What is MetaTrader 4 and how do you use it?

What is MT4?

MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes in 2005. Although it is most commonly associated with forex trading, MetaTrader 4 can be used to trade a range of markets including forex, indices, cryptocurrencies, and commodities via CFDs.

MT4 is extremely popular due to the fact that it is highly customisable to your individual trading preferences. It can also be used to automate your trading, using algorithms which open and close trades on your behalf according to a list of set parameters.

How do you use MT4?

Below is a step-by-step guide on how to access and use MT4 with IG Bank.

Create an account

To use IG Bank’s MT4 offering, you’ll first need to create a live IG Bank account. Once you’ve done that, you can set up a live MT4 account from the Open My IG. There are more instructions on how to do this on our download MT4 page.

Download MT4

After creating an account, you can download MT4 to your chosen device. Once you have downloaded MT4, you can log in with your IG Bank credentials.

Once you’ve done that, you’ll be presented with the order window.

Instant execution

• Enable maximum deviation from the quoted price – trades can sometimes be rejected if prices move suddenly as you place them. If you would still want to place the trade within a certain price range, check the box and fill out the ‘maximum deviation’ in pips (from the current price) that you would be willing to accept
• Buy or sell – when you’re ready to place your trade, click ‘buy’ if you think the market will rise in value, or ‘sell’ if you think it will fall. This will place your trade

Pending order

• Type – choose the type of order you want to place, from ‘buy limit’, ‘sell limit’, ‘buy stop’ and ‘sell stop’. Discover the difference between stop and limit orders
• At price – select the price level at which you want your order to be triggered (note: for some order types you will be dealt at market level, irrespective of whether your chosen level is breached)
• Expiry – check this box to specify a date and time for your order to expire if the market does not reach your ‘at price’
• Place – click this button when you are ready to place your order

Monitor and close your positions and pending orders

To monitor your open positions and pending orders open the ‘terminal’ window by pressing Ctrl + T, or by clicking ‘view’ in the toolbar and selecting ‘terminal’. Next, navigate to the ‘trade’ tab. You can close a position or delete a pending order by clicking the small ‘x’ on the far right of the profit column.

Modify stops and limits on open positions

To modify stops or limits on open positions and pending orders, open the ‘terminal’ window (Ctrl + T) and navigate to the ‘trade’ tab. Right click on the position or pending order you’d like to edit, then select ‘modify or delete order’ to bring up the order window.

You will then have the option to modify or add stops and limits to your position. When you are finished, click the red ‘modify’ button to confirm your changes.

Draw on charts

MT4 includes a number of ‘objects’ you can use to draw on charts. From left to right on the below image:

To draw, simply select the object you want from the toolbar and click on the chart. The width and positioning of some objects is adjusted by moving your mouse as you click on the chart, while others open a separate window for customisation.

To edit or remove an object, right click on the chart then select ‘objects list’ from the menu. This will open a window that displays a list of all the active objects shown on the chart. Select your chosen object from the list then click ‘edit’ to customise the object settings or ‘delete’ to remove.

Change timeframe

To change the timeframe of a price chart, simply right click on the chart, select ‘timeframe’, then choose your preferred option from the drop-down menu. Timeframes range from one minute to monthly.

You can also change the timeframe of a selected price chart using toolbar buttons. From left to right:

Set up a price alert

To set up a price alert, open the ‘terminal’ window then navigate to the ‘alerts’ tab. Right click within this window and select ‘create’ from the menu. This will bring up the ‘alert editor’ window where you can customise your price alert.

View your trade history

To view your trade history, open the ‘terminal’ window and navigate to the ‘account history’ tab. You can change the date range by right clicking within the window and selecting one of the following options:

• All history
• Last three months
• Last month
• Custom period (if you select this option, you can choose a date range in a new window)

Download trade reports

To produce a trade report, open the ‘terminal’ window and navigate to the ‘account history’ tab again. Right click within the window then select one of the following options:

• Save as report
• Save as detailed report

Both options will produce a report detailing individual trades (closed transactions, open trades and working orders) plus an account summary. The detailed report includes additional metrics such as drawdown and profit factor.

Choose from thousands of MT4 indicators and add-ons

Add-ons and indicators are a big part of MT4.

Indicators are technical analysis tools that are designed to help in your decision making during your time on the markets. Some of the indicators available to you through IG Bank are pivot points, order history and the Renko indicator.

Add-ons, on the other hand, are more designed to help you customise the MT4 platform to your individual trading style and goals. The add-ons provided for free by IG Bank include mini terminal, stealth orders and alarm manager which aim to help you fully customise the MT4 platform.

As well as the various indicators and add-ons available to you, there are also programs such as Expert Advisors within the MT4 platform which enable you to automate your trading on the MT4 platform. There is more information on Expert Advisors on the IG Bank website.