The MetaTrader platform dominates the brokerage space, with MT4 and MT5 remaining the most popular retail trading platforms in the world.。More than 1,000 retail brokers offer the MT4 platform, and by 2021 there will be more brokers supporting MT5 than MT4。

MT4 was first launched in 2005, and the popularity of the MetaTrader platform is striking, but it shows that the tools and features on offer are inherently attractive.。The MetaTrader platform is the first choice for many brokerage accounts and the following tips and tricks will help you optimize your trading returns。

Provides MetaTrader tools

MT4 and MT5 are similar, but there are some differences in the features provided by each platform。For example, the default setting of MT5 provides a wider range of tools, including stocks, and has more indicators。One of the main attractions of the MetaTrader platform is that they adapt to personal operating habits, and since the indicators do not form part of the MT4 factory settings, they can be downloaded and installed。Most of the following tools are available on both platforms。

The MetaTrader MT4 indicator is located in the Insert drop-down bar at the top of the dashboard。Click on "Indicators" to find trading tools divided into four categories: Oscillator Indicator, Trend Indicator, Volume Indicator, Bill Williams Indicator and Custom Indicator (you can save any custom charts and indicators you create)。

How to use MetaTrader 4 Oscillator Indicator

The parameters of each indicator of MT4 are highly adaptable。For example, selecting RSI (Relative Strength Index) brings up a monitor that can adjust not only the time period, but also the type of price used (closing, opening, high, low, median, typical, or weighted), core level (default setting is 30: 70), and various coloring tools。

The four-hour price chart of the pound against the dollar shows how the RSI on MetaTrader is a reliable tool for spotting moments when the market is oversold or overbought。RSI below 30 proved to be a lucrative entry point for the trade as the market then quickly moved from 1.369 up to 1.390。

Subsequent buying pressure caused the GBP / USD to overbuy on the H4 chart, with the RSI breaching the 70 level before prices fell。The chart above shows the potential of using MT4 tools to easily apply horizontal trading strategies。

Applying the MACD oscillator and RSI to the EURUSD H4 chart highlights one of the best features of MT4, which is the ability to place multiple indicators on the same chart and take advantage of sharp graphics, allowing multiple indicators to be used at the same time while maintaining a clear visual image。

Oscillators provided as part of the default MT4 package include Average True Volatility Range, Short Power, Long Power, Commodity Channel Index (CCI), DeMarker, Power Index, Momentum, Moving Average Oscillator, Relative Vigor Index, Stochastic Oscillator and Williams Percent Range。

How to use MetaTrader 4 Trend Indicator

Indicators used to follow trend-following strategies are equally easy to use and have the same clear and beautiful appearance。

Since MetaTrader indicators are designed to be used on handheld and desktop devices, each indicator can be added and adjusted by clicking the mouse or touching the screen。

How to use MetaTrader 4 Volume Indicator

Any trading signal accompanied by an increase in volume is considered more reliable。Tools like the Money Flow Index do all the hard work of measuring and presenting volume data in a user-friendly format。As with RSI, the graphics, time frame and levels are customizable。

Other volume metrics offered as part of the standard package include Accumulation / Distribution, Balanced Volume (OBV), and Volume。

How to use Bill Williams indicator MetaTrader 4

The Bill Williams indicator, named after a famous trader and writer, opens the door for MetaTrader clients to use indicators that take into account chaos theory。Williams reversed and enhanced a range of indicators, and given his trading success, fortunately MetaTrader offered six of them by default on MT4。It is worth mentioning again that if these six are not to your liking, you can install other equipment。Metrics provided by Bill Williams to all MT4 customers at the beginning include Accelerator Oscillator, Alligator, Awesome Oscillator, Fractals, Gator Oscillator and Market Facilitation Index。

How to use MetaTrader 4 custom indicators

Chart types include bar, candle, and line charts。There is no Heiken-Ashi style candle chart in the default settings, indicating that the settings of the MT4 platform are user-friendly and neat。On both MT4 and MT5, it is easy to anchor on the "average bar" chart。Just go to the "Customize" section of the "Metrics" section and follow the prompts to set up the dashboard with the new format。

MetaTrader MT4 Customization Features

Other housekeeping style features to consider include settings that allow you to change the screen format。9 available slots on MT4, 21 available slots on MT5, and three template background color settings。When setting up a chart, there is a whole set of different colors to choose from, and you can save favorites and use them as default values。

How to install additional indicators to MetaTrader

The choice of pre-installed metrics has been fine-tuned over the years, but there is still the possibility that you will need specific metrics that are not part of the default package。The good news is that it will take some time to introduce a new indicator in the Favorites toolbar:

1. Navigate to the file on the top toolbar。
   Open the drop-down list and click Open Data Folder。
   Search for the full list of metrics that are installed on your MT4 platform but are currently saved in the background。
   Drag and drop the desired indicator into the indicator file。
   Restart the MT4 platform。
   Click Insert, click Metrics, click Customize, and then click the newly installed metrics。
   Adjust the parameters in the settings box to suit your requirements, and then click OK。
   The indicator will be applied to the price chart you open。

To take your trading and indicator usage to the next level, you need to start programming your own model using the internal code MQL or download an indicator developed by a third party。The MQL5 area of the MetaTrader platform is where millions of MetaTrader users worldwide exchange their developed custom indicators, some of which are freely available。

Make sure to check if the source of the custom indicator is true before adding it to MT4。Downloads of any kind from the internet are at risk for malware or viruses。

Tips for using MetaTrader tools and indicators

Having so many charting tools and indicators is obviously ideal, but optimizing trading returns depends on how you apply them。

Using a combination of indicators can make the signal you generate more reliable。Any price chart that applies the Bollinger Bands indicator will show that the price has reached the outer limit of the line, and the price will not return to the mean, but will push the line again。This will cause any stop loss orders set too close to the trade entry point to be triggered and result in a trade loss。Please adjust your trading psychology and require simultaneous activation of the Bollinger Bands and another indicator to reduce the risk of false signals。

A further enhancement of the strategy is to check if the two indicators are too similar。If this is the case, then both may just confirm the same error signal。Both the RSI and the Money Flow Index are oscillators, and the main difference between them is that the MFI contains certain elements of the volume data。However, they have more similarities than differences, so pairing the RSI with volume, trends, or indicators in the Bill Williams indicator list ensures a different interpretation of any particular market situation。

MetaTrader's iconic clear graphics ensure that multiple indicators can be used at the same time, while the console is still easy to read, but opening too many indicators at the same time can cause confusion and hinder decision-making。

One way to determine which indicator combination is best for you is to set up a demo account。The MetaTrader demo account takes some time to set up and only requires an email address。After entering the platform, you will be able to use all the functions of a real account, but will use virtual funds for trading。

Practicing using real-time prices on a risk-free account is the best way to determine what works for you and what doesn't。Unlike some other platforms, MetaTrader demo accounts don't expire after a while, and you can take the easy way to fine-tune your skills and test medium- and long-term strategies before using real cash.。

As mentioned earlier, the MT4 and MT5 platforms are offered by thousands of different brokers。This means that once you have a strategy in place, you can easily pick and choose between brokers。If you find a model that can provide better terms and conditions for your trading style, then switching to a more cost-effective model will not lose the model that invested a lot of time to create。

Conclusion

The ultra-powerful software tools offered by MetaTrader still represent a benchmark against which other platforms can measure themselves。Beginners don't have to worry about a large number of indicators that will hinder them from entering the market.。The default settings for MT4 and MT5 contain enough tools and indicators for most traders to use, and any tools you may want to add will remain in the background。

The platform is so popular that millions of MetaTrader users have created a thriving online community to share trading ideas and other information to help MT traders make the most of the market.。