5 Best Advanced Tools and Charts for MetaTrader 4

Since its inception, MetaTrader 4 (MT4) has been the go-to platform for forex traders globally. While its user-friendly nature and basic tools are known and appreciated by many, MT4 also houses a range of advanced features that seasoned traders swear by.

Whether you’re looking to delve deeper into technical analysis or automate specific trading strategies, metatrader 4 has something up its sleeve for everyone. In this post, we’ll explore five of the best-advanced tools and charts available on MetaTrader 4.

1. Expert Advisors (EAs)

Expert Advisors (EAs) are automated trading strategies coded specifically for MT4. They allow traders to establish set rules for trade entries and exits. Once the criteria are set, the EA will execute trades automatically without any manual intervention.


Hands-free Trading: Eliminate emotion from your trading decisions by letting the EA handle operations based on predetermined parameters.
Backtesting Capabilities: Test the viability of your strategy by running it against historical market data.
Customization: Whether you code your own EA or procure one, it can be tweaked and refined to fit your trading approach perfectly.

2. Fibonacci Tools

Derived from the famous Fibonacci sequence, these tools help traders identify potential support and resistance levels. MT4 offers a suite of Fibonacci tools, including retracements, extensions, and arcs.


Predict Potential Reversals: Identify levels where the market might experience reversals.
Diverse Application: Use in various timeframes and trading strategies, from scalping to long-term trades.
Enhanced Technical Analysis: When used alongside other indicators, Fibonacci tools can significantly boost the accuracy of your predictions.

3. Custom Indicators

Beyond the standard set of indicators, MT4 allows traders to implement custom indicators tailored to their unique trading strategies. These can be coded using the MQL4 programming language or imported from trusted sources.


Personalized Analysis: Modify or create indicators that align perfectly with your trading goals.
Broaden Analysis Horizon: With countless custom indicators available online, you can experiment and find the ones that suit your style.
Seamless Integration: Custom indicators can be smoothly integrated into the MT4 platform, ensuring a cohesive trading experience.

4. Multi-Timeframe Charts

While MT4 inherently provides nine timeframes, from one minute to one month, advanced traders often need to analyze multiple timeframes simultaneously to get a holistic market view. This is made possible with the help of third-party software and plugins.


Enhanced Market View: Gauge market movements from different angles, refining your entry and exit points.
Versatility: Cater to various trading styles, whether you’re a day trader looking at hourly changes or a swing trader analyzing weekly patterns.
Comparative Analysis: Quickly compare how a currency pair is performing across different timeframes to make informed decisions.

5. Order Flow Tools

Order flow tools, though not native to MT4, can be integrated to provide traders with a deeper insight into market operations. These tools give a glimpse into the buy and sell orders in the market, offering a more granular view of market dynamics.


Depth of Market Analysis: Understand the demand and supply at different price levels.
Predict Potential Breakouts: Recognize areas where large orders are placed, which might push the market in a particular direction.
Enhanced Decision-Making: With a clearer view of the market’s inner workings, traders can make more informed decisions about their trades.

Bottom Line

MetaTrader 4, with its array of advanced tools and charts, is more than just a platform for the beginner. It’s a comprehensive trading hub, catering to the nuanced needs of seasoned traders.

By familiarizing yourself with these advanced features, you can harness the full potential of MT4, ensuring that your trading strategies are not only informed but also innovative. In the world of forex trading, every edge counts, and MT4 is teeming with tools to provide just that.

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