The Oanda Forex Trading App: What Can You Expect as a User?
The forex market remains the single most popular entity of its type in the world, while it also offers the highest levels of liquidity to investors.
Despite the fact that daily forex trading volumes have declined in recent times, an estimated $5.1 trillion is exchanged each day on the foreign exchange. The volatile and real-time nature of the forex market is also hard to ignore, so it makes sense that traders should access their accounts through a mobile trading app.
There are numerous options available in the current market, with the Oanda MetaTrader 4 app one of the most popular. So what does this offer in the way of features to traders?
Automated Trading Strategies
We all know that trading platforms and affiliated apps offer investors access to demo accounts, through which they can learn how to profit in simulated market conditions (and without risking their hard-earned money).
This means little without strategies to test in the first place, however, and this is something that the Oanda MT4 app can assist with. Through this app, you can build largely automated trading algorithms and back-test existing strategies, leveraging Expert Advisors (EAs) to achieve optimal results.
These also include those that require hedging capabilities, which is not something that is accepted as standard among mobile trading applications.
Diverse and Detailed Charting
Oanda’s charts offer tremendous depth and insight, and while this can be said for other platforms the visual effect of these graphics can occasionally be lost when using a smartphone.
This is not the case with the Oanda MT4, however, which allows users to trade directly from charts with up to nine frames and multiple displays. This includes five candles per week on the GMT+2 server, while its main benefit is that you can scan the market for trading opportunities by using in excess of 50 built-in indicators.
This is quite a wide range, and one that should inform your trading decisions in real-time.
Advanced Technical Analysis
Let’s face facts; it is the quality of technical analysis that really distinguishes great trading apps from those that are merely good.
Oanda’s popular MT4 application certainly fits the latter description, regardless of your risk profile or level of experience. Much of this has to do with the MT4 plug-in, which includes a host of features aimed at increasing the speed, efficiency and profitability of your trades.
Including intraday market scanning, trend quality indicators and automated chart pattern recognition, such analytical tools make it far easier for traders to identify trends as they unfold. With the added options of executing trades with technical interface, the Oanda MT4 app also lets you leverage these trends in real-time while optimising potential profitability.