Why do most FF members use Metatrader? | Forex Factory

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Why do most FF members use Metatrader?

  • #1
  • First Post: Feb 16, 2007 2:44am Feb 16, 2007 2:44am
Hi

this question has probably been asked lots of times.

It seems that most people in these FF forums are using metatrader. Why is this? Does metetrader own FF or something?

Are there any/many Tradestation 8.2 users on FF?

Many thanks.
  • #2
  • Feb 16, 2007 3:16am Feb 16, 2007 3:16am
Quoting jimbil
Hi

this question has probably been asked lots of times.

It seems that most people in these FF forums are using metatrader. Why is this? Does metetrader own FF or something?

Are there any/many Tradestation 8.2 users on FF?

Many thanks.
There is no other free charting software that can even come close to MT4. You wouldn`t get better even if you paid for it. The only better software is Tradestation. Other good free soft is Medved QT and VT. MT4 has nothing to do with FF, just check out other fx forums like sbfx or tsd.
  • #3
  • Feb 16, 2007 4:39am Feb 16, 2007 4:39am
Thanks Jimmy

what spot forex datafeed do people use with MT4 ? How much does this datafeed cost? (presuming the data is not free also!)

Cheers.
  • #4
  • Feb 16, 2007 5:34am Feb 16, 2007 5:34am
The data is free and there is more than one broker that supplies prices. The alpari version also comes with gold, US indices and some bluechips. All free.
  • #5
  • Feb 16, 2007 5:41am Feb 16, 2007 5:41am
MT4 data is free with the platform. Sign up for a demo account with a broker that supplies/supports it and see if you like it.
Personally, I've tried a bunch of different charting packages but have come back to MT4 (until something better comes along) and it was one of my selection criteria when choosing my brokers.

The best feature of MT4 is its open-source development feature. You can write your own custom technical indicators and if you chose, Expert Advisors to execute trades automatically.
Accordingly there are a huge range of custom indicators and EAs available on the web and developers who graciously help you code your ideas if there isn't one to fit.
This open-ended feature also makes it attractive for beginner traders who are trying out different trade styles/methods to find out that fits.

Add to that its solid design and ease-of-use and you've got a powerful trading/charting package.

Adam F
  • #6
  • Feb 16, 2007 7:46am Feb 16, 2007 7:46am
Why should one pay if you can get something for free? I had tried other platforms, they may be great to a certain extent, but it does not justify the easiness MT provides. Also, the only way I came upon FF is that it is an MT site per se. FF have a lot of useful programs written in MT, if it was not for that, I don't think you would see me here. I had tried using other platforms along side with MT, its just not worth the effort to get an alert on MT and then trade on another platform.

There are sites out there for your platform, just poke around, you find them. There is this one site which caters indicators to your platform, but they also have a lot of MT source also. Some sites that caters to other platforms do not have code for MT4 so I am SOL.
  • #7
  • Feb 16, 2007 8:22am Feb 16, 2007 8:22am
Some reasons that come to my mind are:

 

  1. Clean and easy to understand layout. A lot of platforms are really jumbled and are a bit confusing.
  2. Awesome charting.
  3. Custom made indicators by an open source community
  4. Custom made scripts by an open source community.
  5. Custom made expert advisers by an open source community (<<this is the big one.)
  6. The ability to quickly refresh a demo account’s balance in a heart beat.

Binary Options Trader
  • #8
  • Feb 16, 2007 12:19pm Feb 16, 2007 12:19pm
i second that plus it's really the de-facto standard for charting and not just for forex!

Quoting JimmyJoe
There is no other free charting software that can even come close to MT4. You wouldn`t get better even if you paid for it. The only better software is Tradestation. Other good free soft is Medved QT and VT. MT4 has nothing to do with FF, just check out other fx forums like sbfx or tsd.
  • #9
  • Feb 17, 2007 3:12am Feb 17, 2007 3:12am
Thanks

I seem to remember reading somewhere that Metatrader is tradestation Easy Language compatible, or 80% compatible. Is this true, and can i use my TS8.2 indicators in Metatrader 4, or do they need modification?

If you use MT4 for forex trading via a demo account, do you need to have the demo account open all day to collect the data?

You may be trading with another retail broker, in which case having a browser open for a demo account is a slight inconvenience.

Does the demo account eventually expire?

Does Metatrader 4 upload/download spot forex data in a way that is as integrated, seamless, unproblematic and non time consuming as TS8.2? Or is it more of a manual process?

Many thanks

Jimmy.
  • #10
  • Edited 5:09am Feb 17, 2007 5:03am | Edited 5:09am
One of the interesting features I found in MT and I don't think is availabe on other free platforms is the integration with other software as a live data provider, you can export its live data to programs like Elwave and Excel.
U will have to keep MT runing all day to collect this data.
  • #11
  • Feb 19, 2007 4:33pm Feb 19, 2007 4:33pm
I've got a question about this too - my demo account expired after a month, and no more data. How does one get around this? i.e. are there any brokers who let you have a longer term demo account with Metatrader without having to open a live account?
  • #12
  • Feb 19, 2007 5:15pm Feb 19, 2007 5:15pm
Quoting starfire
I've got a question about this too - my demo account expired after a month, and no more data. How does one get around this? i.e. are there any brokers who let you have a longer term demo account with Metatrader without having to open a live account?
Just create a new demo account. You can open as many as you want.
  • #13
  • Feb 19, 2007 6:05pm Feb 19, 2007 6:05pm
Quoting starfire
I've got a question about this too - my demo account expired after a month, and no more data. How does one get around this? i.e. are there any brokers who let you have a longer term demo account with Metatrader without having to open a live account?
Some brokers have demos that last longer than 1 month. A demo from Interbank FX does not expire now as long as you keep using it. My demos from MetaQuotes and Alpari RU have never expired either.
  • #14
  • Feb 20, 2007 4:51am Feb 20, 2007 4:51am
Thanks aegis and nvwine for the info - thought there must have been some brokers who did this - will follow up right away!
  • #15
  • Feb 24, 2007 4:04am Feb 24, 2007 4:04am
Hi

yes MT4 does look good.

Unfortunately, MT4 does not provide tick charts. I use 10-tick charts, and so will not be able to do what i do now with TS8.2, with MT4.

This is a shame because free forex charts, would have been a bonus, as i only use basic indicators and do not use TS8.2 to trade mechanically.

Thanks.
  • #16
  • Feb 24, 2007 5:08am Feb 24, 2007 5:08am
Yes there is a tick chart in MT4.
Open "Market Watch", select any symbol and then shift to the Tick Chart tab.
  • #17
  • Edited 6:23am Feb 24, 2007 6:09am | Edited 6:23am
Hi doblece

thanks for the reply.

i've found the tick chart in marketwatch.
However, i do not see any option to change the periodicity within the tick chart to say 10-ticks or 20-ticks etc.
Is this possible?

I'm using an Alpari demo account BTW.

Many thanks.
  • #18
  • Feb 26, 2007 2:12am Feb 26, 2007 2:12am
Its a shame that MT4 does not seem to allow the selection of custom timeframes, and tick timeframes. The package looks pretty good, with high levels of functionality.
However, by only have a handful of set timeframes available, and no customisable tick timeframes, this renders MT4 very limited IMHO - which is a shame, because I would have thought that this is an area of functionality that would be very easy to implement.
  • #19
  • Feb 26, 2007 3:07am Feb 26, 2007 3:07am
Well, there may be some features missing in MT4, but I'm sure that developers will think of implementing the features that You require if You let them know


  • #20
  • Feb 26, 2007 3:31am Feb 26, 2007 3:31am
It is possible to simulate custom timeframes through a specialized EA, see this http://codebase.mql4.com/277

Quoting jimbil
Its a shame that MT4 does not seem to allow the selection of custom timeframes, and tick timeframes. The package looks pretty good, with high levels of functionality.
However, by only have a handful of set timeframes available, and no customisable tick timeframes, this renders MT4 very limited IMHO - which is a shame, because I would have thought that this is an area of functionality that would be very easy to implement.
-soso
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