MetaTrader – 100 % free chart solution with lot indicators!
MetaTrader is a 100 % free chat solution development by the company MetaQuotes Software. It comes with lots of indicators, a script language to write your own ones and a full configurable interface makes it to the best available chart solution. You can download and install it for free from the official homepage:
Some other developer offer changed versions (called forks), but for beginner is the official builds from MetaQuote more than enough.
There are current 2 (incompatible) versions: MetaTrader 4 and MetaTrader 5. Both versions come with lots of indicators and functions. Additional there is included a simple C/Java-like scripting language, named MetaQuotes Language (MQL). With this, you can write your own indicators and scripts. MetaTrader 5 is the newer version and contains more Indicators and an advanced user interface. Because there are 2 versions available, it is recommended to install both and use primary MetaTrader 5, if you don’t need an indicator etc. which is only available for MetaTrader 4. For this post primary MetaTrader 4 was used as base, but changes to MT 5 are noted.
The desktop version is only written for Windows but the Linux application Wine can execute them in the default configuration without any problems. Another, may better way is to use MetaTraders HTML5-based webtrader (see below). Nevertheless, it is a mobile version for iPhone and Android available.
Create a free MetaTrader account!
For fetching chart data do you need to create a free demo account. This is done within a minute. MetaQuotes deletes old demo accounts, but you can steadily create a new one immediate. MetaTrader ask for personal details to create a new account, but in reality doesn’t matters what you type in, it is your choice if you use your real or any data. Your username is a incrementing number, and the password is a random generated string.
The great thing is that MetaTrader is full configurable. For example, you can color your charts in any color theme and save them as templates.
If you want setup the default template for new open charts simple overwrite the “Default” named template. To show you another color scheme I’ve created a scheme based on a popular girl toy. MetaTrader support Japanese candlesticks, Bar charts and Line charts.
Create your own MetaTrader asset sets
MetaTrader support a lots assets for watching and analyzing. You can save them as templates, called sets. With this feature it is possible to create a custom set for different brokers like SpotOption and your real money broker, different strategies and different types of options. Different types of binary options use different assets. MetaTraders default set contain the 17 most common currency pairs. To change the active assets click in the View menu at Symbols. Alternating you can access the Symbol menu with a right click at the symbol part of the market watch at the left side of the MetaTrader application window. The fastest and easiest way is the Hotkey Ctrl + U.
MetaTrader 5: MT5 contains additional a button to show the Symbol list in the menu bar.
In the Symbols-Dialog can you show and hide assets of your choice with correspond buttons on the right side. The assets are sorted in many groups. The most common currency pairs do you find in the Forex-groups.
To save the asset set click in the symbol part of the Market Watch with a right click, at Sets and Save as…. Give them a good name, for example SpotOption classic. You can load a custom set below the Save as menu item.
MetaTrader come with many indicators
How mentioned previous MetaTrader come with a lot indicators out of the box. Additional you can download indicators created by other ones – or create your own one.
MetaTrader 4 comes with these indicators:
- Accelerator Oscillator
- Average Directional Movement Index
- Average True Range
- Awesome Oscillator
- Bears Power
- Bollinger Bands
- Bulls Power
- Commodity Channel Index
- Force Index
- Gator Oscillator
- Ichimoku Kinko Hyo
- Market Facilitation Index
- Money Flow Index
- Moving Average
- Moving Average of Oscillators
- On Balance Volume
- Parabolic SAR
- Relative Strength Index
- Relative Vigor Index
- Standard Deviation
- Stochastic Oscillator
- Williams’ Percent Range
MetaTrader 5: MT5 has the same indicators as MT4 (partially in another order) and additional these:
- Adaptive Moving Average
- Average Directional Movement Index Wilder
- Chaikin Oscillator
- Double Exponential Moving Average
- Fractal Adaptive Moving Average
- Triple Exponential Moving Average
- Variable Index Dynamic Average
To add an indicator to your current chart use the Menuitem Insert, Indicators and the indicator of your choice. To remove an or more indicator click with the right mouse button at them and select Delete Indicator. With the Indicator List (Charts, Indicator List or the Hotkey Ctrl + I) is it easy to remove more indicators fast.
MetaTrader is a must-have for each trader. It’s free and safe:
If you know a strategy you want an indicator for, write a comment below or send a message via the contact form and describe exactly what the indicator should do. Exactly means to use not phrases like “if a SMA is in the near of an EMA”, but “if a SMA is between 5 pips above and 5 pips below an EMA”. The indicator gets implement, if there is a plenty of time (and if it is not too complex).
A great feature of MetaTrader is the webtrading. Other than some webtrading solution it is only HTML5-based. That means you do not need any third-person software like Adobe Flash or Microsoft Silverlight. Each actual browser can execute the webtrader. The webtrading account is not compatible to the local ADSS-Demo-account, you need to create a new exclusively free account. The webtrader implementation differ between MT4 and MT5, accounts are binded to the selected version. If you want use the other one, you have to create an account for the other version too.
The user interface of the webtrader is similar to the download-build, but some functions (for example saving sets and templates) was removed. It contains the major functions and all indicators and tools you need to professional analyze charts.