Five Most Useful Tools MT4

Strategy tester

Strategy tester. This tool allows traders to test their trading strategies on historical data. This can be very helpful for traders who want to make sure that their strategies are profitable before they start using them on a live account.

To use the strategy tester, traders must first create a strategy. The strategy can be based on various factors, such as technical indicators, fundamental data, or a combination of these factors.

Once the strategy is created, traders can load it into the strategy tester. The Strategy tester will then use historical data to simulate how the strategy would have performed in the past.

Traders can customize a number of parameters in the strategy tester to tailor it to their needs. These parameters include:

Once the strategy is created, traders can load it into the strategy tester. The Strategy tester will then use historical data to simulate how the strategy would have performed in the past.

Traders can customize a number of parameters in the strategy tester to tailor it to their needs. These parameters include:

• Currency pair;

• Chart type;

• Timeframe;

• Assets;

• Starting balance;

• Stop loss;

• Take profit.

The strategy tester provides traders with a number of results that they can use to evaluate the effectiveness of their strategy. These results include:

• Accuracy;

• Profitability;

• Average profit;

• Average loss;

• Percentage of profitable trades;

• Percentage of losing trades;

• Percentage of profitable trades with stop loss;

• Percentage of profitable trades with take profit.

The Strategy Tester is a valuable tool that can help traders improve their trading results. It allows traders to test their strategies on historical data to see how they would have performed in the past. This can help traders identify which strategies are profitable and which strategies need to be improved.

Best Forex brokers

1

9.4/10

Go to broker

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50, $100 (for UK clients)

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

Study Review

2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

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Indicators

Indicators. MT4 offers a wide range of indicators that can be used to analyze the market and make trading decisions. Some of the most popular indicators include Moving Averages, Bollinger Bands, and MACD.

MetaTrader 4 offers a wide range of indicators that can be used for various purposes. Some of the most popular indicators include:

• Moving averages are indicators that smooth prices to identify trends;

• Bollinger bands are indicators that are used to identify support and resistance areas;

• MACD is an indicator that measures the strength of a trend;

• RSI is an indicator that is used to identify overbought and oversold conditions;

• Stochastik is an indicator that measures market volatility.

Indicators can be used in a variety of ways. Some traders use them to confirm their trading signals, while others use them to generate trading signals on their own.

Indicators can be divided into two main categories:

• Line indicators are indicators that are displayed as a line on a chart;

• Volume indicators are indicators that are displayed as columns or areas on a chart.

Line indicators

Line indicators are the most common type of indicators. They can be used to measure various parameters, such as trend, volatility, support and resistance levels.

Some of the most popular line indicators include:

• Moving averages;

• Bollinger bands;

• MACD;

• RSI;

• Stochastik.

Volume Indicators

Volume indicators are used to measure trading volume. Trading volume can be used to confirm trading signals or to identify potential volatility.

Some of the most popular volume indicators include:

• Volume;

• On Balance Volume;

• Accumulation/Distribution.

Charts

Charts. MT4 offers a variety of charting tools that traders can use to analyze the market. These tools include line charts, candlestick charts, and bar charts. Traders can also add technical indicators to their charts to get a better understanding of the market.

• Line charts are the simplest type of charts. They display prices as lines connecting the opening, closing, high, and low points for a given period of time.

• Digital charts are a variation of line charts that display prices as points.

• Candlestick charts are the most popular type of charts among traders. They display prices as candles, each of which represents one trading period.

• Bar charts are a variation of candlestick charts that display prices as vertical or horizontal bars.

• Volume charts are charts that display trading volume for a given period of time.

Expert advisors and scripts

Expert Advisors (EAs). EAs are computer programs that can automatically trade on behalf of the trader. EAs can be used to implement a variety of trading strategies, such as breakout strategies, trend following strategies, and mean reversion strategies.

Scripts. Scripts are short computer programs that can be used to automate various tasks in MT4. For example, a script can be used to automatically open and close trades, or to calculate risk and reward.

Signal service

Signal Service. MT4 allows traders to subscribe to signal services. Signal services provide traders with trading signals, which are recommendations to buy or sell a particular asset.