MT4 Advanced Features

January 24th, 2013 admin Posted in metatrader 4 No Comments »

Linking MT4 to a Mobile Gadget

As individuals are coming to be more based on digital gadgets, lots of foreign exchange brokers now provide applications to support MT4 on mobile gadgets. The functionality of the MT4 application resembles that of the desktop computer variation. Traders could access charts, make use of technical analysis devices, and location and handle trades. While MetaQuotes presently supports just the Windows running system (OS), third-party brokers have actually made IPhone and android applications readily available. At the end of 2011, MetaQuotes revealed it would quickly be launching applications for the iPhone os.

While a lot of forex brokers do provide mobile apps, they do not constantly offer apps for all the various os. Verify with a broker ahead of time that it will be able to support a certain operating system if the mobile app attribute is a concern. Specific brokers charge a cost for the application, or cost for a license secret, while others provide it away. A fast call to a broker’s client service number, or an on-line talk, could offer specifics concerning running charges and systems, if any. Certain installment directions are normally offered on each supporting brokers’ website. (For associated reading, see The best ways to Pay Your Foreign exchange Broker.).

Expert Advisor

MT4’s Professional Consultant (EA) program could be made use of to carry out trading techniques and automate trading. The exclusive programs language is called “MetaQuotes Language 4,” or MQL4. Traders could compose their very own custom signs and/or approaches making use of the platform’s “MetaEditor “function. To open, click “Tools” and choose “MetaQuotes Language Editor”, or click the “MetaEditor” icon in the toolbar. This will open the shows environment.

While specifics relating to the production and use of MT4’s Specialist Advisors are outside the scope of this guide, practical details could be discovered in the “MetaEditor” window by clicking “Help” and picking any of the subheadings under “MQL4 Neighborhood,” consisting of MQL4 Internet site, Publication, Paperwork, Articles, Code Base and Online forum. This on-line area provides complimentary support, and members can upload concerns such as, “How can I compose an EA that will enable me to get in synchronised purchase and offer orders to catch an escapement?” and various other area members could upload feedbacks. The “MQL4 Code Base” provides free of cost EAs that various other members have actually published, consisting of a description of the function and application of the code.

When EAs have actually been composed or otherwise gotten, they could be affixeded to any chart to do a range of features, consisting of technical analysis, similar to indications, or even trading automation. EAs, Custom Indicators, and Scripts (programs that are performed on request that are meant to do a solitary action) could be contributed to a chart by clicking-and-dragging, or by double-clicking the preferred product within the “Navigator” window.

In addition to the “Help” menu in the MetaEditor window, clicking “Help” in the MT4 window and choosing “Help Topics” will open the MT4 Individual Guide, which has great deals of paperwork concerning the production and application of Specialist Advisors, Custom Indicators and Scripts.

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How to use Trailing Stop and Indicators in Metatrader

November 11th, 2012 admin Posted in metatrader, metatrader 4 No Comments »

Trailing Stop is an effective forex metatrader tool that allows to automate the process of placing stop-loss on the necessary level form current price. It perfectly suits for situations when the market is moving in one direction and a trader has no possibility to track price changes.

Unlike Stop Loss, Trailing Stop is not executed on a server but in a client metatrader terminal. So you should always remember that in case of turning off the metatrader 4 terminal Trailing Stop will stop moving along price and the Stop Loss level will be fixed on a value that existed at the moment of turning off the metatrader 4 terminal. In order to turn on Trailing Stop, you should open the window “Terminal”, select the necessary order, right-click on it and select the item “Trailing stop”.

indicators in metatrader

You can apply the following options:

  • Delete All – deactivate all Trailing Stop levels on any pending orders and opened positions;
  • None – deactivation of a floating stop-loss  on a long position;
  • Custom – select the level by yourself.

When the Trailing Stop level is set, metatrader terminal constantly verifies the number of points from the entry point to the current price. If there is a necessary “gap”, Stop Loss will be set in accordance with the adjusted parameters. As long as price has started moving in the necessary direction, stop-loss automatically starts following it in proportion to the predefined interval. Thereby, the position for closing a trade in case of unfortunate market movement is automatically fixed on the stop-loss level.

What is mt4 indicator and how to Use it?

Mt4 indicator is a chart calculated by means of carrying out mathematical operations over open and close prices, maximal and minimal prices for a certain time period or a chart of another indicator.

What do traders need best mt4 indicators for? Their purpose is to indicate the direction of price movement and inform about reaching a certain area by price. Sometimes top forex indicators even detect this area, using resources of metatrader.

Fortunately, the Metatrader 4 trading terminal has a lot of built-in indicators so you don’t have to calculate anything manually. Computer will do all the work for you, and you will just receive ready signals about price movement that. All you need to do is to use these signals correctly. Built-in best mt4 indicators are divided into five groups for convenience: trend indicators, oscillators, volume indicators, Bill Williams’ indicators and custom mt4 indicators. In order to use the necessary good forex indicator, you should go to “Insert – Indicators” or use the corresponding button on the standard toolbar.

metatrader indicators

Having chosen an mt4 indicator, you will see the window with tabs, where you can select color and style of metatrader indicator lines, timeframe (it is desirable to use the same timeframe as you use on the chart) and other parameters.

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Mt4 indicator can be placed on the chart as well as in a separate window. To edit the professional forex indicator or delete it, right-click on the indicator and select the necessary item in menu.

The use of indicators significantly increases your chances of success. It is much easier to create a profitable forex system in the basis of signals of indicators.

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How to Open and Close Positions in Metatrader 4 – Part 2

November 2nd, 2012 admin Posted in metatrader, metatrader 4 No Comments »

Closing of a Position

A trading position is opened when a financial instrument is being bought or sold. Closing of a position allows to make profit at the expense of rate difference. Closing is always an inverse operation relative to the initial trading operation. If you initially buy one lot of a financial instrument, you will have to sell one lot of this financial instrument to close the position. You can close a single position in the Metatrader 4 trading terminal, close a position by an offsetting position or close several offsetting positions.

Closing of a Single Position

A single trading position is closed automatically when price is equal to take profit or stop loss value. If a long position is being closed, the value of orders should be equal to the Bid price, and if a short position is being closed, the value of orders should be equal to the Ask price.

To close a position in the Metatrader terminal manually, you should execute a command of the context menu in the window “Terminal – Trade” and double left click on the open position.

The Metatrader 4 trading terminal allows to open a position partially. To do it, input lot values less that the open position has to the field “Volume” before pressing the button “Close”. A broker can also close a position, for example, if price has reached the level “Stop Out” set by the broker.

Metatrader builds historical charts only on the basis of Bid process, and some part of orders displayed on charts is built on the basis of Ask prices. If you tick the checkbox “Show ask line” in “Tools – Options – Charts”, the Ask price of the last bar will be displayed.

Closing of Offsetting Positions

An offsetting position is an opposite position to the current position on the same currency pair. When there are one or several offsetting positions among open positions, the chosen position can be closed together with an offsetting position. First of all, open the window “Order” in metatrader and select “Close by” on the field “Type”.

At that moment, all offsetting positions will appear in the bottom part of the window of the metatrader trading terminal. Select an offsetting position in the list and press “Close”. Two positions will be closed simultaneously. If offsetting positions have different number of lots, one of them will remain open. Its volume will be equal to the difference of lots, and price and the direction of opening will be equal to the one with a greater volume.

Closing of Several Offsetting Positions

Closing of several offsetting positions on one trading instrument in the metatrader 4 terminal can be done by means of closing of several offsetting positions. To do it, you should also open the window “Order” and select “Multiple Close by” on the field “Type”.

The list of offsetting positions will appear in the bottom part of the window in metatrader 4 and the button “Multiple close by for…” will become active. You can close all offsetting positions by pressing this button. Positions are closed in pairs according to opening time.

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How to set Stop Loss, Take Profit and Pending Orders in Metatrader

November 1st, 2012 admin Posted in metatrader, metatrader 4 No Comments »

Modify or Delete Orders

Open the window “Terminal” in the metatrader 4 trading terminal and select the position for which you want to set or modify Stop Loss or Take Profit. Right-click on the position and select the point “Modify or Delete Order”.

Changing Take Profit and Stop Loss

Input necessary Take Profit and Stop Loss values in the window of the metatrader terminal and then press “Modify”.

How to set Pending Orders

Pending orders is an effective tool of metatrader 4 that saves a trader from constant staying at the monitor of his personal computer. For example, if you want to buy EURUSD for the price 1.3867, you don’t have to sit down and wait for price reaching this value. You can set a pending order in your Metatrader terminal and continue doing other things. The broker will perform the order even if your terminal is turned off at that moment. You can also set Take Profit and Stop Loss for your pending order.

Go to the Metatrader and open the window “Market Watch”. Right-click on the necessary currency pair and select the item “New order” or press the hotkey F9. Select “Pending order” in the field “Type”.

There are the following fields in the window “Order” in metatrader:

  • Symbol – here you can select the trading instrument;
  • Volume – the field where you can set the volume of a trade;
  • Stop Loss and Take Profit – fields for setting Stop Loss and Take Profit accordingly;
  • Comment – the field where you can write any comment for yourself to simplify work in Metatrader in future;
  • Type – selection of four types of pending orders: SellLimit, BuyLimit, SellStop, BuyStop;
  • at price – here you specify the price that you want to be used by the broker to open a position;
  • Expiry – selection of time after which the order will be irrelevant.

Having finished input of the data in the metatrader 4 window, press “Place”. The pending order will appear in the window “Terminal” next to the line with your account balance. If you want, you can modify or delete the order.

Types of Pending Orders in the Metatrader 4 trading terminal:

There are Four types of pending orders:

Buy Limit – opening of a position at reaching of the set value by the “Ask” price. In this case the current price exceeds the level of the placed order. As a rule, such orders are placed with an eye to price, which will start rising after having descended to the certain value.

Buy Stop – opening of a position at reaching of the set value by the “Ask” price. In this case the level of the placed order exceeds the current price. As a rule, such orders are placed with an eye to price, which will continue rising after having ascended to the certain value.

Sell Limit – closing of a position at reaching of the set value by the “Bid” price. In this case the level of the placed order exceeds the current price. As a rule, such orders are placed with an eye to price, which will start falling after having ascended to the certain value.

Sell Stop – closing of a position at reaching of the set value by the “Bid” price. In this case the current price exceeds the level of the placed order. As a rule, such orders are placed with an eye to price, which will continue falling after having descended to the certain value.

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How to Open and Close Positions in Metatrader 4

October 24th, 2012 admin Posted in metatrader, metatrader 4 No Comments »

To open a foreign exchange position in Metatrader 4 or enter the market means to perform a buying or selling of a certain sum of money. A position is opened both at execution of a market order or a pending order (automated execution).

Market Order

In order to open a position by means of a market order, you can use several methods: go to “Tools” – “New Order”, double-click on the name of the currency pair in the window “Marker Watch”, press the corresponding button on the tool bar, press the hotkey F9 or choose the command “New order” in the context menu of the windows “Terminal – Trade” and “Market Watch”.

When you open a position in the Metatrader trading terminal, you should fill in the following fields:

  • Symbol – select the currency pair you want to trade on;
  • Volume – select volume of the trade (the number of lots);
  • Stop Loss – set stop loss (optional). If there is 0, it means that Stop Loss is not specified;
  • Take Profit – set take profit (optional). If there is 0, it means that Stop Loss is not specified;
  • Comment – write some comments to the order. Its length shouldn’t exceed 25 symbols. The company reserves the right to add information to your comment of (length – 6 symbols) or modify your comment. If a position has already been opened, the comment cannot be changed. Adding comment to your order is an obligatory step.

Use maximum deviation from requested price – it allows turning on or turning off deviation. Deviation of new price from requested price is calculated in case when the broker sends new execution price. In this case, when deviation does not exceed the set parameter, the order is executed on new price without notification. Otherwise, the broker returns prices on which the order can be executed.

  • Maximum deviation – the permissible deviation of price in points.

When you specify all the necessary data in the Metatrader 4, press “Buy” or “Sell”. A signal to open a short or long position will be sent to the broker. If Stop Loss and Take Profit levels are too close to the current price, you will see the following: “Wrong S/L or T/P”. You should move these levels farther friom the current price and repeat your request in the Metatrader 4 window.

A trading position will be opened after the broker has performed the trading operation and placed Stop Loss and Take Profit. Open the tab “Terminal – Trade” and you will see the status bar of the opened position, and the chart will display price levels of opening Stop Loss and Take Profit, if you turn on the option “Show trade levels”.

Pending Order

First of all, to open a position on pending orders, you should place it. If current prices correspond to order conditions, the pending order will be executed automatically, i.e. a new position will be opened, the status bar of the pending order will be deleted on the tab “Terminal – Trade” in the Metatrader 4, and a new status bar of the opened position will appear instead. Stop Loss and Take Profit that were attached to the pending order will be automatically attached to the opened position.

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Forex Rates in Metatrader

October 23rd, 2012 admin Posted in metatrader 4 No Comments »

The list of currency pairs is displayed in the window “Market Watch”. The Metatrater 4 trading terminal receives rates on these currency pairs in online mode. The data are presented very conveniently in the form of a table with several columns. It simplifies the use of the Metatrader terminal.

The column “Symbol” contains the name of the currency pair, and the columns “Bid” and “Ask” show buying and selling prices of currency pairs. The column “Time” shows the time of receiving these data. High and low prices in the corresponding columns of the Metatrader “Market Watch” window are set on the basis of day price dynamics on the forex market. The window “Market Watch” is an effective tool for forex market analysis on the basis of current rates. You can use a hotkey (Ctrl+M), a button on the tool bar or “View – Market Watch” to open or close this window in the Metatrader 4 trading terminal.

Tools of the window “Market Watch”

The window “Market Watch” of Metatrader 4 allows to place pending and market orders or open different charts with ease. You should right-click on the window “Market Watch” and you will see a context menu with the following commands:

“New Order”. It allows to prepare and place a new pending or market order on the chosen currency pair or other financial tool. You can select Take Profit and Stop Loss orders at placing orders in the metatrader terminal. There are other methods of opening the window “New Order”: double click in the window “Market Watch” on the name of the financial tool or go to “Tools – New Order”, the window “Terminal – Open Order” – context menu command, or press the corresponding button on the tool bar.

“Chart Window”. It allows to look at the chart of the chosen currency pair or other financial tool in the Metatrader 4 trading terminal. The detailed information about work with chart windows is located in the corresponding section. Here are other methods of opening the “Chart Window”: “File – New chart”, “Window – New Window” or the corresponding button on the tool bar.

“Tick Chart”. It allows to look at the tick chart of the chosen currency pair or other financial instrument in the Metatrader 4 trading terminal. In contrast to general charts, the tick chart is situated directly in the window “Market Watch”. You can also see it if you open the tab with the corresponding name in the window “Market Watch”.

“Hide”. This command decreases spending of traffic and allows to remove unused elements from the rates window of Metatrader 4. You can do the same thing by pressing the button “Delete”. However, if a chart is opened for a currency pair or there are pending orders or opened positions, then you cannot delete the symbol.

“Hide all”. This command deletes all symbols from the list. However, if a chart is opened for a currency pair or there are pending orders or opened positions, then you cannot delete the symbol.

“Show all”. This command shows all available financial instruments of Metatrader 4. Execution of this command activates incoming of online quotes on all available currency pairs.

“Symbols”. This command opens a window where all available financial tools are situated. They are grouped according to their types. The button “Show” adds the necessary symbols, and the button “Hide” allows to delete a financial instrument from the rates list. The button “Properties” shows the parameters of the instrument.

“Sets”. It opens a submenu that allows to manage the set of symbols. The submenu allows to save the current set of symbols, choose or delete the existing one. It is especially handy if a trader works with different instruments.

“High/Low” – displays the column with high and low price levels per day.

“Time” – displays the column with information about time of receiving the information about price.

“Auto Arrange” – automatic arrangement of columns size at change of the window size. Hotkey – A.

“Grid” – displays or hides the grid. Hotkey – G.

“Popup Prices” – this command opens an additional window of forex rates in the Metatrader 4 trading terminal. The list of financial instruments is the same as in the window “Market Watch”. This is an information window, but is can also be used for Forex trading. You just need to double click the left button of the mouse on the chosen instrument. Commands for adjustment of data presentation parameters, activation of full screen mode and placing the window on the top are situated in the menu of the window “Popup Prices”.

Learn more about Metatrader 4 terminal

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MT4

February 25th, 2012 admin Posted in metatrader, metatrader 4 No Comments »

MT4 is another name for Meta Trader 4. This is a dealing platform that is commonly used by dealers who operate in the retail forex markets with a view to making profits. MT4 was created by a company called MetaQuotes Software and introduced into the market in 2005. The MT4 software is offered out on a license arrangement to brokers who work in foreign exchange trading that will provide software to their respective clients.This MT4 software will comprise of a server and client component.The server aspect of the MT4 software is actually run by the licensed broker and the software the client uses is something that the broker arranges for them.

The customers will then use their MT4 software to monitor charts and prices on a live basis as well as make deals and manage their own account.MT4 found that it was popular as other users could develop their own scripts for dealing as well as trading robots that could deal automatically. MT4 was succeeded in 2010 when MT5 was released but few people decided to use it so these days most will still be using MT4.

How MT4 came about

Since 2002, the company that created MT4 had earlier launched a variety of predecessors but it took them until 2005 to produce a much better version in the form of MT4. In 2007, some broker firms started to include MT4 as an extra option to the software they currently used because it was such a popular platform amongst dealers and its flexibility to co-operate with other programs.This take up of MT4 by broker firms continued until 2010 when MT5 was released.

How MT4 is used

This system has its own editor and compiler built within the system and allows it to gain access to other software, help functions and articles that users can contribute. The software itself uses its own language for scripting called MQL4. This allows dealers to create their own Expert Advisors, scripts and customised indicators. It is felt that the MT4 is as popular as it helps promote algorithmic dealing.In fact, there are some online groups and forums that exist with the sole purpose of developing free software that can be used with MT4.MT4 was originally created so that it can be used as a single trading system where the dealer can manage their own position.But, quite a lot of external creators have devised their own software packages that can link into other financial dealing systems that effectively operate as a hedging system but done automatically.

What makes up the MT4 package?

The full MT4 bundle will consist of:

•    MT4 Client Terminal – this is the part for the client. This is offered up for free from broker firms to allow live trading online as well as practice dealing accounts. It can offer dealing functions, technical analysis and charts on a live basis. Its own language will let its users program in their own signals, trading tactics and indicators. It does also have its own 50 simple indicators supplied and these can also be adapted to the customer requirements. MT4 will run on the various Windows operating systems (98/2000/XP/Vista/7).
•    MT4 mobile – this is the version you can use to look after your dealing account on your mobile phone or PDA. The operating system this runs on is Windows Pocket PC 2002/Mobile 2003.
•    MT4 Server – this is the centre point of the system. This was created to deal with all of the requests from the user and executes all of the deals as well as execution and display of warrants. It will issue quotes on price and news bulletins while also recording and maintaining deal records
•    MT4 Administrator – this exists to manage the settings of the server from a remote base
•    MT4 Manager – this exists to manage all of the inquires into deals and looks after the customer’s accounts
•    MT4 Data Center – this is a particular proxy server which can act as the mediating function between the client terminals and the server. It also helps with the issue of the price quotes

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Trailing Stop Explanation

January 31st, 2012 admin Posted in metatrader, metatrader 4 No Comments »

Trailing Stop

Knowing when to leave a trade is just as important as knowing when to get in. Seeing how much money you have made and thinking you can make just that little more makes the decision about selling (or buying in a short trade) an emotional one as opposed to scientific.
Clearly, using emotions to trade is far from ideal, which is why trading techniques help to make the decision to trade more of a calculated one as opposed to basing it on fear or greed.

Trailing Stop (Momentum-based)

When looking to use a technique to tell you when to leave a deal, the starting point is the ‘Trailing Stop’
This method states that a sale should be made once a specific level, usually a percentage under market value, is met. This ‘stop-loss order’ means that whatever point the sale is made at, the dealer will know the minimum amount they have made. The dealer’s attitude to risk will determine exactly what level they set the stop-loss order at.
How to decide the right point at which to set the stop at so as to achieve a good profit isn’t easy. This will be influenced more by emotion than calculation simply due to each person’s level of caution when trading.
You might decide that you would like to monitor prices until they settle and then set your stop-loss order just below the ‘consolidation’ level a little while after you have started the trade
In the case of ‘over-valued’ stocks, a trader can be in the fortunate position of having set the stop to protect against losses meaning they can gain handsomely while the price remains inflated.

The Parabolic Stop and Reverse (SAR)

Although the momentum-based stop loss approach can generate continual significant gains, the SAR technique provides a more restrained method. This tends to be more suitable for a less volatile trading environment and offers stop-loss levels on each side of the market, each day changing gradually in line with the price.
A price chart will have this indicator drawn on it at levels that every so often cross the price in the event of a reverse or decrease in momentum of the stock.
This crossover is when the stop occurs revealing a chance for the opposite market to come into play.
Let’s say that your security has sold so you no longer hold that position. You can now use a trailing stop to ‘sell short’ at the directly opposing position to the point that you had earlier ‘stopped’ at the reverse of the market. The ‘parabolic’ tactic therefore gives the opportunity to gain from each aspect of the market taking advantage of the oscillating stock value.
However, the volatility of the stock will influence the effectiveness of the Parabolic Stop and Reverse approach. Too erratic and the trailing stops kick in when you haven’t garnered the profit you could meaning the costs of the transaction are likely to outweigh the benefits if the market isn’t smooth enough.
Secondly, if a stock lacks a meaningful trend then using SAR will mean that the stop point won’t be achieved so you never secure your gains.
So, too choppy a market or too weak a trend and the SAR system will not be effective
But, you may be able to pick the right trailing stop point using the SAR if you can accurately gauge the right conditions somewhere between these two varying market environments.

So, in conclusion….

Knowing where to settle upon your exit level comes down to your ‘attitude to risk’ as a dealer. The more bullish may set their gain levels and potential loss limits by using the less specific method of determining trailing stops using an elementary criteria. Alternatively, the more risk-averse may prefer the SAR approach to allow each side of the market to come into play.
Either way, it is wise to remember that, if intending to use either of these methods, both are influenced by market environments.

http://iticsoftware.com

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Metatrader Introduction

December 24th, 2010 admin Posted in metatrader, metatrader 4 No Comments »

MetaTrader 4 is one of the most widely used and popular platforms for home broker trading. This application is perfect for Forex stock and commodity traders and can be downloaded for free from the official website of the platform developer – MetaQuotes Software Corporation. As a rule, a lot of brokers offer traders to use MetaTrader 4 as a basic platform for trading. In this case a link for downloading MetaTrader should be provided on the broker’s website. However, not always brokers prefer MetaTrader 4; some of them have their own platforms. In this case there are several servers on MetaTrader 4, from where you can access the data. The only difference between MetaTrader and broker is a rate of currency pairs. This won’t be a big problem and won’t have a significant impact on performance of trading, though.

First of all, download MetaTrader 4 from the official website of using links provided by brokers. After that you should install the software. When installation is finished, you can launch the program. If you see the MetaTrader 4 interface for the first time, it might seem too complex for you, but after spending some time on studying the platform, you will see, that everything is clear. There are divided windows, which give you simultaneous control over orders and different number of pairs. As a rule, there is the Market Watch feature in the top left corner under the menu bar. All information about currency pairs is located on the server. If you need some pair, you can get it by clicking on it or using drag-and-drop movement and this pair will appear in any chart window at your option. Therefore, the efficiency of your actions increases: you waste less time and get necessary information faster. This is very important for Forex trading, because every second counts here.

MetaTrader 4 templates are at your disposal. They help you to achieve better results, corresponding with your individual needs. Profiles can have one or multiple charts. For example, you can use three EUR/USD charts, every of which will have its own timeframe. Or here is another example: you can use three completely customizable different pair charts, when using personally chosen indicators. MetaTrader allows you to customize many elements of the platform (colors, templates, etc.). That is why MetaTrader 4 is one of the best trading platforms with the fullest set of features absent in other alternative platforms.

Almost all Forex traders are familiar with MetaTarder 4 or, at least, heard about it. There is high probability of that you will use MetaTarder 4 as a basic platform for trading. And this is not surprising: MetaTarder 4 is superior among other trading platforms, having the fullest set of features for successful Forex trading.

MetaTrader 4 – Traders Options

If you want to use a personal computer for trading stocks, commodities or Forex, you will need a special trading platform for performance of certain operations: providing information, executing trades, interfacing with broker, etc. This platform gives you specialized tools for making correct trading decisions.

It is very important to choose the right trading platform, because many of them are created to work only with individual brokers. Luckily for us, there are several alternatives. There are trading platforms, which were developed by independent companies. Therefore, such platforms are partnered with multiple brokers. MetaTrader 4 is the best trading platform presented on the market.

Advantages of MetaTrader 4

MetaTrader 4 has several important advantages, which place this platform above the others:

•    MetaTrader 4 is absolutely free.
•    It gives you rich opportunities for customization.
•    You can use back testing for testing your strategies.
•    You can practise using virtual money.
•    MetaTrader 4 is one of the most powerful modern trading platforms.
•    There are a lot of resources, which can be accessed online.
•    More than 300 brokers support MetaTrader 4.
•    Windows Phone powered devices support MetaTrader 4.
•    You will receive necessary data for all major currency pairs in real-time mode.

MetaTrader -The Basics

First of all, open a demo or real account. Then you can download MetaTrader 4 and install the program on your computer. When installation is finished, you can create a chart and start trading.

For creating a chart you should open “File” dropdown menu and click on the “New Chart” item. You can also find the corresponding icon on the tool bar. Then you will see a list of currency pairs; select one in order to continue. Then you will see one hour (H1) chart (settings by default). If you want to see the chart in candlestick, click on the “Candlestick”.

metatrader

If you click the right mouse button in any spot in the chart, the dropdown menu will appear. Select the “Properties” item. A list of settings will appear. You can change them as you want.

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metatrader

After that you can add some technical indicators and objects. When you finish, save your chart, using a a unique name. Selecting a unique name is very important, because otherwise the default name will be used to entitle the chart.

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MetaTrader 4 has three main groups of toolbars. In order to make things simpler, they will be named “Windows”, “Charts” and “Objects”.

MetaTrader Windows Toolbar

•W1 This icon is called “New Chart”. As the title says, by pressing it you create new charts. When you click on the “New Chart” icon, a list of six major currency pairs appears. Pairs and additional pairs under MiniForex. There is different number of additional pairs for demo and real account. If you click on a pair, a new window with a chart will appear.

•W2 This icon is called “Profile”. As a rule, a Profile is a chart or several charts with different indicators and objects. When you load the MetaTrader 4 platform for the first time, you will see the default chart. If you make any changes, they will be saved in this default profile. Of course, you can save changes manually to a new profile. It should be noted that it is impossible to delete the Default Profile.

•W3 This icon is called “Market Watch”. If you click on this icon, you will see information about currency pairs, which are available at the moment, and also there will be a vertical window with bid and ask prices. For opening the “Order” window you should double click on a currency pair.

•W4 This icon is called “Data Window”. If you want to open this window, just click on the corresponding icon and you will see the window on the left. If you want to see the available data, then just move the mouse cursor to a candle in the chart.

•W5 This icon is called “Navigator”. After clicking on the “Navigator” icon a window with various scripts will appear to the left. You can select any of these scripts, which include expert advisor, indicators, account, custom indicators, etc.

•W6 This icon is called “Terminal”. If you click on this icon, you will see a window in the bottom of the MetaTrader 4 interface. There is different useful information in this window, including history of trade and account, news inbox, etc.

•W7 After clicking on this icon a window in the bottom of the MetaTrader 4 interface will appear. There will be testing for Expert Advisors in this window.

•W8 This icon is called “New Order”. As the title says, by clicking on it the Order window will appear (hotkey F9). The currency pair will be the same as in the current active chart.

•W9 This icon is called “Meta Editor”. If you click on this icon, you will see a window with editing parameters for scripts, Expert Advisors and custom indicators. It should be noted that there is lot of technical parameters in this window, and it is highly recommended that inexperienced users do not make any changes here. This window is for programmers only.

•W10 This icon is called “Expert Advisor”. If you click on this icon, you can either enable or disable the Expert Advisors.

MetaTrader Charts Toolbar

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•C1 This icon is called “Bar Chart”.

•C2 This icon is called “Candlestick Chart”.

•C3 This icon is called “Line Chart”. If you click on this icon, you can change type of the active chart.

•C4 This icon is called “Zoom In”. As the title says, it is used for zooming into a chart (maximum 5x zoom).

•C5 This icon is called “Zoom Out”. As the title says, it is used for zooming out of a chart (maximum 5x zoom).

•C6 This icon is called “Auto Scroll”. After activating this icon the latest bar will be constantly displayed on the screen. After deactivating this icon older bars will be displayed.

•C7 This icon is called “Chart Shift”. As the title says, it is used for shifting the label of the chart (a small gray triangle in the upper corner of the window).

•C8 This icon is called “Indicators”. You can choose indicators right from this icon without necessity of opening the “Navigator” window.

•C9 This icon is called “Periods”. By clicking on this icon you can set the desired period of an active chart. It can be a period from 1 minute (M1) to monthly (MN) period. There is the other way for selecting periods: the Period Toolbar.

•C10 This icon is called “Templates”. By clicking on this icon you can delete, save or load templates in accordance with your needs.

MetaTrader Object Toolbar

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•O1 This icon is called “Cursor”. By clicking on this icon you can activate a standard arrow, which can be used for selecting items by default.

•O2 This icon is called “Crosshair”. Here is how you should use this element:
a)    Activate the “Crosshair” icon and move a cursor to an active chart window.
b)    Choose the initial position, press the left mouse button and hold it while moving the cursor to the final position.
c)    You will see a line between the initial and the final positions.
d)    The following data will be displayed on the screen: numbers of pipes or number of bars or price.
e)    When you no longer need the displayed information, just release the mouse button.

•O3 This icon is called “Vertical Line”. Here is how you should use this element:
a)    Select tool and position for this tool.
b)    Place the tool at this position.
c)    If you want to change anything, use double-click.
d)    Line and handles will be selected, and two small white squares will appear.
e)    For opening line properties you should right click near it.
f)    Make necessary changes.
g)    If you want to remove handles, use double-click.

•O4 This icon is called “Horizontal Line”. The “Horizontal Line” has the same functions as the “Vertical Line”. The only difference is in its horizontal placement. The “Horizontal Line” is used for drawing Support and Resistance levels.

•O5 This icon is called “Trendline”. If you want to draw or slant a trend line, you should use “Trendline”. Here is how you should use this element:
a)    Select a tool and position for this tool.
b)    Place the tool at this initial position.
c)    Press the left mouse button and hold it while moving the cursor to the final position.
d)    The Trendline will snap to the nearest point.
e)    If you want to check if you selected the right points, use double-click.
f)    3 handles will appear: two at the ends of the line and one in the middle.
g)    The handle in the middle is used for moving the line. Other two handles are joined to the candles.
h)    Then you can move the handles at the ends. These handles are automatically attached at the ends of a candle.

•O6 This icon is called “Equidistant Channels”. This element is almost the same as the previous one, but there is one difference: there is the second line, which is placed parallel to the first one. Here is how you should manage this element:
a)    If you want to see the handles, use double-click.
b)    3 handles will appear for the first line (two at the ends of the line and one in the middle) and one handle for the second line.
c)    Click on the handle, hold the left mouse button and drag it for snapping to the desired point.
d)    In this case a new channel will be created.

•O7 This icon is called “Fibonacci Retracement”. Here is how you should use this element:
a)    Click on the “Fibonacci Retracement” tool for selecting the initial position.
b)    Press the left mouse button and hold it while moving the cursor to the final position.
c)    After that you will see Fibonacci Retracement lines, which will snap into position.
d)    If you want to see the handles, select the main line.
e)    3 handles will appear. You can use them in the same way as in the case of the “Trendline” tool.

•O8 This icon is called “Text”. If you want to write some text in any place of an active chart, you can use this element.

•O9 This icon is called “Text Label”. If you want to place a label in any place of an active window, you can use this element.

•O10 This icon is called “Arrows”. If you want to inset some graphical signs (arrows, etc.) into charts, you can use this element.

MetaTrader. Open or Close a Position

In order to open the “Order” window you should do the following:

1.    Open the “Terminal” window and right click on the “Trade” or “Market Watch” tab. After that a context menu will appear, from where you should select the “New order” item.
2.    Open the “Chart” window, right click on it for opening a context menu, and select Trading -> New Order.

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•Symbol – A currency pair
•Volume – Number of lots
•Stop Loss – The level of Stop Loss order
•Take Profit – The level of Take Profit order
•Comment – Notes

When you have pressed “Buy” or “Sell” button, the deal is considered to be confirmed by the broker. Now your position is opened no matter if it is long or short.

In order to close a position you should open the “Terminal” window and select your position in the “Trade” tab. Right click on the position for opening a context menu and click on the “Close Order” item.

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There is another way for closing a position: you just need to open the “Terminal” window and double click on the position you want to close in the “Trade” tab.

MetaTrader. Stop Loss & Take Profit Orders

“Stop Loss” is an order which closes a position, if a price is less profitable than it was in the moment of placing the order.

“Take Profit” is an order which closes a position, if a price is more profitable than it was in the moment of placing the order.

Both “Take Profit” and “Stop Loss” orders are placed without any actions from the trader’s side, i.e. they are executed automatically at a definite order level. You can set these parameters in the “Order” window.

If you want to change value of “Take Profit” and “Stop Loss”, open the “Terminal” window and right click on a pending order or an open position. A context menu will appear, from where you should select the “Modify or delete order” item.

MetaTrader. Trailing Stop

If a “Trailing Stop” has been placed, the following will occur:

• The open position should bring profit (minimal amount – 15 pips), and only after that the “Stop Loss” order will be placed. In this case a command will be sent by MetaTrader 4 for placing the “Stop Loss” order 15 pips higher or lower in comparison with the current price.

• In case the interval between order level and the current price is more than 15 pips, the “Stop Loss” order” will be changed by MetaTrader 4 so that its level is 15 pips higher or lower in comparison with the current price. Therefore, the “Stop Loss” order and the current price will be closer.

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Installing Expert Advisors

Professional expert advisor

Sometimes MetaTrader 4 trading robots have integrated installation packages, so they are installed automatically without need to do anything manually. But there are some bots, which do not have installation packages, so you have to install them manually. However, the process of installation of these bots is very easy: all you need to do is to place some files in the right folders on your personal computer.

Expert Advisor Installation

1. Download “Expert Advisor”. Select a location on your hard drive and start downloading process. Please, make sure that the file you’ve downloaded is not archived. If it is a zipped file, first of all, unzip the contents and place it to the correct directory.

2. If you have OS Windows Vista or Windows 7, you don’t have to download and install some third party software for unzipping the file with “Expert Advisor”. In case you are using Windows XP, 2000, or earlier version of this operating system, please, download and install any zip program. There are a lot of free zip programs, for example, “jZip”.

3. When downloading process is finished, the next step will be integration of “Expert Advisor” with MetaTrader4 program. In order to able to continue you will have to create a real or demo account. If you have an account, you can continue the process of installation.

4. The “Export Advisor” has the extension .ex4 or .mq4. Copy this file, but do not mix up the file with the folder. Right click on the file and select the “Copy” item from the context menu. Another option is to select the file and press the “Ctrl+C” combination.

5. Open “My Computer”, next “Drive C”, then find the “Program files” folder and open it. There should be the folder named “MetaTrader” or any other folder with similar name. It also may be named FxOpen-Metatrader, etc. When you find the folder with your MetaTrader4 platform, open this folder and find there the folder named “experts”. Open this folder, too.

6. Next you should paste the “Expert Advisor” file in the folder. You can do it by pressing the “Ctrl+V” combination. Another option is to right click in the free space of the “experts” folder for calling the context menu and to select the “Paste” item.

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7. You should close MetaTrader platform in order to allow the changes to take effect. After that open the platform and make sure that “Expert Advisor” is installed properly and working fine. Open View -> Navigator and in case the process of installation ended properly, “Expert Advisor” will show up.

Activating Expert Advisors

The process of activation of “Expert Advisor” is very simple. Here are the necessary steps:

•    Open the “Tools” menu.
•    Open “Options”.
•    Go to the “Expert Advisors” tab.
•    Tick off the items “enable the expert advisor” and “allow live trading”.
•    In case of presence of DLL file tick off the item “allow dll import”.
•    In case of presence of external experts or indicators tick off the item “allow external experts import”.

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Using the Metatrader Strategy Tester

If you want to make sure that your strategy or function works fine, you can test them using the “Strategy Tester”.

In order to test a strategy you should do the following:

•    Open menu and select View -> Strategy Tester.
•    Choose the Expert Advisor to be tested.
•    Choose the parameters of the Expert Advisor (use the “Expert Properties” button).
•    Choose the currency pair for the test.
•    Select the currency pair for the test.
•    Select the timeframe.
•    Choose the “Model”. It should be noted that the quickest way is to select “Control Points”, but the “Every tick” allows you to achieve the best quality of modeling.
•    Use “Optimization” for setting the best parameters for the Expert Advisor.
•    Use “Visualization” for following positions taken by EA.
•    Use “Use Date” for presenting testing period. In case of absence of testing period all available data will be taken by the “Strategy tester”.

There are three worksheets, where you can find all results of testing: Report, Graph or Results. Each of worksheets shows you different kind of information.

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The test result will be seen in the worksheet Results, Graph or Report, each presenting the information in different ways.

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MetaTrader Hot Keys

The MetaTrader 4 platform allows you to use a lot of useful hotkeys, which ease the work with the platform. Here is the list of all MetaTrader 4 hotkeys:

The left arrow key (←) – used for scrolling the chart to the left
The right arrow key (→) – used for scrolling the chart to the right
The up arrow key (↑) – used for quick scrolling to the left; in case the scale is defined, this key is used for scrolling up
The down arrow key (↓) – used for quick scrolling to the right; in case the scale is defined, this key is used for scrolling down
The “Numpad 5” key – when you make changes in the vertical scale of automatic chart, this key allows you to restore it; in case the scale is defined, you can use the “Numpad 5” key to show the chart
The “Page Up” key – used for quick scrolling to the left
The “Page Down” key – used for quick scrolling to the right
The “Home” key – allows you to open the initial point of the chart
The “End” key – allows you to open the end point of the chart
The “-” key – used for zooming out
The “+” key – used for zooming in
The “Delete” key – used for deleting objects
The “Backspace” key – used for deleting recent objects, which were placed in the chart window
The “Enter” key – used for opening or closing the “Navigator” window
The “Esc” key – used for closing the dialog window
The “F1” key – used for opening the user guide
The “F2” key – used for opening the “History left” window
The “F3” key – used for opening the “Global Variables” window
The “F4” key – used for downloading MetaEditor
The “F5” key – used for changing profiles
The “F6” key – used for opening the “Tester” window, where you can perform test of EA of the current chart
The “F7” key – used for opening the “Properties” window of EA of the current chart; then you can make necessary changes
The “F8” key – used for opening the “Chart Setup” window
The “F9” key – used for opening the “New Order” window
The “F10” key – used for opening the “Popup prices” window
The “F11” key – allows you to activate/deactivate the full-screen mode
The “F12” key – used for moving the chart by one bar to the left
The “Shift+F12” combination – used for moving the chart by one bar to the right
The “Shift+F5” combination – used for opening the previous profile
The “Alt+1” combination – represents the bar chart
The “Alt+2” combination – represents the candlesticks chart
The “Alt+3” combination – represents the broken line chart
The “Alt+A” combination – used for copying the results of testing and optimization
The “Alt+W” combination – used for opening the chart managing window
The “Alt+F4” combination – used for closing the client terminal
The “Alt+Backspace” or “Ctrl+Z” combination – used for cancelling deletion of an object
The “Ctrl+A” combination – used for applying default height to all indicator windows
The “Ctrl+B” combination – used for opening the “Objects List” window
The “Ctrl+C” or “Ctrl+Insert” combination – used for copying
The “Ctrl+E” combination – used for activating or deactivating expert advisor
The “Ctrl+F” combination – used for enabling “Crosshair”
The “Ctrl+G” combination – used for opening/closing grid
The “Ctrl+H” combination – used for opening/closing OHLC line
The “Ctrl+I” combination – used for opening the “Indicators List” window
The “Ctrl+L” combination – used for opening/closing volumes
The “Ctrl+P” combination – used for printing the chart
The “Ctrl+S” combination – used for saving the chart; there are the following file extensions: CSV, PRN, HTM
The “Ctrl+W” or “Ctrl+F4” combination – used for closing the chart window
The “Ctrl+Y” combination – used for opening/closing period separators
The “Ctrl+Z” or “Alt+Backspace” combination – used for cancelling deletion of an object
The “Ctrl+D” combination – used for opening/closing the “Data” window
The “Ctrl+M” combination – used for opening/closing the “Market Watch” window
The “Ctrl+N” combination – used for opening/closing the “Navigator” window
The “Ctrl+O” combination – used for opening/closing the “Setup” window
The “Ctrl+R” combination – used for opening/closing the “Tester” window
The “Ctrl+T” combination – used for opening/closing the “Terminal” window
The “Ctrl+F6” combination – used for opening the following chart window
The “Ctrl+F9” combination – used for opening the “Terminal — Trade” window; when the window is opened, you can use the keyboard for controlling the trading activities

Some Tips & Pointers

1. The “End” button allows you to reach the end of the opened chart
2. In case you need to reset a price scale to Auto, it can be done by double click in any place on this price scale.
3. To find a chart scale, the length of the dotted-line period separators for the Pivots program is 20 pips Cable or equivalent to the other currency pair.
4. If you need to extend a line, but do not want to change its position, i.e. do not want to move it, do the following: highlight the line, after that press the “Shift” button and hold it, then click on an end point and drag it up to the necessary length.
5. If you need to copy a line, do the following: highlight the line, after that press the “Ctrl” button and hold it, then click on the line and drag it to the necessary place. The original line will be completely copied, i.e. its color, attributes, thickness and other parameters will be given to the replicated line.
6. If you need to delete some indicators from every single chart, you should do the following: first of all, open the “Navigator” window, and then open the custom indicators folder. Next call context menu by clicking the right mouse button on necessary indicators and select the “Delete” item. You should restart MetaTrader platform in order to allow the changes to take effect.
7. If you need to attach indicators to charts, you should do the following: first of all, open the “Navigator” window, and then open the custom indicators folder. For attaching indicators to the desired charts you should select and drag them to each chart window.
8. If you need to speed up the MetaTrader 4 platform, you should do the following: open tools -> options, after that open charts tab. There you should lower the maximum bars. In order to do it, input necessary values for History and Charts.
9. If you need to delete anomalous spike of data, you should do the following: open tools -> history (the “F2” hotkey), and then select the relevant currency pair and time period. Find necessary date and time, select them and delete. If you want the changes to last, do not refresh the chart. All changes will be canceled only after refresh.

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MetaTrader 4

October 4th, 2010 admin Posted in metatrader, metatrader 4 No Comments »

There are quite a few people who are starting to invest their money in MetaTrader 4, a helpful piece of software for those who need assistance in monitoring the market and creating effective strategies to increase profits. With this software, you will be able to analyze quotes and control each of your accounts from a mobile device for extra convenience. This program has the power to do many things, including managing multiple investor’s accounts. The fact is that it makes trading easier and simpler for those who are always busy have a hectic work schedule.

MetaTrader can help you monitor the activities of the market second by second, so you never miss a single bit of information that is vital to your success with this type of trading. It is great for those who are involved in the foreign exchange market, and can improve earnings significantly by providing a number of useful features which thousands of traders have utilized in the past. Making your transactions automatic and creating your own personal financial advisers is possible with the help of MQL4, a language in and of itself that can go a long way towards improving your current financial situation.

When you look into MQL4, you will be able to gain access to the export advisers, which you can use to benefit from personally. You will also be able to use it to set up automatic strategies that can take you a long way in terms of decreasing risk and maximizing potential in the market. This software also provides a way for those who do forex trading to work from their mobile devices. With the help of this program, you will be able to manage your own trading account while traveling absolutely anywhere.

From your phone, you will be able to access a number of financial markets, and stay updated on all of the latest breaking financial news without having to be stuck at home or in a cramped office. MetaTrader is a revolutionary tool for those who need a way to empower themselves when it comes to trading in the forex market. You will be able to stay connected at all times to what is going on with your account and the rest of the world. In this information age, knowledge is power, and when you are able to get it from a mobile device such as your phone, you become much more powerful.

Another benefit of using Forex MetaTrader is the ability to manage multiple accounts. If you have found it difficult to manage multiple accounts in the past, then you will certainly be happy to know that this application makes it easier than ever to manage your accounts and keep them updated at all times. All you have to do is put in a request with your broker to start running MetaTrader 4 MultiTerminal, and you will have immediate access to each one of your accounts at all times. For anyone who trades in the foreign exchange market, having this program is essential to being truly successful.

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