 50 basic indicators are included, each of which can be further customized. Runs on Windows Vista/XP/2000/98. Some users have reported success using WINE on Linux for the client terminal.

• MetaTrader 4 Mobile - controls a trading account via mobile devices such as mobile phoneor laptop

Runs on Windows Pocket PC 2002/Mobile 2003.

• MetaTrader 4 Server - the core of the system, the server part.

Designed to handle user requests to perform trade operations, display and execution of warrants. Also, sends price quotes and news broadcasts, records and maintains archives. Works as a service. Does not have a separate interface.

• MetaTrader 4 Administrator - is designed to remotely manage the server settings.

• MetaTrader 4 Manager - designed to handle trade inquiries and manage customer accounts.

• MetaTrader 4 Data Center - a specialized proxy server and can be an intermediary between the server and client terminals. It reduces the price quote sending load on the main server.

The platform is focused on margin trading Some brokerages use the platform to trade CFD but it is not designed for full-time work in the stock market or to conduct non margined trading

MetaTrader 5 is designed as a platform for equity markets as well as Forex, CFD and Futures trading.