What MT4 Software Can Do for You
The flexibility of MT4 is the primary reason for its widespread popularity. The free software comes equipped with a slew of the most well-known and proven technical indicators in the trading industry. From Bollinger Bands to the Fibonacci Retracement Tool, there are indicators that can suit any trading strategy.
MT4 allows you to select your favorite indicators and add them to your candlestick, bar, or tick charts with ease. For smoother charts and easier trend identification, Heiken Ashi candlesticks can also be used in place of traditional candlesticks. When the various trend line drawing tools are added to the mix, the number of tools that come equipped with the MT4 software is staggering.
If you are an experienced trader with your own favorite custom indicators, you can easily import these into MT4 as well. This is one of the software’s greatest features. You can use custom indicators, such as the Center of Gravity indicator, alongside any other indicators for your specific trading strategy.
Best of all, you can import an expert advisory that will provide you with trade signals, allowing you to go about your day without staring at your charts all day and still profit from the Forex market. With MT4, you can import an EA that sends an audible alert to your computer or smart phone, alerting you of a potential trade setup. Once received, you can open up your chart and decide whether or not you want to take the trade. It doesn’t get much simpler than that.
Well, actually it does. MT4 also allows you to import automated trading scripts that identify trades, enters them, and exits them on your behalf. This type of hands-free trading is the Holy Grail of trading. This MT4 function is like having your own broker, making you money day and night, only without the commissions.
How to Use MT4
The flexibility of MT4 extends beyond its multiple indicators and charting features. MT4 software is available as a desktop download, online through your broker’s site, or also in a mobile version, allowing you to execute trades while on the go anywhere in the world.
Once accessed, MT4 is extremely intuitive and user-friendly. You begin by selecting you favorite currency pair or pairs from the table in the upper left-hand corner. Once selected, a blank chart will appear. To populate the chart with the needed data, you simply click the bar or candlestick icon located a the top of the screen. Unless you are trading via pure price action, you will need to select the indicators you want from the indicators folder on the left side of the screen.
After your chart is set up, you can switch between various timeframes and currency pairs until you identify a trading opportunity. When entering a trade, MT4 also allows you to set stop losses, trailing stops, and profit targets for maximum risk control.
MT4 is one of the most complete charting software programs available to Forex traders. With an abundance of powerful, free charting and trading features, it’s easy to see why it is the preferred trading software for many of the most successful traders in the Forex market.