MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients. The software consists of both a client and server component. The server component is run by the broker and the client software is provided to the broker's customers, who use it to see live streaming prices and charts, to place orders, and to manage their accounts.
The client is a Microsoft Windows-based application that became popular mainly due to the ability for end users to write their own trading scripts and robots that could automate trading. In 2010, MetaQuotes released a successor, MetaTrader 5. However, uptake was slow and as of April 2013 most brokers still used MT4. While there is no official MetaTrader 4 version available for Mac OS, some brokers provide their own custom developed MT4 variants for Mac OS.
Metatrader is also available for mobile and supports Android, iOS and Windows mobile
History
Its developer, MetaQuotes Software, had previously released a number of versions of the MetaTrader platform starting in 2002. MetaTrader 4 was a significantly enhanced version and was released in 2005.
Between 2007 and 2010, a number of brokerages added the MT4 platform as an optional alternative to their existing trading software due to its popularity with traders and the large number of third party scripts and advisors.
In October 2009, a significantly re-coded MetaTrader 5 went into public beta testing. The first MT5 live account was subsequently launched by InstaForex in September 2010. In 2013 and 2014, the MQL4 programming language was completely revised eventually reaching the level of MQL5. Starting from build 600, MQL4 and MQL5 use unified MetaEditor.
Although MT5 was introduced in 2009, according to a study conducted in September 2019, MetaTrader 4 was still the most popular Forex trading platform in the world at the time.
On September 24, 2022, it was reported that MetaTrader 4 and MetaTrader 5 platforms had been removed from Apple's App Store but was still available on the Android Play Store. While it was alleged that the removal was connected to the Western sanctions on Russia, where MetaQuotes originates, the company's representative stated that the removal was due to non-compliance with the App Store Review Guidelines.
Later, on March 6, 2023, after the company made changes to the app, both MT4 and MT5 iOS apps were back to App Store.
Functionality
The client terminal includes a built-in editor and compiler with access to a user contributed free library of software, articles and help. The software uses a proprietary scripting language, MQL4/MQL5, which enables traders to develop Expert Advisors, custom indicators and scripts. MetaTrader's popularity largely stems from its support of algorithmic trading.
Yahoo! hosts a large group (over 12,000 members) devoted to development of free open source software for MetaTrader.
MT4 is designed to be used as a stand-alone system with the broker manually managing their position and this is a common configuration used by brokers. However, a number of third party developers have written software bridges enabling integration with other financial trading systems for automatic hedging of positions. In late 2012 and early 2013, MetaQuotes Software began to work towards removing third-party plugins for its software from the market, suing and warning developers and brokers.