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?
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:
- Easy Handling
- Programming Language
- Easy Modification
- Option to Combine
- Big MQL4 Community
These 7 factors are the reason why the MT4 Indicators and Software will remain among the biggest players on the market.
Click on the button below and start right away!