MetaQuotes has recently started the beta-tests of the new update for Meta Trader 4 platform. It has provoked plenty of discussions in the Russian forex community. Traders are sharing with their opinions and problems that they have faced after updating the platform. I didn't find a lot of information about the update for English-speaking traders. So I decided to share with you my view on this new MT4 build.
First of all, I have to say that during the beta-tests, you can only update the platform manually. Although, my recommendation is to wait for the official release. However, new Meta Trader 4 build has a few very interesting features that I would like to introduce.
As you probably know, every order takes some time to be executed. Usually it takes only 200-500ms, but during that time, the price level could change, and you would be facing the slippage. It is pretty obvious that the lower the execution time is, the lower the slippage would be.
Previously, for measuring the execution time, forex traders would have to install special plug-ins. After the update, the information about the time spent by the forex broker to process any operation (open/close/modify order) will be printed in the journal.
In general, the execution time is not that important, since what really matters is the slippage itself. The ideal option would be seeing the slippage report that goes with every trade, but it is highly doubtful that any broker will go for this in the closest future. However, the execution time notification will allow us, traders, to make sure that we reduce the chance of slippage by keeping the execution time at the lowest possible level. Now you can easily compare the execution time from different brokers or the execution time on the same broker's sever while using VPS or home computer.
One more new feature that looks very useful to me is the search bar. It is located in the top right corner and allows you to search the required information through the all platform or through the specific categories.
It is very convenient for the experienced traders as well as for the newbies. First of all, it could be used as a shortcut to find the required object through the platform (indicator, account, expert adviser etc.) At the same time, new traders can use it to find some additional forex information, since the search also stretches to the mql4 forum and blog.
There a few more features that have been added to the Meta Trader 4 platform in the last update. First of all, it is an application market section. There you can see the indicators and expert advisers available on Meta Trader 4 application store. Previously this option has been only available in the MT5.
One more thing that has been brought to the new MT4 update from the MT5 is the possibility to connect to any broker through your Account Opening Wizard. All you need to do is clicking on "add new broker" sign in the "Trading Servers" window and type in the name of the required server.
Another interesting feature would be new MQL compiler that is able to support both languages: MQL4 and MQL5. It is worth noticing that instead of working on the compatibility between MQL4 and MQL5, the Meta Quotes developers simply took most of the MQL5 functions and add them to MQL4 along with keeping all the existing MQL4 functions.
Currently, the new Meta Trader 4 update is in the stage of beta-test, and the last build that I've tested still had a few serious bugs. Although, the MetaQuotes promises us to release a new build every day, so there is a good chance that those bugs will be fixed in the short time.
As I mentioned above, you can only update the platform manually during the beta-tests. However, after updating one platform, the built-in updater will start offering you to update all the other platforms every time you will be opening them. I WOULD NOT recommend doing so, since the existing bugs can still cause the major issues. For example, new compiler is to be debugged yet. And without it working properly, you can face the situation when all your expert advisers and custom indicators will stop working.
However, if you want to try new MT4 update, all you need to do is open the demo account on the following server: demo.metaquotes.net:444.
In the conclusion I can say that new Meta Trader 4 update has a big potential, although there are still some work to do in order to make it work properly. So far, you have to be very careful with updating your platform. Don't forget to share this article with your friends to make sure they are aware of the last MetaQuotes news as well. Also your likes and comments are very welcome.