Download and Installation Guide
MetaTrader 4 is available for Windows, macOS, Android, and iOS. The desktop version provides the most complete trading experience with full charting capabilities and Expert Advisor support. The mobile versions are useful for monitoring positions and executing trades on the go.
System Requirements
MT4 runs on most modern computers without demanding hardware. For Windows, you need Windows 7 or later with at least 512 MB of RAM. For macOS, any Mac running OS X 10.10 or later will work. The mobile apps require Android 5.0 or iOS 12.0 and above.
Step-by-Step Installation (Windows)
- 1
Download the installer
Visit the Headway platforms page and click the Windows download button. Save the file to a location you can easily find, such as your Downloads folder.
- 2
Run the installer
Double-click the downloaded .exe file. If Windows shows a security warning, click "More info" and then "Run anyway." The installer is safe and digitally signed.
- 3
Accept the license agreement
Read the license terms and click "Next" to accept. The default installation directory works for most users. You can change it if you prefer a different location.
- 4
Complete the installation
Click "Next" through the remaining screens and then "Install." The process takes about 2 minutes. When finished, check "Launch MetaTrader 4" and click "Finish."
Installation on macOS
The macOS version of MT4 works similarly to the Windows version. Download the .dmg file from Headway, open it, and drag the MetaTrader 4 icon into your Applications folder. The first time you open it, macOS may ask you to confirm that you want to run an application downloaded from the internet.
Mobile Installation
For Android devices, search for "MetaTrader 4" in the Google Play Store and install it directly. For iPhone or iPad, find it in the App Store. The mobile apps support charting, trading, and account management but do not support Expert Advisors.
Account Setup and Login
After installing MT4, you need to connect it to your Headway trading account. The platform stores your login credentials, so you only need to do this once. If you want to practice first, you can open a demo account that uses virtual money.
Logging Into a Live Account
- 1
Open the login dialog
Go to File > Login to Trade Account. A dialog box will appear asking for your credentials.
- 2
Enter your account details
Type your account number in the "Login" field and your password in the "Password" field. These details were sent to your email when you registered.
- 3
Select the server
Choose the Headway server from the dropdown menu. If you do not see it, type it manually. The server address is in your account welcome email.
- 4
Click OK
The status bar at the bottom of MT4 will show your connection status. A green bar means you are connected and ready to trade.
Opening a Demo Account
If you are new to trading, start with a demo account. Go to File > Open an Account and follow the prompts. You will need to provide an email address and choose your account settings. The demo account comes preloaded with virtual funds, so you can practice placing trades and testing strategies without any financial risk.
Demo accounts on Headway mirror real market conditions. The prices, spreads, and execution are the same as live trading. This makes demo accounts a reliable way to learn the platform and test your trading ideas before committing real capital.
Interface Overview
The MT4 interface has four main areas. Understanding each one will help you navigate the platform efficiently and find the tools you need without confusion.
Market Watch (Left Panel)
The Market Watch window shows a list of available trading instruments with their current bid and ask prices. You can right-click on any instrument to open a chart, place a new order, or view its properties. To add more instruments, right-click anywhere in the window and select "Symbols."
The bid price is what you receive when you sell. The ask price is what you pay when you buy. The difference between them is the spread, which is the cost of trading. Tighter spreads mean lower trading costs.
Chart Window (Center)
The chart window is where you analyze price movements. MT4 supports three chart types: candlestick, bar, and line. Candlestick charts are the most popular among traders because they show the open, high, low, and close prices for each time period in a single visual element.
You can open multiple charts at once and arrange them in tiles or tabs. Each chart operates independently, so you can set different timeframes and indicators for each one. Right-click on a chart to access its properties, including color schemes and grid settings.
Terminal (Bottom Panel)
The Terminal window has several tabs. The Trade tab shows your open positions and pending orders with real-time profit and loss. The Account History tab shows your closed trades. The Alerts tab lets you set price alerts. The Journal tab records platform events and errors.
The Trade tab is where you monitor your active positions. You can modify or close trades directly from here by right-clicking on a position. The columns show your entry price, current price, stop-loss, take-profit, and running profit or loss in both pips and account currency.
Navigator (Left Panel, Below Market Watch)
The Navigator provides quick access to your accounts, indicators, Expert Advisors, and custom scripts. You can double-click any item to apply it to the active chart. The Navigator also shows your saved templates and profiles.
Placing Trades
MT4 supports two main order types: market orders and pending orders. Market orders execute immediately at the current price. Pending orders execute only when the price reaches a level you specify.
Market Orders
A market order is the simplest way to enter a trade. Press F9 on your keyboard or right-click on a chart and select "Trading" > "New Order." The order window will appear with the current instrument already selected.
In the order window, set your trade volume in lots. One standard lot equals 100,000 units of the base currency. For smaller accounts, you can trade micro lots (0.01) or mini lots (0.10). Always set a stop-loss to limit your potential loss and a take-profit to lock in gains.
Click "Buy" if you expect the price to rise or "Sell" if you expect it to fall. Your position will appear in the Terminal window with a running profit or loss that changes with the market.
Pending Orders
Pending orders let you set a trade that will execute when the price reaches a specific level. Open the order window (F9) and change the "Type" dropdown from "Market Execution" to "Pending Order."
MT4 offers four pending order types. A Buy Limit orders below the current price, expecting a bounce upward. A Sell Limit orders above the current price, expecting a bounce downward. A Buy Stop orders above the current price, expecting a breakout upward. A Sell Stop orders below the current price, expecting a breakout downward.
Set the price level where you want the order to activate, then set your stop-loss and take-profit. Click "Place" to submit the order. It will remain pending until the market reaches your specified price or you cancel it.
Managing Open Trades
To modify an open trade, right-click on it in the Terminal window and select "Modify or Delete Order." You can change your stop-loss and take-profit levels without closing the position. To close a trade, right-click and select "Close Order," or click the small "x" button next to the profit column.
You can also close part of a position by changing the volume in the close dialog. This is useful when you want to take partial profits while letting the rest of the trade run. Partial closes are a common risk management technique among experienced traders.
Chart Setup and Customization
Charts are the center of your trading analysis. MT4 provides extensive customization options so you can create a workspace that matches your trading style and preferences.
Choosing a Chart Type
MT4 offers three chart types, accessible from the toolbar or by pressing the corresponding shortcut. Bar charts (Alt+1) show OHLC data as vertical lines with horizontal ticks. Candlestick charts (Alt+2) display the same data as colored candles, making it easier to spot patterns at a glance. Line charts (Alt+3) connect closing prices with a continuous line, useful for identifying trends without the noise of intra-period movement.
Setting Timeframes
Timeframes determine the period each candlestick or bar represents. MT4 provides nine built-in timeframes: M1 (1 minute), M5, M15, M30, H1 (1 hour), H4, D1 (daily), W1 (weekly), and MN (monthly). Shorter timeframes show more detail but can be noisier. Longer timeframes show broader trends but hide short-term movements.
Many traders use multiple timeframes in their analysis. A common approach is to identify the trend on a higher timeframe (like H4 or D1) and look for entry points on a lower timeframe (like M15 or H1). This multi-timeframe analysis helps filter out false signals and improves trade timing.
Customizing Chart Colors
Right-click on a chart and select "Properties" to change the color scheme. You can set separate colors for bullish candles, bearish candles, the background, grid lines, and volumes. Some traders prefer a black background with green bullish candles and red bearish candles. Others use a white background with blue and red candles. Choose what is easiest on your eyes for long analysis sessions.
Zoom and Scroll
Use the + and - keys on your keyboard or the zoom buttons on the toolbar to adjust how much data appears on the screen. Click and drag the chart left or right to scroll through historical data. The "Auto Scroll" button on the toolbar keeps the chart anchored to the latest price. Turn it off when studying past price action.
Adding Indicators and Templates
Technical indicators are mathematical calculations based on price and volume data. MT4 comes with 30 built-in indicators, and you can add hundreds more from third-party sources or write your own.
Adding Built-in Indicators
Go to Insert > Indicators and browse the categories: Trend, Oscillators, Volumes, and Bill Williams. Each category contains indicators designed for specific purposes. Trend indicators like Moving Averages help identify the direction of the market. Oscillators like RSI help identify overbought and oversold conditions.
When you select an indicator, a settings dialog appears. You can adjust parameters like period length, color, and line style. For a Simple Moving Average with a 50-period setting, the indicator calculates the average closing price of the last 50 candles and plots it on the chart. Experiment with different settings to find what works for your strategy.
Popular Indicator Combinations
A common beginner-friendly setup uses Moving Averages for trend direction and RSI for entry timing. Place a 50-period and a 200-period Exponential Moving Average on your chart. When the 50 EMA is above the 200 EMA, the trend is bullish. When it is below, the trend is bearish. Use RSI to confirm entries: buy when RSI dips below 30 and starts rising in an uptrend, or sell when RSI rises above 70 and starts falling in a downtrend.
Another popular combination pairs MACD with Bollinger Bands. MACD helps identify momentum shifts, while Bollinger Bands show volatility and potential reversal points. No indicator combination works perfectly all the time, so always use stop-losses to manage risk.
Saving and Loading Templates
Once you have a chart set up with your preferred indicators, colors, and timeframes, save it as a template. Right-click on the chart, select "Template," then "Save Template." Give it a descriptive name like "Trend Following H4" or "Scalping M15."
To apply a saved template to another chart, right-click, select "Template," and choose from your saved list. This saves time when you analyze multiple instruments with the same methodology. You can also set a default template that applies automatically to every new chart you open.
Introduction to Expert Advisors
Expert Advisors (EAs) are programs that run inside MT4 and automate trading decisions. They can analyze market conditions, open and close trades, and manage positions based on rules you define. EAs are written in the MQL4 programming language, which has a syntax similar to C.
How Expert Advisors Work
An EA attaches to a chart and runs continuously while MT4 is open. It monitors price data and technical indicators according to its programmed logic. When conditions are met, the EA places trades automatically without any manual intervention. This removes emotional decision-making from trading and allows strategies to run 24 hours a day.
EAs can range from simple scripts that place a single trade to complex systems that manage multiple positions across different instruments. Some EAs focus on scalping small profits from rapid price movements. Others follow long-term trends and hold positions for days or weeks.
Getting Started with EAs
To use an EA, drag it from the Navigator panel onto a chart. A settings dialog will appear where you can adjust the EA's parameters. Make sure "Allow live trading" is checked in the Common tab if you want the EA to place real trades. The "AutoTrading" button on the toolbar must also be enabled.
The smiley face icon in the top-right corner of the chart indicates that an EA is active and running. A sad face means the EA is loaded but not trading. An "X" means Expert Advisors are disabled. You can see EA activity in the Terminal window under the "Experts" tab.
Testing EAs with the Strategy Tester
Before running an EA on a live account, test it using MT4's built-in Strategy Tester. Press Ctrl+R or go to View > Strategy Tester. Select the EA, choose an instrument and timeframe, set the date range, and click "Start." The tester will simulate trades using historical data and show you the results.
Pay attention to the profit factor, maximum drawdown, and win rate. A profit factor above 1.5 with a drawdown below 20% is a reasonable starting point. Be cautious of EAs that show exceptional backtest results, as they may be over-optimized for past data and fail in live conditions.
Important Note
Automated trading does not guarantee profits. EAs can lose money, especially in volatile or unexpected market conditions. Always start with a demo account, use proper risk management, and monitor your EA's performance regularly. Past performance in backtesting does not indicate future results.
Tips and Tricks
These practical tips will help you use MT4 more efficiently and avoid common mistakes that new traders make.
Use Keyboard Shortcuts
F9 opens the order window, Ctrl+T toggles the Terminal, Ctrl+N toggles the Navigator, and Ctrl+M toggles Market Watch. Learning these shortcuts will speed up your workflow significantly.
Always Use Stop-Losses
Set a stop-loss on every trade. This limits your maximum loss if the market moves against you. A common rule is to risk no more than 1-2% of your account balance on any single trade.
Use Profiles for Different Strategies
Save your workspace layout as a profile. Go to File > Profiles > Save As. Create separate profiles for different trading strategies or market conditions. Switch between them with a single click.
Set Price Alerts
Right-click on the Terminal window's Alerts tab and select Create. Set the instrument, condition, and price level. MT4 will notify you with a sound and pop-up when the price is reached, even if you are not watching the chart.
One-Click Trading
Enable one-click trading from the chart context menu or by pressing Alt+T. This lets you place trades with a single click on the chart, skipping the order dialog. Be careful with this feature and double-check your lot size.
Regular Backups
Export your templates, profiles, and EA settings regularly. Go to File > Open Data Folder to find the relevant directories. Back these up to an external drive or cloud storage. If you reinstall MT4, you can restore your setup quickly.