MT4 may not be the first generation of the trading platform released by MetaQuotes but it is without a doubt, the top of the line when it comes to the preference of Forex Traders from different parts of the world. It is also said that online trading was made popular because of it. Nowadays, most online brokerages are offering MT4 as their platform option. Slowly, offering MT4 has become a sign of legitimacy among brokers or professionalism as well.
Knowing More MetaTrader 4
There are two components that make up the MT4 – the client-side and the server-side. These two are licensed to brokers. For the client-side, it is the one that traders download and utilize for their own needs. For the server-side, it is the one used and run by brokers. It is also a Windows-based app, an easy to install one, and can achieve greater things if the account is linked into customization. You heard it right. Traders are allowed to create customization on their accounts. They can even create technical indicators in addition to their own auto traders and custom scripts.
The Rise of MetaTrader 5
MetaQuotes once again released an upgraded version of MetaTrader in 2010 – the MetaTrader 5. It is the successor of MT4 but it was never meant to replace the previous variant. In fact, it has a different target category. Therefore, MT4 remains the dominant force when it comes to online trading up to the present day. Ever since the MT4 platform was launched, it encountered different updates that helped boost its system.
The coding language being used in MT4 is the MQL4. For some time, the MQL4 was held behind its cousin MQL5 but sooner, it was updated and its status greatly changed. It contributed a lot in the success of the platform, since, as mentioned above, its popularity came from its top of the class support in algorithmic trading.
MT4 has allowed Forex traders to trade more profitably even in a hands-off manner. But to make use of EA, a trader needs to utilize a faster and reliable VPS service. Aside from the Server and Client Terminal Versions, MT4 also offers other important components. MT4 mobile is an example of this. It aimed at users and how they can trade on the go. As for the MT4 Administrator, it is being used when it comes to remote management of the server settings and the MT4 Manager is the one handling the customer accounts.
As for the Data Center, it is a smart way to alleviate the server load. Data Center is known as an intermediary of servers and users since it is known as a specialized proxy server. Moreover, the platform itself features two different types of orders, the market order, and the pending order. Out of these two, Market Orders are executed in 4 ways – the Exchange Execution, Request Execution, Instant Execution, and Market Execution. As for Pending Orders, it can only be performed when the asset price reaches a predefined level.