MetaTrader 4 Features
MetaTrader 4 also supports the creation, modification, and utilisation of automated trading strategies. The entire ecosystem that supports automated or algorithmic trading is harmonised and available on the MQL4 IDE (integrated development environment). MQL4 is the native programming language that enables the development of various custom trading tools to be used directly on the MetaTrader 4 trading platform.
MetaTrader 4 features the highest security and technology standards. It supports the native MQL4 (MetaQuotes Language 4) programming language, which enables the development of various custom trading tools to be used directly on the MetaTrader 4 trading platform. MQL4 is based on the popular C++ and its flexibility can help create the following:
- Expert Advisors (EAs) - EAs are programmes that make it possible to apply automated automated strategies in the forex market.
- Custom Indicators - Aside from the built-in technical indicators, traders can also develop their own custom mathematical tools to perform any analytical operation based on defined conditions.
- Scripts - A script is an application that can be programmed to perform any function on MetaTrader 4 platform. For instance, there can be a script to close all pending orders or to delete all the indicators on a chart.
- Libraries - These are sets of custom functions that are designed to store and easily distribute parts of custom applications that are commonly used on MetaTrader 4 platform.
The MQL4 IDE also consists of the MetaEditor and Strategy Tester. The MetaEditor is an EA editor and compiler tool which allows for the creation, editing, compiling and debugging of MQL4 source code. The Strategy Tester is an EA testing and optimisation unit which allows for the thorough assessment and tweaking of automated trading strategies to ensure they are deployed in the live market with the best parameters possible.