Now I’m no newbie in these markets - but I just don’t see what it is about MT4 that gets so much attention.
Is it purely down to EAs?
Can someone enlighten me??
It gets attention because its free
so in whose interest was the application written ? mug punters who download and use for free, or the brokers paying for the licencing fee
I think because it contains all the options possible, there are many order options possible in mt4 which are not possible is some proprietary software, but I have yet to see anyone mention an option available in a proprietary software that is not in mt4. As for it being free, I didnt know anyone had to pay for trading software i thought whichever broker and account type you chose they give you their trading platform for free
There is the choice of brokers…you can freely move to another broker and not have to change platforms.
Non-MT4 brokers may have had an advantage in terms of spreads and execution as little as a year ago when your only choice was the bucketshops, but with more and more brokers making the leap to STP, MT4 has become a force to contend with.
Secondly, yeah, the EA’s are a huge advantage. Also, show me a single platform that has the support and breadth of programming knowledge that MQL4 enjoys.
MT4 does have some disadvantages such as a lack of Depth of Market indications, but by and large it is a good product.
It’s free, it’s programmable, and there are tonnes of indicators and EA available that can do some many things to help you analyze price action and manage trades.