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5 Best Forex Trading Platforms Online Today

People often talk about the comfort and usefulness of various Forex trading platforms. Some programs are pretty popular while others are not. The team of JustForex  kindly provided this article about the criteria to know while choosing among the best Forex trading platforms.

How Should Best Forex Trading Platforms Look Like

  • Quick and efficient – Every second is important for scalpers and day traders.
  • Functional – Look at indicators, charts, timeframes, and other instruments. They are also important for short-term, long-term, and swing traders (mid-term).
  • Intuitively easy – A user-friendly interface also can influence your work. You should have a direct access to each feature.
  • Secure – Your data should be highly protected as well as your trading funds. Keep in mind that security depends on both trading platform and broker.
  • Mobile – A Forex platform should work with different systems and devices.

We have collected the best Forex trading platforms that are popular among pro traders. They fit all the points noted above and would be the best 5 choices for Forex trading.

5. Mirror Trader

Mirror Trader by Tradency works like a platform of social trading, as its name suggests. This platform works similarly to the next one and can compares to PAMM account. People can trade fully automatically, semi-automatically and manually here.

4. Zulu Trade

Zulu Trade has been developed by the Zulutrade company. People call this system a provider of free signals around the world. Its community consists of nearly 1200 traders who share their signals. But their effectiveness is different. That’s why the Zulutrade Alchemy service offers new subscribers all-inclusive analysis to make their choice more easy and correct.

3. Ninja Trader

Ninja Trader is a platform developed by the self-titled company. It has full functionality and allows trading of currencies, forwards, futures, options, and even stocks. It has a set of means for market analytics, different features for manual and automated trading, and many other pleasant benefits. Its main advantages are strong security and high efficiency. There are also two versions of NT, Lite (free) and Pro (paid).

2. MetaTrader 5

MetaTrader 5 or MT5 is an improved version of the 4-th one. MetaQuotes aimed for creating a full platform with the complete set of trading opportunities. It allows trading futures, CFDs, options in just one account. As for analytical instruments, it has 79 features for performing the technical and fundamental analysis. There is a chance to work with 21 timeframes, level II, alert system, etc. Moreover, MT5 is even quicker than its “older brother” MT4.

1. MetaTrader 4

MetaTrader 4 or MT4 takes the 1st place as the best Forex trading platform for retail trading. The majority of traders use it for their everyday work. It is software developed and released by MetaQuotes Software Corp. This program allows both manual and automated trading. It is widely used since its release in 2005 thanks to its productivity. MT4 offers a perfect security, many analytical opportunities and automated trading (plus programming).

So, these were the most popular and effective Forex platforms for traders. But you are free to decide which software suits you the most. We advise you to test different platforms before making a final choice. Choose the one and earn money with comfort.

We wish you success and high profits!

MW Patterns in Forex: Double Top and Double Bottom

Today we will talk about Double Top and Double Bottom a.k.a. MW Patterns – old fashioned patterns that are constantly drawn on trading charts in Forex. Double Tops and Bottoms happen on a regular basis on low time frames like (M30 & H1). M&W Patterns on higher timeframes (H4 & D1) are more reliable, but it does not happen that much. Switch to the next paragraph if you want to know more details about the Double Top Double Bottom MT4 Indicator.

MW Patterns – Double Top and Bottom

Double Top and Bottom MW Patterns are repetitive structures which the price creates during the cycle moves. Therefore, we divide the MW Patterns into two types: M pattern, which is also known as Double Top chart pattern, and W Pattern, which is also known as Double Bottom chart pattern.

M Pattern – Double Top Pattern

An M Pattern is the way the market is producing a Double Top pattern, creating a resistance zone on the chart. The price creates two tops on the same level and starts a decrease. The pattern appears after a bullish price trend and can reverse the tendency. A short trading opportunity opens with the Double Top pattern.

M Pattern Double Top Chart Pattern

This is a Double Top Chart example – the M chart pattern. The two tops of the M pattern are marked with the black spots on the chart. In the time of the second bounce from the yellow resistance area, we get a Hanging Man candle pattern, which has reversal functions. This confirms that the price will probably start a decrease. See that the second bounce from the resistance level leads to a price drop, which could be traded short.

At the same time, there is a second opportunity on the chart. The level indicating the bottom between the two tops is called a Double Top Neck Line. If the price action breaks the Neck Line, then we can pursue a further target downwards. The minimum expected move after a Double Top Breakout would then be equal to the distance between the resistance level of the Double Top and the bottom between the two tops. As you see, the price action completes this move afterward.

W Pattern – Double Bottom Pattern

On the opposite side, when the chart draws a W Pattern we have a Double Bottom pattern, where the price action creates couple bottoms in the same support zone. The Double Bottom pattern appears after bearish trends and is known to reverse the price action. In this relation, the Double Bottom chat pattern often leads to increase in the price action. When a bullish price bounce appears after the creation of the second bottom, this is likely to bring the price increase. This is the case when Forex traders have the opportunity to go long on the Double Bottom chart pattern.

W Pattern Double Bottom Chart Pattern

As you see, the W formation is the same as the M chart pattern, but upside down. The W pattern is a two bottoms one top figure in the time of the consolidation, in comparison to the M pattern, which has two tops and one bottom. In this relation, the Double Bottom rules are also opposite to the rules of the Double Top chart pattern.

The two black spots on the chart mark the two bottoms in the support zone of the Double Bottom chart pattern. In the time of the second bounce, we see the formation of Double Engulfing candle pattern, which consists of 3 candles – a small candle, a bigger candle that engulfs the first one, and a third candle, which engulfs the first two candles. This pattern is known to have a strong reversal potential. Therefore, it could be used to buy the Forex pair on the second bottom of the W pattern.

When the price bounces are upward creating the second W bottom, we have a nice long opportunity on the chart. If the level at the top between the two W bottoms breaks afterward (Double Bottom Neck Line), then you can trade the Double Bottom breakout for a further price move equal to the size of the W pattern. This is shown with the couple pink arrows on the Double Bottom Chart.

Double Tops and Bottoms Trading

The Double Tops and Bottoms trading are one of the most common approaches to profit from chart patterns in Forex. Experts in Forex trading have determined a Double Tops and Bottoms success rate of around 70%. This means that in about 70% of the cases the price action will bounce from the support/resistance area, breaking the M&W pattern Neck Line and creating a further move equal to the size of the MW pattern. Therefore, if you trade properly the Double Top and Double Bottom chart patterns, you will have the opportunity to profit from the currency value of Forex pairs.

W Pattern Example – Double Top Chart Pattern

In the video, we demonstrate an M pattern on a MetaTrader chart. We entered a short trade on the M top.

Since we are interested in these patterns, we notice a particular point where the market could react. It’s, in fact, the key level to watch for further direction confirmation or time to reverse the initial position. I called it “CP” Center Point. It’s the middle price level of the structure of Double Top chart pattern. I placed a Take Profit on that “CP” level.

Another great thing about our M pattern strategy is the Risk/Reward potential of the Double Top. Our Stop Loss order is always tight as we are supposed to enter on the bounce from the resistance level at the top of the M pattern. If the market goes opposite to the trade and breaks through the Double Top resistance, it is pointless to keep the position alive.

The Double Bottom Chart Pattern a.k.a. W pattern works the same way, but in the opposite direction. In this relation, you should use the bounce from the second W bottom to enter a long trade and to buy the Forex pair. Then you can pursue the Center Point of the Double Bottom. If then the price action breaks the top between the two bottoms, you can also shoot for additional bullish price move equal to the size of the W formation.

M&W Patterns Indicator for Double Top and Double Bottom

Below you will find a link to an M&W Patterns indicator for the famous Meta4 trading platform (MT4). This Double Top Double Bottom MT4 indicator draws the patterns automatically on the chart, so you can recognize them easy. You can download the M&W Patterns Indicator for free until the end of December 2016.


  1. MW Patterns refer to Double Top and Double Bottom figures in Forex.
  2. M&W Patterns are among the most commonly used in trading.
  3. The M Pattern responds to Double Top Chart Pattern:
    • The price creates two tops approximately in the same resistance area.
    • After the second top, the price action starts a down run.
    • If the level at the Double Top Neck Line breaks, this creates further bearish potential equal to the size of the Double Top pattern.
  4. The W pattern refers to Double Bottom Chart Pattern:
    • The price creates two bottoms approximately in the same support area.
    • After the second bottom, the price action starts an up run.
    • If the Double Bottom Neck Line at the top between the two bottoms breaks, this creates further bullish potential equal to the size of the Double Bottom Pattern.
  5. Double Tops and Bottoms provide a success rate of about 70%.
  6. Double Tops and Bottoms give the opportunity to place tight Stop Loss orders, which reduces the risk taken, compared to the potential of the MW pattern.
  7. Trading MW Patterns in Forex can make you a successful trader.

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MT4 Indicators and their Role in the MQL4 Community

The popularity of the MT4 Indicators has made the MQL4 community big. Programmers and traders share MQL4 products widely in the net. But why are the MT4 Indicators so used? This article suggests 7 reasons why are MT4 indicators so popular nowadays.

MT4 Forex Trading Software

The MetaTrader4 platform is arguably the most preferred trading platform among currency traders across the world. Even though there are innovative Forex trading platforms such as Tradestation, JForex, cTrader, and NinjaTrader, MetaTrader continues to reign supreme at least in the Forex market. Most traders attribute the phenomenal success of the big trading platform the MT4 indicators. While other trading platforms do have a large selection of indicators, still, MetaTrader’s codebase dominates the Internet. So, what contributes to the popularity of the MT4 indicators?

Advantages of MT4 Indicators

These are the 7 basic factors that contribute to the popularity of the MT4 Indicators. We will now discuss each of these factors one by one.

Why Using MT4 Indicators in Forex?

1.         Easy Handling of the Currency Indicators MT4 Collection

MetaTrader exists widely around the globe (along with a real-time data feed). There are more than 300 Forex, CFD, commodity, and equity trading brokers which conduct deals through MT4 software. The platform includes 50+ standard technical indicators that are commonly used by traders. You can attach one or more MT4 indicators to the main window by simply dragging it over the price chart. In fact, some of the indicators in MT4 can be superimposed over another in the same sub-window through this process. In such circumstances, all the indicators lying in the sub-window would continue to function smoothly. Additionally, the file size of most of the MT4 latest indicators is less than 30 kb.

Thus, the MT4 indicators list imports and exports very quickly without any trouble. The simplicity of the handling process of indicators for MT4 has greatly contributed to their popularity.

2.         Diversity in the MT4 Indicators List

It is well-known that MetaTrader allows importing custom coded indicators. Trading enthusiasts and developers share thousands of MQL5 and MQL4 custom indicator lists. Some of the portals of the MQL5 and MQL4 community are the official MQL4 and MQL5 websites. This one of the prime reasons for the popularity of the MT4 indicators collection. Additionally, most the MQL5 and MQL4 indicators come with the facility to view the code (*.mq4/*.mq5 format). Thus, traders who have expertise in MetaQuotes Language a.k.a MQL programming will be able to modify the MT4 indicator, if needed.

3.         Build Custom MT4 Indicators with Little Limitations:

There are very little limitations concerning the creation of MT4 custom indicators. Developers create custom indicators even based solely on fundamental news. The MT4 indicator programming creates not only exceptional technical tools but also gives a visual treat on the trading charts. Thus, developers keep creating new indicators in MT4. Some rely on their own experience while others focus on inputs from fellow Forex traders.

An experienced MQL4 programmer can usually create a custom indicator for MT4 within a week. The lack of limitation has immensely contributed to the popularity of MetaTrader indicators.

4.         Modify MT4 Indicators Settings as Required:

A great plus of all latest MT4 indicators is the easy modification of parameters. If the program allows external inputs, a trader can modify the indicator. This way the MT4 Indicator will reflect the Forex rate without any errors. Even traders without any programming knowledge can make setting changes. This happens by right clicking the chart and going to indicators list > edit > inputs).

Additionally, most indicators in MT4 allow changes in appearance as well. These changes concern color of lines, dots or histogram. A trader can always give a personal touch to the design and settings. And this surely contributes to the popularity of the MT4 Indicators.

5.         Combine MT4 Indicators and Generate Signals

Sometimes Forex traders monitor two or more MT4 indicators at the same time. This way they filter erroneous signals. And all the indicators in MT4 combine in such manner that convergence and divergence generate signals. In this regard, programmer proficient in Meta Quotes Language will have little difficulty in merging two or more MetaTrader4 indicators.

6.         Automate Trading Using MT4 Indicators:

Success in trading depends on the ability to control emotions. In this regard automated trading systems has grown mainly because it fully removes human interference. Fortunately, converting an indicator strategy into an expert advisor is usually a several hours work involving professional MQL4 programming. This is because the MT4 indicators can be easily integrated to create an expert advisor. Code modifications in the indicators are not needed to accomplish such an objective. Also, selective signals from a particular indicator help in the creation of expert advisor software. Such flexibility continue to keep the MT4 indicators popular.

7.         Support from Active and Friendly MQL4 Community:

The MT4 community is extremely active in the Forex market forums. The MQL4 community ensures that all tools work bug free during MetaTrader platform build releases. Indicator updates, are immediately posted in forums. This ensures that no trader who uses MT4 indicators stays in the dark.

What Else about MetaTrader 4 Platform?

The dedication of MetaQuotes Software is certainly a major reason for the success of the custom MetaTrader indicators. A MT4 software package may be exceptional. However, the creators of the MT4 program should keep doing all the necessary to take it to the end users. In this regard, the MetaQuotes Software Company stands tall among others.


MetaTrader4 has always been among the best Forex software ever known. This assists to the constant growth of the MQL4 Community. The biggest contributor to the MetaTrader success are the MT4 Indicators. They are extremely popular due to:

  1. Easy Handling
  2. Diversity
  3. Programming Language
  4. Easy Modification
  5. Option to Combine
  6. Automation
  7. Big MQL4 Community

These 7 factors are the reason why the MT4 Indicators and Software will remain among the biggest players on the market.

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