Most online forex brokers provide a forex trading platform for their clients. Some online brokers have built a bespoke trading platform, but many use a platform under license known as MetaTrader.
What is MetaTrader?
MetaTrader is a software product from MetaQuotes, a Russian software company, and has become one of the best forex trading platforms.
First released in 2002, an enhanced version called MetaTrader 4 was released in 2005 and saw its popularity grow with online forex brokers. MetaTrader 5 was released in 2010 and is the current version available. Broker preference for MetaTrader lies with it being a full-cycle trading platform with both a front-office terminal and a back-office system. It means a broker does not require additional software to to start or grow a business.
What is behind the popularity of the MetaTrader platform?
MetaTrader offers several advantages for users. The user interface and user experience are excellent with easy to use tools, including interactive charting software. For traders, the ability to plug in third-party software, including forex robots, has also been vital in the growth of the MetaTrader Platform.
Forex Robots and Expert Advisors using the Metaquotes, MQL coding language now proliferate the forex software market. Traders incorporating automation as part of their overall trading strategy are naturally attracted to MetaTrader.
MetaTrader is a software product from MetaQuotes, a Russian software company, and has become one of the best forex trading platforms. First released in 2002, an enhanced version called MetaTrader 4 was released in 2005 and saw its popularity grow with online forex brokers. MetaTrader 5 was released in 2010 and is the current version available.
Meta Trader Charting Software
The charting software, available for users of the MetaTrader platform is excellent. MT4 and MT5 both have solid charting software with similar features to Esignal and Ninja. MT5 has improved charting timeframes over MT4 with 21 time frames available. MT5 also has 38 built in indicators compared to 30 on the older MT4 software. Users love the interactive capability of MetaTrader charting software.
Self-build automated software using MQL
As well as plugging in automated software purchased from developers and built using MQL coding, some traders also develop their MQL4 and MQL 5 scripts using MetaEditor to create an algorithmic trading program that aligns with their strategy rather than buying off the shelf.
If you have a proven and profitable trading strategy and want to build Expert Advisors or Forex Robots closely aligned to your strategy, it is also possible to hire forex software developers if you do not have the coding skills.
Finding a freelance coder specializing in forex may not be secure. Thankfully, the forex trading community on forex dedicated forums is an excellent place to discover recommended developers for MQL software.