After several months, the well-known electronic trading platform MetaTrader 4 is back on the App Store. The Reserve Bank of India has had it on its alert list since late 2022, claiming it was an unauthorized forex trading platform. Meanwhile, Apple commented that they removed MetaTrader 4 as it allows the development of Expert Advisors—automated trading robots that are a risk for a stable financial market.
After private discussions between MetaQuotes—MetaTrader 4’s developer—and Apple, the platform returned to the App Store in March 2023. This is good news, as MetaTrader 4 is integral to the trading experience. Its main features include trading flexibility and analytical tools for more efficient trading. Aside from forex, users can trade crypto, stocks, and metals on the platform, making it extremely versatile. Finally, its availability on iOS makes it convenient for anyone who wants to check out their trading activities on mobile.
While MetaTrader 4’s return is great news, traders can use different plug-ins and add-ons to make the most of using the platform. This benefits their trading activities, especially if they briefly stopped using the software when it was pulled from the App Store. That being said, here’s a list of plug-ins and add-ons to enhance the overall trading experience on MT4
Autochartist
The main feature of this desktop app is to scan the market for potential trade opportunities. When it identifies a pattern, it will send an alert to let a trader know that they can take action.
This powerful tool is fully integrated into MetaTrader 4, so users can rest assured that it provides accurate market analysis and trading signals. Autochartist will benefit beginners who have yet to learn how to analyze the market or traders who don’t have the time to do it themselves. This tool can be downloaded via the App Store for phones, while its plug-in version can be accessed through its website.
Mini Terminal
This app was created to help users trade more efficiently using the tools and information it provides. Traders who want to concentrate on a specific market, such as forex or crypto, can use the app to access its different, useful features. These include an open-position marker, customizing templates for fast order entry, and a pop-up calculator to determine the lot size corresponding to a cash risk about a particular s/l distance.
The full version of this particular app is readily available for MetaTrader 4 and is also presented as a standalone deal ticket on the platform.
Excel RTD
Excel RTD enables users to export their trading data to Excel. The purpose of doing so is for further analysis, allowing traders to gain insight into their trading performance, identify areas for improvement, and backtest any trading strategies. It’s essential to test trading strategies before implementing them to guarantee the reliability, especially during instances like a market crash, as explained in one #BreezyExplainer article. Backtesting will help you avoid risks and losses for a better trading experience.
Excel RTD is available as a widget for Apple devices, or you can manually input the RTD Function (found on various online resources) on your Mac’s Excel.
MT4 Sentiment Trader
Traders who wish to understand market sentiment will find this helpful. Its indicator displays the percentage of users trading long and short on a specific currency pair in forex trading. This helps users see possible trading opportunities, letting them make more informed trading decisions for their benefit. A LinkedIn article on making informed trading decisions highlights how this act is essential in mitigating risks, especially since there’s no guarantee of success in trading. However, proper research and tools like MT4 Sentiment Trader can help traders make better choices.
The add-on can be downloaded from sites like CMC Markets and Vantage.
Making the right trading decisions can be difficult, but many plug-ins and add-ons can assist traders. This enhances the overall trading experience, making the whole process more pleasant for all traders, whether beginners or experts.