Compare TradingView vs MT4? Which platform should I use for trading?

ReviewsJanuary 24, 2022

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MT4 (MetaTrader4) is the most popular forex trading software today. However, professional traders are no strangers to TradingView software. So what are the advantages and disadvantages of TradingView vs MT4? Which platform caters better to traders. The following article explores and answers the above questions.

Advantages and disadvantages of MT4

Advantages and disadvantages of MT4 vs Tradingview

MT4 is popular software as it has several advantages that any trader can identify, which are:

  • MT4 allows traders to place orders directly in the market, making trading quick and convenient.
  • MetaTrader 4 is one of the simplest and oldest trading software, so it is quite familiar and easy to use for everyone.
  • MT4 is a trading software that first appeared in 2005 and is constantly being updated and corrected. Therefore, MT4 has very good performance compared to similar software.

Despite having many advantages, traders also cannot deny that MT4 still has some disadvantages such as:

  • MT4 currently only has about 40 basic indicators. But for professionals, the indicators available on MT4 are not enough to meet their analysis needs.
  • MT4 is usually tied to a particular broker. As a result, MT4 usually limits the trading codes available to that broker only. Therefore, it is not always possible to track the chart of any asset when using MT4.
  • MT4 usually has only 9 timeframes available, especially the small timeframes. This can be a limitation for many traders, especially those who want to study time frames of seconds or months, years… different.

Pros and cons of TradingView

Pros and cons of TradingView vs MT4

TradingView is a favorite among professional traders. There are some advantages of TradingView as follows:

  • TradingView has a community feature that makes it easy for global traders to connect, share and learn from each other’s trading ideas and experiences.
  • TradingView users can use this software without registering for an account. Registering an account makes it more convenient for users to use and can upgrade their account to use more advanced features.
  • TradingView is an independent platform, allowing users to access all information about prices and news of any asset present in the financial market. Itmakes TradingView a familiar address for any trader who wants to learn about any product.

Like MT4, TradingView also has certain disadvantages as follows:

  • TradingView is an independent platform, so there is no direct access to the market. When you want to trade on TradingView, users must connect a TradingView account with a certain MT4 account.
  • Having too many features prevents many people from accessing the full features of TradingView. In addition, TradingView has only enough features for premium accounts.

* See more: The complete guide TradingView from a to z

Compare charts of TradingView and MT4

Charts are the most prominent feature of TradingView and MT4. However, MT4’s charting only provides about 40 fundamental indicators available, and the indicators lose money or have to be created by yourself. Meanwhile, TradingView offers more than 100 indicators, including those shared from the TradingView community and found only on TradingView.

In addition, the TradingView charting interface has a more modern feel and is easier to use. Tools and indicators on TradingView are also more precise and more stable to use than on MT4.

Interface of TradingView compared to MT4

MT4 is loved because it’s familiar and hasn’t changed for decades. Many years ago, MT4 only patched and did not upgrade to adapt to today’s new technology devices such as Macbooks or new computers. Meanwhile, TradingView is a modern platform, easy to use, and compatible with all the latest operating systems today.

Multi-timeframe analysis on TradingView vs MT4

MetaTrader4 only allows users to switch different charts. For each Chart, users have to set up a different time frame, making the operations inconvenient. With TradingvView, users can view multiple charts simultaneously and set each asset a different time frame or switch assets, but the charts keep the same timeframe. It helps traders save a lot of time when using TradingView.

In addition, TradingView is famous as a software that provides many small time frames from 1 second to large time frames of many years. This feature supports all types of traders.

Access to various financial markets

MT4 mainly caters to the forex market and only allows access to the assets the broker offers. Meanwhile, TradingView is the complete place to provide all information about prices, volumes, news… of all different markets such as Futures, commodities, indices, stocks, cryptocurrencies. TradingView is an indispensable tool for professional traders and often cross-market analysis.

Trading community

If talking about the most active and popular trading community today, everyone will vote for TradingView. The trading social network feature on TradingView is highly functional, with thousands of trading ideas and comments every day. If a new trader is looking to learn from experience and read market analysis from experts, TradingView cannot be missed.

Conclusion: Comparison of TradingView vs MT4

Both the TradingView and MT4 platforms are pretty familiar to today’s traders. If the user already has a favorite broker, opening an MT4 account and trading on the forum is relatively quick and convenient. TradingView is an independent platform, so users can use this software without opening any accounts and still monitor and analyze the market. Although TradingView has more advantages than MT4. However, MT4 is more popular with users because it is directly connected to a particular broker. Users can install both software quite quickly and easily. But professional traders increasingly love the modernity and flexibility of TradingView.

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