MT4-MT5 Trading Tools Overview – What traders can use to take their trading up a notch

MT4 and MT5 top trading tools

Having a grasp over some of the top tools featured in the MT4 and MT5 is useful for retail traders who still believe in solutions designed by MetaQuotes. There are still millions of people using these two platforms and because more are joining the markets nowadays, highlighting the main features is necessary.

Whether it’s about currency trading, stocks, bonds, commodities, or indices, both platforms can serve their purpose, which is why today’s material will focus on charting, indicators, EAs, and several other tools traders might find efficient.

Charting

Technical analysis is nowadays the main approach traders use to spot short-term opportunities in the market. In order to conduct it professionally, a comprehensive charting package is necessary. With both MT4 and MT5, traders have access to multiple time frames (9 time frames on MT4 and 21 on MT5), custom-made indicators, analytical objects, and even paid indicators for those who want to enhance their trading systems.

As valuations remain decoupled from fundamentals, looking at prices through different lenses can provide an objective view of where the markets are headed. It would be fair to assume, that because it’s the oldest one, Meta Trader 4 is the platform with the least technical analysis tools, and MT5 on the other hand comes with added benefits.

Indicators

Both platforms offer tools that allow traders to analyze markets of any complexity level. In terms of the build-in indicators, the 30 (MT4) and 38 (MT5) technical indicators serve as a useful guide. There are still traders who rely on moving averages, oscillators, momentum indicators, or chart patterns and all of these resources remain convenient.

At the same time, keep in mind that there are free custom-made indicators available with both platforms, facilitating personalized technical analysis on a variety of asset classes. Market activity is unusual from time to time, as was the case with the recent oil price plunge, and it’s during such periods when technical analysis can show just how useful it can be.

Expert Advisors (EAs)

Another important benefit when using software developed by MetaQuotes deals with automated trading. More specifically, traders can use Expert Advisors and put the process fully or partially on autopilot.

Using MQL4 (in MT4) or MQL5 (in MT5), traders who have programming skills can design their tailor-made EAs, based on an already tested trading strategy. Also, they can purchase EAs with a proven track record directly from the platform.

Other useful tools

Because it’s the newest solution, MetaTrader 5 comes with more trading benefits. However, regardless of choice, traders will probably be pleased by the abundance of other trading tools, including strategy tester, graphical objects, email system, netting, partial order filling policies, an embedded MQL5 community chat and more.

Trading in the financial markets remains challenging, yet with proper tools and skills, traders can end up using that to their advantage. MetaTrader 4 and MetaTrader 5 are still among the most trusted platforms in the world, which is why beginners should take a closer look at what benefits are being provided.