MT4 is a Forex trading platform that uses EAs to analyze the financial markets. It offers advanced technology, a variety of financial instruments and interesting trading options. In this article, you will learn what strategies to use and what indicators to follow to better analyze the Forex market with MT4.
MetaTrader 4 was developed in 2005 by MetaQuotes. In addition to Forex trading, this trading platform also allows you to speculate on CFDs, stock indices, commodities and cryptocurrencies.
Also known as MetaTrader 4, MT4 trading is an application designed for Forex trading. This online tool allows traders to analyze the financial markets with the help of Expert Advisors and other features. These make your MT4 trades even better and your risks more controlled.
When trading on Mt4, it is important to know that the volume of your trade corresponds to the volume of a standard lot. A standard lot is equivalent to 100,000 units. So, if you want 5,000 units of your chosen currency pair, you should specify this under "0.05" in your trading position parameters. Determine if the time is right to buy or sell a currency pair before confirming the trade.
Very often after setting up a trading position (selling or buying a currency pair) Stop Loss and Take Profit options are deactivated. This sometimes causes concern among traders. In fact, in MT4 these fields are deactivated so that investors can take a position as quickly as possible when prices are already moving. However, you can easily activate these options by modifying the trade once it has been confirmed.
A technical indicator is a mathematical calculation of past stock price values. As part of technical analysis, Forex indicators can be used to predict future price fluctuations or price trends in the overall market based on the observation of past performance.
MT4 Forex technical indicators do not analyze market fundamentals, but they are used by the most active traders, such as scalpers.
The foreign exchange market is quite large, with a daily trading volume of about two trillion dollars. And, like all stock markets, it is constantly changing.
To succeed in Forex, you need to anticipate future market trends, price movements and trader behavior with the help of various analyses, in particular technical analysis. It is based on studying past market data to predict future movements.
Technical analysis tools are often combined with the best Forex indicators. The MT4 trading platform offers a wide range of standard technical indicators, and users can also install custom MT4 indicators such as Belkhayate. Technical indicators can be used in manual trading as well as with automated trading software.
MetaTrader 4 is a comprehensive platform that offers many trading indicators for optimized technical analysis. Some of the most commonly used ones are:
In addition to the standard technical indicators, the MT4 Forex trading platform also has custom indicators that users can easily use together. These custom indicators are written in the MQL4 programming language and are mostly free of charge.
The process of installing custom indicators on the MT4 trading platform is quite simple. Simply copy the custom indicator, open the data folder and paste it into the "Indicators" file on your MetaTrader 4 platform.
To perform technical analysis of the Forex market on the MT4 platform, traders use technical indicators (mathematical and statistical) as well as graphical indicators. The conclusions drawn from this analysis help them make informed decisions regarding their positions on the stock market.