MetaTrader 4 is a highly regarded trading platform software enabling traders to not only fully analyze markets technically but employ automated trading capabilities. It has been some time since the platform was introduced and has amassed a large trader base with countless resources online with free indicators and Expert Advisors (EAs). Despite the introduction of the successor platform, MetaTrader 5 (MT5), MT4 still remains one of the most popular and widely used trading platforms across the globe. Let’s analyze what are the reasons for the wild popularity of MT4 despite the existence of a newer platform from the same developer company.
MetaTrader 4 — Brief Overview
MetaTrader 4 or MT4 is a robust trading platform incorporating all the needed and advanced features that are essential for financial trading in Forex markets. The platform is mainly used for Forex markets, but it can also be used for other assets like cryptos, stocks, commodities, and indices. The platform was introduced back in 2004 making it one of the oldest advanced trading platforms. One of the main reasons for its wild success and popularity till today is that it is very old but constantly updated. As a result, MT4 has a huge base of users and traders, and there are plenty of resources available online to learn anything about it. The platform offers advanced capabilities with its inbuilt programming language and Meta Editor, which allows traders and programmers to develop custom indicators and trading robots (EAs). So, MT4 was one of the first advanced platforms that allowed traders not only to analyze markets using various tools and indicators but also to develop their own custom indicators and automated trading robots.
These factors made MT4 wildly popular. Using its built-in Meta Editor, traders can use the MQL5 programming language to create their own robots and indicators. The language is similar to C++ with its syntax making it highly accessible for programmers across different languages. Because of its large community that constantly contributes by offering free indicators and EAs, traders can download and install these EAs and indicators. There is also an online store where it is possible to access and download both free and paid indicators and EAs, making MT4 a very reliable and robust platform. The interface while looking a bit outdated still offers all the needed functionality and user-friendly navigation. Every needed feature is built into it so that traders can instantly access and use tools to analyze markets and trading positions. There are different chart types and timeframes accessible via the top menu panel, making navigation very user-friendly. All this is combined with superior customizability, allowing traders to fully change interface and color schemes. The platform is supported by the vast majority of Forex brokers, further contributing to its popularity. MT4 has built-in backtesting software, allowing traders to backtest their EAs on historical price data, allowing them to test their robots and strategies. MT4 is also available for mobile devices and has a Web Trader variant. The mobile version of MT4 comes with limited functionality when compared to MT5 and other advanced mobile apps such as TradingView and cTrader.
Pros and Cons of MT4
MT4 Pros
- User-friendly interface which is easy to navigate
- Extensive charting and technical analysis capabilities
- Possibility for custom indicators and Expert Advisors (EAs)
- Wide range of customization options to fully adjust the platform to users’ needs
- Supported by a large number of financial brokers
- Vast community and resources such as educational materials, custom indicators, and EAs
MT4 Cons
Together with the pros, there are also disadvantages to using MT4.
- Old design when compared to modern platforms such as MT5
- Limited support for other asset classes such as stocks. Although possible, it wasn’t designed for stocks
- A bit outdated mobile trading app which is interior to MT5 mobile app
The Bottom Line — Why Is It So Popular?
As we can see, MT4 still remains popular despite the existence of newer advanced platforms. The reasons for this popularity are numerous, including:
- Longevity and constant updates
- Large user base and community
- Advanced capabilities (EAs, indicators)
- Superior customization
- Extensive resources online
- User-friendly interface
- Broad broker support
- Built-in backtesting
- Availability across all devices
The reason MetaTrader 4 remains popular till today is that it offers everything Forex traders need to implement their trading strategies or automate their trading methods through the use of EAs.
