MetaTrader is an online trading platform that is used to trade various instruments including Forex, Commodities, Cryptocurrency, Stocks, Indices, Options, ETFs, CFDs, Futures and Spread Betting. Traders can view real time price quotes of various trading instruments in the market watch window and load different chart types across multiple timeframes Do You Need Metatrader For Forex? As a first step towards trading in forex, you need to choose a broker and download MetaTrader 4. Traders using an on-demand trading platform 14/11/ · The forex market is open 24 hours a day, five days a week, with three trading sessions that include the European, Asian and US trading sessions. The entire exchange 5/6/ · If you look for a MetaTrader 5 tutorial in PDF, scroll to the bottom of the page and leave your email to download the guide. This guide will help you to get familiar with the 27/10/ · Below we have listed three reasons why some traders choose to trade using a VPS, or our best Forex VPS, being with MetaTrader: 1. Continuous Trading. A VPS operates 24 ... read more
The chart below shows some of this information and how you can access it. They include volume, maintenance margin, volatility, and theoretical price, among others. The MT5 indicator has some features that will help you in your trading. Let us look at some of the most important ones and how to access them.
An economic calendar is an important tool that is used in fundamental analysis. This tool provides a schedule for key economic events like retail sales, interest rates, inflation, employment, and manufacturing PMIs. It is relatively easy to find the calendar on most platforms like TradingView and Investing. However, the MT5 comes with an inbuilt calendar, which you can access, as shown above.
Indicators are important tools that are used in technical analysis. These tools are all built using mathematical calculations. There are several types of indicators, such as trends, oscillators, and volume. Examples of these indicators are the Relative Strength Index RSI and the Moving Average Convergence and Divergence MACD. The MT5 comes with a number of tools that traders use in price action analysis. For example, it has inbuilt tools to help you in conducting in-depth chart analysis.
Some of the most popular tools it offers are Elliot Wave, Gann lines and grid, and regression lines. You can add these tools as shown above. Expert advisors , also known as trading robots, are tools that are programmed to help investors with market analysis. A well-designed advisor can send signals when market conditions happen. It can even open and close trades automatically when you have the algo trading tool activated. In addition to having some inbuilt expert advisors, it also has a strategy tester.
A strategy tester is that allows you to test a robot using historical data. The chart above shows how to access the strategy tester. There is usually a delay between real market data and what you see on the MT5. This often depends on where you are located, and the delay can be in microseconds. Therefore, advanced traders prefer using a Virtual Private Server, which gives them faster data. The MT5 has features that allow you to incorporate a VPS, which will help you accelerate your trading.
You can access the VPS feature, as shown in the image above. In this article, we have looked at what a MetaTrader 5 is, how to download and install it, and some of its top features. Other features that we have not talked about are its alerts, journal, news, and a platform to build algorithms. If you want to analyze as many different chart windows as you want in the MT4 platform, you can easily do it by clicking on the tabs at the bottom of the MT4 platform showing currency pairs name.
You can easily edit any chart by clicking on it, and then using the toolbars icon just like we have already discussed. Now, you will see all of your charts in the same screen, as shown in the following picture:.
Now, you will find a popup window. Just like the modify option, open the terminal, and then double click on the trade you want to close. Now, a popup window will open. I hope now you can easily set up your MetaTrader 4 platform for a clean and clear price action trading. If you have any questions at all, please just post them in the comments section below or send me an email. You may be interested in the related lessons and articles of this post because I have added some related MT4 indicators and expert advisors that you can use now that you know how to use this really popular trading platform.
Basically I just need to understand how to navigate the charts how set stop lose and things like that. My number is my name is Rohan please and thank you enjoy the rest of your day.
hi jonathan. am greatful for this priceless lessons. i have 2 questions. the stop loss will depend on the trade you take, the time frame, the current price action and your personal rule set. The two sessions overlap both open at same time which is when the bulk of the trading is done for each 24 hour period.
Can you please explain to me how to set the alerts when price is approaching the stop loss or a price of significance,. I am not that smart. I would like to know one more thing, maybe it will be in one of your lessons.
The trendline, how do I get it to not go off the charts? That has bothered me for a long time. I am learning so much. Thank you, once again. I do not use trend lines and cannot give much advice on how to mark them or the advanced uses in Metatrader. When you draw a trend line that line will go outside of your screen.
This way your trend line will become a line which you can retract or extend to desired length. Sell and Buy which one of this means the graph is going up and which one means the graph is going down…?
If you think price of trading pair will go Down then you should open SELL order so you earn money. So —when you open SELL order graph with price should go DOWN —when you open BUY order, graph with price should go UP. Your email address will not be published. Forex Trading for Beginners. Price Action Trading. Forex Charts. Forex Trading Strategies.
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If you open the file, it will open in your web browser. Once you have selected all, right-click and choose 'Copy'. Now, open a word processing application, such as Microsoft Word or Google Docs, and paste the copied data.
You can then format the account balance data as you desire, and you can then print using the application's print function. It's simple to display a trade from your account history directly on a chart in MT4. Click on a trade in the window and drag it to a chart window. The chart will now display the instrument of the trade, and the opening and closing levels will be marked on the chart with small arrows, joined by a dashed line.
If you hold the cursor over the arrows, the trade information will appear as hover text. As with above, you can view open trades by using the 'Terminal' window. You can see your open trades by clicking on the 'Trade' tab. You will be able to see your 'Balance' displayed along with 'Equity' and your amount of 'Free Margin'. As a default setting, MT4 will display levels on a price chart for any open trades you have in a position. The defaults are a green dotted line for entry-level, and a red dotted line for both a stop-loss level and a limit take-profit level.
Changing the colour of trade levels is the same process as customising any other colours in MT4 — in other words, it is completed by accessing 'Properties'. To do this, right-click on your price chart and select 'Properties' or use F8 as a shortcut. From here, you can customise the colour of the stop levels. You can also choose to turn these order level lines off entirely. To do this, choose 'Tools' from the menu bar at the top of the platform and then select 'Options'.
In the 'Options' window, uncheck 'Show' trade levels if you wish to switch this function off. Once again, this is controlled from the 'Properties' section in MT4. Press F8 to open 'Properties' and ensure you have the 'Colors' tab selected. The first item on the list is the background colour. Just click on the dropdown menu and make your choice.
Indicators are another feature of this platform that leads traders to go searching for a MetaTrader 4 tutorial. MT4 comes bundled with a large number of core trading indicators. You can see these listed in the 'Indicators' folder in the 'Navigator' window. You can expand the number of indicators available in your trading platform by installing custom indicators. The easiest way to expand your list of indicators is by installing MetaTrader Supreme Edition. MTSE is a custom plugin for MetaTrader 4 and MetaTrader 5 , developed by industry professionals, with a handpicked selection of additional indicators and trading tools that boosts the capabilities of your MetaTrader trading platform.
You can also download individual custom indicators that other developers have coded within this platform. Find the MT4 file that you have downloaded and copy it to your clipboard. Then, in MT4, go to 'File' and select 'Open Data Folder'.
From the resulting window, open the 'MQL4' folder and then the 'Indicators' folder. Paste your copied indicator into this folder. Then, restart MT4. The new custom indicator should now appear in your list of indicators in the 'Navigator'. Select the indicator you want to turn off by clicking on it and then click on the 'Delete' button. A weighted moving average or WMA is a type of moving average and therefore can be found as part of the Moving Average Indicator in MT4.
First, add the MA indicator to your chart by double-clicking on 'Moving Average' in the 'Indicators' folder of your 'Navigator'. This opens a dialogue window in which you set the indicator's parameters.
Selecting 'Linear Weighted' gives you a 'Linear Weighted Moving Average' LWMA. It is very easy to customise the look of a chart in MT4. To do this, right-click on your chart, select 'Properties', and then click on the 'Colors' tab.
From there, you can choose to customise the colours of the background, the foreground, your up and down candles , and so on. Having done so, you might like to save that look and feel for future use. You do this by saving it as a template. Right-click on your chart again and this time, choose 'Template' and then 'Save Template'.
Once you have saved a template, it is very easy to add it to a new chart. To do so, simply right-click on your chart and choose 'Template' and then 'Load Template'. You can read more about 'Templates' and 'Profiles' on the MQL4 Website. Adding trendlines to charts can be a very useful tool.
The default behaviour when you use the 'Draw' trendline tool the button with the diagonal line on the toolbar is to draw a line that extends all the way to the far right of the screen.
There may be times, however, when you just want a shorter line instead. To do this you need to:. If you want a trendline on a certain currency pair to re-appear the next time you look at that pair, you'll have to save your work as a template. To do this, either click on 'Chart' from the menu bar at the top of the platform and then 'Template' and then 'Save Template', or right-click on your chart and from there choose 'Template' and then 'Save Template'.
If you close MT4 and find that you want your analysis lines again, all you have to do is go to 'Template' and this time, click on 'Load Template'. Then, select whichever filename you saved your work under, and all your saved trendlines will re-appear. If you're wondering how to trade on MetaTrader 4 on more than one account at the same time, replicating trades exactly on all of them, here is the answer. First of all, we need to look at how to use multiple accounts in MetaTrader 4.
To do this, you need to install more than one version of the MT4 platform on your computer, assigning a different destination folder for each one. You can then log in to each account, using a differently located version of MT4 for each account. For copying trades, each account needs to be configured to allow automated trading and to allow linking to dynamic libraries.
To do this, click on 'Tools' at the top of the platform and then select 'Options'. From the 'Options' window, choose the 'Expert Advisors' tab and check the boxes for 'Allow Automated Trading' and 'Allow DLL imports'. The final stage is to install a trade-copying program for MT4. You will find many examples of MetaTrader 4 trade copy programs if you perform a search on the MQL5 Website. Using a copying Expert Advisor is therefore a method for how to link your existing account to another computer.
There is only so much real-estate available on your screen to display the various windows you have open in MT4. Closing certain windows, therefore, will cause the remaining windows to enlarge. Closing the 'Navigator' window, for example, will cause a price chart to increase in size and take up the newly-available space.
You can use the cursor keys to scroll left and right on a chart in MT4. The 'Page Up' and 'Page Down' keys will fast scroll to the left and right, respectively. Profit is displayed in your deposit currency by default, but it is easy to switch this to display as pips instead. To do so, right-click in the 'Trade' window and select 'Profit'. Then choose 'Points' instead of 'Deposit' currency. You will want to get MetaTrader 4 notifications. Right-click anywhere in the 'Alerts' window and choose 'Create'.
You then need to fill in the criteria for the alert, such as, which market you wish to place the alert on, what 'Value' that is, price ; which 'Condition' to apply such as if the Bid is less than a certain price, or if the Ask is less than a certain price, etc.
and when you wish the alert to expire. One specific form MetaTrader alerts that some traders prefer are email alerts. You then need to fill in the fields to configure which email server and address are being used for relaying the email alerts to you and also to which email address you want to ultimately receive the alerts.
For example, you can perform a MetaTrader 4 email setup for gmail alerts. First, click 'Enable' and then fill in the various fields. You may find for the 'SMTP' Simple Mail Transfer Protocol configuration fields that it is worth creating a Gmail account for the sole purpose of relaying these messages on to your existing email account. Make sure to click 'Test' to check that it works before clicking OK. MT4 should automatically update itself to the latest version whenever a new update is released by MetaQuotes, the software company behind the MetaTrader family of platforms.
You can see which version of MetaTrader 4 you are running by clicking 'Help' at the top of the MT4 platform and then selecting 'About'. The MetaTrader 4 brokers you connect with determine the timezone displayed in your MT4 platform. You cannot change it locally on your device. So the only real answer for how to change the time on MetaTrader 4 is to use a broker that uses a different timezone.
Select 'File' from the menu bar at the top of the MT4 platform and then 'Login to Trade Account'. The resulting popup offers you a 'Server' option, from which you can specify a different server. On a daily chart, the separators will mark the beginning of the month. To restore a chart to its default settings, simply right-click on a chart and select 'Properties'. From the 'Properties' window, choose the 'Common' tab and then click on the 'Reset' button at the bottom. If you wish to restore your whole platform to default condition, the 'nuclear' option is to re-install MT4 on your device.
If you have MT4 open for a long time, sometimes, you may see gaps start to appear in chart data. You may be able to rectify this with a simple refresh — right-click on the chart and select 'Refresh' from the menu. Sometimes, you may have to go further and do a full manual reset of the chart data. Press F2 to open the 'History Center' and then look through the directory for the instrument and time frame you wish to refresh.
Double-click on the time frame and it will populate the window with data values. Select all the values by clicking in the first cell, holding the shift key, scrolling all the way to the bottom, and clicking on the final cell. Click 'Delete' and all the values will disappear apart from one row. Click 'Delete' again to remove this final row. Your chart will now say 'Waiting to Update'. If it does not fully re-populate, try going to a different time frame and then back again. You may also have to right-click and choose 'Refresh'.
When the chart repopulates, it should remedy any gaps in your data. There should be an 'Accounts' folder in the 'Navigator', above the 'Indicators' folder. You can see the account number listed there. You can access the news feed in MetaTrader 4 via the 'Terminal' window. If you have many charts open that have been running for a long time, it can cause MT4 to run slowly if you do not have enough free RAM available on your device.
One way to remedy this problem is to reduce how much data is displayed in each chart. In this window, reduce 'Max' bars in the history and 'Max' bars in the chart to smaller values. Regularly restarting MT4 will also help mitigate problems of slowness, as will closing down any Expert Advisors that you are not using. Expert Advisors or EAs perform automatic functions in MT4 as directed by their developer — you can think of them like trading and analysis robots.
You can create an EA by opening the 'MetaEditor'. The quickest way to do this is by pressing F4 you can also right-click on Expert Advisors in MT4's 'Navigator' and then by selecting 'Create' in 'MetaEditor', and there is also an icon on the toolbar for this specific purpose.
In the MetaEditor, click 'New' to launch the MQL4 Wizard, which will help guide you through creating a new Expert Advisor.
You may find it easier to download and install an EA, rather than creating your own, however. The method for setting up an EA in MT4 is much the same as installing a custom indicator. First, locate the file on your computer for the EA and copy it to your clipboard. In MT4, go to 'File' and select 'Open Data Folder'. In the new window, open the MQL4 folder and then the 'Experts' folder. Paste your copied EA file into this folder.
You will now have to restart MT4. The new EA should now appear in your list of Expert Advisors in the 'Navigator'. Just click and drag to a chart to start using it. If you have purchased a commercially-available script, be sure to read and follow any accompanying installation instructions.
Generally speaking, adding a script is similar to installing an EA as described above. Copy the file to your clipboard. Click on the 'File' tab, located at the top left of the MT4 platform, and then select 'Open Data Folder'. Open the MQL4 folder and look for the 'Scripts' folder. Open the 'Scripts' folder and paste the copied file in there. You can create programs for MetaTrader 4 using the MQL4 language. The best place to start if you would like to learn about coding for MT4 is the MQL4 Website.
This is one feature that an MT4 tutorial won't be able to teach you how to master. If you are familiar with the concept of Artificial Neural Networks and have an aptitude with programming in the MQL4 language that MT4 uses, you have the skills required to create an artificial neural network with MT4.
To do this, you will need to use the Fast Artificial Neural Network Library FANN to create a network of neurons, which you can train to understand market data and perform trading functions as part of an EA. It's time I try to answer a question that you may be asking yourself, "Which is better MetaTrader 4 or MetaTrader 5? In short, MetaTrader 4 is the industry standard and has a much larger community behind it than its lesser-known alternative, MetaTrader 5, which was created by the same company.
Many argue, "If it isn't broke, why fix it? This may apply to MT4; however, one reason traders might choose MT5 is that it offers Depth of Market DOM data from brokers as well some other features. But, it's hard to argue against either one. We hope you enjoyed this MT4 tutorial detailing how to use MetaTrader 4. Of course, the best way to get these tips and techniques to really sink in is to go ahead and try them out for yourself using MetaTrader 4.
If you're wondering how to play around with MetaTrader 4 without risking any money, the best way is a MetaTrader 4 demo account setup. Demo trading is a perfect way to experiment with trading on the best Forex trading platform and to understand how it works. Once you have built up your confidence up through demo trades, and are ready to trade for real, you will need a live trading account. The MetaTrader 4 demo account setup is quite intuitive.
You can see a step-by-step guide in this MetaTrader 4 video tutorial on how to set up a demo account with Admirals and begin using MetaTrader 4 as a demo trading platform:. How do you create a MetaTrader 4 live account?
Read Admirals ' Start Trading ' page to find out how simple it is. If you enjoyed this detailed list of tutorials on how to use MetaTrader 4, you might also like to explore MT4 shortcuts by checking out the MT4 Shortcuts Guide. Click the banner below to download MetaTrader 4 for FREE! Admirals is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8, financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5.
Start trading today! This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
MetaTrader 5 is an advanced charting and trading platform widely used in the forex and contracts for difference CFD market. Most brokers provide it. The software was developed by MetaQuotes, which licenses it to these brokers. In this article, we will guide you on how to download and use it in trading. We will also look at some of its best features. There are two main ways of installing the MT5 on your computer.
First, you can install it directly from its website. When you visit its website, you just need to select the Download for Windows, Linux, or macOS, depending on your operating system. After downloading it, you should follow the prompts until it finishes the installation.
The second option of installing the MT5 software is through your forex broker. If you are a new customer, you need to sign up and be verified. After this, the broker will give you a link to a page where you can download the MT5. The difference between this MT5 and the one you downloaded above is that this one is customized for the customer. As such, you will find all assets that the broker offers.
Finally, you can also download the mobile version of the MT5 software. In this app store, you can download and install the generic ones or the ones made specifically for your broker. Installing the MetaTrader 5 software is only the simplest part. The difficult section is using it. The first step is to either create an account or log in.
In this, you need to first select the type of account that you need or have. There are two main types of accounts. There is a demo account, which is the most popular among beginners. A demo account is similar to a real account. The only difference is that it has virtual or fake money. There is also a real account, which requires real cash. You can sign up for a real account directly on the platform.
The chart below shows how to access the login page. After signing into your account, you need to understand the various sections of the MT5. First, you should look on your left side and see what is known as the marketwatch. This is a section where you will see the various assets that the broker offers.
In the chart below, you can see some of these assets. In most cases, the watchlist will not show you all assets that the company offers. You can uncover them by just right-clicking inside the market watch tab and then selecting show all. As you can see above, in addition to the asset, there are two prices. The bid is the price the buyers want to pay, while the ask is the price the sellers want to sell. The third column is known as a spread. It is the difference between the bid and spread.
Still, the MT5 marketwatch has more hidden information. The chart below shows some of this information and how you can access it. They include volume, maintenance margin, volatility, and theoretical price, among others. The MT5 indicator has some features that will help you in your trading. Let us look at some of the most important ones and how to access them. An economic calendar is an important tool that is used in fundamental analysis. This tool provides a schedule for key economic events like retail sales, interest rates, inflation, employment, and manufacturing PMIs.
It is relatively easy to find the calendar on most platforms like TradingView and Investing. However, the MT5 comes with an inbuilt calendar, which you can access, as shown above.
Indicators are important tools that are used in technical analysis. These tools are all built using mathematical calculations. There are several types of indicators, such as trends, oscillators, and volume.
Examples of these indicators are the Relative Strength Index RSI and the Moving Average Convergence and Divergence MACD. The MT5 comes with a number of tools that traders use in price action analysis.
For example, it has inbuilt tools to help you in conducting in-depth chart analysis. Some of the most popular tools it offers are Elliot Wave, Gann lines and grid, and regression lines. You can add these tools as shown above. Expert advisors , also known as trading robots, are tools that are programmed to help investors with market analysis.
A well-designed advisor can send signals when market conditions happen. It can even open and close trades automatically when you have the algo trading tool activated. In addition to having some inbuilt expert advisors, it also has a strategy tester. A strategy tester is that allows you to test a robot using historical data. The chart above shows how to access the strategy tester. There is usually a delay between real market data and what you see on the MT5. This often depends on where you are located, and the delay can be in microseconds.
Therefore, advanced traders prefer using a Virtual Private Server, which gives them faster data. The MT5 has features that allow you to incorporate a VPS, which will help you accelerate your trading. You can access the VPS feature, as shown in the image above. In this article, we have looked at what a MetaTrader 5 is, how to download and install it, and some of its top features.
Other features that we have not talked about are its alerts, journal, news, and a platform to build algorithms. Save my name, email, and website in this browser for the next time I comment. RELATED ARTICLES MORE FROM AUTHOR. The Most Popular Fibonacci Tools in Forex. Golden Coup EA review. How Economic Reports Impact the Chinese Yuan. LEAVE A REPLY Cancel reply. Please enter your comment! Please enter your name here.
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Do You Need Metatrader For Forex? As a first step towards trading in forex, you need to choose a broker and download MetaTrader 4. Traders using an on-demand trading platform 27/10/ · Below we have listed three reasons why some traders choose to trade using a VPS, or our best Forex VPS, being with MetaTrader: 1. Continuous Trading. A VPS operates 24 MetaTrader is an online trading platform that is used to trade various instruments including Forex, Commodities, Cryptocurrency, Stocks, Indices, Options, ETFs, CFDs, Futures and Spread Betting. Traders can view real time price quotes of various trading instruments in the market watch window and load different chart types across multiple timeframes 14/11/ · The forex market is open 24 hours a day, five days a week, with three trading sessions that include the European, Asian and US trading sessions. The entire exchange 5/6/ · If you look for a MetaTrader 5 tutorial in PDF, scroll to the bottom of the page and leave your email to download the guide. This guide will help you to get familiar with the ... read more
Like this article? Can you please explain to me how to set the alerts when price is approaching the stop loss or a price of significance,. To do this you need to:. Position traders also use fundamental analysis, as well as technical analysis from time to time. How to Navigate the MT4 Platform The following is a screen shot of what your MT4 platform will look like when you first open it up. MetaTrader 4 Setup This MetaTrader 4 tutorial starts with the very first step, the MetaTrader 4 setup for both 32 and 64 bit.You can also close using a stop loss metatrader forex trading guide limit order. They are equipped with sufficient RAM allowing the execution of complex trading strategies, heavy in technical indicators, which may not be possible with a normal computer. Money Management. All you need is an internet connection and trading account with an online brokerage. Saving a Template in MT4 Charts After you have your chart looking the way you like it, metatrader forex trading guide, the next step in this part of the MetaTrader 4 setup is to automate this process so you don't need to select these settings manually each time you open a chart.