The Essential Things to Know about Olymp Trade's MetaTrader 4
Olymp Trade has become a reliable guide to the world of financial markets and trading for thousands of traders all over the world. Everyone can discover the world of investing using any device with a web browser and Internet access.
Despite the convenience of the Olymp Trade website, the company's customers actively use additional software like MetaTrader 4 (MT4)—the most widely used trading terminal with a rich variety of functions.
Olymp Trade has lately begun to fully support MetaTrader 4. This enables the company's customers to make trades both in the terminal after they have installed it, and in its web version.
If you have never come across MT4 or just want to learn more about the advantages of the terminal, this article is exactly what you need.
MetaTrader 4: always relevant
MT4 was released in 2005. At that time, traders used the first primitive and inconvenient banking platforms. It was easier for a trader to visit a bank to buy or sell currency than to place an order online.
MT4 was one of the first available terminals, which anyone without a degree in economics could use.
Once a trader installs it, he or she can see both the list of assets and price charts. It will not be difficult to make the first trade because there is a function of a quick position opening right in the charts.
Huge functionality and regular updates enable MetaTrader to remain a superior product that meets all requirements of modern trading. But first things first.
The perks of MetaTrader 4
One of the primary needs of a trader is the ability to quickly open or close a position using a mobile phone, a laptop or a PC.
There is no better tool than MetaTrader 4 for doing this. You can use the full version of the program for Windows or macOS, open its web version or download the official application in Google Play or AppStore. You will find the direct links in your user account.
The MT4 users can also access a variety of analytical tools: indicators, graphical forecasting methods, as well as an option of using trading robots and customizing their working area.
For example, there is a large library of built-in indicators in MT4. You can find more than 40 tools in the basic version. In addition, a trader can expand the list by adding his or her developments or tools downloaded from third-party resources.
Thanks to MetaTrader 4, common traders can use trading robots and automated Expert Advisors. Anyone can find a ready-made solution online, upload it to the terminal and start using it.
You don't need to learn programming languages or perform complex calculations. As a rule, all you have to do to start working with a robot is to read its description, set the start parameters and enable the robot to open positions in the terminal settings.
MT4 already has two built-in Expert Advisors (trading robots). The first one is based on the MACD indicator, and the Moving Average algorithm is grounded on the following principle: the robot buys an asset when its price gets above the specified period of SMA and vice versa: it opens trades to sell if the quotes get below the moving average.
You can select the position volume and maximum risk, and set the SMA period and other parameters in the settings of the Expert Advisor.
To activate the robot, right-click it and select Attache to a chart. Select Tools, and then Options in the menu above the chart.
In the new window, go to the Expert Advisors tab and allow automated trading. If everything works properly, you will see the smiley face icon in the upper right corner of the chart.
Those who prefer manual trading will enjoy other functions of MT4. In the terminal, you can open and close trades by manual or pending orders. Let's take a closer look at them:
A market order opens (closes) the trade at the current price. This tool is very popular with scalpers, who make plenty of trades.
A pending order is a special order, which the trader sends to the broker. It implies an automated opening or closing of a trade when the specified price is reached. There are several types of such order:
1. Buy limit—this order opens a trade to buy an asset at a lower price than the current one.
2. Sell limit—this order opens a trade to sell an asset at a higher price than the current one.
3. Buy stop—this is an order to buy an asset at a higher price than the current one.
4. Sell Stop—this is an order to sell an asset at a lower price than the current one.
These subtypes of pending orders are used to open positions. But their functionality can also be used to manage the ones you have already opened.
For example, you opened a short trade on EUR/USD, which began to bring you profit. You can use a Buy Stop order to set the break-even level. However, you can also use Take Profit and Stop Loss orders in the MT4 terminal.
In this example, you should set the Stop Loss slightly below the opening price. This will make the position a break-even one (that is, the trader will not get a negative result it even if the market situation changes dramatically and the euro starts to rise.)
In turn, a Take profit order should be placed below the current price. In this case, the trader will surely fix a positive result even if he is not online at that moment.
Besides, there is also the Trailing stop for effective position management. This order moves the Stop Loss by a certain number of points in case the trend continues. Set the Take profit, Stop Loss and Trailing Stop the Trade tab of the Terminal window.
MetaTrader 4 and Olymp Trade
Trading conditions, as well as the list of assets available in MT4, depend on the broker. Olymp Trade clients can use high leverage when trading currency pairs, stock indexes, metals, and commodities.
With Olymp Trade MetaTrader, you will access over 50 currency pairs—from major global payment instruments to exotic combinations. You can also trade silver, gold, copper, platinum or even palladium.
The maximum leverage ratio on most currency pairs is 1:400. What is more, the terminal provides customers with narrow spreads and a reasonable overnight commission.
Long-term investors may get interested in major stock indices of developed countries like the United States, Germany, Japan, France, and others. All these assets are available on Olymp Trade MetaTrader 4.
It should be mentioned that each trader has negative balance protection on Olymp Trade. The company's risk management system allows its customers to minimize losses even during periods of turmoil in financial markets.
MetaTrader 4 is undoubtedly one of the most useful terminals for a trader. If you are interested in its analytic functions, you can use it as an auxiliary tool. Alternatively, you may want to immerse yourself into MT4 and fully switch to MT4 trading. In this case, Olymp Trade will be your reliable intermediary.
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