MetaTrader 4, or MT4 for short, is a widely used online trading platform developed by MetaQuotes Software Corp.
It allows traders to see live price quotes, receive market news, analyze price charts, place and manage trades, use or even develop expert advisors (trading robots). Also, traders can use custom indicators, scripts, and manage their accounts.
MT4 resides on the trader’s computer and that is also called Client Terminal.
MT4 Client Terminal consists of 4 modules:
- The Chart
- The Market Watch
- The Navigator and
- The Terminal
Needless to say the Client Terminal provides a Main Menu of commands, functions, and options just like any other software application. It is located under the title bar.
The title bar displays the account number, the account type, and the financial instrument displayed on the Chart.
Just below the Main Menu, a number of (command) toolbars are located:
- Standard
- Charts
- Line Studies
- Timeframes
At the bottom right corner of the Client Terminal is the Connection Status. If it is all red, then there is no connection between the client terminal and the server of the broker.
The widespread use of MT4 is often attributed to the ease of use and the built-in MetaEditor, which offers the opportunity for traders to develop their own trading software in MetaQuotes Language 4 or MQL4 for short.