MetaTrader – Everything You Need To Know About Its Programming Language and Why You Should Use It When Trading3 min read
MetaTrader is a software that provides access to its trading platforms, allowing traders to trade either through their computer and smartphone. Most of the time, this software is being used by Forex traders because they are given an opportunity to pick their broker as long as they offer the trading platform that they like. Currently, there are two versions of this software – the MT4 and MT5. They were created by MetaQuotes in 2005 and 2010 respectively.
Why Is It Better To Use MetaTrader When Trading?
With free and super lightweight software, who wouldn’t like to use this type of trading platform? You also don’t have to pay anything if you download this software. You just go to its official website and download the software. You can also configure stop loss, trailing stop orders, and pending orders in this software to maximize your profits while limiting your risks.
Additionally, there is an Expert Advisor (EA) that can trade on your behalf. Automatic trading is very famous nowadays because it is very convenient especially for traders who have regular jobs and other responsibilities aside from trading. If you want to check your previous moves and strategy, you can check them on the transaction history. This way, you can generate better trading ideas and strategies that you can use in the future.
Functions of The Programming Language of MetaTrader
Also known as Forex robots, these Expert Advisors analyze the market movements and negotiate with the system when there are real-time events or other previously scheduled events. Through the help of EAs, you can create effective applications, make use of them and upload the codes in the library. You can even sell one for traders who are in need.
Through MetaEditor, you can create customized indicators that will perfectly suit your trading needs. In the platform, there are already 30 indicators that you can readily use. But if you are eager to have your own indicator, you can create one using the MetaEditor found in the software.
Scripts are in charge of handling operations at the start of an event. But, do keep in mind that scripts do not really take charge of continuous operations. Another task of scripts is calculating risks and managing operations to import and export data. It also allows the creation of orders against closed markets.
Finally, there are Libraries in this software that allows the storage of custom blocks and functions that are mostly used in the user program.
MetaTrader 4 (MT4) or MetaTrader 5 (MT5) – Which One Stands Out?
Just by looking at its names, you will have the misconception that the MetaTrader is the updated version of the other. When in fact, it is not the case. Although it is true that MT5 is the latest trading platform that MetaQuotes released, it has a broader target market and it appears to be more complicated than MT4.
As for MT4, it is best used for forex traders, especially newbies, because it is less complicated but has all the needed functions that traders can easily use. At the end of the day, the trader will be the one to decide which trading platform perfectly suits their needs.