Are you a Forex trader looking to up your game? Have you heard of footprint charts, but aren’t sure if they are available on MetaTrader 4 (MT4)?
Then you’ve come to the right place! In this article we’ll explore exactly what footprint charts are and whether or not MT4 has them.
Footprint charts
offer traders an additional level of insight into their trading decisions, making them an invaluable tool for any serious investor.
But do these powerful tools come as part of MT4’s package? I’m here to answer that question for you today.
We’ll start by taking a look at what makes footprint charts so special and why they could be just the thing to help boost your profits.
After that, we’ll dive in and see if there is indeed support for footprints within MT4 – spoiler alert: there isn’t! So let’s get started!
No, Metatrader Does Not Have Footprint Charts
No, MetaTrader 4 (MT4) doesn’t have footprint charts. It’s a popular charting software and one of the most widely used trading platforms around, but it only offers conventional types of price-based or technical analysis charts.
Footprint charts are not part of its features. This type of chart is used for market profile analysis and isn’t available in any version of MT4.
Although there are other charting solutions that enable traders to view such data, they’re usually third-party applications that can be integrated with MT4 through an API connection.
However, this requires some programming knowledge from the trader as well as downloading additional files which may increase the chances of introducing malicious code onto your computer system.
So if you’re looking specifically for a footprint chart solution then MT4 won’t provide it; instead, you’ll need to look elsewhere for a platform that does offer this specific feature.
Which Trading Platforms Offer Footprint Charts?
I’m a trader who’s interested in using footprint charts to help me make decisions.
I’ve done some research, and here’s what I found out about which trading platforms offer them.
- MetaTrader 4: This platform doesn’t have built-in support for creating footprint charts but there are third-party indicators available that can be used with the program.
- NinjaTrader: The latest version of this platform includes a Footprint Chart feature that enables traders to quickly identify buying and selling pressure in the markets they’re tracking.
- CQG Trader & MultiCharts: These two popular professional grade platforms both include features that allow users to easily create footprint charts from their data feeds and order execution systems.
Overall, it looks like there is no shortage of options when it comes to finding a trading platform that offers footprints charts – you just need to choose one according to your own preferences and needs!
In Conclusion – Can You Trade Footprint Charts On MetaTrader?
It’s clear that MetaTrader 4 does not have the ability to generate footprint charts. This is a limitation that can be quite frustrating for traders who are used to having access to this kind of charting data in their trading platform.
Fortunately, there are other platforms out there that do offer this feature and so it’s possible to find an alternative solution if desired.
Annoyingly, tradingview doesn’t have footprint charts either!
If you’re looking for a platform with footprint charts, then NinjaTrader 8 is probably your best option.
It has some great features and allows you to generate highly customizable footprints quickly and easily, making it ideal for those who want more detailed analysis of their trades.
Other platforms such as TradeStation also offer similar functionality but may require additional setup or subscription fees which might make them less desirable options compared to NinjaTrader 8.
Ultimately though, when choosing a trading platform, it comes down to personal preference. If you feel like MetaTrader 4 meets all of your needs without needing any extra features like footprint charts then by all means don’t bother switching – stick with what works!
However, if you’d benefit from being able to analyse your trades further through the use of these types of charts then it could well be worth considering investing in another platform that offers this feature.
