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MetaTrader vs Tradingview: Which is Better?

TABLE OF CONTENTS

MetaTrader vs Tradingview: Which is Better?

MetaTrader vs Tradingview: Which is Better?

Vantage Updated Updated Tue, 2024 October 29 07:15

Selecting the right trading platform is for achieving success in the fast-paced world of trading. Among the most popular options are MetaTrader and TradingView, both offering distinct features and capabilities. In this article, we’ll explore the differences between these platforms to help you determine which one best suits your trading needs. 

Key Points 

  • MetaTrader excels in automated trading and broker integration, while TradingView focuses on advanced charting and social features. 
  • MetaTrader offers comprehensive trading tools and supports automated strategies with Expert Advisors (EAs), making it ideal for algorithmic traders. 
  • TradingView provides a wide range of indicators, extensive drawing tools, and a strong community for sharing trading ideas and learning. 

What is a Trading Platform? 

A trading platform is a software application that allows traders to monitor markets, analyse price trends, and execute trades. These platforms provide essential tools such as real-time price data, technical indicators, and charting capabilities to assist traders in making informed decisions. Examples of trading platforms include MetaTrader and TradingView. 

Modern trading platforms often cater to specific trading styles and asset classes. For instance, MetaTrader excels in algorithmic trading, while TradingView focuses on providing detailed charting features and a collaborative trading community. With the right platform, traders can improve their ability to strategise and manage their trades more efficiently. 

What is Metatrader? 

MetaTrader is a popular trading platform developed by MetaQuotes, widely used by traders to trade forex, stocks, commodities, and other financial markets products. It comes in two main versions: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).  

MT4 is highly regarded for its focus on forex trading and simplicity, while MT5 builds on these features with a more advanced suite of tools, catering to a wider range of assets. 

The platform is also known for its automated trading capabilities using trading bots called Expert Advisors (EAs), and for offering extensive technical analysis tools such as indicators and charting options.  

Metatrader Features 

MetaTrader offers a wide range of features designed to enhance trading experiences, from advanced charting to automated trading capabilities. Both MT4 and MT5 provide essential trading tools, but each caters to different needs. The following table highlights the key features of both MT4 and MT5: 

Features  MT4  MT5  
Markets  Forex and CFDs  Forex, futures, stocks, bonds, commodities and options  
Timeframes  9  21  
Technical indicators  30  38  
Graphical objects  31  44  
Pending order types  4  6  
Order fill policy  Fill or Kill  Fill or Kill, Immediate or Cancel, Return  
Backtesting  Slow single   Fast multiple  
Hedging  Yes  Yes  
Email system  Yes (no attachments)  Yes (with attachments)  
Partial order fill policy  No  Yes  
Economic Calendar  No  Yes  
Fund transfer between accounts  No  Yes  
Depth of market  No  Yes  
Netting  No  Yes  
Exchange trading  No  Yes  
Reports  Tables  Tables & Charts  
Programming language  MQL4  MQL5  
Table 1: Table of feature for MT4 and MT5 

This comparison table provides an at-a-glance understanding of what each version offers, helping traders choose the right version based on their specific needs and trading goals. For a more in-depth understanding, read our comprehensive guide on ‘MT4 vs MT5 Comparison – The Difference Between MetaTrader 4 and 5’ to fully grasp the key distinctions, features, and benefits of each platform. 

Advantages of Metatrader 

MetaTrader has become a leading choice for traders due to its comprehensive set of features and adaptability to different trading needs. Here are some key advantages of using MetaTrader platforms: 

  • Automated Trading Capabilities: Supports Expert Advisors (EAs) for fully automated trading, allowing traders to execute complex strategies without manual intervention. 
  • Comprehensive Technical Analysis Tools: Offers a wide range of built-in indicators, graphical objects, and timeframes to conduct in-depth technical analysis. 
  • Flexibility with Multiple Markets: MT5 supports a broad range of financial markets beyond forex, including stocks, commodities, and cryptocurrencies. 
  • Customisation and Scripting: Provides custom indicator creation and automated trading strategies using its programming languages, MQL4 and MQL5. 
  • Broker and Community Support: Widely accepted by brokers and supported by an active community, which provides a wealth of resources, trading bots, and custom scripts. 

What is Tradingview 

Now that we’ve clearly explained and covered everything about MetaTrader, it’s time to learn about TradingView. TradingView is a powerful web-based charting platform designed to cater to traders and investors of all levels. Known for its intuitive design and extensive community features, TradingView offers advanced charting tools, technical indicators, and the ability to collaborate and share trading ideas with others. 

Tradingview Features 

TradingView is widely recognised for its advanced charting tools, broad range of financial instruments, and strong emphasis on social trading. The platform offers numerous built-in indicators, multiple chart types, and a vibrant community where traders can share and discuss trading strategies. Below is a breakdown of key TradingView features: 

Feature TradingView 
Markets Stocks, forex, cryptocurrencies, commodities, indices, ETFs, bonds 
Timeframes 15 
Technical Indicators 100+ built-in indicators 
Graphical Objects 50+ smart drawing tools 
Pending Order Types Not applicable (for charting purposes only) 
Order Fill Policy Not applicable (for charting purposes only) 
Backtesting Available with Pine Script 
Hedging Not applicable (for charting purposes only) 
Email System No 
Partial Order Fill Policy Not applicable 
Economic Calendar Yes 
Fund Transfer Between Accounts No 
Depth of Market Yes 
Netting Not applicable 
Exchange Trading Available with select brokers 
Reports Tables & Visuals 
Programming Language Pine Script 
Table 2: Table of feature for TradingView 

This table provides a snapshot of TradingView’s key features, highlighting its emphasis on charting, analysis, and community-driven insights. Discover everything you need to know about TradingView and how to make the most of it with our comprehensive beginner’s guide here

Advantages of Tradingview 

TradingView stands out as a versatile platform offering powerful tools for traders and investors. Here are some key advantages of using TradingView: 

  • Advanced Charting Capabilities: Offers multiple chart types, extensive drawing tools, and over 100 built-in technical indicators to support in-depth market analysis. 
  • Community and Social Trading: Provides a vibrant social network where traders can share ideas, publish charts, and follow other traders for insights and learning. 
  • Accessibility and Cross-Platform Synchronisation: As a web-based platform, TradingView is accessible on multiple devices, with real-time data and synced chart layouts across all your devices. 
  • Custom Indicators and Pine Script: Allows users to create and use custom indicators and strategies through its scripting language, Pine Script, enabling a highly personalised trading experience. 
  • Broad Range of Financial Instruments: Supports analysis and tracking of various asset classes including stocks, forex, commodities, bonds, and ETFs, making it ideal for multi-market traders. 

MetaTrader vs Tradingview 

When comparing MetaTrader and TradingView, the first notable difference is their primary focus. MetaTrader (both MT4 and MT5) is a full-fledged trading platform designed for executing trades directly with brokers, making it ideal for those prioritising automated and high-frequency trading. In contrast, TradingView is primarily a charting and analysis platform, built to provide sophisticated charting tools and a strong social network for traders. While TradingView supports trade execution with select brokers, its core strength lies in its intuitive design and collaborative features. 

In terms of technical analysis, TradingView leads with more built-in indicators, smart drawing tools, and highly customisable charts. It also has its scripting language, Pine Script, which allows users to create and share custom indicators and strategies. On the other hand, MetaTrader is known for its comprehensive set of technical tools, including indicators and chart types, with the added advantage of supporting automated trading using Expert Advisors (EAs), which makes it more suitable for traders interested in algorithmic trading. 

Another major difference lies in the community features and accessibility. TradingView excels in fostering a global trading community where traders can share ideas, publish analyses, and engage with others through comments and live streams. MetaTrader, however, is more broker-dependent, with a focus on direct trading execution and advanced features like copy trading and MAM/PAMM modules for managing multiple accounts. TradingView is a cloud-based platform accessible from any device, while MetaTrader requires installation but offers superior integration with brokers for executing trades efficiently. 

Here’s a table that provides a concise overview of the key differences between MetaTrader and TradingView, highlighting each platform’s core strengths and primary areas of focus. 

Feature MetaTrader TradingView 
Primary Focus Direct trading and automated trading Advanced charting and social trading 
Platforms MT4 and MT5 (desktop, web-based, mobile) Web-based platform with mobile and desktop apps 
Markets Supported Forex, CFDs, futures, stocks, cryptocurrencies, commodities, and more (depending on MT4 or MT5) Stocks, forex, cryptocurrencies, commodities, indices, bonds, ETFs 
Technical Indicators 30 (MT4) and 38 (MT5) 100+ built-in indicators 
Timeframes 9 (MT4) and 21 (MT5) 15 
Order Execution Full integration with brokers for direct trading Limited integration with select brokers for direct trading 
Automated Trading Yes, with Expert Advisors (EAs) Limited, with Pine Script support 
Programming Language MQL4 (MT4) and MQL5 (MT5) Pine Script 
Community Features Basic (through broker features like copy trading) Strong social network for sharing ideas, charts, and strategies 
Backtesting Available (slow single for MT4, fast multiple for MT5) Available with Pine Script 
Depth of Market Available (MT5 only) Yes 
Reports Tables (MT4) and Tables & Charts (MT5) Visual reports and charts 
Accessibility Broker-dependent, requires installation Cloud-based, accessible on any device 
Broker Support Supported by 1,500+ brokers Supported by 16 brokers 
Social Trading Limited (via copy trading features) Extensive social network 
Table 3: Difference between MetaTrader and TradingView 

Conclusion 

MetaTrader and TradingView each offer unique strengths, catering to different trading styles and needs. MetaTrader excels in automated trading and broker integration, making it ideal for algorithmic traders. On the other hand, TradingView shines with its advanced charting capabilities and social trading community, perfect for traders focused on in-depth market analysis and collaboration. 

Ready to experience the best of both platforms? Open a live account with Vantage to explore MetaTrader and TradingView today. 

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