Mt4 chart
MTData feed, MCX Data feed Mobile data feed

by Arpita Mahato 

on May 3, 2020

There are many types of Technical analysis software are Found in the trading in financial instruments, like equity spot and future, commodity and forex. These software’s come with pre-loaded technical analysis and coding features that allows traders to create their own trading system, also plan of action (Trade). Build in indicators, also help traders, where to open trade, stop loss also target point. Some of the popular charting platform include the Metatrader software (MT4 and MT5), Amibroker and Ninjatrader. All of these offer a reasonable good amount of charting tools which are simple to use, also user friendly, but choice between, be a hard task, its will depend on an individual trader’s preference and the instrument a trader wishes to trade in.

Charting Software and Their Features

What is Amibroker ?

Amibroker is a leading charting platform which is built for traders using technical analysis This software allows traders to create detailed graphs of the stock price and volume, and then carry out an analysis of the same. It uses Amibroker Formula Language or AFL use to create trading strategies, indicators on the platform. Though AFL is mainly used to historical data analysis, now a days many traders used for algorithmic trading too.

AMIBROKER data feed for NSE, MCX

Amibroker is ideal for Charting platform for those who performing custom researches. The main features of this software are:

  1. It is Flexible and navigable user interface that can be arranged according to the individual Trader’s preference.
  2. Charts are present in beautiful styles and comes with an option of easy updating of data.
  3. Amibroker database stores its historical data and builds up charts accordingly. It also allows traders to back test their strategies using historical data.
  4. The software uses multiple timeframes, including yearly, quarterly, monthly, weekly and daily charts, Intraday charts, N-minute charts, N-second charts, N-tick charts, N-range bars, N-volume bars, etc.
  5. It comes with drawing tools, drag and drop tools and timeframes, as well as built-in indicators.
  6. Trader can create their own trading strategies and write their own technical analysis formula.
  7. Multiple windows, panes, scales, intervals are possible at the same time, and can be scrolled/zoomed super-fast, thanks to multithreaded execution and rendering features.
  8. It can automate a trader’s routine via its integrated batch processor.

What is Metatrader(MT4 o MT5)?

Metatrader 4 and metatrader 5 platform is primarily used for automated trading and most popular trading terminal deals in currencies. More than 90% of forex traders around the world uses MT4 or mt5 uses this charting software for their direct live data server connectivity and easy to use interface.

MT4 and MT5 uses MQL Language (similar to C/C++ programming languages) and is available in two versions, MQL4 and MQL5.

Its developed by MetaQuotes Software. This software comprises two components, a server component and a client component.

What are the features of MT4 ?

MT4 Data feed, NSE data feed, Mobile Data feed,

Some important features of this software are:

  1. MT4’s scripting language helps traders to create Expert Advisors, Custom Indicators and Scripts that are highly useful for automated trading and implementation of trading strategies.
  2. The built-in tick chart feature provides an accurate method for determining entry and exit points.
  3. It supports nine different timeframes, allowing traders to see price dynamics on chart.
  4. Metatrader platform comes with about  30 in-built indicators, and 24 graphic objects for the most comprehensive analysis.
  5. MT4 allows users to change the colours and styles of charts,
  6. We can setting up templates according to traders personal preferences.
  7. Designed to support all currency crosses, commodities, futures and equities, this software is highly secure.
  8. We can use MT4 from mobile APP in both android and iOS also.

As per excellent features of these two-charting platforms, it may hard take decision which one the best.

Though Amibroker has multiple database support, but ‘data directly from the server is not possible and this often leads to delays in getting the data. This is not good for professional and regular traders.

To avoid this situation, many traders use an MT4 to stream real-time data. As Metatrader directly server driven data, chances of delays less. Also in case MT4 community far more active than amibroker this often get various indicators free of cost also if any problem arise they can get support from forum.  Also client version of MT4 free.

Now its depends on traders , if anybody uses Amibroker, they used to, and understood Amibroker, but if new and need speed may go for MT4.

But the bottom line is that the choice for the best charting software will depend on a trader’s individual trading style and needs.

Disclaimer If you liked this educational article please consult our Risk Disclosure Notice before starting to trade. Trading leveraged products involves a high level of risk. You may lose more than your invested capital.

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