MT4 is one of the most popular platforms among traders and professionals who prefer old-school trading. It is available on both iPhone and Android devices, and in this blog, we’re going to break down everything you need to know about using MT4 for Android.
To enhance your Forex trading experience, using MT4 for Android is a solid option, particularly for traders in both the stock market and forex. MT4 provides a user-friendly interface, comprehensive advanced charting tools, access to real-time market data, and sophisticated automated trading functionalities.
In this guide, we’ll let you know how to use MT4 for Android and how optimized you can make the app to get the best results. Stay tuned!
Getting Started: Downloading and Installing the App
Here is a step-by-step guide to download mt4 on Android:
- Open the “Google Play Store” on your Android device.
- Search for “MetaTrader 4” and look for the official app.
- Tap “Install” and wait for the app to download.
The MT4 app is free to download and has millions of installations. Once installed, you can open the MT4 app on your device and start trading. Next, we are going to explain how to use the mt4 on Android.
The First Step: Logging Into Your Trading Account
After you have logged into your trading account, open MT4 to see the welcome screen. After that, tap “Manage Accounts” to proceed the rest of the process. In the search bar, type your broker’s name and make sure to choose a trusted one that aligns with your goals. Here, you will see a list of server options. One will be your broker’s “Live” server, which is used for trading real money. The other will be your broker’s “Demo” server, which is for practicing with unreal assets. Choose whichever option is correct for your account so you can start trading on MT4 for Android.
The next step is entering your login credentials, which are your account number and the password given to you by your broker. After entering the required data, you can sign in, and your account will now be active for trading. If you want to have both demo and live accounts, simply repeat the process to add them separately, so you can switch between them whenever you want.
A Tour of the MT4 for Android Interface
Time for a quick tour of how the MT4 for Android looks like:
1- Quotes Screen
Often known as the market watchlist, the “Quotes Screen” icon is at the bottom of the app to see live bid/ask prices for each symbol. In some cases the instrument you want is not listed. To find them, you need to tap the “+ button” at the top right to add new symbols from your broker’s available markets.
In order to remove symbols, tap the pencil (edit) icon, select the instruments you no longer need, and tap the trash bin to delete them. The quotes screen often lets you flip between a simple and an advanced view for each pair.
2- Charts Screen
For viewing a full-screen chart for the instrument you select, tap the “Charts” icon or open a chart by tapping an instrument on the Quotes list and choosing “Chart”.
MT4 for Android provides interactive charts that you can pinch-to-zoom or scroll. When you use the MT4 platform for Android, you’ll also have the ability to switch between three chart types including bar, line, or candlestick charts, and nine timeframes (from 1-minute up to 1-month).
To customize a chart, tap on it to bring up options. For example, use the “MT4 forex Indicators for Android” or “ƒ” icon to add studies like moving averages or RSI. MT4 for Android comes with 30 built-in technical indicators and 24 drawing tools you can apply to your charts. You can even adjust the color scheme of charts in Settings.
3- Trade Tab
MT4 platform for Android provides a tab to show your open positions, current balance, equity, and margin. This is the part where you can manage active trades. For each open order, you can tap and hold it to see options like “Modify” or “Close”. This is where you go to close positions manually or change their stop loss/take profit levels.
4- History Tab
The “History” section logs all your past trading activity so you can analyze them easily. MT4 for Android lists closed trades, deposit/withdrawal transactions, and account balance changes. Reviewing this is useful for tracking your performance over time.
5- Settings Menu
The menu icon brings you to app preferences. Here you can adjust things like chart color themes, notification preferences, and more. For example, MT4 for Android allows customizable chart color schemes and supports push notifications from the desktop platform and news alerts. Take a moment to browse “Settings” to personalize MT4’s look and notifications.
Core Functions: How to Execute Trades
This part gives all the information you need to know how to use MetaTrader4 on Android. You first need to start by opening a new trade and then closing it at the right time which we will explain down here:
1- Opening a New Trade
From the “Quotes” screen, tap on the symbol you wish to trade, then select New Order (Android) or Trade. In the order window, set the Volume (lot size) you want to trade and optionally enter stop loss and take profit values to automatically exit the trade at those levels. You can set the “Type to Market Execution” which is the buy/sell at current price or choose a “Pending Order” if you want the trade to trigger when the market reaches a specific price.
After entering these details, tap “Buy” or “Sell” for market orders or “Place” for pending orders to execute. Make sure to remember that stop loss is a price to limit losses, and take profit is a target price to lock in gains. You can always leave them at 0 if you don’t want to use them.
2- Closing a Trade
To close an open position, go to the “Trade” tab. Find the order you want to close in the list of open positions. MT4 for Android gives you the chance to tap and hold that order. After that, you can select “Close Order” from the menu.
Alternatively, some views show an “X” or close button next to the trade, tapping that will also close the position. The app will prompt you to confirm, and then the trade will be closed at the current market price.
Analyzing the Markets: Charts and Indicators
Now that you know how to use MT4 on Android, let us show how to analyze the market using the platform. Start by using MT4’s charting tools to analyze price action patterns on the go. You can switch timeframes by tapping the chart timeframe indicator (e.g. M1, H1, D1) and choosing a different one. As we previously mentioned, nine timeframes are available from 1 minute up to 1 month. Pinch or double-tap the chart to zoom in/out and drag to scroll.
In case you wanted to change the chart style, tap the chart type icon and select candlestick, Bar, or line trading. MT4 for Android also has dozens of technical indicators. Tap the indicators (ƒ) icon on the chart and choose from common tools like moving averages, RSI, MACD, bollinger bands, etc.
The app includes 30 of the most popular indicators built-in. For example, adding a moving average or an RSI can help you spot trends or overbought/oversold conditions. Draw trendlines or Fibonacci retracements via the chart options if needed. All of this lets you perform quick technical analysis directly on your mobile device.
Managing Your Trades and Setting Alerts
The MT4 for Android platform has made it extremely easy for users to manage and modify their trades. Not only can you make changes in orders you’ve already set, but you can also get customized price alerts for symbols you’re interested in. Here’s how:
- Modifying Orders: If market conditions change, you can adjust your open orders. In the Trade tab, tap the position you want to edit and choose “Modify”. You can then change the stop loss or take profit levels and tap “Modify” to update the order. This is useful for moving your stop to breakeven or adjusting targets as the trade goes in your favor.
- Setting Price Alerts: MT4 for Android lets you create price alerts so you don’t have to watch the charts all the time. To set an alert, long-press on a symbol in the “Quotes” list or on the chart and select “Create Alert”. Choose the price level you care about, and MT4 will send a push notification when that level is hit.
This way, you’re notified even if the app is in the background. Using price alerts is crucial for mobile traders to stay updated on key levels without staring at the screen.
Tips for Effective Mobile Trading
To trade with MT4 for Android, make sure to follow these effective forex tips and strategies to have a successful trading experience.
- Ensure a Stable Connection: Always trade on a reliable internet connection, and never underestimate the power of strong Wi-Fi or mobile data. No trader likes it when the connection drops in the middle of trading, as lost connection at the wrong time can prevent you from closing a trade, risking money, and even losing it.
- Watch for Misclicks: When trading on the MT4 for Android, watch where your fingers are going. On a small phone screen, it’s easy to mistap. So, always double-check your order size and order type before placing a trade. If one-click trading feels too risky, turn it off.
- Stay Disciplined: Use the app mainly for managing existing positions or executing trades when clear opportunities arise. Avoid doing complex technical analysis on a tiny screen, especially if you are trading with real money on a live account.MT4 for Android does not support custom indicators or automated Expert Advisors, so more advanced analysis and automated trading are best done on a desktop.
- Keep Risk in Mind: Trading always carries risk, so it’s essential to manage risks carefully. Make sure to place a stop loss on every trade and keep an eye on your margin level to prevent account blow-ups.
MT4 vs MT5: Which One is Better for Android
If you have had any past activity in financial markets, you know by now that MetaTrader 4 and MetaTrader 5 are names that often come hand in hand. But how do they compare? What’s the verdict of the question, “MT4 vs MT5: Which one is better for Android users?”
MetaTrader 4 (MT4) has long been a favorite among traders for its reliability, simple interface, and essential charting tools. On Android, it allows quick trade execution, customizable indicators, and easy access to account management.
MetaTrader 5 (MT5), however, is the newer, more advanced platform. It offers:
More timeframes and charting options for deeper analysis.
An economic calendar and improved news integration.
Enhanced order types and faster execution.
Support for trading more markets, including stocks and futures.
For Android users looking for a modern, feature-rich trading experience, MT5 is the clear choice. At ITBFX, you can trade on MT5 seamlessly with advanced tools and a smooth mobile experience. So, don’t hesitate and open an account today and start trading on MT5 with ITBFX.
Conclusion: The Market in Your Pocket
As of now, you know how to use MetaTrader 4 on Android. MT4 for Android lets you trade forex and stocks anytime and anywhere, keeping you connected to your account and helping you manage risk on the go.
Choosing the best trading platform in the market is one small but important step of monetizing financial markets. Still, you need to put in a whole lot more effort and time to master these markets, which is why you should follow our blog and stay ahead of the market trends.
MT4 for android only allows the standard built-in indicators. You cannot install custom indicators or run any automated EAs on the Android app. For automated trading or custom studies, you must use the desktop MT4 platform.
Open the Manage Accounts menu in MT4. You can add both a demo and a live account (by logging into each once). In the list of accounts, simply tap the account name you want to activate and sign in with its credentials. The app will then switch to that account (demo or real) so you can trade from it.
Yes. MT4 platform for Android is free to download from Google Play and is the official app by MetaQuotes. It has millions of installs. As with any trading app, ensure you download the legitimate app and use secure passwords. Remember that trading Forex itself involves risk; always trade responsibly.
To use MT4 on Android, download MT4 from the Google Play Store, log in with your broker account (or open a demo), analyze charts, and place or manage trades directly from your phone.
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