MetaTrader4, more commonly referred to as MT4, is a Foreign Exchange trading platform enjoyed by millions of users around the world. However, even with its popularity, some traders feel it can be a little basic and limited in terms of features. Thankfully, a range of different plugins can be used with MT4 to add extra functionality and improve the user experience. In this blog post, we'll take a look at some of the best MT4 plugins currently available on the market. So read on to find out more!
Introduction to MetaTrader4
MetaTrader 4, aka MT4, is a popular electronic trading platform for Forex that was created by MetaQuotes Software Corp. The company currently licenses the software to nearly 500 brokers and banks all over the world. The platform is intuitive to use and provides all of the tools necessary to do tasks like analyzing the price dynamics of financial products, conducting online trades, and monitoring account balances.
MetaTrader 4 is popular among traders for its ability to host custom automated trading programs, called Expert Advisors (EAs). These EAs are written in MQL4/5, a language that allows traders to develop unique indicators and strategies.
MetaTrader 4 also provides mobile trading apps for iPhone/iPad and Android devices so that traders can stay connected to the markets and their accounts at all times.
Overall, MetaTrader 4 is a very popular platform among Forex traders due to its ease of use, wide range of features, and availability on multiple devices.
The Limitations of MetaTrader4
MetaTrader4 is no longer the most popular trading platform among Forex brokers. In recent years, newer and more advanced platforms such as Metatrader5 and cTrader have gained popularity due to their better features and functionalities. Nevertheless, MetaTrader4 is still used by a significant number of traders and brokers all over the world.
However, there are certain limitations to using MetaTrader4, which include the following:
1) Lack of support for certain order types: MetaTrader4 only supports basic order types such as market orders, pending orders, and stop-loss/take-profit orders. It does not support more advanced order types such as trailing stop orders, one-cancels-the-other (OCO) orders, etc.
2) Lack of support for specific charting tools: MetaTrader4 only supports a limited number of charting tools and indicators. This can be quite limiting for traders who want to use more sophisticated technical analysis techniques.
3) Lack of support for certain news and economic data: MetaTrader4 does not provide direct access to important news and financial data releases. This can make it difficult for traders to stay up-to-date with the latest market developments.
4) Lack of customer support: MetaTrader4 is developed by a third-party company and is not directly supported by most Forex brokers. This can make it challenging to get timely technical support in case of any problems.
5) Platform instability: MetaTrader4 is known to be unstable at times and can crash unexpectedly. This can be quite frustrating for traders, especially if they are in the middle of a trade.
Despite these limitations, MetaTrader4 is still a popular trading platform due to its ease of use and wide availability.However, traders need to be aware of these limitations before using the platform.
A Roundup of Some of the Best MT4 Plugins
If you're looking for ways to improve your MetaTrader 4 (MT4) platform, then installing plugins can be a great way to do this. Plugins are third-party software that you can add to your MT4 platform to extend its functionality.
Plugins are available for various purposes, from providing economic news and data directly to your MT4 platform to allowing you to trade directly from your charting window. This section will round up some of the best MT4 plugins currently available.
One of the most popular MT4 plugins is the Autochartist plugin, which provides users with automatic chart pattern recognition and real-time alerts. The plugin also offers a range of different market reports and analyses, making it a valuable tool for any trader.
Brokers may set up their trading platforms for real-time monitoring using simple plugins rather than deploying complicated analytic tools. A popular MT4 plugin for such a task is the Trade Copier. Trade Copier allows users to copy trades from other traders or signals providers directly into their MT4 account. This can be a helpful tool for those who want to mirror the trading activity of others or follow signals providers without manually entering trades themselves.
The News Feed plugin provides users with a constantly updated feed of economic news and data directly in their MT4 platform. This can be a valuable tool for those who want to stay up-to-date with the latest market developments.
The Currency Strength Meter plugin is a helpful tool that displays the relative strength of different currencies in real time. This can be useful for those who want to find potential currency pairs to trade.
The Order Flow Trader plugin is a helpful tool for those who want to trade using order flow information. The plugin provides users with access to a range of different order flow indicators and the ability to place trades directly from the plugin's interface.
The Pivot Points plugin is a simple but helpful tool that calculates and displays pivot points for various time frames directly in your MT4 charting window. This can be useful for those who want to use pivot points as part of their trading strategy.
These are just some of the many different plugins available for MT4 users. There are plugins available for almost any purpose you can think of, so it's worth researching to find the ones that best suit your needs.
MetaTrader4 is a popular trading platform due to its ease of use and wide availability. However, it has some limitations that traders should be aware of before using the platform. Fortunately, a range of MT4 plugins available can help extend the functionality of MT4 and overcome some of its limitations. Using any of the plugins from our list will allow you to elevate your trading experience and add an additional element to your MT4 platform.