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MT4 is a free and an efficient software solution for trading Forex, CFDs and FuturesMetaTrader 4 Tutorial -Essential MT4 Tips and Tricks for Trading Forex Manually

MetaTrader4 from MetaQuotes is by far the most traded platform in the Forex industry. MT4 is a free and an efficient software solution for trading Forex, CFDs, and Futures. MetaTrader4 can meet the requirements of any advanced and professional trader, offering features such is fast order execution, full customization, 1-click-trading, built-in language for developing EAs, historical back-testing, and much more.

 

Mastering the MetaTrader4 Platform

Here are some essential MetaTrader-4 tips and tricks that every Forex trader needs to know.


 

(1) Customize Languages on Metatrader4

It is very easy:

  1. Go to Top-Menu and Select >View
  2. Select > Languages (among tens of different languages)

(2) Adding More Tradable Assets on Metatrader4

If you wish to see the full range of products offered by your broker, then:

  • Press Ctrl-U to reveal all Symbols in a new window
  • Select any Symbol from the list, and then press -Show- (on the Right) for each symbol you wish to add
  • You can also press –Properties- to find useful information about any product
  • The selected Symbol(s) appear now on your Market-Watch Window

(3) Create a Common Template for all Charts

This is a particularly useful feature. Let’s suppose you analyze your future trades by using candlesticks on charts and by applying RSI on M5 and MACD on H1 and H4. You don’t have to repeat these settings on any new chart that you open. You can make a template and automatically apply it to any new chart, here is how:

  • Right-Click on any Price Chart and select >Properties
  • Customize the chart exactly as you want (chart type, colors, etc.)
  • Go to Top Menu, select >Insert, and by selecting >Indicators, add any indicator you wish (you may choose if it will be visualized on any TimeFrame or on specific TimeFrames)
  • After you have customized everything, go to Top-Menu
  • Select >Charts and then select >Template
  • Select >Save Template and save it by giving it any name
  • Afterward, go to any opened chart and again Select >Charts and then select >Template
  • Now select >Load Template, and click on your previously saved template name
  • Your chart preferences and all indicators are automatically imported on the second chart too. Do that in every other chart you wish to customize.

Note: If by accident you have closed a chart you can easily bring it up. Just go to Menu, >File, >Open Deleted, and you can recover it from there.

Create your Own MT4/MT5 Trading Indicators for Free


(4) Go to a Particular Date on MT4 Charts

If you want to go to a particular date easily and fast on a chart, here is what you have to do:

  • Open a Chart
  • Disable the Auto-Scroll function {Menu, >Charts, >Auto-Scroll}
  • Go the left bottom of the chart, where dates begin, and press Left-Click
  • There you can enter any date you want, and place Enter
  • You will move directly to that particular date {Your chart now starts on that date}

In the same field, you can move fast to another chart {from those you have already opened}. Instead of entering a date, simply enter a currency pair symbol (i.e. USDJPY).

In the same field, you can move fast to another chart


(5) MetaTrader-4 Pending Orders

Executing market orders on MT4 is particularly easy. Here is how you may find advanced pending orders. Go to any chart and Right-Click, from there select >Trading. There, you are able to choose among pending orders, as follows:

(i) Buy Limit —Buy at price that is equal or lower than the price specified in the trading order.

(ii) Buy Stop —Buy at price that is equal or higher than the price specified in the trading order (useful to place it above a resistance level).

(iii) Sell Limit —Sell at price equal or higher than the specified price in the order.

(iv) Sell Stop —Sell at price that is equal or lower than the price specified in the trading order (useful to place it below a major support level).

(v) Buy Stop Limit —This order type is the combination of the two first types being a stop order for placing Buy Limit. As soon as the price reaches the stop-level price indicated in the order (the Price field), a Buy Limit order will be placed at the level, specified in Stop Limit price field. The stop-level is set above the current Ask price, and the Stop Limit price is set below the stop-level.

(vi) Sell Stop Limit —This order type is a stop order for placing Sell Limit. As soon as the price reaches the stop-level indicated in the order (Price field), a Sell Limit order will be placed at the level, specified in Stop Limit price field. The stop-level is set below the current Bid price, and the Stop Limit price is set above the stop-level.

(vii) Price Alerts –MetaTrader4 allows placing Price Alerts with sounds. These are found also after right-clicking and selecting >Trading.


(6) Altering the Size of any Trade, Without Completely Closing it

MetaTrader4 offer the ability to partially close a trade, and that mean to limit your exposure on a trade position without completely closing it.

  • Right click the opened trade on the bottom (Terminal Field)
  • Choose to "Close" as normally would
  • Change the number of lots you wish to close. For example, if you have opened 1 lot and you wish to be left with 0.6 lot, then close 0.4

(7) Measure Distances Accurately on MT4 Charts (periods and pips)

MetaTrader 4 allows traders to easily measure distances on a chart:

  • Press Ctrl-F in order to bring up the Crosshairs (you can do that also by simply pressing continuously your mouse-wheel)
  • Hold down the left button of your mouse starting from a certain point, and then move your cursor to any other point to measure the distance between these two points.
  • You can monitor three numbers divided by slashes ( Number of Bars / Number of Pips / Price at this Point)

Note that if your Forex broker offers fractional pip pricing then a reading of 32 is equal to 3.2 pips.


(8) Duplicate Objects on MT4 Charts with just one Click

This is an essential drawing tip used in any Price Chart.

  • Select an object that you wish to duplicate, for example, Fibonacci Fan
  • Press Ctrl+Left-Click on it, and it is now duplicated
  • Go to the original object and drag the duplicated object

Note: This is particularly useful in creating parallel trendlines. Go to any trendline and again press Ctrl + left-click on it. It will create a mirror parallel trendline that you can drag it to create a price channel.

 


(9) Compounding Two Indicators on Metatrader4

Any oscillator on MT4 can be compounded with another one to form a common area of technical analysis. For example, if you want to compound CCI on MACD, here is how:

  • Insert any oscillator your like {Menu, >Insert, >Indicators), let’s suppose MACD
  • Press Ctrl-N in order to open the -Navigator Window-
  • On the left-opened Navigator Window, drag any indicator you want to MACD, let’s suppose you add CCI
  • Choose your settings on the second indicator, and enjoy the results.

Any oscillator on MT4 can be compounded with another one to form a common area of technical analysis


(10) Create MT4 Alerts on Certain Events

The MT4 platform offers sound or email alerts upon certain events. These alerts can be either:

  • Alert if the price reaches a certain value
  • Timeout Alert

Here is how you create an Alert on MT4:

  • Click Ctrl-T to open the -Terminal Window- (opens in the bottom)
  • Down the bottom, click the tab –Alerts-
  • On the pop-up menu select –Create-
  • Customize your alerts in the Alert Editor window
  • Select the action that it will be triggered by the alert { Sound | File | eMail }

The MT4 platform offers sound or email alerts upon certain events


(11) Metatrader4 Basic Keyboard Shortcuts

General MT4 Shortcuts

  • Ctrl+D -Data Window On / Off
  • Ctrl+T -Terminal On / Off
  • Ctrl+M -Market Window On / Off
  • Ctrl+O –Call –Options Setup- window
  • Alt+F4 -Exit Fast MetaTrader4

Chart Move BackWards

  • Left Arrow -Scroll the price chart to the left
  • PgUp -Scroll fast the price chart to the left
  • Home -Scroll to the 1st bar of the chart

Chart Move Forwards

  • Right Arrow -Scroll the price chart to the right
  • PgDown -Scroll fast the price chart to the right
  • End -Scroll to the last bar of the chart
  • Zoom In-Out
  • {+} –Zoom in the Chart
  • {–} -Zoom out (6 zoom levels)
  • Alt+1 -Change to Bar Chart
  • Alt+2 -Change to Candlesticks Chart
  • Alt+3 -Change to Line Chart
  • Ctrl+F -Change cursor to –Crosshair Mode-
  • Ctrl+G -Grid On / Off
  • Ctrl+H - OHLC line On / Off
  • Ctrl+Y -Period separators On / Off
  • Ctrl+F6 -Go to the next chart window

MetaTrader4 Objects

  • Ctrl+B –Open the -Objects List- window
  • Delete -Delete selected object (one or more)
  • Backspace -Delete recent-added LIFO (Last-in-First-Out)
  • Ctrl+Z -Undo object deletion

MetaTrader4 Indicators

  • Ctrl+A -Arrange all indicators heights
  • Ctrl+I -Call -Indicators List- window

Important Resources

  • F2 -Historical Data Center
  • F4 -Open MetaEditor
  • Ctrl+R –Tester window On /Off
  • F8 -Change the parameters of price charting (check below how you can make mass changes to multiple charts)
  • F9 -New Orders
  • F11 -Fullscreen On / Off
  • Shift+F5 –Change profile (go the previous profile)


(12) Customize and Alter Metatrader4 Shortcuts

Metatrader4 allows traders to input their own hotkeys that include indicators, experts, and scripts.

  • Press Ctrl+N (navigation window)
  • Right click
  • In the revealed menu, select -Set hotkey-
  • Choose your own Hotkeys

Add to Favorites

In addition, again in the navigation window (Ctrl+N) you can add any indicator on the favorites tab and call it with a few clicks.


 

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■ COMPARE PROVIDERS

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■ TREND INDICATORS Trend Indicators

» Standard Deviation

» Bollinger Bands

» Parabolic SAR

» Ichimoku

» Moving Averages » Fibonacci Trading
■ TRADING OSCILLATORS Oscillators

» Rate of Change

» RSI

» Williams %R

» Stochastic

» Gator

» Momentum

   

» MACD

» Awesome

» DeMarker

» DMS System

» CCI

» StochRSI
■ NEWS INDICATORS News Indicators

» Interest Rates

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» US NFP

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» Trade Balance
   

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MetaTrader 4 Tutorial

George Protonotarios for CarryTrader.com (c) » George at Linkedin