MetaTrader
MetaTrader is a popular electronic trading platform used for trading Forex, stocks, and other financial markets. It was developed by MetaQuotes Software and released in 2005.
MetaTrader is widely used by traders and brokers around the world, and it has become a standard platform in the Forex industry. It allows traders to place orders, view real-time charts and quotes, and create and use automated trading strategies known as Expert Advisors (EAs).
MetaTrader also includes advanced charting and technical analysis tools, such as a variety of indicators and charting styles. Additionally, it has a large online community where traders can share EAs, indicators, and strategies with each other.
MetaTrader is available in two versions: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 is the most widely used version, while MT5 is a more recent and advanced version that includes additional features and trading instruments.
MetaTrader & Forex Trading
MetaTrader provides a user-friendly interface that is easy to navigate, even for novice traders. The platform includes advanced charting tools, such as technical indicators, to analyze price movements and identify trends. Moreover, it enables traders to create and use automated trading strategies called Expert Advisors (EAs) to execute trades automatically based on specific market conditions. MetaTrader is highly customizable, allowing traders to create custom indicators, EAs, and trading scripts. Additionally, it has a large online community of traders who share their ideas, strategies, and custom tools, allowing traders to learn from each other, get new ideas, and access a wealth of trading resources. Overall, MetaTrader is a comprehensive and powerful trading platform that provides traders with a wide range of tools and features to trade the Forex market efficiently and effectively.
Tools and platforms similar to MetaTrader
MetaTrader can be compared to other electronic trading platforms like NinjaTrader, TradeStation, and cTrader. These platforms are designed for traders to access financial markets and execute trades, and they all offer similar features such as real-time quotes, charting tools, technical indicators, and automated trading capabilities.
However, MetaTrader is unique in that it has a large online community of traders who share their ideas, strategies, and custom tools, which is not offered to the same extent by other platforms. Additionally, MetaTrader is widely used in the Forex industry and has become a standard platform for Forex trading, which may make it a more familiar and accessible choice for Forex traders.
Based on market share and popularity, MetaTrader is considered to be one of the most widely used trading platforms, particularly in the Forex industry. It is estimated that MetaTrader has a market share of around 50-60% in the retail Forex market.
NinjaTrader, TradeStation, and cTrader are also popular trading platforms, but they may have a smaller market share compared to MetaTrader. NinjaTrader, for example, is often used by futures and forex traders, while TradeStation is more commonly used by stock and options traders. cTrader is another electronic trading platform that has gained popularity in recent years, particularly among ECN brokers and traders who focus on Forex and CFDs.
Is MetaTrader Free?
Yes, MetaTrader is available for free download and trial. MetaQuotes Software provides free downloadable versions of both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) on their official website.
To try MetaTrader, you can follow these steps:
- Go to the MetaQuotes website: https://www.metatrader4.com/ or https://www.metatrader5.com/
- Click on the “Download” button for either MT4 or MT5, depending on your preference.
- Follow the instructions to download and install the platform on your computer or mobile device.
- Once the platform is installed, you can open a demo account with a broker of your choice, which will provide you with a virtual balance to practice trading and test the platform’s features.
Note that while the platform is free to download and use, you may need to pay for data feeds, access to advanced features, or trading commissions depending on the broker you choose. Additionally, the trial version is usually limited in terms of the number of indicators, trading tools, and market data available.
For more info on MetaTrader (MT4 and MT5) please redirect to: What is the MetaTrader Platform?
