If you are like me and always want to check how your trades are doing, and if you happen to have the iPad then the MT4 for iPad is a must have app on your iPad.
While researching on this topic, I also came across an interesting fact. If you notice, most forex brokers tend to advertise that their MT4 is available on the iPad. The truth of the matter is that the MT4 platform for iPad is in fact built by Metaquotes Software Corp. I noticed that some forex brokers were missing from the list however. I come to the conclusion that forex brokers need to be listed in the MetaTrader 4 iPad app in order to access your account with the specific broker.
Installing the MetaTrader 4 iPad App
The latest version of the MetaTrader 4 iPad app is at version 4.0.436 and supports iPhone 3G and 4G as well. The MT4 app is free of cost and very simple to use as you will read in the rest of the article.
Upon downloading the MetaTrader 4 app, you are required to enter your login details. This can be done via the ‘Settings’ option and clicking on ‘Accounts’ and the ‘+’ symbol. You need to then search for your forex broker and if they are listed, you need to choose the demo or the real server. Enter your MT4 trading details and you are good to go.
Features of the MT4 iPad App
The MetaTrader 4 iPad app has five main sections:
Quotes – This section gives you the current bid/ask prices of currencies. You can edit this section to add your favorite instruments to monitor. You can choose between simple and advanced mode. The simple mode shows only the instrument name, bid and ask price while the advanced mode shows 5 decimal price display including the daily high and low as well as the spread on the instruments.
Charts – The charts section gives you the option to view any currency pair or trading instrument via the charts. You can change the chart type from Candlesticks to bar charts and line charts. You can also select the chart time frame as well as add various indicators and oscillators. You can also customize this section by going into ‘settings’ from the chart and set up options such as volumes, trade levels and so on.
Trade – This is section which shows your balance, equity, margin, free margin and margin level besides displaying any open orders that you have. If you have set your take profit or stop loss levels, even this information is displayed in the open order window.
Double clicking on any open order expands to show more information such as the date when the order was opened, S/L, T/P, Order ID, Swaps, Taxes and Charges. You can also open/close orders and this will be covered later in this article.
History – This section gives you your past order history which can be displayed by Day/Week/Month/Custom. The data displayed includes other information such as total Profit, Credit, Deposit, Withdrawal, Balance for the period that is selected.
Settings – This section allows you to customize your MT4 for iPad. When you click on the ‘section’ menu, you have 4 further sub settings. Namely, Accounts; where you can delete/add/edit MT4 accounts, Charts; this section works similar to the settings button from within the ‘Charts’ menu, Messages; any messages from Metaquotes, Journal; comprises of a list of your latest activity.
Managing Orders on MT4 App
In the previous section I wrote about the ‘Trade’ menu which gives you a list of open orders. So let’s take a look at how to modify/close/edit these open orders.
To modify/edit/close your open orders, simply click on the open order that you have. This expands into a box which shows information such as your swaps/SL/TP and so on. Tap your finger in this expanded box for a few seconds to open up a window. This window gives you the option to ‘Close/Modify/Trade/Chart’.
- Close, would obviously close the trade.
- Modify option lets you set up or edit your Stop Loss or Take Profit
- Trade, option allows you to open a new trade. You can set up Market execution, Buy/Sell Stop and Buy/Sell Limit. You can also select different instruments as well besides entering the volume size of your trade.
- Chart, option takes you to the open order’s chart.
Other Shortcuts for MT4 iPad App
Go to ‘Charts’ and double tap and hold for a few seconds which will open up an option to trade. You can also go directly to modify/add/delete indicators and also to access the chart settings options directly.
MT4 iPad/iPhone App – Conclusion
To conclude, the MT4 for iPad is an app that is built by Metaquotes. Forex brokers can opt-in to be listed there. The MT4 app is the default app which most forex brokers use. However, some brokers such as Markets.com have their own MT4 trading app, which is a lot more advanced and has some custom features. In my opinion it is best to trade from the Metaquotes MT4 iPad app as it looks to be robust and of course backed by Metaquotes Software, so you should not experience any latency or downtime or app crashes. If your broker is not listed, then get in touch with them to see if they can be listed.
While the MT4 iPad app might not come close to the desktop application it is a definite must have iPad app for traders, especially if you just want to monitor the status of your trades and so on.
How to delete an account from MT4 iPad
To delete an account from the iPad/iPhone MT4 app, go to ‘Settings’ and then click on the ‘Accounts’. This will display a list of MT4 trading accounts that you have previously connected. Simply swipe your finger from ‘Right to Left’ which will display the ‘Delete’ button. Click delete to completely remove an MT4 account from the iPad.
MT4 iPad App – Room for Improvement
There are some things I noticed which might help make the MT4 app more user friendly. For example, if there was a option to get an alert on the iPad if a certain margin level was reached or if you were X pips positive or negative it would be a great addition. Overall, the MT4 iPad app is good nonetheless.
You can search for MetaTrader 4 via the App store or click this link to access the app directly from iTunes app store.
MetaTrader iPhone/iPad App – FAQ’s
Why can’t I find my broker on Metatrader iPhone/iPad App?
The reason why you cannot find your broker on the MT4 iphone/ipad app could be because your broker is not listed on the app (or you might have made a spelling mistake). To check if your broker is listed on the MT4 iphone/ipad app, just visit your broker’s website and click on ‘Trading Platforms’. In all likelihood your broker will mention if they have an iPad app. Alternatively contact your broker’s support to find out about this.
What indicators are available on the MetaTrader iphone/ipad app
There are only the basic indicators available on the MT4 app, these include various trend indicators (MA’s, Bands, PSAR etc), Oscillators such as Awesome, RSI, MACD, etc, Volume indicators such as On Balance Volume, Money Flow Index and Bill Williams indicators.
How to modify orders/place pending orders in MT4 mobile app
To modify existing orders, just click on ‘Trade’ which shows a list of your active orders and pending orders. Tap your active order which expands the order window displaying your TP/SL levels, etc. Now tap this and hold for a few seconds which gives you more options (Close order, close partially, modify/trade/chart). Click on Modify and enter your Stop loss or take profit levels.
To place a pending order, click on ‘Quotes’ and tap and hold on a currency pair of your choice. This gives you options such as ‘Trade/Chart’ click on Trade and select your lot size, Limit or Stop order and click next to enter your entry price/stops and tp levels.
How to add/delete Indicators from MT4
To add indicators to the MT4 iPhone/iPad App, click on the ‘f’ (function) button from the charts tab, which will take you to the Indicators window.
In this section, you have two options. Add indicators to main window and add indicators to indicator window 1.
For example, indicators such as moving averages, PSAR etc can be added do the main window. Likewise, oscillators such as RSI, Stochs etc can be added to indicator window 1.