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How to Create A MetaTrader Forex Signals Chart
MetaTrader 4 is one of the leading software programs for foreign exchange trading — and it is an excellent solution for any trader. Forex signals beginners should get to know the basics before they get started. No matter what level of trader you are, you should take a bit of time to learn the platform on an MT4 practice account. how to trade forex using metatrader 4;
Metatrader 4 is available on multiple platforms, making it extremely easy for traders on-the-go. Metatrader 4 also includes a variety of tools for learning and technical analysis. It is the most recommended solution for those who want a comprehensive platform for trading with forex signals.
Traders will need a fast and reliable Internet connection in order to execute trades and receive data with as little latency and interruption as possible. Other than this, it’s really a matter of just choosing a reliable forex broker when you want to take your trading skills onto a live account.
Open a forex account with our Recommended Broker.
Metatrader 4 is available on computers as well as mobile devices such as tablets and phones. It’s always in a FX trader’s best interest to use multiple platforms so that they can keep connected throughout the day. When you receive your forex signals you will need to be ready and able to place the trades your provider sends you with minimal delay.
Installing and Reading the Interface
Metatrader 4 can be downloaded directly from the developer and then installed on a computer, phone or other device. You can also use the MetaTrader 4 Web Platform.
Once installed and launched, you will need create a demo account. At this point you can search and find any broker you wish to open a demo account with. After you create your demo account you will get to take your first glimpse of the trading platform.
By default, Metatrader 4 shows the current performance of four currency pairs on your chart windows, which can be selected by the trader. Windows can be added or removed so that the trader can decide what to focus on. When receiving forex signals, ensure that you bring the signaled currency pairs into your chart windows. You can drag any currency pairs from the Market Watch panel in the top left corner onto one of your four available windows to change which currencies you want to monitor.
Base structure of the interface:
- Toolbars: your control panel for quick access to different functions, views, charts etc.
- Market Watch: this is a list of live currency pairs from the market
- Navigator: for navigation of your trading accounts, indicators, expert advisors, and scripts
- Terminal: this is your central point for notifications, messages and where your orders are displayed
Customizing the Appearance of Metatrader 4
Metatrader 4’s appearance and functionality can be easily customized. Traders can begin by selecting the timeframe that the currency pairs update in. Some traders may want five minute updates while others may only want hourly updates. In addition to the time frame, traders can select which indicators they want to view. The indicators included in Metatrader 4 span a variety of popular technical analysis styles. If you’re following forex signals, you usually won’t need to concern yourself with these.
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There are also cosmetic changes that can be made, which include changing the size and color of the charts as desired. Right click on one of your chart windows and click Properties to customise.
Once the trader has customized their charts, they are ready to actually start making their trades. It’s always advisable for a trader to begin with a practice account and don’t get overly experimental at first when working with a new platform.
Initiating a Trade from Forex Signals in Metatrader 4
Initiating a trade is extremely simple. It all begins with receiving a trade from your forex signal provider mt4 platform. You should carefully review the signal: the currency pair, the price, the take profit, and the stop loss. The only thing that the trading signal will not give you is the volume of your trade — how much money you want to invest. That is something you will need to decide on your own.
You can initiate a trade from the toolbar area by selecting “Tools” then “Trade” and then clicking on “New Order” as a financial services order. You can also right click on any pair from the Market Watch panel to open a “New Order”. From there you will be able select a currency pair.
Placing a trade
In addition to currency, this page will let you set the volume (amount) of the trade and both a take profit and stop loss amount. If the take profit and stop loss is not available, it’s most likely because the market you’re on does not support it. Metatrader 4 can also create trades with a trailing stop loss. The trade can either be executed immediately or it can be scheduled for a specific price point.
Once the trade has been initiated, drag it onto one of your charts from the Market Window so you can monitor (if it is not already active). The take profit amounts and stop loss amounts will appear as lines on the chart so that the trader can see when the trade will close. The trade can also be closed at any time by the trader; the fastest and easiest way to close a trade is to either right click on it or double click on it. However, it’s in the trader’s best interest to maintain the stop loss and take profit amounts set by the signaling service, and go only close the trade when told to do so.
Changing Trades on Metatrader 4
You can change any trade while it is still active on Metatrader 4. This should rarely occur when you are following a signal service, but there are times when the trading signal company could update their trades based on new analysis. When this occurs you can double click on any active trade and change either the take profit or the stop loss. You cannot change the volume of trade in this way; you’ll have to buy or sell the same currency pair of you want to change the volume of the trade.
You may also need to change a trade in this way if you have accidentally made a mistake in the stop loss or the take profit. Making changes is not harmful at all as long as they follow your forex signals, though the changes will need a moment of time to propagate to your trading account. You shouldn’t be charged any fees for changing your stop loss and take profit.
Using Metatrader 4 on Mobile Devices
One of the biggest advantages to using Metatrader 4 is the ability to download an app for iOS or Android.
Trades can come in at any time; Metatrader 4 empowers a trader to initiate those trades wherever they are. Traders who are following a forex signaling service can set their signaling service to alert their phone when a new trade comes in. From there they can quickly be initiated on the mobile or tablet device without the need for switching to a computer. The only concern is security: traders who work with their mobile device should always make sure that their device is password-protected, so that someone else can’t gain access to their account. Metatrader 4 will require a login itself, however.
Start using Forex Signals on the MT4
Mt4 isn’t the most widely used platform around for a very good reason: it’s a very easy to use system that is versatile and fast. By using Metatrader 4, you can stay on board with any of your forex signals even if you’re on the go. You can track your trades easily to grow your account. Likewise, forex signals are a fantastic way to leverage the power of Metatrader 4 even for investors who have just begun their trading career. Thousands of traders have committed the future of their trading accounts to Metatrader 4 due to its stability and reliability.
Forex Training Group
Nowadays, most forex trading transactions are executed online. Trading technology is becoming increasing advanced and traders can initiate trades within milliseconds via their preferred trading platform. The exchange of currencies happens virtually through these special trading platforms. One of the most widely used retail trading platforms is called Metatrader 4. In this article we will discuss how to set up the Metatrader 4 trading terminal and how make it work for you.
Installing the Software
After you have chosen the broker you want to deal with, you should find the page on their site which links to the Meta Trader 4 download link. When you click on this link your operating system will ask you for permission to download a file. This is the Metatrader 4 file and it usually has the logo of your broker as an icon.
When you download this file you should double-click on it in order to start the MT4 platform installation. You will go through a standard software installation process which involves a download procedure as shown on the image below:
Wait patiently to finish the download operation and click “Next”. Finish the installation process and open the installed MT4 application.
Creating a Metatrader 4 Account
When you start the application a small window will pop up in the middle of the platform. This is the server window.
You will choose among servers for real money and demo money trading. In order to create an account for real trading, you should choose the real account server. The demo money server is for Metatrader demo accounts, where your orders do not go out on the global market.
When you choose the real account option, you will be asked to log in with your details. However, you do not have login details yet. Therefore, you should choose the option to create a new account.
You will be asked to fill out some personal information like your address and your phone number. Notice that you might get redirected to the official registration page of your broker’s website. Some of the providers require a registration at their website as well.
Your username and password will be automatically generated by the Metatrader platform.
Make sure you remember these. Write your login details on a piece of paper and then store it away safely! These credentials are the entry key to your trading account.
Get your smart phone, take a picture of your ID and send it to your account manager, who requires the confirmation.
Now that you confirmed your registration and provided your ID information, you will need to make a deposit into your Metatrader trading account.
Deposit Funds in your Metatrader Account
There are several choices that you will have for depositing funds with your forex broker.
Usually, this involves the creation of an account at the broker’s website. When you create this account, it gets connected to your trading account at the MT4 trading platform.
Once you deposit the funds at the broker’s website, the funds are instantly displayed in your Metatrader account.
So, if you decide to deposit $50,000 in your trading account, this is what you are going to see on the Metatrader 4 platform:
Above you see a screenshot of the Metatrader 4 order window.
This is where all your open trades will be displayed. In addition, your Balance, Equity, and Free Margin will show in real time as well.
How to Use the Metatrader 4 Platform
So, after you have installed the MT4 trading platform, this is what you are going to see on your monitor:
This is an example of a ready-to-go Metatrader 4 platform, which has now been setup and funded. You will notice numerous buttons at the top of the MT4 trading platform.
The buttons M1, M5, M15, M30, H1, H4, D1, W1, and MN are the different chart time frames you can choose from. “M” is short for “minute”, “H” is short for “hour”, “D” is short for “day”, “W” is short for “week”, and “MN” is short for “month”.
When you click on these buttons, your chart will be automatically converted into the desired timeframe.
The two magnifying glasses above are used to zoom in and zoom out the trading charts without changing the trading time frame. The three buttons on the left of the magnifying glasses are the three different Metatrader charting options – Bar Chart, Japanese Candlestick Chart, and Line Chart.
At the left side of the chart timeframe buttons you have a few basic drawing tools, which are frequently needed when performing technical analysis.
These are: vertical line, horizontal line, trend line, price channel, Fibonacci retracement and some image labels.
If you right click on the chart window you will see various options to customize your trading platform. Here you should take some time to personalize the settings that best suit your preferences.
If you point at “Trading” you will see the option to open a trading position. Another place you can do this from is the “New Order” button from the options above the chart. If you click on “One Click Trading”, you will see special Buy/Sell buttons attached to the top left corner of your chart. This way you can instantly open trades at a preliminary decided size (lots). If you click on “Properties” you can fully customize the appearance of your Metatrader 4 trading platform.
On the left side of the Metatrader terminal you will see the live Market Watch (red rectangle).
This window displays the basic Bid/Ask information of all the chart windows you decided to include in your trading portfolio. Note that these are not all the available trading symbols offered by your broker. To see all the available symbols simply right click on the Market Watch window and select “Show All”. This will display all the available financial instruments of your broker.
It is important to mention that the Market Watch window is another place to open trades from. You can pick symbols from there and then by right clicking on your mouse, it will allow you to get options for each of these financial assets. See the image above for details on this.
Opening a Trade on Metatrader 4
Now that we have discussed the basic functions of the MT4 Forex trading terminal, I will now show you how to open real trades.
In order to buy or sell a currency pair, you can use one of the options we mentioned above. Click on the chart or on the Market Watch with the right click button and then choose “New Order”. This will bring you to a special trading window. But the easiest way to bring the order window up is by simply clicking the “F9” hotkey on your computer keyboard. This will instantly bring up the trading window. This is what you will see:
Let’s take a deeper look into the Order Entry Window:
The first line says “Symbol”. This is a dropdown menu containing all the symbols available for trading at your broker’s station. If you want to change the Forex pair you want to trade just use the menu and pick a different symbol.
The second line concerns trading volume. This is the amount in full lots you want to invest in your trade. It is very important to know that one full lot equals 100,000 units. In this manner, you should also get acquainted with other lot sizes. Below you will find a little table containing the different trading volumes:
|1 Full Lot (1.0)||100,000|
|1 Mini Lot (0.1)||10,000|
|1 Micro Lot (0.01)||1,000|
|1 Nano Lot (0.001)||100|
If you want to do a standard pip value calculation, you should use the following calculation:
- Pairs where the USD is the base currency:
Let’s say you buy the USD/CAD at an exchange rate of CAD 1.1350 for one USD. You will invest in your trade 1 Full Lot (100,000 units). So you need to know how much one pip (0.0001) costs. You will first need to calculate the amount one pip (0.0001) equates to.
0.0001 / 1.1350 = 0.0000881057 or 0.00881057%
Then you multiply the result by the volume you are willing to trade.
(0.0001 / 1.1350) x 100,000 Units = $8.81 (8.81057269)
This means that the value of 1 pip (0.0001) at a spot rate of 1.1350 CAD for 1 Full Lot traded would equal to $8.81.
Remember that you always get the end result in the base currency using this calculation. But what if the USD is not the base currency, but a quoted currency? We will discuss that next.
- Pairs where the USD is a quoted currency:
In this case the formula becomes a bit extended. You still do the formula we discussed above, but you should then multiply the result by the spot rate in order to convert it in USD. Remember we said that the result of the upper formula is in the Base currency.
Let’s say you want to sell 100,000 Units of the EUR/USD at the exchange rate of $1.0900 for one EUR. If you want to calculate the value of 1 pip (0.0001) in USD you should use the following formula:
((0.0001 / 1.0900) x 100,000 Units) x 1.0900 = $10 for one pip.
The results are for 1 Full Lot
Carefully choose the volume you are willing to trade when opening a position. Now let’s get back to the Order window.
- Stop Loss / Take Profit
The third line on the Order window regards the exit point of your trade.
- The Stop Loss option allows you to choose a rate for automatically closing your trade in case the market moves against you.
- The Take Profit option allows you to choose a rate for automatically closing your trade in case the market moves in your favor.
This line contains the order type you want to implement. You can choose from two alternatives:
This option executes the order instantly. When you fill out the fields we discussed above, you can simply click Buy or Sell depending on your intended trade direction.
You use this type of order if you want the Metatrader platform to implement a market entry when the price reaches a specific level on the chart.
One of the best MT4 platform feature is the vast array of trading tools available to every MT4 trader to choose from. In order to see these features you would simply click on the “Insert” dropdown menu located at the top of the Metatrader 4 terminal.
Above you see the “Insert” dropdown menu and the built-in oscillators, which are part of the “Indicators” section.
There are built-in indicators that are related to Trend, Volume, Momentum etc. Another great feature of Metatrader is the “Custom” Indicators section. You could create your own custom trading indicators with specific parameters, which could be added to the Metatrader platform. Furthermore, there are thousands of indicators for analyzing financial instruments and they cannot all included in the platform. So, if you have a special indicator in mind, which is not built-into the Metatrader station, simply Google it, find it, or create it, and then download it and put it in the “Indicators” folder of in the installed Metatrader files on your computer. The indicator will then appear in the “Custom” menu.
It is also worth mentioning that the MT4 terminal also includes a variety of Fibonacci based trading tools as well. This includes:
- Fibonacci Retracement
- Fibonacci Time Zones
- Fibonacci Fan
- Fibonacci Arcs
- Fibonacci Extension
As we discussed earlier, if you need another Fibonacci Indicator, which is not included in the platform, you can create it, or find it on the internet, download it and add it manually to your trading platform.
Other drawing tools you can use are the lines and the channels. These tools can assist in analyzing trends or specific levels on the chart.
Metatrader 4 Templates
We will now discuss how you can customize your Forex MT4 terminal. Firstly, if you don’t find the default chart setting appealing, you can easily change it. The default chart setting has a black background, a grid and black and white candles. To make changes, click on the chart and right click with your mouse, and choose “Properties”. Then customize the appearance of your chart according to your preferences. Then you can add the technical studies you want to incorporate on the chart.
After you do this, right click on the chart, and select on “Templates”. Click on “Save Template” and choose where to set the template you just created. Now you will be able to load this template on every chart you have in the Metatrader 4 terminal.
You can also choose from some of the default templates in the menu. These include the ADX, Bollinger Bands, Momentum, Volume, etc.
In addition, you can also find some MT4 templates online that are used by various traders around the world. Download some of them and simply load them through the template section of the MT4 platform. The settings will be applied to your charts instantly.
So for those of you getting started on your trading journey, this lesson on setting up Meta trader should help in getting you up and running smoothly. If at any point you have any questions, there is a large community of Metatrader platform traders that you can reach out to as well. One such forum community dedicated to discussing all topics related to Mt4 can be found at MQL4.
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How To Set Up MetaTrader Forex Charting Platform
MetaTrader Forex Trading Tutorial: Setting up MetaTrader 4 for price action trading charts.
This lesson is going to provide you with a tutorial of the basics of using the MetaTrader trading platform . MetaTrader 4 (MT4) is the most popular Forex trading platform and forex charting software in the world. I personally trade on this platform and I recommend my readers & members use it too.
As anyone who has followed me for a while knows, I trade and recommend New York close 5-day per week charts. The reason is that closing prices are the most important in the markets, and the New York close marks the end of the current Forex trading day and then the new day starts in Asia. As the New York session is the most traded session behind London, it’s important to see who won the battle between the bulls and bears at the New York close and as the current Forex trading day ends. You can download the correct 5-day New York close charts for free via this link: New York Close Forex Charts Download.
This tutorial is going to show you how to setup the MT4 platform for optimal price action trading, thus we won’t be discussing any of the automated “robot trading” / expert advisor functions of the platform as they are not a part of the price action trading strategies that I trade and teach.
After you read today’s lesson let me know if it helped you, if you learned anything new about the MetaTrader platfom, or if you would like me to add any explanations to this tutorial next week… you can contact me here.
Navigating the MetaTrader platform: The main windows
Below is a screen shot of approximately what your MetaTrader platform will look like when you first open it up. Your charts will probably be black and green however, with a bunch of indicators all over them. We will discuss how to get your charts setup with a white background for clean price action forex trading in the next section.
For now, let’s cover the main functions of each window you see in the image below:
1) The first window at the very top is the “Toolbars” window, here you’ll find many different icons that allow you to do many different things, we will cover most of these icons later on, for now just be aware of the toolbar window and that it is full of different tools and shortcuts for you to use.
2) The next window is the “Chart” window, this is obviously where you will see the current chart(s) you have open.
3) Next, see the “Market Watch” window on the upper left hand side of the screen. The market watch window lists all the markets available from your broker and gives you their real-time bid and ask prices. Note: to unlock all markets offered by your broker, simply right click within the market watch window and then select the “show all” option.
There’s a “tick chart” tab at the bottom of the market watch window, click on it and you’ll see the current price activity of the pair you have selected in the market watch window, tick by tick,…I don’t really use this but thought I’d just tell you what it’s for real quick.
To see which currency pairs I prefer to trade as well as an example of how you might want to populate your market watch window, check out my article on the best forex pairs to trade.
– Below we can see the main windows of the MetaTrader platform:
4) Below the market watch window is the “Navigator” window. In this window you can see your account(s), as well as a variety of indicators, expert advisors and scripts…both of which you can and should ignore. To learn why I don’t use many indicators or trade with expert advisors, check out this article on forex indicators, and this one on forex robots.
5) Finally, the terminal window appears at the bottom of the screen and within it you’ll find these six tabs: Trade, Account History, News, Alerts, Mailbox, and Journal. You can go through each tab to get familiar with what it does. The “trade” tab is the most important as this is where your pending and open trades can be viewed. The “account history” tab contains all your account activity since you opened it, primarily deposits, withdrawals, and closed trades. You can also generate detailed reports of your trading history here.
Setting up your charts for clean price action trading:
Next, we need to get our charts setup for optimal price action trading. You can customize your price charts in MetaTrader to reflect your own personal style and color preferences. I personally prefer a white background and black foreground for the cleanest and simplest approach. Here’s how to setup a clean white chart for optimal price action trading:
1) How to open a chart
There are three main ways to open a chart window on the platform. You can click on the “file” menu at the very top left of your screen and then click “new chart”, or you can right click in the market watch window on the specific currency pair you want the chart for and then select “chart window”. There’s also a “new chart” icon in the toolbar, see the image below:
2) How to set chart properties
Once you’ve got your desired chart open, you want to get it setup for clean price action trading. To do that, you just need to right click on the chart, and then select “properties” which is located at the bottom of the menu that appears, you’ll then see this box appear:
Now, as you can see in the “color scheme” window there is actually already a “black on white” theme that you can use. My personal settings look a little different though, you can see them here:
Note I have taken off the “grid” and “volume” functions.
The “common” tab located to the right of the “colors” tab in the window above, allows you to select or deselect certain features, such as volume, grid, period separators, and others. You can also change the chart to bar, candlestick or line chart in the common tab. It’s pretty self explanatory so play around with it a bit to get more familiar with the options.
3) How to save your chart setup as a template
Once you’ve adjusted your color scheme and other chart properties to how you want them, you have the option of saving your chart setup as a template, then you can easily apply the same properties to other charts. To save a template you can click on the “Template” icon in the toolbar and then select “save template”, or you can right click on the chart itself and then select “Template” and then “save template”. You can also click on the “Charts” menu at the very top of your platform and then select “Template”. See here:
I’ve also labeled a few other functions on the toolbar in the image above. We can see in the “chart type” box you can select bar, candlestick or line chart; we use forex candlestick charts in the members’ area. You can also see the function to zoom in and out of the current chart selected, as well as the time frame icon which goes from 1 minute chart up to monthly chart. I personally never look at a time frame under the 1 hour, and my trading course and community is focused on teaching time frames from the 1 hour and above, with the primary focus being on the daily chart time frame.
A cool tip about templates:
To quickly open a new chart with the current open chart’s template properties, simply select the market you want to see in the market watch window and then left click and slide it (drag it) over to the chart window containing the desired template. That new market will automatically open in the existing chart window with same template properties:
How to add moving averages and other analysis tools to you charts
I do implement the 8 and 21 daily chart exponential moving averages for trend analysis and to see dynamic support and resistance levels, note that I don’t use them in the traditional “indicator cross-over” sense. So let’s discuss how to put these EMAs on your charts.
The easiest way to do it is just to click the “Indicators” icon in the toolbar, then select “trend” then “moving average”:
You’ll then see this box appear:
You can also add indicators by going to “Insert” at the very top of the platform and then clicking on “indicators” then “trend” then “moving averages”, then the box above will appear.
You want the period set to either 8 or 21, depending on which EMA you are putting in at the time, then the “MA method” should be Exponential and “Apply to” close. You can pick whatever colors make you feel happy, just make sure the colors of the 8 and 21 contrast nicely so you can easily tell them apart, I use red for the 8 day EMA and blue for the 21 day EMA.
You can then save that particular chart setup with the EMAs as template. You can have a number of templates saved as you can see, then you can quickly go from one template to the next. I have one clean template setup (see above) with no EMAs and then one with the 8 and 21 day EMA. You can learn more about how I use the EMAs in my forex trading course. I do not use any moving averages on the 4 hour chart.
The other main analysis tools that I use are the horizontal line tool and the Fibonacci tool. They are pretty self explanatory, but with the Fibonacci tool I usually only have the 50% and 61.8% level as those are the only ones I look at. Simple right click on the Fibonacci tool after applying it to your charts and then you can change its properties.
How to setup my 4 primary time frames in one market profile
To quickly see the 1 hour, 4 hour, daily, and weekly time frame in one window, you can do this:
Open 4 new charts of the same currency pair and then use the time frame icon to set them to 1 hour, 4 hour, daily, and weekly. Now, go to the “Windows” menu at the top of the toolbar and select either “Tile horizontally” or “Tile Vertically”, they are both going to make your chart windows the same when you have 4 charts.
Now, once you get the 4 time frames setup, you can go to the “File” menu or click on the “Profiles” icon and save your current window arrangement as a profile.
Cool tip: If you want to you can save each market as its own profile and then quickly scroll from one profile to the next by clicking “ctrl + F5” at the same time, to see the previous profile press “ctrl + F6”. See here:
Quickly analyze multiple markets
You can have as many different chart windows open as you want in MetaTrader, and you’ll see at the bottom of the platform are tabs that allow you to quickly open a chart to analyze or edit it. You can open up a chart from the tabs at the bottom and then quickly change its time frame or template via the time frame and template icons in the toolbar that we’ve already discussed above. These tabs make it easy to get a quick view of many different markets and this is the primary method I use to scroll between markets on MT4.
Now you know the basics of the MetaTrader 4 trading platform and how to get it setup for clean price action trading. If you want more instruction on how I trade with price action on the MetaTrader platform, check out my price action trading course and members’ community. Remember you can download the free MT4 Forex Charting Platform Here.
How to use MetaTrader 4 [Beginners’ guide]
MetaTrader 4 is the most popular trading platform for retail traders because of its simplicity and ease of use. Metatrader was launched in 2005 by MetaQuotes Software company. It licenses the software to Forex brokers. In return, brokers provide their clients with access to MT4 if they open a Forex account. Traders use the platform to monitor live prices, buy and sell at market or use pending orders, and so on.
Using MetaTrader 4 comes down to:
- Opening an account
- Performing a quick installation
- Setting up the right navigation tools and indicators
- Placing trades to generate profits in your account
This guide will teach you how to use MetaTrader 4 and you will get unique tips to unleash its power to improve your trading. We’ll cover the following topics:
Table of Contents
How to Open a MetaTrader 4 account?
First, you will need to find a Forex broker and open an account. After having a demo or live account under your name, you will be able to proceed with the MT4 installation.
To pick a Forex broker, you can check several listings or rankings online, just make sure that whatever option you choose complies with the following basic standards:
- A financial authority must regulate the broker’s activity.
- There is funds segregation, meaning that the broker can’t use the funds in their day-to-day activities
- The broker has low or decent spreads (aka the cost of trading).
- It has responsive customer service.
If you’d like to learn more about our preferred broker and how to make a proper broker assessment, check this review .
Demo versus Live: differences when opening an account.
Usually, you can open and use a demo account very fast; follow these simple steps:
- Go to your broker’s homepage.
- Look for the demo account signup page.
- Fill your information.
- Submit the form.
On the other hand, to open a live account in MT4 takes some extra steps, your broker will request more information. Most of them will ask you to provide them a copy of government-issued ID proof and address proof for the last three months; it can be your previous three months’ bank statement or any utility bill.
Some brokers have restrictions on accepting clients from specific countries, as they are under strict regulation to keep their operating license.
How to install MetaTrader 4
Once your forex account is open, you should receive the following details via email from your broker:
- Login: this is usually a ten-digit number that works as a username.
- Password (self-explanatory)
- Server: the server where your account is based.
In addition, the email should contain links to download the MetaTrader 4 installer like the following:
Similarly, you can go to the MetaTrader 4 site and download the version that suits your needs better.
Note: this guide focuses on MetaTrader 4 for windows. However, If you would like to learn more about the mobile versions (iPhone and Android), feel free to check the MetaTrader 4 site .
Installing MetaTrader 4 for Windows
Firstly, you should save the installer on your PC. After clicking the installation file link, the following will be displayed:
Select a convenient location to save the installer:
Click save, then go to the location where you have saved the file and double click this icon:
You will get the following message, click yes to proceed with the installation:
Then, you will need to accept the Terms and Conditions from your broker:
Then, MT4 files will get downloaded and when you see the green bar completed, click finish:
MetaTrader 4 will be displayed with a window to select the server:
Make sure to look and choose the server name that you got from your broker. Afterward, enter your account details, check the email that you got from your broker and copy/paste your account details:
Click finish and the MetaTrader 4 charts will load, the “ding!” sound indicates that the connection is ok. Then, you can start using your MetaTrader 4 account!
MetaTrader 4 Navigation Tips
MetaTrader 4 can be broken down visually into six separate segments, let’s have a look:
(Click to expand)
- Control Ribbon: you can practically perform any action in MetaTrader 4 from this bar, although it is not as intuitive as other options that we will review later on.
- Toolbar: It contains some of the essential functions, options and tools that you will need at hand to master MT4. The toolbar is divided into 4 different regions:
- Standard: it contains general commands to manage the platform.
- Charts: it contains basic features to operate the charts.
- Line Studies: you will find here all the graphical elements to analyze charts.
- Timeframes: it functions as a quick menu to change the chart timeframes.
- Market Watch: it contains the list of currency pairs, including their bid and ask prices.
- Navigator: it allows you to navigate through the indicators that you can add to your charts.
- Terminal Window: where you can get information about your trading terminal like open orders, exposure, trading history, messages and alerts.
- Chart Workspace: this area is where the charts are displayed and where you will be doing trading analyses.
Using Forex Charts
To open a new chart, go to the Navigator window, right-click in a currency pair, then click in chart window:
A new chart will be displayed in the Chart Workspace:
You can maximize the Chart window if you would like to focus on a single currency pair. Moreover, you can switch between different instruments windows using the tabs below:
To visualize all your Charts in a single view, right-click in any tab and select Tile Windows (or press Alt+R):
Also, it can be handy to focus your analysis in some specific regions or candles in a chart. You can use the zoom in and out buttons that you will find in the Charts Toolbar:
Forex Chart Visualization:
In addition, you can switch between different types of charts by clicking one of the following buttons:
If you would like to get the price or volume information for a specific period, hover the mouse over the chart:
Autoscroll and chart shift
Depending on your trading analysis, you can use the auto-scroll feature to keep to chart updated with the last tick. Click the Autoscroll button and you will get the following:
Additionally, you can use the shift button if you prefer to have some space to the right of the period. When turned on, you will see a grey triangle in the upper part of the window, which can be moved horizontally ( from 10 to 50% of the window size).
For example, here is a chart with the chart swift feature enabled:
Changing chart timeframes
To visualize or change the timeframe of any chart you can use the period buttons on the timeframe toolbar:
Also, you can use the submenu button in the standard toolbar.
Whatever period you choose, this will reflect as an individual bar or candle in the chart. For example, if you choose H1, this means that each bar or candle corresponds to one hour of price action, with its specific Open, High, Low and Close prices.
Using two charts with different timeframes for a specific currency pair might help to assist your trading decisions. For example, if you check H1 and you spot a selling opportunity, having a parallel daily chart might help you confirm a trading signal:
Using the Crosshair
The crosshair is convenient to become agile with your trading analysis and get information in a faster way. To enable the crosshair, click in the line studies toolbar. Then, move the mouse cursor towards a chart bar or candle, you should see the crosshair, which highlights a specific price and time.
Similarly, you can use the crosshair to measure time, bar and pips distances in a chart, this is useful for doing your analysis or determining potential Stop Loss and take profit levels. Left-click the chart while the crosshair is enabled and move your mouse while keeping it clicked:
The power of MetaTrader 4 Templates
MetaTrader 4 templates allow you to save time by storing a determined chart setup configuration.
Let’s assume that you liked the following chart configuration and color scheme, to save it as the template, all you need to do is to right-click it and select the save template option:
After that, you will get the following window where you can name and save your template:
Furthermore, you can upload your favorite template into a new chart, by right-clicking and selecting load template as follows:
Then, you will need to select the template file and click the open button:
Pro tip: you can create a Default MetaTrader 4 template so it is loaded every time that you open a new chart, just save your favorite template with the file name “Default.tpl” and that will do the magic.
How to trade with MetaTrader 4
Opening an order
To place a trade in MetaTrader 4, select a chart of a currency pair, then click the new order button that is located in the standard toolbar.
Alternatively, you can go to the Market Watch window, locate the currency pair, right-click it and select “new order”:
After that, you will get the following window:
Make sure to verify the order details:
- Symbol: refers to the currency pair or financial instrument that you would like to trade.
- Volume: make sure to select a proper volume according to your risk and money management strategy .
- Stop Loss and Take Profit: enter the values if you have some predefined levels. If not, we will explain below how you can add them after your order has been placed.
- Comment: feel free to add any observation in regards to this particular trade, it could be something related to your trading analysis or strategy.
- Type: you can either select Market Execution (instant orders) or Pending Orders (more on this below).
Then, you will need to click the Sell or Buy button. Please consider that if you are placing a Buy order, this will be done at the Ask or higher price. In contrast, if you would like to sell the currency pair, the order will be placed at the Bid or lower price. After you place an order, you should get a confirmation message like the following:
Setting a Stop Loss
The Stop Loss feature allows you to maximize the likelihood of limiting your potential losses. Therefore, you can follow the same process above to create an order, in addition, you will need to input the stop loss value that you have previously defined.
If you would like to learn more about how to determine and place Stop Loss levels, check this article .
Setting a Take Profit
Similarly, to place a Take Profit, you can follow the same process and input the value or price target level at which you would like to lock a profit for your trade.
Check our article on how to set take profit levels if you would like to learn more about this topic.
Once you have placed an order, there might be situations in which you would like to change it. For instance, you realized that your Take Profit was incorrectly placed or you would like to modify your Stop Loss.
Therefore, learning to modify open orders becomes very handy to have flexibility in your trading and adapt to new market conditions or unexpected scenarios. To modify an order, go to the trade tab in the terminal window, locate the open order that would like to change, right-click it and select “Modify or delete order”:
After that, you will get the following window, where you can adjust your Take Profit and Stop Loss levels either by entering the values directly or by using the “copy as” buttons:
Then, click the Modify button to make the change effective. As a result, you should get a confirmation message.
Closing an order
The main way to close an order in MetaTrader 4 is to right-click your order in the terminal section and select “close order”:
Once the order is closed, you can go to your account history in the terminal section and you will find the details about the recently closed order:
About Pending Orders
At the time of creating an order in MetaTrader 4, you have the option of selecting a pending order, this means that the order won’t be placed instantly (as in Market Execution), instead, you can add a condition that is attached to your order, in other words, your order won’t be placed if the condition is not fulfilled.
Buy Stop Pending Order
For instance, you are planning to place a buy order in a bullish market scenario, but you would like the order to be placed after a certain price level is surpassed, confirming a possible breakout. In this case, you would need to place a Buy Stop Pending Order.
Sell Stop Pending Order
Alternatively, you can use the Sell Stop Pending Order if you expect the price drop and you would like to add a price level condition that triggers the order.
Buy Limit Pending Order
Buy Limit orders can be placed if you would like to take advantage of a bullish market under the condition of placing the order at a lower price level that could be hit on an expected price pullback, before continuing with an upward trend.
Sell Limit Pending Order
On the other side, Sell Limit orders could be useful when you would like to take advantage of a resistance level that precedes a downward trend.
To set up a pending order in MetaTrader 4, follow the same steps to open a new order and select the Pending Order type, then you can choose the type of Pending Order with the price level that will act as a condition to trigger the order.
In addition, you can add an expiration date if you wish that the pending order is canceled after a certain period if the price condition is not fulfilled.
Once you are set, click the place button.
How to use MetaTrader 4 Graphical Markup Tools
MetaTrader 4 graphical markup tools are features that you can apply to chart in order to enhance your technical analysis; they range from a basic circle or text label, all the way to trendlines, channels and Fibonacci retracements.
In this section, we will take a look at the most popular MetaTrader 4 markup tools.
Horizontal and Vertical Lines
Horizontal lines are used to indicate support and resistance levels, psychological price levels or target for your take profit and Stop Loss levels.
In order to draw a horizontal line, go to the line studies toolbox, click the horizontal line button and then press anywhere in the chart where you would like it to appear. Once it is placed you can click it and move it around as you need.
Similarly, you can use vertical lines to mark an important period in your chart. To draw a vertical line, go to the line studies toolbox, click the button and then press anywhere in the chart where you would like it to appear.
To add a trendline, click in the line studies toolbox and click a bar or candle in the chart that will be the starting point of the trendline.
After that, you can click the trend line and you will see three small boxes that you can click and drag to make your trendline more accurate.
Sometimes you’ll find that prices move between parallel trendlines, this pattern can be drawn as a channel.
Click the channel button and select a candle or a bar that will be the starting point of the channel.
In a similar way to a trendline, you can adjust the channel by clicking it and dragging the squares to change the angle or the width of the channel:
To insert Fibonacci retracements in a chart, you can click the Fibonacci button in the line studies toolbox and then extend it in the chart by clicking the starting candle of the trend and dragging the line until the highest or lowest price level of the trend:
Managing your Graphical Markup Tools
In order to manage the MetaTrader 4 graphical markup tools, you can right-click one of the objects that you inserted, click object list (or press ctrl+b) and you will see the following window:
You can click and select those objects that you wish to edit or remove them:
How to use MetaTrader 4 Indicators
Indicators consolidate data values regarding the Open, High, Low and Close price levels of a determined currency pair in a specific period within a timeframe. In other words, MT4 indicators process these values to give you a different perspective on the market.
How to add a MT4 indicator to your chart
Go to the Navigator window and look for the indicator folder, click to expand it and you will see the list of the all the MT4 indicators. You can choose your favorite indicator by left-clicking and dragging it to the chart. After that, you will get a parameter window to select the period and the visualization properties for the indicator.
You can modify or remove an indicator by right-clicking it and selecting one of the following options:
We hope that you have learned how to use MetaTrader 4. You can always re-visit this guide in case you are not sure how to use a specific feature of MT4.
Again, this beginner’s guide aimed at showing the most important features of the MetaTrader 4 platform and how you can apply them in your trading. No other trading platform offers such flexibility and ease of use.
Post your comments below if you would like us to add more features to this guide.
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