Overview

MetaTrader now

MetaTrader, first released in 2002, has evolved from MetaTrader 4 to the more modern-looking MetaTrader 5. However, both versions lack state-of-the-art features that still need to be implemented. MetaQuotes, the company behind MetaTrader, focuses on maintaining an in-app market for third-party applications rather than offering a fully-fledged trading platform. Indeed, there is an inherent conflict of interest in providing a trading platform with all necessary features while offering an in-app market for third-party applications to supplement those features.

This approach has led to an uncontrolled offering of partially developed and sometimes fraudulent software, which has not helped to improve MetaTrader's image. Despite this, MetaTrader is a compelling application in combination with its MetaEditor. Some coders even regard MetaTrader more as an integrated development environment (IDE) than a trading platform.

MetaQuotes' primary interest lies not in enhancing the user experience of the trading platform, but in improving the MQL4 and MQL5 programming languages. The MQL programming language is surprisingly well-maintained and documented, even better than many other widely used programming languages. Interestingly, the programming language that powers MetaTrader is notably more advanced than MetaTrader itself.

The culmination of a years-long development process, meticulous testing, and months of dedicated documentation writing is a software trading framework that fills nearly all the functionality gaps in MetaTrader 4. This stack, comprising more than 500,000 lines of code in MQL 4 and MQL 5, presents a significant challenge: how can it be made accessible to other traders?

The MetaQuotes market was never a viable option. It is designed for small applications with basic functionality and limited documentation capabilities. However, as you read this, you have discovered a fully-fledged trading framework with a state-of-the-art user interface-based application to enhance the MetaTrader 4, making it suitable for the demands of a modern trading platform.

Improvements with Meta Extender

A crucial requirement was the possibility of adding the missing functionalities to any MetaTrader, regardless of the broker. As a result, an in-chart application that seamlessly integrates into a chart opened with MetaTrader 4 is available. The image below shows that the Meta Extender is an in-chart user interface-based tool with a wide array of widgets for semi-automated and assisted trading.

The Meta Extender enhances the standard MetaTrader with the following widgets:

• Trendline Trading: Enables opening and closing trades using the visual element of a trendline.
• Trading Assistant: A live risk and money management tool combined with user-friendly order configuration and one-click trading.
• Price Alert: An alert tool that sends email and mobile notifications when a specific price is reached.
• Second Timeframe: Allows the visualization of a second timeframe in the same chart.
• Candle Search Results: Provides a convenient list to view and delete found candle patterns across multiple timeframes.
• Pattern Search Results: A convenient list to view and delete found chart patterns across multiple timeframes is offered.
• Fibonacci Search Results: Displays a convenient list to view and delete found Fibonacci patterns across multiple timeframes.
• Chart Analyzer: An analysis tool that scans a chart area for highs and lows and visualizes them in various forms.
• Candle Search Config: Illustrates each pattern and configures in which timeframe those shall be searched.
• Pattern Search Config: Demonstrates each pattern and configures in which timeframe those shall be searched.
• Fibonacci Search Config: Shows each pattern and configures in which timeframe those shall be searched.
• In-Chart Events: A economic news calendar for MetaTrader 4 with the option to filter based on region, importance, and other settings.
• Stop Loss Manager: A sophisticated stop loss trailing engine that can combine multiple trailing methods.
• Inspector: A tool that continuously calculates and inspects performance and drawdown and can turn off trading for protection.
• Active Trades: Displays a list of all active trades with the option to modify them.
• Pending Orders: Shows a list of all pending orders with the option to modify them.
• Other Settings: Includes various settings for better trade visualization.
• Closing Assistant: A tool for closing trades based on direction or performance.
• Trade Splitting: Allows configuration for splitting a trade into multiple smaller trades to mitigate risk.
• Exit Application: Ensures proper application closing while keeping the chart open.

Many of the features provided by the Meta Extender are designed to be reusable. Hence, you can find similar tools in other applications. This is particularly interesting for the Expert Advisor Builder. For instance, the Inspector engine, which supervises performance and drawdown, is the same in both applications. Another example is the option to use the Chart Analyzer for automated signal generation. Therefore, the Meta Extender isn't just a helpful tool to simplify trading, it also paves the way for the next step towards fully automated trading!

Hide the panel

As previously stated, the Meta Extender is designed to seamlessly integrate into an existing chart and serve as a non-intrusive assistant. Many of its features are designed to be fully operational after an initial configuration. However, the user interface might obstruct the clear view of a chart. To address this, you can use the large button at the application's left edge to hide the entire panel.

Note about changing chart timeframe

It's important to note that changing the MetaTrader timeframe will cause all activated applications to reinitialize. Therefore, sticking with the same timeframe while the Meta Extender is active is highly recommended. If you want to incorporate a higher timeframe, you can use the Second Timeframe widget. Otherwise, please use a second chart window to view other timeframes.

caution

Changing the timeframe of a chart will force it to reinitialize the Meta Extender. Eventually, open trade will stop being managed by the Meta Extender!