Product Review: FXCM MetaTrader 4 by Donald W. Pendergast, Jr.
FXCM MetaTrader 4 (MT4) is an interesting software offering for traders who focus their trading activities on major forex pairs, and it is especially well-suited to those traders who need a nimble, feature-filled trading, charting, and system development platform that is directly integrated into their trading account. Here’s a brief look at its major features.
FXCM’s version of MT4 provides an active FX trader with all of the basic functionality required to make fast, efficient discretionary trading a reality. At the top left corner of the default trading screen is the market watch window that provides real-time bid-ask prices on virtually every FX pair (56 of them), major and minor. Need to see how Australian dollar versus US dollar (AUD/USD) pair is doing today, or maybe even the Turkish lira versus Japanese yen (TRY/JPY)? It’s all here. If you want to place a new order or bring up a new chart of any of these pairs, just right-click on the pair’s symbol and it’s done.
Quotes are extended out to five decimal places, depending on the pair under examination, and the price trend is highlighted by either a green or red arrow. The window is a drag-and-drop affair, making it simple to expand or contract it to the size you desire (see Figure 1).
Charting and indicators
Charting functions are well organized and easy to use; the default window will display four separate charts of the pairs you wish to analyze, in the time frame of your choice, ranging from one minute to monthly charts. The actual available time intervals are one-minute, five-minute, 15-minute, 30-minute, hourly, four-hour, daily, weekly, and monthly. It’s a snap to switch between time frames using the tabs on the toolbar. Applying technical indicators is done by clicking “Insert” on the toolbar, then “Indicators.” I chose to use a parabolic SAR overlay on each of the four USD/Canadian dollar (CAD) charts I set up as my default screen, putting the indicator on the five-minute, 30-minute, four-hour, and daily charts for the pair to get a sense of trend harmonization (Figure 2).