The MetaTrader 4 client terminal is designed for real time trading and technical analysis online on the Forex, CFD, futures markets. Several built-in functions allow flexible management of trading operations.
Besides the great number of technical indicators and linear instruments, the terminal has its own programming language for trade strategies, called MetaQuotes Language 4. This language lets the user create complete mechanical trade systems, including expert advisors, custom indicators, and scripts. Advisers are able to analyze the market situation online, make decisions, issue orders, and open positions without a trader’s involvement. Custom and technical indicators can analyze the market and generate various alerts. Scripts are designed for one-time actions.
The MetaTrader 4 client terminal:
Works with a wide spectrum of tools from various financial markets- Provides various technologies for order execution: Instant Execution, Request Execution, Market Execution
- Guarantees complete confidentiality for operations
- Offers an unlimited number of charts
Gives support of charts with various time frames- Provides a large number of technical indicators and linear tools
- Offers the service of experts, custom indicators, and scripts
- Exports data online under DDE protocol
- Sets up alerts on system and trade events
- Delivers quick news
- Has a multilingual interface
- Includes built-in e-mail
- Features chart printing
The MetaTrader 4 terminal has a built-in programming language for trade strategies, MetaQuotes Language 4 (MQL 4). This language lets the user create expert programs (Expert Advisors) that automate management of the trade process, and is ideally suited for the implementation of personal trade strategies. The MQL 4 also allows for the creation of personal technical indicators (custom Indicators), scripts, and function libraries.
MetaQuotes Language 4 syntax is similar to C programming language. It is easy to learn and use. MQL 4 includes a large number of functions required for the analysis of current and past quotes, major arithmetic and logical operations, built-in major indicators, and orders to open and monitor positions.
MetaEditor 4 text expert editor is used for writing program codes which highlight various MQL4 language constructions, giving the user a simple orientation in the expert system’s text. MetaQuotes Language Dictionary is a help system for MQL 4 language. The short reference divides functions into categories, operations, reserved words, and other language constructions, and helps in finding the description of every element used in the language.
Programs written in MetaQuotes Language 4 have various features and designations:
- Expert Advisor is a mechanical trade system (МТС) related to a specific chart. Expert Advisor not only advise on the availability of a deal but automatically makes the deals on the trading account and sends them directly to the trade server. As with most information systems, MetaTrader 4 is a terminal that supports testing strategies using historical data and can show suitable trade entry and exit points on charts.
- Custom Indicators are analogous to technical indicators. In other words, Custom Indicators are additional indicators each user might create to add to those trade indicators already integrated in the MetaTrader 4 terminal. Just like built-in indicators, they are unable to trade automatically and are designated for implementing analytical functions.
- Scripts are programs designed for one time execution of certain actions. Unlike experts, scripts are loaded on demand, not by tick.
- Libraries are libraries of user functions designed for storage of blocks that are used often.