Hello there this is tradingpedia.com and this is a video guide of the MetaTrader. This is the MT4 – there are two versions, 4 and 5. Out of the two, the MT4 is the most popular one, being used by more traders around the world. The MT5 has all the MT4 capabilities and more, in the sense that you are forced to use the FIFO order (First In First Out) and hedging is not allowed, introduced due to the restrictions in some markets like the United States market.
How To Use It
Coming back to the MT4, you can customize a chart by choosing a currency pair from the MarketWatch. If you have here only a few currency pairs and you want to see more, you just need to make a right-click on any currency pair, click Show All, and the entire broker’s offering appears on this window. If you select then New Order from this window, you can change the volume to trade and can participate in the market by selling from the bid or buying from the ask price.
If you want to add a new chart on the MT4, you select a new currency pair, then choose Chart Window, and a new chart opens, in this case on the EURUSD pair. Or, you have another option, go to File, New Chart, and you select a market, like the EURUSD, and you select a new chart.
All charts are open here on the lower side of the screen and you can switch between two different timeframes for instance to see how the market evolves on the bigger and lower timeframe.
This is the EURUSD 1h chart and it shows all the recent price action on the pair but it is a bit rough – you need to “play” a bit with it and edit it in such a way to use its features as much as possible. To do that, just make a right-click anywhere on the chart, then select Properties and here we can play a bit with the colors, levels, etc. For instance, we start with the colors. We can change the background, a bullish or a bar up means green usually, bar down is associated with a red move, or bearish, bullish candlestick green, bearish candlestick red. The foreground – we cannot leave it white because combined with the background’s color we won’t be able to see it so we change it to black. Next, click OK and this is how the chart looks.
Obviously, you may not be happy with this outcome, and there are more setting to be done. For instance, make a right-click again, go on Properties and Common Tab, and we see that this is a bar chart, but maybe we want a candlesticks chart. We do not want to see the OHLC, which stands for Open High Low Close, because the MetaTrader4 already shows them here on the bottom right of the screen. I usually do not use the Show Grid option because it makes it difficult to see the actual prices.
The chart Autoscroll option is very important and you want to make sure you deselect this option. If you want to do some analysis using historical prices you will have a hard time because every time you will do that the market will come to the current price. Therefore, you deselect chart Autoscroll and select Chart Shift, click OK, and this is how the chart looks like.
If you want to change the background, or only the background, you can change it very easily like that. If you want to zoom in, you can zoom in and better see the candlesticks. Also, if you want more space on the right side of the chart for your analysis, if you see this small grey arrow, you can click on it, select it and drag it in the middle of the chart, like this. This way, every time you will analyze a market and move the chart with click and drag, you will still have plenty of room and space on the right side of the chart to write, to do a price forecast, whatever.
Another important feature is AutoTrading. If you click here, it enables automated trading. You can import your expert advisor, or trading algorithm, and you can apply it by click and dragging on a chart. You will see a small smiley have on the top right side of the screen and when you instruct the robot to trade, the face will smile, showing that everything is ok with the expert advisor. If something is wrong, it will not smile anymore, meaning that the expert advisor will not take any trade.
This is where you can switch to various timeframes. If you want to write on a chart, do not use the Draw Text Label but use the Draw Text only, because if you use the first one and you type something like this and you change the timeframe, the text won’t be visible on all the timeframes and will change position. This is very important when counting waves with the Elliott Waves Theory, for example. Therefore, if you want that the text remains where you put it, let’s say that this is the fifth wave of an impulsive move, you can put it here, select it, and the text will remain on the screen.
Another features to consider belong to technical analysis. The MetaTrader4 has various features built-in, coming with the default settings. They are being split in oscillators and trade indicators, but also volume indicators, Bill Williams, etc. We will have a closer look at them later.
At this point in time, it is important to remember that this is how you select an indicator, in this case the DeMarker, and if you click OK, it will be applied on the screen.
The MT4 also offers all the Fibonacci tools, trends and trendlines, and there is even a shortcut for them. You can simply draw a trendline like this, you click on it, and define the trend on the EURUSD to the upside.
On a trendline you can edit it by double-clicking on it or making a right-click after selecting it, and then you go on the parameters and make sure that the Ray is not selected.
One more thing before wrapping up. If you push down the CTRL tab on your keyboard and you select an object and drag it, you basically copy that object. Just push down the CTRL tab, select it, drag, and that is it.
By the time you are happy with the settings, just make a right-click, go on the Templates, and save it, and the next time you do not need to make all these changes when opening a chart.
Thank you for being here and have a great day. Bye bye.