We present a short overview of how to use MetaTrader 4 platform. If you are looking for a guide for MetaTrader 5, scroll to the bottom of the article or click here.
1. Read ‘Help’ instructions
Be sure to read the instructions (help) about the program. It does not take much time; however, it will remove most of the questions about working with Metatrader terminal. To do this, press the “F1” key on your keyboard or click the “Help” link in the top menu of the terminal.
2. Menu and workspace setup
There is a picture below in which the menus and windows of the program are given to one of the species, which is convenient for most of the traders. You can configure the terminal to a convenient form for you. We will explain how to do it gradually.
All windows and panels in Metatrader 4 can be dragged by the mouse and placed in the correct location. By pulling on a corner or edge of the window you can resize it. You can adjust the color of the field, lines, candles, etc. You can customize the workspace and save it to your profile. Thus, it is easy to create several different views, for example, by the number of tools, and then set the desired profile by pressing a single button. To learn more or to change the settings of a field, right-click and you will see a new menu.
3. The “Market Watch” space and creating the list of financial instruments.
In order to speed up the terminal and reduce Internet traffic, some trade instruments must be removed from the list of extra tools. To do this, please right-click the mouse on the field “Market Watch”, see Figure 2. This is an indicative list of tools, each broker has its own and it may differ from what you see in the figures.
Figure 2. Hide all symbols in MetaTrader4
From the menu bar select “Hide all” symbols and click on it with the left button. A long list of most of the symbols will disappear, leaving only those which have open charts. You can now turn to the list of the required tools. To do this, click on “Symbols” in Fig. 2.
Figure 3. Creating a list of tools in MetaTrader 4
A new window appears with groups of instruments:
Figure 4. Groups of financial instruments in MetaTrader 4
Let’s continue to create the list of tools.
If you click the mouse on a cross in front of a group of financial instruments, it will open and we will see a list of tools that group includes.
Figure 5. Tool list of one group in MetaTrader 4
By choosing the right tool and clicking “Show”, the tool will be added to the list in the “Market Watch”. This procedure can be repeated a number of times and select the desired tools. If you click the “Properties” window, it will open with the basic properties of the tool. Thus, we have created a list of instruments.
Although the formed list of financial instruments can be stored, you can create several different lists and use some of them as necessary. MetaTrader 4 includes a list of some ready tools.
List of management tools (selection, saving and deleting) is going by already familiar to us through the menu in Fig. 3. To do this, select the line “Set”, then “Save As” or “Delete” or select the right set of tools from the list.
4. Charting, setting the display format
Let’s look again at Fig. 3. If you click on the menu item “Chart Window”, this will generate a chart of the tool selected in the “Market Watch”. The appearance of the charts will be such as specified in the standard template. To customize the appearance of the graph according to your preference, right-click the mouse on the panel space and select “Properties” – the bottom line of the menu or press the “F8” button on the keyboard. A panel opens by means of which you can select the preferred color scheme and customize the color of each element of the chart: background, candle and some of its elements, the color of the lines. Making settings are very easy, as you will immediately see the results of your changes. So you can customize each box with space individually, and if you want to save the settings for the new charts automatically, it opens the way you like it. How to do this?
Right, click on the field box to space then we will see the menu (see Fig. 6.). Select the line “Template”.
Figure 6. Select, save or delete the template chart window in MetaTrader 4
In an additional menu to the right, select “Save Template” and save the template under a new name. Later you can select the template to any chart, and thus give it all preconfigured properties. On the right, we see a list of menu templates, and you can choose one of them and see how the chart changes. Maybe some of these patterns will be useful for you.
Need Guide to the new version – MT5? We have it!
Analysis of financial instruments price dynamics is the most important component of successful trading. In MetaTrader, 5 developers have tried to give as many analytical capabilities as they can for the traders.
It offers traders three types of charts as before: line, candlesticks, and bars. Traders can use 38 built-in technical indicators, 39 graphical objects and a lot of MQL5-indicators in order to make data analysis. All these analytical tools can be combined in different ways: objects can be applied on indicators, to build indicators from other indicators, and so on. For convenience, the indicators are divided into groups: trend, oscillators, volumes, Bill Williams and others. There are no ability to create own groups and move the lights between them.
Quote history in MetaTrader 5 is stored in the minute timeframe (M1) and all the charts are based on them. This solution has increased the number of timeframes up to 21 to analyze quotes, you can use any period from minute to the month. The main limitation of timeframes is their multiplicity: one hour must have integer minute periods. This rule satisfies the following timeframes: M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, and M30.
Historic data storage in the MetaTrader 5 is highly economical. For example, a minute history of GBPUSD quotes for ten years occupies about 10 megabytes. Once trader downloaded this history, he can build all the charts of the instrument from M1 to MN1.
In terms of orders opening, MT5 has a lot of innovations. But the dialogue itself has remained virtually unchanged. In addition to general rules of order execution given by the broker, the trader can specify additional conditions in the “Execution Policy” (only in the stock market) order window.