Are you looking for a reliable and feature-rich platform for trading and charting financial markets? If so, you might be wondering whether MetaTrader 4 (MT4) or TradingView is the best choice for your needs. In this article, we shall cover MT4 vs Tradingview and MT5 vs Tradingview.
Both platforms offer a range of features and tools for traders, but they have some key differences that may make one more suitable for you than the other.
MT4 Overview
MT4 is a standalone software platform developed by MetaQuotes Software Corporation for online trading in the forex, CFD, and futures markets. It is a popular choice among traders and brokers due to its user-friendly interface, a wide range of indicators and tools, and ability to automate trades with Expert Advisors (EAs). MT4 also offers a range of customization options, including the ability to write your own scripts and indicators using the built-in MQL4 programming language. Their official website is mql5.com
TradingView Overview
TradingView, on the other hand, is a web-based platform that offers charting and trading tools for a wide range of financial markets, including stocks, futures, and cryptocurrencies. It is known for its interactive and visually appealing charts, which can be customized with a range of technical indicators and overlays. TradingView also offers a range of social features, including the ability to share and discuss charts and ideas with other traders in its online community.
Type of platform
One key difference between MT4 and TradingView is the type of platform. MT4 is a standalone software platform that requires installation on a specific device, while TradingView is a web-based platform that can be accessed from any device with an internet connection. This means that TradingView is more convenient and easier to access, but it may also be slower and less stable than MT4.
Range of markets
Another key difference is the range of markets and instruments available on each platform. MT4 is primarily focused on forex and CFD trading, while TradingView offers a wider range of markets and instruments, including stocks, futures, and cryptocurrencies. This means that TradingView may be a better choice for traders who want to diversify their portfolios or trade a wider range of instruments.
Automation & customization
In terms of automation and customization, MT4 offers more advanced options, including the ability to write your own EAs and scripts using the MQL4 programming language. TradingView, on the other hand, offers a range of pre-built technical indicators and overlays but does not offer the same level of customization as MT4.
Summary
| Feature | TradingView | MetaTrader 4 |
|---|---|---|
| Platform type | Web-based | Standalone software |
| Accessibility | Any device with an internet connection | Requires installation on a specific device |
| Markets and instruments | Stocks, futures, cryptocurrencies, and more | Forex, CFDs, and futures |
| Customization options | Pre-built technical indicators and overlays | Ability to write custom indicators and Expert Advisors (EAs) using the MQL4 programming language |
| Social features | Online community for sharing and discussing charts and ideas | No built-in social features |
| Speed and stability | May be slower and less stable than MT4 | Generally faster and more stable than web-based platforms |
| Programming Language | Uses Pine script as a programming language | Uses MQL4 as a programming language |
| Programming power | We can write only scripts, It does not support auto-trading bots. | We can program more powerful bots using any strategy. Programming language has no restrictions. |
Conclusion
Overall, both MT4 and TradingView are powerful platforms with a wide range of features and tools for traders. The best choice for you will depend on your specific needs and preferences, such as the markets and instruments you want to trade, the level of customization and automation you require, and whether you prefer a standalone software platform or a web-based platform.
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