MT4 is the most popular trading platform among retail traders and every forex broker offers it as demand is high. I think it is not a bad platform (depending on how you modified it), but there are things that should be improved, at least in my opinion.
One of my biggest problems is navigation between charts. I always have more than 20 charts open so I can analyze them and I really hate the horizontal scroll. I think they should think of something different. I also think a design change would not hurt at all.
Agreed. The giant window tabs. Also the tiny tiny text showing price levels. I do like how you can apply indicators to certain time frames and not others though.
no predefined TP or SL in case of market orders only after modifying the order
cannot set the number of trades option when backtesting, not the time interval when it does
too few built in indicators
after putting in like 50 ea-s you cant delete them by selecting them all and hit delete,you have to click them all,delete and press ok,so frustrating…
5)same for scripts
6)no 3 min timeframe
no built in renko bars
cannot select drawn objects like trend lines and delete them by 1 click instead you have to delete them from objects list
really hard to regognize your demo accounts and in which you are logged in if you have like 10,since they have a number code, it would be nice if the name of the account would be seen also
history does not autodelete itself after a period of unusage.Once i’ve put in to show like 10m bars in the chart for quality backtesting results and after the backtest or atleast after a week it didnt deleted the log, and it kept it more and more until my mt4 log folder occupied 700GB of data for no reason.I had to delete it manually
the history center should have more historical price action data, 2 or 3 years for major pairs is not enough for good backtesting results i have to get my data from other sites.
I’d love it if mt4 had one click order modification like dragging lines to move a stop or tp. Another pet peeve is the order window not allowing the stops to be entered until modifying.
I also kinda wish you could choose your candle close and it not be broker specific for NY close charting etc. Also more timeframes would be nice.
To fix this split your charts in to pair groupings or system groupings and save them as profiles (File>Profiles>Save As) then you can recall profiles quite easily. I do this to be able to run two systems on one terminal.
Or you could do ctrl+tab to tab between the charts. If you click through them in a particular order left to right for example, then ctrl+tab will tab through them left to right.
Regarding bad things about MT4? It’s rubbish and out dated. Slower execution times and larger spreads. I prefer MT5.
Personally, for me, it lags horribly… Especially when news hits, my mt4 freezes, gets extremly slow, and heck, my Oanda Java just crashes and closes out when movement gets going… Its almost like they do it on purpose…
I hate them both… Not making excuses, but this craps software [B]helps[/B] me fail…
I shouldnt be trading news time anyways, just sayin…
Like right now for instance, cant even change charts, total lockup and with a 20-25 second response time.
I have even closed, restarted PC, and have just mt4 open, still, same BS…
O, and this is JUST after it triggers the limit I had 15 pips away from price, adding the instant MT4 7,854 pip BS spike,
ctrl + f6 and ctrl + f6 + shift to scroll between charts needs to be redone. it is very difficult to reach with the fingers and it does not skip forward and backward in a predictable fashion, it goes according to the last chart you viewed and so on, skipping out of order
this needs to be reimplemented, since a trader viewing 30+ pairs would sincerely benefit from being able to use a “simple” keyboard command to skip between charts (at least while they are in tab view, which is 100% of the time for many traders)
in mozilla firefox you move between tabs with either ctrl + page up or ctrl + page down. it is easy to reach with one hand and it moves only back and forward between tabs, not jumping around
Outdated yes, but spreads are do to your broker and not the platform. What I hate about MT5 is that it has been modified to please US regulation which is just crap. I hope they will fix that or MT5 will die before it takes off.
Metaquotes are a nightmare to deal with from a developers perspective.
I have developed a number of EA’s and plug ins over the years and metaquotes are constantly updating their platform without notice and without running adequate testing.
Many times I’ll open my Mt4 to find my stuff doesn’t work because metaquotes have made an “improvement”
I recommend anyone short sell Metaquotes stock because they’re at the height of their powers right now, and there are a number of competitors coming through.
cTrader will be bigger than MT4 within the next 2 years in my opinion.