MetaTrader 4 - secrets of popularity
Despite the seeming abundance of trading terminals, the MetaTrader 4 platform is still the most popular. As statistics show, it is preferred by more than 90% traders on .
Is MT4 the best solution for trading on or is there something else behind its popularity? So, today let's take a look at MetaTrader 4 and possible alternatives.
Flaws and weaknesses MetaTrader 4
In fact, despite such popularity, the quality characteristics of the MT4 terminal do not always fully satisfy the user. Only optimists can call the settings of the terminal flexible. The candlesticks have a fixed length, time intervals (timeframes) only standard - to create a non-standard timeframe will have to work hard. And so on.
Separately, it is worth mentioning the regular grid on the charts. In alternative trading terminals for the construction of the grid round levels are used. MT4 terminal in this regard "pleases" the trader with a grid, built by the principle, the semantic load of which remains unexplained to us.
And these are shortcomings that are visible practically at first glance. When creating software products the developers face more global problems. In fact, the MetaTrader 4 terminal at the moment does not fully comply with modern realities and demands. Yes, MetaQuotes (they are the developers of MetaTrader 4 and 5 terminals) regularly releases updates for MT4. However, the help from these updates is not always obvious. What are the "broken" indicators that do not work in the new builds.
What is the secret of MT4's popularity?
So why do the vast majority of traders still use MetaTrader 4, especially when there is a more functional MT5?
It is quite possible that above we have a little bit thickened the colors, and the MT4 terminal is not so bad. At least it is easy to useThe fact that it is not enough, especially for non-professional traders.
In fact, the reason for the popularity of MT4 lies in its distribution by brokers and dealing centers. And not because there are no other alternatives. On the contrary, there are, but we think it's more about the technical part of the question.
For sure, the integration of the server part of MetaTrader 4 with the broker's database and other functionality is technically quite complex. As a consequence, the transition to the use of the new terminal in the brokerage system is associated with extensive technical work, as well as financial costs. Apparently, the well-known principle of all the programmers comes into play: "The program works? Do not touch anything else in it. This can be taken with understanding.
There is another reason why MT4 is so common. These are the tools that almost every trader uses - technical indicators, trading robots, scripts. Over the many years of the spreading of the terminal, its software products have accumulated a great many for the most demanding tastes. It's enough to look at our forumto make sure of it. Unfortunately, other terminals, including MT5, alas, are not able to work with them (and it would be great!), which means that traders are faced with new costs to rework their favorite Expert Advisors for the new platform. It's not always possible, that's why MT4 is the favorite.
The fact is that for a number of reasons MT5 is not suitable for the development of automatic trading systems. That is why there are not many variants - either to use MT4, which is more suitable for these purposes than its elder colleague, or to create one's own platform for testing and optimization. Of course, there are indicators for MT5, but about any comparability of the scale is not the question.
The result is a vicious circle. Brokers distribute MetaTrader 4 terminal because most traders use it, and traders "use" MT4 because all brokers distribute it.
Alternative terminals. Web platforms
Many professional traders grin skeptically at the sight of MetaTrader 4 and use other trading platforms. In fact, there are quite a number of them, and we won't talk about them today.
For MetaTrader 4, in addition to other trading platforms, there is another alternative - web terminals. Mobile trading becomes more and more popular every year. It is much more convenient to open a trading terminal directly in a browser or smartphone than to download and install any software.
At the moment, the sphere of web terminals is still quite young and only developing. At the same time, the development of browser-based trading terminals has taken two directions.
- The first direction is the adaptation of existing trading terminals for the web. The disadvantage of such a terminal is significantly reduced functionality compared to the original version.
- The second is the creation of web terminals on the basis of a separate broker. This gives the broker a number of advantages: no dependence on third-party developers, the implementation of unique solutions, etc. The question of custom indicators and other tools in this direction remains open.
Conclusions
Apparently, the trading terminal MetaTrader 4, despite all its shortcomings, will not lose its popularity for a long time. However, the pace of modern life is so fast that no one can guarantee that in the near future there will not be some "technical revolution", as a result of which the majority of traders will switch to trading in web terminals.