The MetaTrader-4 Tutorial

 

MetaTrader-4 (MT4) Essential Tips and Tricks

MetaTrader 4 from MetaQuotes is the standard platform in the Forex industry. MT4 is a free and efficient software solution for trading Forex, CFDs, and Futures. It meets the needs of advanced and professional traders by offering features such as fast order execution, full customization, one-click trading, a built-in language for developing EAs, historical back-testing, and more.

 

Mastering the MetaTrader4 Platform

Here are some essential MetaTrader 4 tips and tricks that every Forex trader should know.

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(1) Customize Languages on Metatrader4

It is very easy:

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

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(2) Adding More Tradable Assets on Metatrader4

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

• Press Ctrl+U to open the Symbols window.
• Select any symbol from the list, then click "Show" (on the right) for each symbol you want to add.
• You can also click "Properties" to view useful information about any product.
• The selected symbols will now appear in your Market Watch window.

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(3) Create a Common Template for all Charts

This is a particularly useful feature. Suppose you analyze your trades using candlesticks on charts, applying RSI on M5, and MACD on H1 and H4. You don’t need to repeat these settings on every new chart you open. Instead, you can create a template and automatically apply it to any new chart. Here’s how:

• Right-click on any price chart and select > Properties.
• Customize the chart as you like (chart type, colors, etc.).
• Go to the top menu, select > Insert, then > Indicators, and add any indicator you want (you can choose whether it appears on all timeframes or specific ones).
• Once customized, go to the top menu, select > Charts, then > Template.
• Choose > Save Template and give it a name.
• Later, on any open chart, select > Charts, then > Template.
• Select > Load Template and click on your saved template name.
• Your chart preferences and all indicators will be applied automatically to the new chart. Repeat this for any other charts you want to customize.

Note: If you accidentally close a chart, you can easily reopen it by going to the menu, > File, > Open Deleted, and recover it from there.

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(4) Go to a Particular Date on the MT4 Chart

If you want to quickly navigate to a specific date on a chart, follow these steps:

• Open a chart.
• Disable the Auto-Scroll function (Menu > Charts > Auto-Scroll).
• Go to the bottom left of the chart where the dates start, and left-click.
• Enter the desired date and press Enter.
• The chart will jump directly to that date, starting from there.

In the same field, you can also quickly switch to another chart you have open by entering its currency pair symbol (e.g., USDJPY) instead of a date.

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(5) MetaTrader-4 Pending Orders

Executing market orders on MT4 is straightforward. To access advanced pending orders, right-click on any chart and select > Trading. You can then choose from the following pending order types:

(i) Buy Limit — Buy at a price equal to or lower than the specified price in the order.

(ii) Buy Stop — Buy at a price equal to or higher than the specified price (useful for placing above a resistance level).

(iii) Sell Limit — Sell at a price equal to or higher than the specified price.

(iv) Sell Stop — Sell at a price equal to or lower than the specified price (useful for placing below a major support level).

(v) Buy Stop Limit — A combination of the first two types; it is a stop order that places a Buy Limit. Once the price reaches the stop level (Price field), a Buy Limit order is placed at the Stop Limit price. The stop level is set above the current Ask price, and the Stop Limit price is set below the stop level.

(vi) Sell Stop Limit — A stop order that places a Sell Limit. When the price reaches the stop level (Price field), a Sell Limit order is placed at the Stop Limit price. The stop level is set below the current Bid price, and the Stop Limit price is set above the stop level.

(vii) Price Alerts — MetaTrader 4 also allows placing price alerts with sounds, accessible by right-clicking and selecting > Trading.

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

MetaTrader 4 allows you to partially close a trade, which means reducing your exposure without closing the entire position.

• Right-click the open trade at the bottom (Terminal window).
• Choose "Close" as you normally would.
• Adjust the number of lots you want to close. For example, if you opened 1 lot and want to keep 0.6 lot, close 0.4 lot.

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

MetaTrader 4 lets traders easily measure distances on a chart:

• Press Ctrl+F to activate the Crosshairs (you can also do this by pressing and holding the mouse wheel).
• Hold down the left mouse button at one point, then drag the cursor to another point to measure the distance between them.
• You’ll see three numbers separated by slashes: Number of Bars / Number of Pips / Price at that point.

Note that if your broker uses fractional pip pricing, a reading of 32 equals 3.2 pips.

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(8) Duplicate Objects with just one click

This is an essential drawing tip for any price chart.

• Select the object you want to duplicate, such as a Fibonacci Fan.
• Press Ctrl and left-click on it to create a duplicate.
• Go to the original object and drag the duplicated one to your desired position.

Note: This is especially useful for creating parallel trendlines. Select any trendline, press Ctrl + left-click to duplicate it, then drag the copy to form a parallel line, helping you create a price channel.

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(9) Compounding Two Indicators on Metatrader4

Any oscillator on MT4 can be combined with another to create a shared area for technical analysis. For example, to combine CCI with MACD, follow these steps:

• Insert any oscillator you want (Menu > Insert > Indicators), for example, MACD.
• Press Ctrl+N to open the Navigator window.
• In the Navigator window, drag the second indicator, such as CCI, onto the MACD indicator.
• Adjust the settings for the second indicator and enjoy the combined analysis.

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(10) Create MT4 Alerts for Certain Events

The MT4 platform offers sound or email alerts for specific events, such as:

• Alert when the price reaches a certain value

• Timeout alert

Here’s how to create an alert on MT4:

• Press Ctrl+T to open the Terminal window (at the bottom).
• Click the Alerts tab at the bottom.
• From the pop-up menu, select Create.
• Customize your alert in the Alert Editor window.
• Choose the action triggered by the alert (Sound, File, or Email).

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(11) Metatrader4 Basic Keyboard Shortcuts

General MT4 Shortcuts

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

Chart Move BackWards

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

Chart Move Forwards

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

MetaTrader4 Objects

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

MetaTrader4 Indicators

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

Important Resources

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

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(12) Customize and Alter Metatrader4 Shortcuts

MetaTrader 4 allows traders to assign hotkeys for indicators, experts, and scripts.

• Press Ctrl+N to open the Navigator window.
• Right-click anywhere inside it.
• Select "Set hotkey" from the menu.
• Choose your desired hotkeys and add items to Favorites.

Additionally, in the Navigator window (Ctrl+N), you can add indicators to the Favorites tab and access them quickly with just a few clicks.

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