As a user of Metatrader 4 over many years, I have come to discover most of its nuances and limitations. In this document, I describe some of the significant issues and how MT4-Tools resolves these.
Metatrader 4 is likely to be the most commonly used trading platform across the retail market. My guess is that 90% of all retail users trading currencies are either using Metatrader 4, or have done so in the past. It is generally the default platform offered by forex brokers and usually the first experience a new retail trader has with a trading platform. For those no longer using Metatrader 4, it is probably because they felt it didn't offer something that they needed to make them a better trader. However, with the right skills and knowledge, Metatrader 4 can be used to do everything even a professional trader might need and probably a lot more too.
As a rookie trader, I first started using the Metatrader 4 platform in 2005. At that time, trading was completely new to me and the purpose of the trading terminal was simply to send trades to my broker. My knowledge of how the markets worked was non-existant, my ability to analyse charts poor and I had no concept of using templates, profiles or any of the other features available on the platform. However, I did have coding skills and as time progressed, I took a keen interest in what could be done using indicators and expert advisors.
Over time I built up an extensive library of code, including many different indicators, trading robots and utilities. Each time a faced a scenario where Metatrader 4 could not do something I wanted it to or it would take me much longer than I wanted it to, I would see if it was something I could code that would do the job much better.
Over the years, I considered moving onto paid subscription platforms that apparently offered much better functionality and solved many of the issues I stumbled across in my trading journey. I even considered upgrading to Metatrader 5, but that would mean recoding many of the indicators and expert advisors I had written. Deep down, I felt that with a little bit of effort and coding expertise, Metatrader 4 could be made to do exactly what I wanted it to. And that is what I feel I have achieved today.
Fast-forwarding to 2020, I now have my own refined set of go-to tools for Metatrader 4 that I use day-in and day-out with my trading. And I have now decided to let other retail trades benefit from these tools in the same way that I have.
I would love to hear of any comments you have about these tools or even other features you would like to see. Please email [email protected] to provide feedback. Meanwhile, I hope you enjoy these tools and indicators. I will be adding to the library as time goes by so please come back and check for new content regularly.