Chart Interface

Broker Discussion Forex Brokers
1

Hi All,

Back when I was going through babypips school I used the GBPUSD chart on DailyFX to experiment with indicators etc. I find this interface INCREDIBLY intuitive and easy to use whereas MT4 seems awkward and clunky. As with all these things I’m sure there are pro’s and con’s of both and people who swear by one or the other but does any one know if the DailyFX interface is available through any brokers?

Thanks,

2

Wash your mouth! MT4 is good enough!!! :wink:

Try one of the broker’s own platforms. These tend to have ***ier charts than MT4. MT4 is chosen for other reasons than their charts. Such as automated trading and cross broker trading from one screen.

But you want to earn your money in style. Go for it! :slight_smile:

3

Ha thanks Toekan, this always confused me, could you clarify/confirm the following:

  • when you download chart/trading software from a broker you usually get the MT4 platform and their own platform e.g. OANDA provides the MT4 platform with an OANDA account linked to it and their own platform… you can trade from either depending on preference?
  • MT4 can be used to access accounts you have with multiple brokers (I assume these accounts can be managed within MT4 somehow)?
  • the broker’s own platforms can be used for charts and trading but are generally more primitive than MT4?

Thanks,

4
  • when you download chart/trading software from a broker you usually get the MT4 platform and their own platform e.g. OANDA provides the MT4 platform with an OANDA account linked to it and their own platform… you can trade from either depending on preference?

*** Depends on what you mean. At OANDA you need to open a sub-account for MT4. This is done in a couple of seconds. When you have that account you can use it in MT4. So you can use either of the two, but for MT4 you need one extra step.

  • MT4 can be used to access accounts you have with multiple brokers (I assume these accounts can be managed within MT4 somehow)?

*** There is the Metatrader for managers, with that you can handle multiple accounts with the same broker. But I don’t think this works between brokers. To handle multiple accounts with MT4 you need to open an instance for each account and have them talk to each other, for example via a pipe or a simple realtime file synchronisation program. With the last (als the easiest) you communicatie through a text file that is picked up by the program and copied to the other directories. At the next tick your script reads the file and acts accordingly. Kinda like a master/slave set-up.

  • the broker’s own platforms can be used for charts and trading but are generally more primitive than MT4?

*** No often they are more complex than MT4 to make working with the software more intuitive for the trader (it does more for you). But MT4 is more versatile and robust. No fancy charts, just functionality and the ability to make it your own. The Broker software looks nicer, but is more for manual trading (although some semi-automated options are available). The problem is that you have to work with different packages when you work with multiple brokers. There is no Master/slave setup possible (You can, but it requires programming). When your account is big enough you can Apply for the FIX API, but that is another story.

Does this help you?

5

Have you tried the FXCM platform? Since DailyFX is owned by FXCM, I would guess that the charts of the FXCM platform would be similar (I have never tried the FXCM platform so that’s just a guess!).

6

Looks very different.