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Why do so many people use MT4?

  • #21
  • Jul 21, 2015 8:00am Jul 21, 2015 8:00am
Thank you everyone for the thoughtful responses so far. It seems according to most posters, the top reason people like using it is because it so widely used, which makes sense. Most forex brokers offer it in some form or another, and it's highly customizable (thanks for the examples Hanover). I guess I just wish it worked out of the box a little better. It comes pretty barebones and seems that you really have to know where to look to find or get someone to program an EA to do what you want if you are not experienced in programming languages. I suppose it is like building a PC versus buying one off the shelf. If you know how to build one you can make it do what you want, but for those who do not know how to build, they just want to buy one with features already installed. In other words, personally, I guess I just prefer something that works more out of the box rather than having to hunt down tools to make it work for me. Obviously certain platforms are broker specific, such as Thinkorswim, but I think MT4 can just be a bit too overwhelming and not very easy to use overall in my opinion. Personally, I don't like the way it even looks. I know it sounds trivial, but the charts are very ugly to me and scrolling and zooming is not very smooth or easy to do like it is in TOS. Also, the drawing tools are clunky and don't draw very smoothly either. I really don't like the way you cannot draw a horizontal line without having both rays extended, or the fact that there is no way (at least not out of the box) to have multiple windows detached in each monitor if you use multiple monitors while trading. I may give it a try again if I have to switch brokers, but overall, at least for now, I just don't think it is for me.
  • #22
  • Jul 21, 2015 10:25am Jul 21, 2015 10:25am
Metatrader 4 is the future. It is platform you have to grow with as a trader. Once you build your trading style whether manually or ea or half and half you will never look at any other platform the same. But, if you try and do not succeed then it is ok to say mt4 is not for you. For me mt4 is getting the job done well. It really has created a laid back and get alerts style of trading for my lifestyle. Of course building a trading style without overwhelming alerts takes general knowledge of trading. and time in the chair. The thing that traders run from. Safe to say the the 90 percent that fail don't put the quality work in or have the time. Cheers to mt4!!!!!!
  • #23
  • Jul 21, 2015 1:03pm Jul 21, 2015 1:03pm
Quoting hanover
{quote} "Why do people use MT4?"  FREE charting  FREE live data feed  FREE historical data  FREE programming language and test facilities  FREE demo trading for an unlimited time  'No strings attached' trading -- there are no volume quotas to meet, no matter which br0ker you open an account with  Initial account deposits as low as $100, with some br0kers  Lower internet traffic than some charting platforms, as prior OHLC values are stored on your hard drive  MT4 has the largest...
Hello Hangover, can you post the links where to get all those mt4 indicators you posted photos here??
  • #24
  • Edited 11:38pm Jul 21, 2015 1:14pm | Edited 11:38pm
Quoting morbell
Impressed with your screens - Where is source for Recent Strength (Currency Strength Meter) and the Histogram CSM-1
Latest ex4 files (that produced the plots in my screenshots), along with supporting parameter files, in the attached zip.

Recent Strength takes some time and effort to get set up correctly. More info in this thread, however source (mq4 files) compile with errors on MT4 builds later than 509 (reasons in this thread). If you want to compile using build 509, more info here.

CSM requires Placard MT Condensed font (also in the attached zip file) to be already installed.
_________________________

Quoting PipC
Thank you everyone for the thoughtful responses so far........
Just wanted to say that I totally understand and respect your view. Moreover, MT4 certainly has its limitations. For example, just for starters, specialist charts like Renko, P&F, Equivolume, Heikin Ashi, etc are not native, and charting is further restricted to the instruments offered by your br0ker, and the 9 available timeframes. And there's no synchronized scrolling of different timeframe charts (which was one feature I really enjoyed using eSignal).

MetaQuotes philosophy seems to be to offer primitive, minimalist charting and order entry facilities, but then back it with a programming language that allows you to create or configure almost anything. While other platforms take a 'middle of the road' approach, i.e. many more native charting and order entry options, but if you need features beyond those offered, you're stuck. Of course there are products like TradeStation that offer the best of all worlds, but then you're paying a monthly fee.
_________________________

Quoting tanjilkamal
{quote} Hello Hangover, can you post the links where to get all those mt4 indicators you posted photos here??
Hangover? LOL

First screenshot was simply copied from this thread. I don't use that dashboard myself, but I thought it was an impressive example of what MT4 is capable of.

Second screenshot -- Bid/Ask Line, Signal, Critical Levels, S/D zone indicators, Plot News, Time Zones, Lines/Boxes, Custom Candles. Latest versions of all indicators, supporting parameter files, etc are in the attached zip. And also a template. Don't try to compile any of the mq4 files in the links (reasons in my reply to morbell above).

Third screenshot -- strength indicators -- see my reply to morbell.
Attached File(s)
File Type: zip Indicators etc.zip   1.1 MB | 590 downloads
  • #25
  • Jul 21, 2015 4:01pm Jul 21, 2015 4:01pm
I don't like that there are no more 'zoom' levels. I can't seem to select a candle widht that i like - it's either going to be very fat candle or very thin ones - by FAR the worst thing about mt4
  • #26
  • Jul 22, 2015 2:30am Jul 22, 2015 2:30am
Hanover thank you
I was introduced to trading 1988-89 and really serious 2001 through now. I have attended many courses (too many) and used a host of charting programs (some "proprietary" now gone!) over the years. eSignal, CQG, Trade Station, Ninja Trader, Trade Navigator (brilliant to program) yet, after all these years for FX, I have settled on MT4 + FXCM Market Scope running together on two separate computers - these stand out as the most worthwhile.
  • #27
  • Jul 22, 2015 2:44am Jul 22, 2015 2:44am
I use MT4 and prefer it to MT5 for several reasons:
1. you can not open several orders on one currency pair in mt5
2. Opening of a new order for the same instrument leads to a modification of previous
3. There is no possibility of working with locks on Forex through MT5
4. Not all customer's indicators and expert advisors work correctly on MT5 (think it's temporaly)
(correct me if I'm wrong)
  • #28
  • Jul 22, 2015 2:50am Jul 22, 2015 2:50am
Addiction
When Scalpers win, I lose and Vice varsa...
  • #29
  • Jul 22, 2015 5:31am Jul 22, 2015 5:31am
Quoting hanover
{quote} Latest ex4 files (that produced the plots in my screenshots), along with supporting parameter files, in the attached zip. Recent Strength takes some time and effort to get set up correctly. More info in this thread, however source (mq4 files) compile with errors on MT4 builds later than 509 (reasons in this thread). If you want to compile using build 509, more info here....
Although for now I have no interest in MT4, I fear that in the future if I ever need to leave TDA and stop using Thinkorswim, then I will be stuck and have to learn a new platform that I don't like. I know I could still use thinkorswim for the charting and the other platform for order entry, but for intra day trading that will both be cumbersome and slow and I would like to avoid doing that if I can. Here are the features on Thinkorswim that I would like to see replicated on MT4:

1. Detachable chart windows for use on multiple monitors. Pet peeve of mine with MT4. It only allows you to operate in one window.
2. Bracket orders. i.e. an order that says, TP+.0050, MO, SL -.0030, in one single order and can be saved as a template order. Also, is there a way to set a scaling out order where it divides your order into thirds and does the same as the above but with 3 different TP levels and 3 different SL levels?
3. The ability to draw horizontal lines without rays, similar to the way trend line is drawn. The trendline allows you to turn the ray off, but the horizontal line does not. I don't like my horizontal lines always extended across the entire screen. It makes it hard to draw S/R levels for chart patterns. I don't like trying to use the trendline tool to draw a horizontal line because it is too clunky to get it to draw straight. Also, is there a way to turn the snap to grid feature off on MT4? I hate how it keeps trying to snap my line to where it thinks I want it to be rather than where I want it!
4. As mm2mm mentioned, I hate the zoom levels. I really like the way in thinkorswim has very incremental zoom levels. Also I absolutely love the click and drag to zoom feature as opposed to click +/- to zoom in MT4. It's very clunky and I can never focus on exactly what it is I am trying to zoom in on and the level of detail that I am trying to capture.
5. I hate looking at GMT time all the time! I hate having translate the times into EST. Is there a way to change the time zone in MT4 to EST?
6. Last but not least, very minor but very irrating still: How do I change the ugly looking charts in MT4. I hate the boring black and green look of MT4 charts. It looks awful and reminds me of the 1980s with the green DOS screen. Check out the default chart view from TOS. Even the default view looks a ton better and more colorful than MT4.
Attached Image (click to enlarge)
Click to Enlarge Name: TOS1.png Size: 81 KB


If you or anyone knows how/if these features can be implemented into MT4, please let me know and point me in the right direction so I can assess whether it would be able to meet my needs installing add-ons.
  • #30
  • Jul 22, 2015 8:08pm Jul 22, 2015 8:08pm
1. Detachable chart windows for use on multiple monitors. Pet peeve of mine with MT4. It only allows you to operate in one window.
Alas, that's a limitation that can't be fixed.

2. Bracket orders. i.e. an order that says, TP+.0050, MO, SL -.0030, in one single order and can be saved as a template order. Also, is there a way to set a scaling out order where it divides your order into thirds and does the same as the above but with 3 different TP levels and 3 different SL levels?
It is possible to write a script or EA to implement ANY order entry/exit system.

3. The ability to draw horizontal lines without rays, similar to the way trend line is drawn. The trendline allows you to turn the ray off, but the horizontal line does not. I don't like my horizontal lines always extended across the entire screen. It makes it hard to draw S/R levels for chart patterns. I don't like trying to use the trendline tool to draw a horizontal line because it is too clunky to get it to draw straight.
I use trendlines to draw most of my horizontal lines. Agree that it's fiddly to get them horizontal. A trendline in MT4 consists of two sets of price/time coordinates (one at each end of the line). Hence it would be possible to write a script to make both price coordinates equal, for all trendlines on the chart that meet any given criteria. But I guess it's arguable as to how useful that would be.

Also, is there a way to turn the snap to grid feature off on MT4? I hate how it keeps trying to snap my line to where it thinks I want it to be rather than where I want it!
Press Ctrl-O for Options, then on the Objects tab set Magnet sensitivity to 0.

4. As mm2mm mentioned, I hate the zoom levels. I really like the way in thinkorswim has very incremental zoom levels. Also I absolutely love the click and drag to zoom feature as opposed to click +/- to zoom in MT4. It's very clunky and I can never focus on exactly what it is I am trying to zoom in on and the level of detail that I am trying to capture.
Agreed, this is clunky. Another limitation that can't be fixed.

5. I hate looking at GMT time all the time! I hate having translate the times into EST. Is there a way to change the time zone in MT4 to EST?
No, the chart timezone is set by your br0ker. Hence you would need to find a br0ker that offers EST timezone (more than 300 to choose from here). Or you could find or write an indicator that plots the times in different zone(s) along the horizontal axis of your chart. Something like the 'time zones' indicator that I wrote several years ago (see attachment and screenshot). Then click the mouse wheel to turn the crosshairs on.

6. Last but not least, very minor but very irrating still: How do I change the ugly looking charts in MT4. I hate the boring black and green look of MT4 charts. It looks awful and reminds me of the 1980s with the green DOS screen. Check out the default chart view from TOS. Even the default view looks a ton better and more colorful than MT4.
Press F8 for the Properties window, and change the colors of the background, grid, bars, etc to anything you wish. That's as much as it's possible to do.
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 265.png Size: 30 KB
Attached File(s)
File Type: ex4 TimeZones.ex4   32 KB | 375 downloads
  • #31
  • Jul 22, 2015 10:24pm Jul 22, 2015 10:24pm
Quoting hanover
1. Detachable chart windows for use on multiple monitors. Pet peeve of mine with MT4. It only allows you to operate in one window.
Alas, that's a limitation that can't be fixed.
Have a look at Floating Charts, works well here.
  • #32
  • Jul 23, 2015 1:36am Jul 23, 2015 1:36am
Quoting hanover
1. Detachable chart windows for use on multiple monitors. Pet peeve of mine with MT4. It only allows you to operate in one window. Alas, that's a limitation that can't be fixed.
http://www.forexfactory.com/showthread.php?t=344224
  • #33
  • Jul 23, 2015 3:06am Jul 23, 2015 3:06am
Is it possible to trade on both MT5 and MT4 platforms simultaneously on same account?
  • #34
  • Jul 24, 2015 9:31am Jul 24, 2015 9:31am
Quoting Ezreal
Is it possible to trade on both MT5 and MT4 platforms simultaneously on same account?
What is the difference between MT4 and MT5 anyway?

Quoting TheMaxx
http://www.forexfactory.com/showthread.php?t=344224
Excellent! I will definitely have a look into that. Thanks!
  • #35
  • Edited 5:21pm Jul 26, 2015 4:56pm | Edited 5:21pm
why do so many people use MT4?

i believe the most apparent reason is so many people get hooked by the get-rich-quick-by-trading scheme.
and who is massively advertising this scheme across the net? - brokers.
and what brokers are offering the lowest entry costs by far - MT4 brokers.

yes i know - there are some of them who offer their own/other platforms alongside low entry costs - duka, oanda, c-trader brokers etc.. BUT if one should sum up and average the entire "deposit few hundred bucks and make millions using 1:500 leverage" industry, MT4-based offers lead by such a big margin i would not hesitate to call it monopoly in that particular segment.

just download a tiny file, have it installed in one minute, open a demo account instantly in another minute and in few days you 'recognize' how ridiculously easy trading is and start to plan quitting your job

so many people? that's about quantity, not about quality.. why are so many people dining at McDonalds..?

...because it's convenient! ...and...because AVERAGE products, not the best ones, rule the world!

apart from that, MT4 has its own merits.. i still couldn't find a better platform to develop ideas quickly.. the ease of expandability can't be beat imo.. there's a HUGE knowledge/code base and the platform is rock solid in comparison to some others i worked with... i know many hated MQ for the changes incepted with build 600 but i love them - the language is not a crap anymore as some have stated (imo). yes i can agree it's not as great for manual trading unless you build your own tools, you can't do HFT with it (my round trip order latency is poor 40ms on average) and most MT4 brokers don't treat limit orders as they should and convert them to market orders when triggered, and that is the biggest trading-related issue i know of.

yet, one thing i won't forgive them:
hey, MQ! is it really sooo hard to compile a 64-bit version, especially when it's clear that MT5 is dead?!

futile to mention anything else - hanover said it all

Quoting PipC
{quote} What is the difference between MT4 and MT5 anyway?!
MT5: broker choice is miserable, no offline charts, importing own historical data is impossible...
the latter two killed my appetite to use it at all. it's much more a closed platform compared to MT4, it's been DOA and should be deprecated
MarginTrader All Time Return: na
  • #36
  • Jul 27, 2015 4:00am Jul 27, 2015 4:00am
Most brokers provide their services on MT4, but really it's very manipulative app imho
  • #37
  • Jul 27, 2015 4:20am Jul 27, 2015 4:20am
I think that the majority in this topic ordinary beginners. How can you compare MT4 with other programs. MT4 for PC is the best product at the moment. MT4 allows partial or full automation of trading strategies. You can test the EA at the history, you can write yourself experts. Very large list of tools. MT4 is a breakthrough in the trade.
  • #38
  • Jul 27, 2015 10:50am Jul 27, 2015 10:50am
MT4 is brilliant. Anyone who says otherwise doesn't know what they are talking about. Yes there are some cost disadvantages but this is highly dependant broker to broker. For example my current broker I get 0.8 pip spread on EU with NO commission. The transaction cost for my trades beats all my other trader friends who are using propriety platforms to trade.
  • #39
  • Jul 27, 2015 11:29am Jul 27, 2015 11:29am
Quoting PipC
Personally I don't like MT4. Granted, it is a popular platform and you can use EAs and things of that nature, but for a manual trader like me, I don't see what the appeal is. It's very dated software and while customizable, for someone that doesn't code or know where to look for enhancements that suit their trading style it's a bit daunting. For example, I use Thinkorswim for my forex trading purposes and it has all sorts of advanced orders already built in to the system such as SL/MO/TP in one click with capability to set the pip differential before...

I agree with you @PipC, I also dont like MT4, a platform that is free , in my opinion is not really free, some can see your orders and can have access to your trading style, yeah they may not pick on you at first but if they are giving you that charting platform ....i am sure there is a good reason.

Quote
nothing is really free
  • #40
  • Jul 27, 2015 11:53am Jul 27, 2015 11:53am
Quoting PipC
Personally I don't like MT4. Granted, it is a popular platform and you can use EAs and things of that nature, but for a manual trader like me, I don't see what the appeal is. It's very dated software and while customizable, for someone that doesn't code or know where to look for enhancements that suit their trading style it's a bit daunting. For example, I use Thinkorswim for my forex trading purposes and it has all sorts of advanced orders already built in to the system such as SL/MO/TP in one click with capability to set the pip differential before...
long time I use mt4 and I thought all the false is my fault, until I realize that a platform is a crucial think. platform that match and suit with my style.
in mt4 it is difficult to manage lot of position, if we want to close all position at the same time its long long way to clear, even we use add on script "close all". because that script I feel still executed one by one not all position directly close and delivered. and that can become disaster for me as intraday semi scalper I called myself.

and when I use ctrader as platform wowwwwww it is fantastic, I can manage lot of position confidently, I can play my style with smile without fear, open simultaneously long short, close the short first, adding the long, hedge again and etc. and now for me bye bye for metatrader
we don't predict, we only ride
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