MetaTrader 4 (MT4) trading terminal is a great platform (probably the best of it’s kind), but can it excell in it’s complimentary features? After all, when you navigate away from the terminal for extended information and services – the choice of supplementary features is large, so you are left under the impression that most of them should have been available from start.
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After all, MT4 is an open platform meaning it can be enhanced with custom indicators, escalators and expert advisers. Unfortunately, configuring all these extra features is unacceptably time consuming and, lets face it – difficult.
Fortunately, there are enthusiast who have done most of the hard work already, hence showing what each trader should expect from its MT4.
Not to go into too much technicalities – standard MT4 platform could be upgraded in order to enhance trading performance and simplify day to day routines, all by incorporating key functionalities traders desire. After all what traders need is time to formulate and fine-tune trading strategy instead of navigating cumbersome online resources for much-needed functionality.
Below you will find a description of the most stand-out features (out of over 60 enhancements) of the handy MT4 build – MetaTrader 4 Supreme Edition, a version assembled with the help of few bright IT specialists and several demanding day-traders.
The Mini Terminal is an advanced version of the standard MetaTrader 4 one click trading feature, a compact window which enables you to do all the important trading tasks in a blink of an eye. Order and risk management has never been as straight-forward and flexible: setting stop-loss, take-profit and trailing stop, observing current spread – all in a single panel; chart trading; saving preferred trading conditions as a template; advanced order types and settings and many more!
For instance, chart trading allows you to amend order levels directly on charts in a fraction of a second. This feature comes really handy during fast market when your reaction has to be quick (yes scalping). Moreover, you can draw diagonal trend line which could be turned into stop loss and more features each trader would enjoy playing with.
The Trade Terminal enables you to monitor and place orders on multiple instruments at a glance. When it comes to managing several simultaneously opened positions and pending orders, this add-on is a do-everything tool, allowing you to multitask within a single frame, highlighting core idea of MT4SE – bridging convenience and effectiveness.
Have you even tried to put yourself in the shoes of a professional trader or money manager? Now you are able to create your own Multi-Monitor experience undocking charts, news feeds, analysis tools or the Trade Terminal.
In case you don’t have multiple monitors, undocking feature comes handy to safely minimise the platform and perform other tasks while still keeping an eye on price movements.
The Alarm Manager lets you get all account & market notifications and construct an automatic actions when such events occur, automatically updating you via SMS, email or Twitter. Alerts can be set via the alarm tool which enables you to set triggers for multiple events concerning account criteria (margin, balance, profit, loss, etc.), news and sentiment, indicators, price movements, time and more.
Overall, Alarm Manager saves a lot of time and efforts so you can work with your strategy or take this well-required lunch break for once!
This powerful add-on shows (in grid form) the correlation between symbols over a configurable time-frame and number of bars, e.g. the last 300 H4 bars. It brings a solid backup for your trading strategies and is an absolute necessity, given you trade 2+ instruments. Soon after launching MT4SE the Correlation Matrix will prove invaluable for you to plan trades and minimise risks.
Shouldn’t come as a surprise, some pairs correlate better than others, so when currency pair moves in the same or opposite direction compared to another, it means they are strongly correlated; otherwise, correlation is weak or there is even no correlation at all.
The Correlation Trader shows correlation between instruments in a form of charts. It helps you identify symbols with strong or weak, positive or negative correlations and fine-tune your trading strategies according to emerging differences in the analysed instruments.
Is there more to it? Of course!
There are more features to MT4SE, but only so much of an attention span the reader can handle – so we will leave you the liberty of discovering the rest of MT4SE.
Meanwhile, Let us know what is your favorite MT4 build and what is the feature(s) you value the most in MT4SE?