MetaTrader 4 (MT4) vs Tradingview

1. Key Features of MT4 and Tradingview

Tradingview and MT4 are feature-rich trading platforms, but Tradingview is more advanced. Below is a complete comparison of features provided by both platforms.

1.1. Charting Tools

Charting tools are essential for any trader who wants to perform technical analysis and identify trading opportunities. Both MT4 and Tradingview offer a variety of charting options and technical indicators that can help you analyze the price movements and trends of different assets.

MT4:

MT4 has over 30 built-in technical indicators, such as moving averages, Bollinger bands, MACD, and RSI. You can also download and install custom indicators from the MQL4 community or create your own using the MQL4 programming language. The platform also allows you to customize your charts with different timeframes, colors, styles, and templates. Moreover, you can use various drawing tools, such as trend lines, channels, Fibonacci retracements, and more, to annotate your charts.

Tradingview:

Tradingview has over 100 built-in technical indicators, such as Ichimoku clouds, Keltner channels, or pivot points. You can also access thousands of custom indicators from the Tradingview community or create your own using the Pine Script scripting language.

One of the unique features of Tradingview is that it supports tick charts, which show every price change of an asset, regardless of the time interval. Tick charts can help you spot market volatility, liquidity, and momentum more accurately than time-based charts.

Another unique feature of Tradingview is that it allows you to write and execute scripts using the Pine Script language, which can help you automate your trading strategies, create custom indicators, and backtest your ideas.

1.2. Trading Functionality

Trading functionality refers to the ability to execute trades, manage orders, and test your trading strategies on the platform. Both MT4 and Tradingview offer a range of trading features and functionalities that can help you trade more efficiently and effectively.

MT4:

MT4 supports four types of orders: market, limit, stop, and stop limit. You can also use trailing stops provided by third-party EAs, which automatically adjust the stop loss level according to the price movement, to lock in your profits. The platform also has a fast and reliable execution speed, which is crucial for minimizing slippage and ensuring optimal entry and exit points. MT4 also has a powerful backtesting and optimization tool, which allows you to test your trading strategies on historical data and fine-tune your parameters to improve your performance.

Tradingview:

Tradingview is formally a charting and technical analysis tool. There are only a few brokers that provide integration with Tradingview to put trades from it. Tradingview supports three types of orders: market, limit, stop, OCO, and complex conditional orders. You can also use trailing stops, which automatically adjust the stop loss level according to the price movement, to lock in your profits. The platform also comes with a fast execution speed, which is crucial for minimizing slippage and ensuring optimal entry and exit points.

One of the unique features of MT4 is that it supports automated trading with Expert Advisors (EAs), which are programs that can execute trades based on predefined rules and conditions. You can create your own EAs using the MQL4 language or download and install EAs from the MQL4 community. EAs can help you trade 24/7, eliminate human errors, and diversify your trading portfolio. Another unique feature of MT4 is that it has a built-in market where you can buy and sell EAs, indicators, scripts, and other trading tools.

1.3. Markets and Assets

Markets and assets refer to the range and diversity of financial instruments that you can trade on the platform. Both MT4 and Tradingview offer access to a variety of markets and assets, such as forex, stocks, commodities, indices, cryptocurrencies, and more. However, there are some differences in the availability and compatibility of these markets and assets on each platform.

MT4:

MT4 is primarily designed for forex trading, which is the largest and most liquid market in the world. Depending on the broker, it supports over 50 currency pairs, including majors, minors, and exotics. You can also trade other assets, such as CFDs, metals, energies, and futures, on MT4, depending on your broker’s offerings and regulations. However, MT4 does not support trading stocks, options, or cryptocurrencies directly. You can only trade these assets through synthetic instruments, such as CFDs, which may have higher fees, spreads, and risks.

Tradingview:

Tradingview is a multi-asset platform that supports trading a wide range of markets and assets, including forex, stocks, commodities, indices, cryptocurrencies, options, futures, and more. Tradingview has over 1000 symbols across 135 exchanges, covering both global and local markets. You can trade these assets directly on Tradingview without the need for synthetic instruments as long as you have a compatible broker account. Tradingview also provides market depth and volume profile data, which can help you gauge the supply and demand of different assets.

1.4. Social and Community Features

Social and community features refer to the presence and quality of social trading functionalities, educational resources, expert insights, and community support on the platform. Both MT4 and Tradingview offer a range of social and community features that can help you learn from other traders, share your ideas, and get feedback and guidance.

MT4:

MT4 has a built-in news feed, which provides you with the latest market news and analysis from various sources. You can also access the MQL4 community, which is a large and active online community of traders and developers who use the MT4 platform. You can interact with other members, ask questions, share tips, download and install EAs, indicators, scripts, and other trading tools, and participate in contests and competitions.

Tradingview:

Tradingview has a built-in social network, which allows you to share your trading ideas, charts, and analysis with other traders and investors. You can also follow other users, comment on their ideas, and receive notifications and alerts. Tradingview also has a built-in education section, which provides you with various tutorials, videos, webinars, and courses on trading and technical analysis. You can also access the Tradingview blog, which features articles, interviews, and insights from experts and influencers in the trading industry.

1.5. User Experience and Interface

User experience and interface refer to the design and navigation of the platform, the learning curve and suitability for beginners, and the mobile trading features and offline accessibility. Both MT4 and Tradingview offer a user-friendly and intuitive interface that can help you trade with ease and convenience.

MT4:

MT4 has a simple and classic design, with a menu bar, a toolbar, a market watch, a navigator, a terminal, and a chart window. You can easily access and customize the various features and functions of the platform, such as indicators, EAs, orders, history, etc. MT4 has a moderate learning curve, which means that it may take some time and practice to master the platform, especially if you want to use the advanced features, such as scripting, backtesting, and optimization. MT4 is suitable for both beginners and experienced traders, as it offers a balance between simplicity and functionality.

Tradingview:

Tradingview has a modern and sleek design, with a sidebar, a toolbar, a watchlist, a data window, and a chart window. You can easily access and customize the various features and functions of the platform, such as indicators, strategies, alerts, etc. Tradingview has a low learning curve, which means that it is easy to use and learn the platform, even if you are new to trading or technical analysis.

Both MT4 and Tradingview have mobile apps that allow you to trade on the go using your smartphone or tablet. The mobile apps have features and functions similar to the desktop versions but with some limitations and differences. For example, the MT4 mobile app does not support EAs, while the Tradingview mobile app does not support a context menu.

1.6. Pricing and Subscriptions

Pricing and subscriptions refer to the cost and value of using the platform and the features and benefits available in different plans and tiers. Both MT4 and Tradingview offer free and paid plans with different levels of access and functionality.

MT4:

MT4 is a free platform, which means that you can download and use it without paying any fees. However, depending on your trading account type and conditions, you may incur some costs from your broker, such as spreads, commissions, swaps, etc. You may also need to pay for some EAs, indicators, scripts, and other trading tools from the MT4 market if you want to use them.

Tradingview:

Tradingview is a freemium platform, which means that you can use it for free but with some limitations and restrictions. For example, the free plan only allows you to use three indicators per chart: one saved chart layout, one alert, and one device at a time. If you want to unlock more features and benefits, you can upgrade to one of the paid plans: Essential, Plus, and Premium. The paid plans range from $12.95 to $49.95 per month or from $155.40 to $599.40 per year if you pay annually. The paid plans allow you to use more indicators per chart, more saved chart layouts, more alerts, more devices, and more features, such as intraday data, extended trading hours, custom time intervals, priority customer support, etc.

The cost and value of using each platform may vary depending on your trading style, frequency, and preferences. For example, if you are a casual or occasional trader who only trades forex or CFDs and does not need advanced features or tools, you may find MT4 to be more cost-effective and sufficient for your needs. However, if you are a serious or professional trader who trades multiple markets and assets and needs advanced features or tools, you may find Tradingview to be more valuable and suitable for your needs.