Here we will analyse how to utilize the MT4 platform in the event you have never used MetaTrader4. The image below shows the platform that traders use to place their trades in Forex market.
1) Market Watch
In this chart it is possible to observe in real time the “bid” and “ask” price in all the available currencies pairs.
If the new price in any selected currency is lower than the previous price quoted, then the new price will appear in red and a red arrow will appear on the left hand side. Vice versa if prices are higher than the previous price, these will appear in blue and a green arrow will appear on the left hand side of the currency pair.
In order to visualize the prices in the chart, simply drag the selected currency pair in the window dedicated to charts. A window will appear with the time series of the price related to the selected exchange rate.
If you right-click in the market watch panel, the chart properties window will open up, with the following options:
- New Order: opens a window in which you can buy or sell a specified amount.
- Chart Window: it opens a chart of the currencies pair selected.
- Tick Chart: it allows you to switch from the currencies quote panel to the tick chart of the selected pairs.
- Hide: removes a symbol from the Market Watch.
- Hide All: removes all symbols from the markets watch list unless they are already open or there is a pending order.
- Symbols: displays a new window where you can choose different options and customize the quotes table as you prefer.
- Sets: allows you to save all the pairs in the table and create a default list that can be re-called.
- High/Low: broadens the table allowing you to view the maximum and minimum values.
- Time: ads the time to the list of currency pairs.
- Auto Arrange: resizes the columns automatically if you change the size of the table quotes.
- Grid: ads/ removes the grid feature around the list of currency pairs in the Market Watch.
The navigation window allows you to access some of the most important applications of the MetaTrader4 (MT4) platform.
This is split in two tabs “common” and “favorites”. In the common window you can choose many options from the ones listed in the image on the left hand side.
By clicking on the + sign next to the categories you can access the different options described below:
- Accounts: visualize the accounts; here you log in to the different accounts.
- Indicators: the MT4 platform has a wide variety of indicator that you can use for free. To use one of it, just drag an indicator from the window on the left hand side in the graph window of the currency pair, set the details and press ok.
- Expert Advisors: this option represents a strong point in the MT4 platform and certainly is one of the reasons why MetaTrader4 has become so famous in so short time. Many traders prefer to create programs written in MQL4 or MQL5 code that sends commands to the platform in order to automatically execute trades without human intervention.
- Custom Indicators: Here you will find a list of technical indicators created by traders and are available to all for free.
- Scripts: contains some sample expert advisors. The main purpose is to test practice and to figure out how to use the mql language.
3) Tool bar
The tool bar menu is very useful. Let’s see how this comes in handy. Let’s start with the fundamentals:
: This command is used to create a new purchase order. Left-clicking with the mouse and it will open up the new order window where we buy or sell.
: with this option you can select the time frame you prefer. The standard time frames available are: 1 minute, 5 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week and 1 month.
: You can change the different chart types by choosing one of the three icons on the left. You can change the chart, depending on whether we prefer candle stick, a continuous line or bar graph.
In the lower panel of the platform we can find he “Terminal” that displays our transactions in real time. Each row has:
ü the time when the operation has been carried out
ü type (buy or sell), lots size
ü the currency pair (symbol), the opening price
ü Stop loss (S/L)
ü Take profit (T/P)
ü Price updated in real time
ü The commission to be paid for each transaction
ü The price to keep a position open overnight
ü Profit or loss
At the bottom of the terminal there are other windows each with its own function.
In this central part of the platform you can find price charts of the time series relative to the chosen currency on MetaTrader4.
It is possible to study the exchange rate selected by simply dragging the Currency Market Watch and bringing in the window at the centre. In the chart above we set four different graphs so we are able to visualize more than one time series to catch profit opportunities.