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Wednesday, March 26, 2008

Metatrader 4 Indicator and Expert Advisor

MetaTrader 4 Window

In this article I review MT4 window. You can easily manage the visibility of the elements of this window. You may also change the location of these elements. What I show you here could be called a typical arrangement of the MT4 window elements. You as the trader can decide which elements to see and where to place them. You can even change their sizes.

The following image shows a typical MT4 window.

The "Title Bar" of the window shows the name of the platform. The name of the platform usually refers to the name of the broker that you have obtained MetaTrader from. The Title Bar also shows the name and the timeframe of the current chart.

I have divided the MT4 window into different sections. The following pages explain each section. Here is a quick list of those sections:

Section 1: Menus and Toolbars
Section 2: Market Watch window
Section 3: Charts Area
Section 4: Navigator Window
Section 5: Terminal Window
Section 6: Status Bar

What is MetaTrader?

MetaTrader refers to a group of software applications that help brokers and trades to trade currency. They also use MetaTrader programs to trade CFD contracts and other markets such as spot gold and silver (bullion). MetaTrader is developed by "MetaQuotes Software" a Russian company. You as a trader may use one of the following MetaTrader platforms to trade.

  • MetaTrader Client Terminal: You need to install it on your computer and then use it to view and analyze the market. You can also use it to enter trades. In order to be able to trade you need to open a demo or live account with a broker. The client terminal is a freeware for end users. This platform supports automated trading.
  • MetaTrader Mobile and Smartphone: Unlike the Client Terminal these are not free. You use these versions of MetaTrader to trade through your PDA or cell phone.
  • MetaTrader MultiTerminal: The MultiTerminal enables you to trade on more than one account at the same time. This version of MetaTrader is more useful for money managers and who want to trade on more than one trading account with the same platform. The MultiTerminal currently does not support automated trading.

The one platform that the majority of users are interested in is the "MetaTrader Client Terminal". I call it MetaTrader or MT4 from now on. In all my articles and tutorials MetaTrader or MT4 refer to "MetaTrader 4 Client Terminal" unless otherwise indicated. The number 4 refers to the current version of MetaTrader.

As mentioned in the preceding paragraphs MetaTrader 4 or MT4 is a freeware. You can download it from MetaQuotes website. In order to be able to trade with MT4 you need to open an account with a broker. You may also obtain a free copy of MetaTrader from your broker when you open a live or demo account with them. You can nowadays open a demo account at no charge with almost all of those brokers that support MT4 as their trading platform.

Why MetaTrader?

There are a few reasons that many brokers and also traders use MT4 as their trading platform. Here are some of those reasons.

  • MT4 is a charting and trading tool at the same time. You can see charts, analyze the market and then place orders with the same platform. There is no need to get a charting tool from another company. The charting tools are free so you can see the charts and analyze the market at no extra charge.
  • MT4 comes with communication tools. For example the broker can post market analysis, news, and other types of messages through MT4. This feature eliminates or reduces the need to communicate via email or phone messages.
  • MT4 supports automated trading. You can obtain tools to automate your trades or generate trading signals.
  • MT4 comes with a programming language and a platform to develop programs with that language. You can develop your own tools to trade automatically, or analyze the market. The MT4 programming language is called MQL or MetaQuotes Language. It is similar to "C" but equipped with several functions that enable you to easily automate your analysis and/or trades.

What's Next?

In future articles and tutorials I show you the environment of MT4, how to trade with it, and more. Some of the tutorials are in the form of videos. They will hopefully ease the process of learning.

Welcome to Metatrader Resources

Hai, later i will share script/codes custom indicator and expert advisor and my experience coding in mql language, thanks for visiting