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Do you ever use the MT4 platform with EAs? If the answer is no, in this guide you will find why expert advsiors are plays an significant role in the world of MetaTrader 4.
What is MetaTrader 4
MetaTrader 4, or MT4, is the most popular online trading platform for Forex traders. It was released in 2005 and provides millions of users easy access to the financial markets. Although MetaTrader 4 was specially built for Forex trading, this platform can also be used to trade other assets like stocks, indices, and commodities with CFDs.
Both newbies and expert traders appreciate MT4 because it is multi-functional, user-friendly and allows traders to customize the interface to their styles. It also gives advanced trading tools that allow traders to implement their comfortable strategies.
What is MetaTrader 5
MetaTrader 5, or MT5, is a multi-functional trading platform that was launched in 2010. It is faster and more efficient than MT4, but it does not replace the prior platform as it is different and offers more features than MetaTrader 4 does. MetaTrader 5 gives the ability to trade more instruments in almost all the economic markets, including Forex, Stocks, indices, commodities, and cryptocurrencies.
MetaTrader 5 comes with all the essential tools for successful trading. Including advanced technical and fundamental analysis, trading signals, algorithmic and copy trading, as well as trading robots.
Difference Between MT4 and MT5
Below, we mentioned the differences between both platforms.
| Features | MT4 | MT5 |
| Markets | Forex and CFDs | Forex, stocks, futures, bonds, and option markets |
| Technical Indicators | 30 | 38 |
| Timeframes | 9 | 21 |
| Graphical Objects | 31 | 44 |
| Pending orders | 4 | 6 |
| Economic Calendar | Not available | Available |
| Order Policy | Fill or kill | Fill or kill, immediate or cancel, return |
| Email System | Available without attachments | Available with attachments |
| Depth of market | Not available | Available |
| Hedging | Available | Available |
| Netting | Not available | Available |
| Exchange trading | Not available | Available |
| Programming language | MQL4 | MQL5 |
The Role of Expert Advisor in the World of Trading
In the modern world of trading, it is essential to benefit from modern technology, such as expert advisors. The biggest advantage of using EA in automated trading is that they can assist traders in taking benefit of market opportunities that they might not have observed otherwise.
Expert advisors are programmed to monitor the market and identify patterns of trends that may not be immediately distinct to a trader. It means EAs are built to help traders identify potential trading opportunities more quickly and efficiently than they would be capable of doing on their own.
XAUUSD Trading via Expert Advisors
MT4 Expert advisors are also beneficial for commodities trading like gold, silver, copper, and more. In the market, the most stable pair is XAUUSD; XAU denotes gold, and USD denotes the United States dollar. It means the pair XAUUSD is the price of gold against the US dollar.
However, the XAUUSD is the most resistant pair, but the prices fluctuate because of many factors like geopolitical and economic conditions. The market is open 24 hours a day on business days; humans can’t look after it all day. It is the major reason for sudden losses because the market changes in seconds. The EA will provide you it services like 24-hour analyzation depth market research and give you the ability to customize your strategies.
The outstanding expert advisor for XAUUSD trading is PivLex. It comes with all the significant services that are essential for a successful trading experience. It provides almost everything that traders wish they could have.
PivLex for XAUUSD M1 Features
Capability of support and resistance
Pristine execution
Real-time insights
superior risk management
Global market reach
performance tracking
Detailed reporting
Wrap Up
In this guide, we have shared the significance of expert advisors in the world of trading. However without MT4 EA, traders face extreme difficulties in analyzing the market, which costs them sudden huge losses.
