MetaTrader 4 is an excellent analytical tool that can be used for free even by CFDs traders. It shows you much better price graphs than those available in the website broker platforms. Additionally, you can extend them with a wide range of technical indicators that will help you with deciding about your next trade.
How can MetaTrader help you?
It serves as a great analytical tool which you can run at the same time simultaneously with the CFDs broker website. A trader can view price graphs, set up various things, zoom in, zoom out, draw lines etc. All this can help you to find interesting situations for entering trades. As soon as a trader finds an interesting trade opportunity in MetaTrader, he switches to the broker website platform and enters a trade with a CFD.
Some people are confused by the fact that MetaTrader is originally a forex and CFD broker platform and not CFDs brokers platform - that means we cannot place CFD trades in MetaTrader. However, that does not prevent us from using MetaTrader as an analytical software.
How to download MetaTrader for free?
To get free and real-time data and view the graphs, you need to use a demo account of some forex broker that supports the MetaTrader 4 platform. Demo accounts with MetaTrader 4 for free are offered by e.g. XM.com, Liteforex, FxPro and many others.
However remember that if you want to trade CFDs, you cannot do that via MetaTrader; you are only using MetaTrader to get access to better graphs. For the actual trades you must have a separate account registered at a CFD broker. Most CFD brokers usually offer just a simplified platform with the basic graph and the Call/Put button.
- Graph type: you can choose from three types of graphs - line charts, bar charts and candlestick charts. The largest amount of information can be extracted from the candlestick graph, almost all professional traders use it.
- Insert: under the Insert tab you will find Indicators. In the indicators section, you can insert various technical indicators that can help you during price graph analysis. A favorite indicator of many traders are the Bollinger bands (in the Trend category).
- Symbols: here you can see a list of symbols, i.e. underlying assets. Each symbol in this list can be drag-and-dropped into the graph. Here you may find currency pairs such as EUR/USD or stock (such as AMAZON). The number of assets depends on the offer of the specific broker. To add or remove symbols, right click with your mouse and choose Symbols. What do the Supply and Demand prices mean? These are important for spread trading if you were opening long or short positions via MetaTrader. However, that is not something you can do with CFDs so you do not have to care about the Supply and Demand prices. However, it always depends on the forex broker you use and on thw website platform of the CFD broker.
- Graph windows: here are the price graphs. You can either have small graphs on top of each other, or - as shown on the picture - next to each other. You can also change the complete layout to one large graph by the button in the top right corner.
- View: this section contains important view settings thanks to which you can customize MetaTrader according to your needs. There's no need for a detailed walkthrough, you can play with the settings yourself. For example, in the Languages subsection you will find other languages besides English.
- Graph period: here you can change the top graph period. For example a "M15" period means that one point on the price graph (one candle) corresponds with the price in a 15-minute period. H means hours and D means days.
Why to use MetaTrader for CFD?
If you decide to trade CFD, MetaTrader 4 can serve you as an analytical tool that displays regular price graphs. Graphs in CFD platforms can be sometimes considered too simple. MetaTrader is available for free and to get live graphs, you only need to open a no-obligation demo account with a forex broker. You do not need to trade forex to get access to MetaTrader.Make money in three easy steps!
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