Forex Trading With MetaTrader 4
Forex trading with MetaTrader 4 (MT4) software is popular among UK traders due to the reliability and powerful tools on offer. The platform supports a variety of forex trading strategies, with its vast library of indicators and Expert Advisors (EAs). This guide will provide some tips on how to start forex trading with MetaTrader 4, plus a tutorial on charts, signals and more.
Start Forex Trading With MetaTrader 4
Find A Forex Broker
To start trading, you need to find a good online broker that offers forex trading with MetaTrader 4. The broker is the intermediary between you and the interbank market, where you can trade through their platform and they earn a commission for facilitating trades.
There’s a wide range of brokers offering the MT4 platform and other tools. You can take a look at some of our best forex trading broker reviews here.
Top UK Forex Brokers with MT4
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Pepperstone provides forex spreads on the EUR/USD averaging just 0.12 pips with their Razor account. This is highly competitive. Their extensive portfolio includes over 100 currency pairs, which exceeds what most rivals offer. Furthermore, Pepperstone stands out by offering three unique currency indices: USDX, EURX, and JPYX, which are rare on other platforms. They have been recognised with our 'Best Forex Broker' award twice.
When we evaluated Pepperstone's MT4, execution was extremely swift with spreads starting at 0.1 pips, plus a $7 per lot commission on Razor accounts. The Smart Trader Tools plugin provided real benefits, including sentiment, mini-terminal, and trade management tools. EA automation operated seamlessly, and the mobile version replicated desktop performance in live trades.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.4 0.1 0.4 Total Assets FCA Regulated Platforms 100+ Yes Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView, AutoChartist -
IG provides an extensive selection of over 80 currency pairs through its own web platform, mobile app, or MetaTrader 4. For advanced charting and forex analysis, the ProRealTime software is available. Testing shows forex spreads are competitive, beginning at 0.1 pips on major pairs such as EUR/USD.
When we tested IG’s MT4, execution was stable but a bit slower than their proprietary platform. Spreads averaged 0.6 pips on major pairs without commissions, supporting micro lots and dependable EA automation. Although MT4 did not include IG's exclusive tools, it provided robust mobile functionality and a wide asset range, including CFDs and forex.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.9 0.8 0.9 Total Assets FCA Regulated Platforms 80+ Yes Web, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime -
Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN accounts, alongside a competitive commission that's typically $6.00 round trip per standard lot. There are also no deposit fees or hidden charges.
In our tests, Vantage's MT4 showed excellent performance, offering spreads as low as 0.0 pips on Raw/ECN and about 1.1 pips on Standard STP, with ECN commissions starting at around $3 per lot side and none for STP. Micro-lot trading and comprehensive EA automation were effective, complemented by robust mobile MT4 functionality.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.5 0.0 0.5 Total Assets FCA Regulated Platforms 55+ Yes ProTrader, MT4, MT5, TradingView, DupliTrade -
FOREX.com remains a leading FX broker, providing 80 currency pairs with highly competitive fees. EUR/USD spreads can reach as low as 0.0, with a $7 commission per $100k, making it a standout choice.
In our tests, FOREX.com's MT4 excelled with quick execution and a comprehensive set of custom indicators. The platform supports micro lots, EAs automation, and mobile trading. Integrated Trading Central and real-time news add-ons ensured seamless strategy testing and analysis.
GBPUSD Spread EURUSD Spread GBPEUR Spread 1.3 1.2 1.4 Total Assets FCA Regulated Platforms 84 Yes WebTrader, Mobile, MT4, MT5, TradingView -
Eightcap provides over 50 currency pairs, matching the industry norm but falling short of leaders like CMC Markets, which offers more than 300. Nonetheless, Eightcap distinguishes itself with institutional-quality spreads starting from 0.0 pips on major pairs such as EUR/USD. The broker's competitively low commissions at $3.50 per side further enhance its appeal. Eightcap also equips traders with comprehensive forex data, including essential fundamentals, bullish and bearish signals, and a calendar monitoring significant foreign exchange market events.
During testing, Eightcap’s MT4 offered swift execution and spreads starting at 0.0 pips on the Raw account. The commission was $3.50 per side for each standard lot, with an all-in cost of roughly 0.76 pips. The platform supports micro lots and provides smooth EA automation. The mobile MT4 was fast, and Capitalise.ai integration allowed for algorithmic trading without coding.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.1 0.0 0.1 Total Assets FCA Regulated Platforms 50+ Yes MT4, MT5, TradingView -
FxPro provides over 70 currency pairs, though minors are excluded, and is renowned for its rapid execution and tight spreads, averaging 0.45 pips on EUR/USD. Traders can design, evaluate, and implement short-term strategies using the top-tier MT4 platform with expert advisors for algorithmic trading.
In our tests, FxPro’s MT4 provided robust execution with options for market or instant execution accounts. The platform accommodates micro lots, dependable EA automation, and mobile trading. FxPro’s tailored MT4 plugin enhanced analytics and risk management tools beyond the standard suite.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.6 0.45 0.73 Total Assets FCA Regulated Platforms 70+ Yes FxPro Edge, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade, Quantower -
Axi excels with over 70 currency pairs, outpacing competitors such as AvaTrade, which provides just over 50. Coupled with the enhanced MT4 platform via the NextGen add-on, Axi stands out as a top choice for forex traders.
GBPUSD Spread EURUSD Spread GBPEUR Spread 0.5 0.2 0.5 Total Assets FCA Regulated Platforms 70+ Yes Axi Copy Trading, MT4, AutoChartist
Safety Comparison
Compare how safe the Forex Trading With MetaTrader 4 are and what features they offer to protect traders.
| Broker | Trust Rating | FCA Regulated | Negative Balance Protection | Guaranteed Stop Loss | Segregated Accounts |
|---|---|---|---|---|---|
| Pepperstone | ✔ | ✔ | ✘ | ✔ | |
| IG | ✔ | ✔ | ✔ | ✔ | |
| Vantage FX | ✔ | ✔ | ✘ | ✔ | |
| Forex.com | ✔ | ✔ | ✘ | ✔ | |
| Eightcap | ✔ | ✔ | ✘ | ✔ | |
| FXPro | ✔ | ✔ | ✘ | ✔ | |
| Axi | ✔ | ✔ | ✘ | ✔ |
Payments Comparison
Compare which popular payment methods the Forex Trading With MetaTrader 4 support and whether they have trading accounts denominated in British Pounds (GBP).
| Broker | GBP Account | Debit Card | Credit Card | Neteller | Skrill | Apple Pay |
|---|---|---|---|---|---|---|
| Pepperstone | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| IG | ✔ | ✔ | ✔ | ✘ | ✘ | ✘ |
| Vantage FX | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| Forex.com | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| Eightcap | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| FXPro | ✔ | ✘ | ✔ | ✔ | ✔ | ✘ |
| Axi | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
Mobile Trading Comparison
How good are the Forex Trading With MetaTrader 4 at mobile trading using apps or other mobile interfaces.
| Broker | Mobile Apps | iOS Rating | Android Rating | Smart Watch App |
|---|---|---|---|---|
| Pepperstone | iOS & Android | ✘ | ||
| IG | iOS & Android | ✔ | ||
| Vantage FX | iOS & Android | ✘ | ||
| Forex.com | iOS & Android | ✘ | ||
| Eightcap | iOS & Android | ✘ | ||
| FXPro | iOS & Android | ✘ | ||
| Axi | iOS & Android | ✘ |
Beginners Comparison
Are the Forex Trading With MetaTrader 4 good for beginner traders, that might want an affordable setup to get started, along with good support and educational resources?
| Broker | Demo Account | Minimum Deposit | Minimum Trade | Support Rating | Education Rating |
|---|---|---|---|---|---|
| Pepperstone | ✔ | $0 | 0.01 Lots | ||
| IG | ✔ | $0 | 0.01 Lots | ||
| Vantage FX | ✔ | $50 | 0.01 Lots | ||
| Forex.com | ✔ | $100 | 0.01 Lots | ||
| Eightcap | ✔ | £100 | 0.01 Lots | ||
| FXPro | ✔ | $100 | 0.01 Lots | ||
| Axi | ✔ | $0 | 0.01 Lots |
Advanced Trading Comparison
Do the Forex Trading With MetaTrader 4 offer features that allow for more advanced trading strategies?
| Broker | Automated Trading | Pro Account | Leverage | VPS | AI | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| Pepperstone | Expert Advisors (EAs) on MetaTrader | ✔ | 1:30 (Retail), 1:500 (Pro) | ✔ | ✘ | ✔ | ✘ |
| IG | Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime | ✔ | 1:30 (Retail), 1:222 (Pro) | ✔ | ✔ | ✔ | ✔ |
| Vantage FX | Myfxbook AutoTrade, Expert Advisors (EAs) on MetaTrader | ✘ | 1:30 | ✔ | ✘ | ✘ | ✘ |
| Forex.com | Expert Advisors (EAs) on MetaTrader | ✘ | 1:30 | ✔ | ✔ | ✔ | ✘ |
| Eightcap | TradingView Bots | ✘ | 1:30 | ✔ | ✘ | ✔ | ✘ |
| FXPro | Expert Advisors (EAs) on MetaTrader, cBots on cTrader | ✔ | 1:30 (Retail), 1:500 (Pro) | ✔ | ✔ | ✔ | ✘ |
| Axi | Expert Advisors (EAs) on MetaTrader, Myfxbook | ✔ | 1:30 | ✔ | ✔ | ✔ | ✘ |
Detailed Rating Comparison
Use this heatmap to compare our detailed ratings for all of the Forex Trading With MetaTrader 4.
| Broker | Trust | Platforms | Mobile | Assets | Fees | Accounts | Support | Research | Education |
|---|---|---|---|---|---|---|---|---|---|
| Pepperstone | |||||||||
| IG | |||||||||
| Vantage FX | |||||||||
| Forex.com | |||||||||
| Eightcap | |||||||||
| FXPro | |||||||||
| Axi |
Our Take On Pepperstone
"Pepperstone excels in trading with tight spreads, swift execution, and advanced charting for seasoned traders. Beginners enjoy zero minimum deposit, comprehensive educational materials, and outstanding 24/5 support, including 18-hour weekend assistance."
Pros
- Support for top-tier charting platforms such as MT4, MT5, TradingView, and cTrader. These tools accommodate different short-term trading methods, including algorithmic trading.
- In recent years, Pepperstone has significantly enhanced the deposit and withdrawal process. By 2025, clients can use Apple Pay and Google Pay, while 2024 saw the introduction of PIX and SPEI for customers in Brazil and Mexico.
- Pepperstone presents itself as an economical choice for traders, offering spreads as low as 0.0 in its Razor account. The Active Trader programme provides rebates up to 30% on indices and commodities, plus $3 per lot on forex.
Cons
- Overnight holding fees exceed those of some Market Maker brokers (typically Benchmark + 2.5%). Pepperstone suits traders and forex scalpers well but is less ideal for swing traders who keep positions open overnight.
- Although the market range has improved, crypto options remain limited compared to brokers specialising in this field, like Eightcap, and investors cannot purchase actual coins.
- Provides limited internal market analysis and collaborates with third-party firms like Autochartist to address this. This issue is minor, given the abundance of other sources offering comprehensive market insights.
Our Take On IG
"IG offers a complete package: an easy-to-use web platform, top-tier beginner education, enhanced charting via TradingView, up-to-date data, and strong trade execution for seasoned traders."
Pros
- The web-based platform supports traders at every level, offering advanced charting tools and real-time market data vital for trading. Additionally, IG now includes TradingView integration.
- IG excels with its diverse instruments, offering stocks, forex, indices, commodities, and cryptocurrencies. Additionally, it provides US-listed futures, options, and an AI Index, ensuring varied diversification opportunities.
- The IG app provides an excellent mobile trading experience with an intuitive design, earning it the Runner Up position in our 'Best Trading App' award.
Cons
- IG imposes a monthly inactivity fee of $12 after two years, discouraging occasional traders.
- Beginners may find IG's fees complicated, as they vary depending on the trades or services. This could cause confusion and unexpected costs.
- In the UK and EU, negative balance protection is available. However, US clients lack account protection and guaranteed stop losses.
Our Take On Vantage FX
"Vantage is an ideal choice for CFD traders looking for a well-regulated broker with access to the dependable MetaTrader platforms. With a swift sign-up process and a minimum deposit of $50, starting trading is simple and fast."
Pros
- Hedging and scalping strategies are fully permitted without any short-term restrictions.
- Opening a live account is both straightforward and swift, requiring under 5 minutes to complete.
- The broker recently expanded its range of CFDs, offering more trading opportunities.
Cons
- It's unfortunate that some clients must register with the offshore firm, which provides reduced regulatory safeguards.
- To access optimal trading conditions, a substantial deposit of $10,000 is required. This includes a commission of $1.50 per transaction per side.
- Based on tests, average execution speeds of 100ms to 250ms are slower compared to other options.
Our Take On Forex.com
"FOREX.com excels in serving traders of all levels, offering more than 80 currency pairs, spreads starting at 0.0 pips, and competitive commissions. Its robust charting platforms provide over 100 technical indicators and comprehensive research tools."
Pros
- FOREX.com provides top-tier forex rates beginning at 0.0 pips, along with attractive cashback rebates up to 15% for dedicated traders.
- The in-house Web Trader remains a top-tier platform for budding traders, featuring an elegant design and more than 80 technical indicators for market analysis.
- With more than two decades of expertise, strong regulatory governance, and numerous accolades, including a second-place finish in our 'Best Forex Broker' awards, FOREX.com is globally renowned as a reliable trading platform.
Cons
- US clients are not protected against negative balances, which means you could end up owing more than your initial deposit.
- FOREX.com's MT4 platform provides around 600 instruments, a notable reduction compared to the more than 5,500 options on its other platforms.
- Demo accounts are typically limited to 90 days, hindering effective strategy testing.
Our Take On Eightcap
"Eightcap excels for traders, offering diverse charting platforms, educational Labs, and AI tools. With over 120 crypto CFDs, it stands out in crypto trading and has won our 'Best Crypto Broker' award twice consecutively."
Pros
- In 2026, Eightcap integrated TradeLocker in select areas, establishing itself as the premier regulated broker for this platform. It continues to offer ultra-fast execution and competitive fees for active traders using the charting software.
- Eightcap excels with a suite of advanced trading tools, such as MT4 and MT5, and has recently joined the 100-million-user social trading network, TradingView.
- In 2021, Eightcap enhanced its lineup, now providing an extensive range of cryptocurrency CFDs. It offers crypto/fiat and crypto/crypto pairs, along with crypto indices for comprehensive market exposure.
Cons
- The demo account is available for 30 days, after which it requires a request for extension. This is less convenient than XM's offering, which provides an unlimited demo mode.
- Despite the growing range of tools available, Eightcap lacks popular industry resources such as Autochartist and Trading Central. These provide advanced charting analytics, live news, and essential market insights for traders focused on short-term strategies.
- Despite a helpful array of educational guides and e-books in Labs, Eightcap lags behind IG's extensive resources for aspiring traders. IG boasts a dedicated Academy app and features 18 diverse course categories.
Our Take On FXPro
"FxPro is an excellent choice for traders, offering swift execution speeds under 12ms, reduced fees since 2022, and outstanding charting platforms like MT4, MT5, cTrader, and FxPro Edge."
Pros
- FxPro provides four dependable charting platforms, including the user-friendly FxPro Edge. It features more than 50 indicators, 7 types of charts, and 15 different timeframes.
- FxPro's Wallet is a notable feature enabling traders to securely manage their funds. It ensures additional protection and ease by separating unused funds from active trading accounts.
- FxPro uses a 'No Dealing Desk' (NDD) model for swift and transparent order execution, usually within 12 milliseconds, making it well-suited for short-term trading strategies.
Cons
- There are no passive investment options such as copy trading or interest on cash. While traders might not find these essential, competitors like eToro, which accommodate both active and passive investors, offer more extensive services.
- FxPro offers customer support five days a week around the clock, accessible via various platforms, and the service quality is reliable based on tests. However, the absence of weekend support can be a drawback for traders requiring help beyond standard market times.
- FxPro, with its $10M funded demo account and expanding Knowledge Hub, mainly caters to experienced traders. Beginners might find its account and fee structure challenging to understand.
Our Take On Axi
"Axi excels for forex trading on MetaTrader 4 with over 70 currency pairs, MT4 NextGen features, and tight spreads starting at 0.2 pips on the Pro account."
Pros
- Axi provides an excellent MT4 experience, enhanced by the NextGen plug-in for sophisticated order management and analytics, with low execution latency around 30ms.
- Based on our tests, Axi's new trading app is highly intuitive. It offers practical filtering options to align strategies with individual risk preferences.
- Axi Academy offers a wealth of educational resources, from free eBooks and video tutorials to interactive quizzes. These are particularly beneficial for novice traders.
Cons
- Even with the expansion of stock CFDs in the US, UK, and EU markets, its range still falls short compared to companies like BlackBull, which provide thousands of equities for varied trading opportunities.
- Axi retains our confidence. However, recent issues with ASIC and FMA require it to maintain a secure environment and comply with licensing standards.
- Axi lags by solely providing MT4, while competitors have upgraded to MT5, cTrader, TradingView, and bespoke platforms, delivering a smoother user experience with enhanced tools.
We highly recommend that you try before you buy with a demo MT4 account. The simulator within MT4 allows traders to trial the platform without risking real capital.
Install & Set Up
Once you’ve registered for an account, your broker will provide you with details on the MT4 download process for Windows or Mac PCs.
Alternatively, you can trade forex directly through an internet browser, with the MetaTrader 4 WebTrader, or the MT4 mobile app.
Exploring The Platform
Once you have registered and logged in, you can start browsing the user-friendly terminal which provides everything you need on one screen.
The left-hand Market Watch window indicates all the currency pairs available, which can be hidden if preferred. Above the main chart window, you can find a selection of technical studies and drawing tools.
Along the bottom of the terminal, your forex orders will be displayed in detail, showing the order size, price and profit of each entry. Across the top, you will find additional features, such as the economic calendar and news, signals and the MetaTrader Market.
Orders
In MT4, you can set either an instant order or a pending order by clicking on the ‘New Order’ in the standard toolbar at the top. A dialogue box will appear, where you can select a currency pair from the drop-down list and select other parameters such as order type and position size.
Volume is expressed in standard lot sizes. A standard lot is worth 100,000 units, so if you want to buy 1,000 units of EUR/USD, for example, you would enter 0.01 in the volume field.
You can then set your stop loss (SL) and take profit (TP) levels, which help you manage your risk and prevent your FX trades reaching margin call. SL and TP essentially define the price levels for when a position should be closed, to either minimise losses or to lock in your profits.
You can always modify your order later, which we will cover below.
If you want to enter a forex trade via a pending order, follow the same steps but select ‘Pending Order’ in the Type drop-down. You will then be presented with 4 pending order options:
- Buy Limit – Taking a long position at a lower level than market price
- Sell Limit – Taking a short position at a higher level than market price
- Buy Stop – Taking a long position at a higher level than market price
- Sell Stop – Taking a short position at a lower level than market price
Once you’ve selected the type of order, enter the price you wish to enter the market, your position size and SL and TP fields. You can also set an expiry date on a pending order.
To modify a trade, simply right click on your order and select ‘Modify or Delete’ to open up the dialogue box again. Then adjust your SL and TP to the desired levels and click ‘Modify’, which will confirm your order.
To close an open trade, right-click on the trade and select ‘Close Order’. Once you close, your balance will adjust and will be reflected in the profit field in your order window.
Forex Trading With MetaTrader 4 EAs
Expert Advisors (EAs) are forex trading robots which are programmed to automatically place trades once a certain criterion has been met. Automated forex trading is ideal if you don’t have time to manually monitor trades yourself, but be aware that not all EA programmes are trustworthy and reliable.
You can find a vast portfolio of thousands of forex robots for automated trading in the Market section of the MetaTrader 4 platform. Simply select one to install onto your PC and look for the trading robot in your navigator panel in the MT4 Terminal.
Forex Trading With MetaTrader 4 Indicators
When forex trading, you can enhance your strategies on MT4 using the 30 pre-included indicators and 24 graphical objects for technical analysis.
One of the best features of MetaTrader 4 is the customisable charts, which allow you to add multiple indicators and objects in various colours. To access these, click on ‘Insert’ in the top toolbar and choose from the selection in the drop-down.
Once you’ve selected the one you want to use, a dialogue box will appear where you can set the parameters of the indicator. Trading forex with indicators like the Moving Average Convergence Divergence (MACD) and Bollinger Bands, is also popular among traders.
Moving Average Convergence Divergence identifies moving averages which are indicating a new trend, consisting of two converging lines and a histogram to indicate the difference. Bollinger bands indicate the market’s volatility by measuring the variation of prices over time, creating a band with a simple moving average (SMA) in the middle.
You can see how these two studies can be overlaid onto the standard candlestick chart below.
If you want to start trading forex with divergence on MT4, you can access a number of useful guides online, including the Jim Brown downloadable PDF.
MetaTrader also offers thousands of custom forex indicators within the MetaTrader Market and CodeBase.
Additional Features
News & Education
To assist your fundamental analysis, the pre-included economic calendar collates real-time data from public news sources. The calendar can also be filtered by date, event importance and countries.
From the top menu, you can also access information for forex trading strategies, tips and education, including published articles and a MetaTrader 4 community forum.
Forex Trading With MetaTrader 4 Market
The Market page not only contains thousands of indicators and EAs, but also utilities, which includes risk management, analysers and even forex trading games.
Copy Trading & Signals
MetaTrader 4 also offers FX trading signals, which allows traders to automatically copy another provider’s trades. Copy trading can boost efficiency if you have limited time, but it can also be a great strategy-learning tool for beginners.
To choose a provider, click on Signals in the top menu bar and browse the available options. Clicking on one will take you through to the provider’s performance stats.
Note that not all providers are reliable and you do have to pay a monthly fee to subscribe. It’s worth spending time researching a few forex providers before choosing.
Final Word On Forex Trading With MetaTrader 4
Forex platforms like MetaTrader 4 are a top choice among traders, offering a powerful interface with customisable charts, indicators and education tools. For beginners still learning how to trade forex in MT4, there’s also a forex demo account and a community forum. To start trading forex with MT4 today, head to your chosen broker to register.
FAQs
How Do I Start Forex Trading Using MetaTrader 4?
To begin forex trading with MT4, you will need to sign up with an online MT4 forex broker. Once you have registered for a live or demo account, you can then download the platform, or access it straight from your internet browser.
Is Forex Trading With MetaTrader 4 Easy?
The software used in MT4 is user-friendly and easy to navigate, though implementing technical studies and forex analysis will take some practice. We highly recommend you sign up to a demo tutorial in MetaTrader 4 (MT4) and make use of the forum and resources, before trading in a live account.
Is Forex Trading With MetaTrader 4 Safe?
The MetaTrader 4 platform meets the highest security standards, including a Secure Sockets Layer (SSL) encryption system to protect data exchange between servers. MT4 also supports the use of RSA digital signatures. Make sure to check that your broker also offers robust security features
What Forex Trading Features Are Included In The MT4 Platform?
For traders of any level using MT4, there is an array of powerful tools and useful features on offer. Features include over 30 technical indicators and 24 graphical objects, with thousands of custom indicators and EAs available in the Market. There are also 3 chart types and 9 time frames, plus educational articles, a forum, signals and an economic calendar.
When Can I Trade Forex In MetaTrader 4?
Standard forex trading hours typically run from Sunday night to Friday night GMT but due to international overlapping timezones, it is possible to trade 24 hours a day. You can access forex trading hours indicators in the MT4 Market, which will indicate all market sessions in one view.









