MT4 Tutorial How to Use MetaTrader 4 trading platform

The Netting mode allows you to have only one open position of a financial instrument at a time. If you open a position in the same direction, both positions are summed up. The Hedging mode allows you to open any number of positions for one asset.

MetaTrader 4 is more straightforward and has an intuitive and flexible user interface compared to the QUIK. You can learn more about alternatives to the MetaTrader in this overview. For example, you can run the optimization process with the number of threads corresponding to the number of cores. The number of pending orders is increased; the policy of order execution is also changed. All these upgrades aim to speed up internal data transfer processes and offer traders new multi-level tools for building complex trading systems.

For arranging multiple charts, simply left click and drag to the desired location. You can use the minimize, close or change size option present on each chart, just like you would do on your browser. After opening the chart, right click on it and select Properties located at the bottom of the menu. The first tab is called Colors and lets you choose the color scheme. You can set the background to white for a cleaner look.

Add Hidden Chart Objects

You can now use different timeframes and add technical indicators to your chart. You can also maximize your charts or keep them in a smaller window by dragging the window. MetaTrader 4, also known as MT4, is a proprietary standalone trading platform designed for trading and analyzing the financial markets. While it’s most frequently connected with Forex trading it can be used to trade other asset classes. If you want to trade with MT4, this is a comprehensive list of brokers who support MT4. For customizing, a trader can either move the toolbar to a different location, maybe a little to the left or to the right.

A mechanical trading system can’t adapt to the changing market conditions, which can result in costly losses. Malfunctions or mechanical failures can also affect the performance of your algorithm. From the Market Watch window, right-click on the symbol you want to Buy/Sell and then choose New Order from the drop-down menu. Right-click on the chart instrument you want to Buy/Sell, and then choose New Order from the drop-down menu. You’ll also be able to see information about all the indicators attached to the selected chart.

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At the top, you have the Toolbars window with various icons, which are shortcuts that enable you to do different things. Harness past market data to forecast price direction and anticipate market moves. No matter your experience level, download our free trading guides and develop your skills. The content trading toolbar provided on this website belongs to Myforex and, where stated, the relevant licensors. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex. Select a button you wish to move in the “Selected buttons” and click “Up” or “Down” to change the location.

Many of the toolbar functionalities can be distracting and you may find you don’t use all of them. With MT4 you can add in or hide as many features as you want. Harness the market intelligence you need to build your trading strategies. You can remove time frames you don’t use to reduce space. You can repeat the process on the other tools bars too, especially if you want to cut out items that you don’t use.

• To create a bar chart, click the button on the Chart toolbar or press ALT+3.
• The ‘Exposure‘ will display the summary information about the state of assets by all open positions.
• If the broker accepts the price, the order is executed.
• ‘No Connection’ will be displayed if there is no internet connection.

From beginners to experts, all traders need to know a wide range of technical terms. Trade up today – join thousands of traders who choose a mobile-first broker. In this short tutorial today, I am going to show you how to customize the toolbar so you can have quick access to your favorites.

Understanding the Main Windows of MT4

A second method to apply a technical indicator to a chart is to drag-and-drop the desired indicator from the navigator window onto the chart. If you choose a trending indicator like a Moving Average this will be applied directly https://xcritical.com/ to the price chart. The MetaTrader 4 platform also allows you to open new orders directly from the chart window. To enable the One-click Trading functionality, right-click and select “One Click Trading” or press ALT+T.

‘No Connection’ will be displayed if there is no internet connection. ‘Articles’ tab will display articles about MT4, indicators, expert advisors, and strategies at MQL5.community. MQL4 is a programming language built into the trading platform. You can use the MQL4 to write the code for Expert Advisors, indicators, scripts, and MT4 function libraries.

Managing Templates

If you wish to save template as your default, you can right-click on the chart, select “TEMPLATE”, “SAVE AS” and then “DEFAULT”. How to log in to MetaTrader 4 After registration, you will receive an e-mail containing your passwords and account number. Click on “FILE” from the top menu, by selecting “LOGIN” option from the drop down list you will be able to log in to your MetaTr… You can start trading on a demo account without registration. MT5 is a professional trading platform to trade futures and test algorithmic trading. The MQL4 is the MT4 programming language; the MQL5 is the MT5 programming language.

You can choose your preferred time frames by simply clicking on the letters tab above the charts. Basically, you can open multiple charts and switch between them from the tabs below the chart or arrange them as tiles. There are other chart objects that you cannot see in the default menu however.

Initially, only a few tools are visible in the Toolbar. You can add to these according to the ones you use the most. If there are tools that you don’t use often, you can remove them from the Toolbar.

Standard

You can download free MetaTrader 4 platform on almost all broker’s websites offering MT4 trading accounts. MetaTrader 5 is an all-in-one platform for trading Forex, Stocks and Futures. MetaTrader 5 platform offers a turnkey solution for mutual funds, prop trading, and investment firms right out of the box. It is expensive, there are many bots, the rating is formed according to unclear principles, the signal providers are not responsible to the investor.

Chart Types

MetaTrader 4 platform was specifically built for forex traders, whereas MetaTrader 5 was designed to provide traders with access to CFDs, stocks, and futures. Both provide pioneering automated trading systems with expert advisors. However, they each serve a very different function and, contrary to popular belief, MT5 is not an upgrade of MT4. The MetaTrader 5 is a multi-asset trading platform designed to trade Forex and non-Forex assets. The MT5 functionality with the upgraded depth of market functions allows you to make money trading futures, options, and other derivatives.

You can’t change the volume of the opened position, you can only enter more trades. The hedging system is supported by MetaTrader 4, and, since 2016, by MetaTrader 5. When a trader sends a request to a broker to open an order, the platform automatically inserts the current price into the order. If the broker accepts the price, the order is executed.

It is difficult to define the difference between MetaTrader4 vs MetaTrader5 visually. In the new platform version, the developers focused on the upgrading of the platform functions, hardly changing the interface. Operations, which take a few minutes to process on MT4, will take a few seconds on MT5. The multi-currency function has been added to the MT5 tester, the backtesting statistics have been expanded. The results of tests and optimization of an EA or indicator in MT5 have become more accurate due to the introduction of forward testing. What was tested in MetaTrader 4 for 20 minutes, with the same parameters, in MetaTrader 5 is tested for 5 minutes.

Trading Conditions?

For more information, check out our Privacy Policy. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. IG International Limited is licensed to conduct investment business and digital asset business by the Bermuda Monetary Authority. While MT4 is not available for direct download to Mac, Mac users can download MT4 using third-party software available from the official MT4 site. You should be careful of other sites which offer an MT4 for Mac download, as these sites could be infected with malware.

EXPERT ADVISOR An Expert Advisor is a program which is written specifically for the MetaTrader Platform. They are written in their own proprietary programming language called MetaQuotes Language Version 4. Connection status In order to check if your MT4 terminal is connected to the server, you need to check the connection status on the “STATUS BAR”. It is located in the lower part of the terminal, below all service windows. •TheLevelstab is where you can add level lines to the indicator.