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In this TradingView vs MetaTrader guide, we are going to overview all the differences and similarities between these two platforms. So, follow our guide and see how you can use MT4 and TradingView for the best outcomes.
Comparing MT4 vs TradingView is like comparing apples to oranges. Why? Because MT4 is a trading platform where you can analyze the market and conduct your trades while TradingView is more like a social charting platform.
So, just like apples and oranges, MT4 and TradingView are both fruits, but not quite the same kind of fruit.
While discussing the differences between these two trading platforms, it is very important to first know a little bit about their background. Let’s start with MetaTrader 4. Simply known as MT4, this trading platform is well-established as one of the best pieces of software for Forex trading and is used by traders around the world.
Then there is TradingView, which is also a very popular platform used by traders globally. But, it is a bit different from MetaTrader 4. The biggest difference between TradingView and MT4 is that MT4 offers traders both trading and analytical opportunities, while TradingView was created specifically for market analysis. Another very important difference between these two is that TradingView is a purely web-based charting tool, which can be used directly in your web browser. While MT4 has a web-based interface, it is mainly used through downloaded standalone applications that run on your phone or computer.
You can’t directly trade using TradingView, it simply offers you the ability to analyze the market to the last detail, which can be very important for Forex traders. By using TradingView, you should be able to make decisions about your positions a lot better.
"[!tradingview!] is a 10 year overnight success story. We have basically been building something for a long time" - Pierce Crosby
Still, choosing between these two platforms for your market analyses might not be the easiest thing to do. Below, we are going to discuss the main differences between MetaTrader and TradingView and try to help you decide which you should be using.
As we have already mentioned above, both MetaTrader 4 and TradingView are very well-developed trading platforms known for offering high-quality analytic services. But, because they are both so good, many people find it a bit hard to decide which one to use. In addition to MT4, there is also another platform created by MetaQuotes, called MT5.
Although very similar, it offers some additional features. But, when comparing TradingView and MT5, the differences between these two are very similar to the differences between MT4 and TradingView.
To better understand which platform is a better fit for your personal trading needs, the best thing to do is to first understand what you are looking for in the Forex trading market. After this, you should focus on the individual pros and cons of MetaTrader 4 and TradingView, and see which one of them fits your trading needs the best.
So, let’s say that you are a Forex trader who does not want to spend a lot of time analyzing the market and going through different platforms to open and close positions. If you are one of those people then it is easy to say that you should use MetaTrader 4, because it is a platform that offers you the opportunity to do everything in one place.
On the other hand, you might be someone who likes to know everything about the current market conditions before making any moves or decisions. If you are one of those traders then you are more likely to prefer TradingView for market analysis, and apply the finding that you have made to the positions that you open using a trading platform such as MetaTrader 4 or any of the others.
If this sounds like it is closer to your style, then you should learn how to connect TradingView to MT4, and you will be able to apply the findings made in TradingView to the positions you open in MT4.
By understanding what your personal needs are in the market, you should be able to make a final decision in a much easier and more efficient way.
MetaTrader 4 and TradingView are similar yet completely different trading and charting solutions. The main difference between these two is the aim that they have:
Although there have been some efforts to transform TradingView into a trading platform, it is still mainly used by traders to only analyze the market. Many people decide to link TradingView to MT4 for the best outcome in the trading market. This way, they are able to use the best aspects of both platforms and make sure that they have enough analytical resources as well as trading opportunities.
When you are using MT4 and TradingView at the same time, you will first be conducting market analysis on TradingView. After this, you will gather all the information that you could find, make a decision on your position, open MT4, and start trading.
MetaTrader 4 offers traders numerous trading indicators, such as moving averages, MACD, and Bollinger Bands, that will help you analyze the market. The trading platform features a very classic design and offers enough features to fit the trading style of all different kinds of traders in the market.
As for the performance, MetaTrader 4 shines in this regard, by offering traders speedy execution. Let’s discuss all of the characteristics below and talk about how important they can be for traders to succeed.
When it comes to discussing MT4 vs TradingView differences, it is very important to talk about indicators. In the Forex trading market, technical analysis is one of the most important things that you have to focus on.
Forex traders are using different types of analytical tools to make trading easier. Some of the most popular tools are technical indicators. You can use technical indicators by applying them directly to the chart of your choice.
When you download MetaTrader 4, it comes with about 40 pre-installed trading indicators ready to go. Although it might sound like a lot, it is not actually that much. In fact, considering how many trading indicators you would be able to use with TradingView, 40 is quite low.
But, keep in mind that there are numerous MT4 indicators available online that you can download and install on your trading platform. All in all, there is a good list of Forex trading indicators that can be used by traders with MetaTrader 4. However, not as much as on TradingView.
One of the things that makes MetaTrader 4 a very popular trading platform is its design and looks. Known for its simplistic interface, MetaTrader 4 can be a great choice for traders of all skill levels.
For example, let’s say that you want to change the details on your chart. All you have to do is to right-click on the chart and choose the preferences that fit you best. You can even customize the charts according to your personal needs by changing the colors of the chart.
When we say that MetaTrader 4 is an innovative trading platform, we mean it. One of the best things that make MT4 such a unique platform is its high-quality performance. This trading platform is known for offering traders very high-speed execution, which makes Forex trading a lot more enjoyable.
Although MetaTrader 4 was released all the way back in 2005, it still receives updates and continues to deliver amazing performance. The company behind MetaTrader, called MetaQuotes, dedicated a lot of time and effort to perfecting the platform and making it meet industry standards throughout recent years. With numerous fixes and updates, the trading platform is very smooth and bug-free.
Known as one of the best low-cost charting tools on the market, TradingView comes with numerous great characteristics. The main thing that differentiates TradingView from MetaTrader 4 is that TradingView also acts as a social media platform, which can be very helpful for traders to connect with others.
We have already discussed the important factors making MetaTrader 4 a unique platform, now, let’s discuss what makes TradingView such a popular charting solution for traders. Among the things that make TradingView a popular choice is the fact that it comes with numerous analytical features. You can use Candlestick, Heikin Ashi, Lines, Bars, and many other charts on TradingView.
There are many aspects that make TradingView a great trading software, but the most important part of it is the market analysis offerings that it has. By using TradingView, you get the opportunity to analyze the market in a much easier and more efficient manner.
There are over 100 trading indicators available at TradingView, and they come in different price options. You can even use some services of the trading platform without paying anything, as it offers a free version that includes charting and market analysis.
There are more than 50 smart drawing tools available on TradingView, and you get the opportunity to open up to 8 charts per tab, which means that you can analyze 8 different assets at the same time. You can also use up to 25 indicators per chart, which gives you the ability to analyze the market at a very deep level. Even when you compare MetaTrader 5 vs TradingView, you can still notice that there are much more analytical solutions available with the latter.
The single best thing about TradingView is that it is much more than just a charting platform. TradingView acts very much like a social media platform for Forex traders, offering them the opportunity to connect with other traders, exchange ideas, talk about the general trends in the market, and be connected with the market in general.
By connecting with other traders, TradingView offers you the opportunity to understand what other traders are focusing on and what decisions they are making while trading Forex. You can also ask questions, talk to experienced traders, and see their insight about the ongoing events in the market.
If you want to use TradingView for connecting with other traders and market analysis, you can connect TradingView to MT4. This helps you do all the background work on TradingView, while opening and closing positions on MT4. By connecting these two, you can even save some time switching between the platforms.
When it comes to understanding the main differences between these two Forex trading programs, it is very important to know what their major pros and cons are. This way, you will be able to make a more well-informed decision.
Below, we will discuss the major pros and cons associated with both MetaTrader 4 and TradingView. So, keep reading to learn what the main advantages of TradingView and MT4 are.
Being around for so long, MT4 is a very reputable platform. There are many advantages and disadvantages that this trading platform holds, and understanding them can be quite useful and helpful for traders.
Pro - Good for trading as well as market analysis. MT4 comes with lines, bars, and candlestick charts built-in. You can add other chart types manually as well, such as the Heikin Ashi chart, for example.
Pro - Simplistic design. The way MetaTrader 4 is set up makes it very easy to navigate and use even for beginner traders.
Con - Limited number of assets. MetaTrader 4 was created specifically for Forex trading. Because of this, you won’t be able to trade or analyze other assets, such as stocks, indices, or cryptocurrencies, with this platform.
Con - Lack of technical indicators. While there are about 40 built-in indicators available on MetaTrader 4, compared to TradingView, it is not that much.
The main advantage of TradingView includes the indicators that it comes with. To be exact, there are over 100 built-in indicators on TradingView.
Pro - Connects traders to one another. TradingView can be used as a social media platform by traders. Thanks to this, you can easily get connected with other traders in the market, exchange ideas, and always feel connected to the Forex trading market in general.
Con - Inability to trade. As much as you might like the analytical offerings of TradingView, it does not have any features for actual trading purposes.
Yes, you can link your MetaTrader 4 account with TradingView. You can log in using your MT4 as well as MT5 accounts on TradingView. However, currently, trading is not allowed with these accounts on TradingView.
A MetaTrader 4 - TradingView combination is very popular in the market and these two trading platforms are used together to analyze the market and trade currency pairs using the highest standards in the market. This is quite important in the Forex trading market, as correct analyses can have a huge influence on the final outcome of your positions.
Yes, MT4 is believed to be a better platform for trading, simply because TradingView can’t be used for trading purposes. When it comes to market analysis, answering this question can get a bit hard.
While there are only about 40 built-in indicators available at MT4, there are over 100 on TradingView, which can make it a better platform for market analysis. For the best outcome, some traders use the TradingView - MT4 bridge to connect the two. This means that they are analyzing the market on TradingView and using the findings to open and close positions on MetaTrader 4. This is actually a very popular practice in Forex.
TradingView has three subscription options:
You can also use the free version for general charting, to see how the prices are changing in the market.
With Pro, you will be able to use 5 indicators per chart, and open 2 charts in one window, it is ad-free and comes with multi-monitor support. Pro+ gives you even more opportunities, such as 10 indicators per chart, and 4 charts in one layout. With the Premium subscription, you can get 25 indicators per chart and 8 charts in one layout. On the other hand, there are many other platforms that are completely free. When compared to other platforms, for example, Trading View vs MT4, the fact that MT4 can be used free of charge is a clear advantage of this platform.
Yes, TradingView is a trustworthy charting solution used by millions of people around the world. TradingView is known as one of the best charting programs that traders can use for market analysis. It is also a place where traders can connect with others and learn more about the market.
Compared to other platforms, TradingView has much more to offer when it comes to market analysis. For example, while comparing TradingView vs MetaTrader 5, although they are both very good, TradingView is still better at market analysis.
Yes. In fact, MetaTrader 4 is not only a good trading platform, but it is also one of the most popular trading platforms around the world. There are numerous Forex brokers that offer traders access to MT4, which makes it a very popular platform among traders.
Even when MT4 traders are using other platforms for market analysis, they are trying to make the platform they are using similar to MT4. This is why there are so many people looking for ways to add an EX4 file to TradingView.
MT4 was released in 2005, and it forever changed the way people view the Forex trading market.