MetaTrader Advanced Features

An Introduction to MetaTrader’s Advanced Features

As we have already discussed, MetaTrader continues its reign as the most popular trading platform due to its extensive trading community network and ample features – all of which are offered without subscription. The MT terminals are suited to all traders, irrespective of their experience of the platform or the forex markets thus far. Many will find their footing with the software’s versatile elements and customisable features, such as chart layouts, settings and preferences.

Traders also have the opportunity to access advanced features in order to grow their skillset and diversify their portfolio. Both the MetaTrader platforms, MT4 and MT5, come with standard indicators listed on their default settings – trends, oscillators, Bill Williams, etc. Under these categories are the well-known, classical indicators, such as the RSI (Relative Strength Index), Bollinger Bands, Ichimoku Kinko Hyo, etc. In addition, users have the option to create or upload their own indicators to the platform. These indicators can be created based on pre-existing ones, or they can be imported (for free or for a small fee) from other trading communities, such as

MetaTrader offers other advanced settings that may be of use to an investor who is looking to test a new trading strategy or risk management plan. The following features may even be accessible during a demo experience (if available through your broker):

    • A built-in MetaEditor feature for coding your own strategies (if you are passionate and familiar with the techniques necessary).
    • An Expert Advisor tab, which enables you to run your own strategies on an automated basis. This facilitates a trader with running either a trading robot or algorithm. However, it’s scope is limited to continual connectivity. Should you close the trading platform at any point, the Expert Advisor/ robot will not continue to function or take positions. In order to avoid this issue, VPS (Virtual Private Servers) are usually recommended.
    • Options to test the success of your trading strategies or automated strategies, based on the performance of historical prices. Testing can be done in the tick by tick mode – with MetaTrader displaying a chart that shows each trade taken, its opening and closing place, and its overall performance.

In addition to these advantages, MetaTrader allows for Multiple Timeframe Analysis – splitting the screen into many small charts, of varied timeframes, for strategic and tactical decision making (the selection of better entry and exit points). This can help to obtain the edge over other traders, who may be using just one time frame to trade off.

MetaTrader is now available as an app and with the market continuing to favour smartphone technology, this can only serve to add a new dimension to the trading platform’s success. Whilst not all advanced features are available through the application, many will find that this easy account access is an enormous benefit to the health of their portfolio. These apps can be downloaded simply to a phone or other portable device, and accessed with the same login and password supplied to you by your broker when setting up your account online.