What is an MT4 Market Scanner? - Part 3: Why on MT4/MT5?
Professional trading platforms have a native market scanner, MT4/MT5 doesn't. Is it really needed? If so why can't you just use professional platforms? There are a lot of reasons to use MT4/MT5 so you need a market scanner on MT4/MT5. We see which are the cases and what a market scanner is.
Recap
In Part 1 we have seen that professional platforms have a market scanner while MT4 and MT5 do not. We have also shown a simple strategy as use case, analyzing some issues related to the lack of a market scanner.
In Part 2 we have seen how a market scanner can be used with that strategy and with more complex strategies.
Now we see which are the solutions on MT4/MT5 and why.
Market scanner on MT4 or MT5? Why?
We have seen what a Market Scanner is and why it is so important. As we introduced at the beginning, professional platforms have a native market scanner while MT4 and MT5 do not.
You could ask why just switching to professional trading platforms and if you want to use MT4/MT5 which are the solutions.
Let's discuss it together...
Why having a market scanner on MT4 and MT5 is so important?
Because MT4 (and MT5) is one of the biggest trading platforms in the world, this has created a biggest dedicated market that means:
- A lot of brokers only work with MT4/MT5, this gives you the opportunity to access the best commissions rates and different instruments (such as cryptocurrency)
- A lot of good custom indicators have been implemented only for MT4/MT5. Since the market scanner can also work with custom indicators you can use this kind of indicators
These are some of the main reasons why MT4/MT5 is needed and why you should start considering to have a market scanner for MT4/MT5
Which are the market scanners on MT4/MT5?
We are ourselves traders that use also MT4 and MT5. Since we use also other trading platforms (that have a market scanner) some years ago we decided to search if there are market scanners on MT4 (yeah at that time MT5 was not so used like now).
Unfortunately, we found only hardcoded systems with fixed logic like the ones previously described.
So we decided to implement our own market scanner for our own investments.
After some years we decided to make it publicly available creating MT4Professional that today is known to be the #1 Market Scanner on MT4. After a while we decided to create the version for MT4, so now it works also on MT5.
The power of that tool is that we are still the first users of it since we have created it for ourselves.
Unfortunately still today there are no other market scanners on MT4/MT5 (if you do not trust us try searching on Google 🙂), so until today a lot of people get frustrated because they do not know there is a market scanner on MT4/MT5.
For that reason, we decided to give the possibility to try MT4Professional for FREE for 14 days so that more people can try the market scanner on MT4/MT5 without any risks and discover the existence of a market scanner on MT4/MT5.
If you want you can try MT4Professional for FREE.
Or you can help us let the world know about its existence by sharing this article on social media or with your trader friends.
Conclusion
We have seen why having a market scanner on MT4/MT5 is important.
We have proposed our own solution called MT4Professional. You can try it for FREE.
Or you can reserve your seat to our next webinars, if you haven't already, where you can see MT4Professional in action and ask all questions you want.
Or ask us all your questions, or if you want a live demo, just contact us.
If you want to learn more you can also see market scanner implementations for the following indicators: