It seemed that during the time of using the world’s most popular platform for trading in the financial market – Metatrader 4, traders had time to study it inside and out. But in fact, few people make full use of its useful and convenient features. We offer you a short excursion into the secrets of Metatrader 4, after which you will greatly simplify the process of using this trading platform.
Metatrader for Beginners
The MetaTrader 4 platform may seem complicated and confusing only at first glance. In fact, after a very insignificant time, any beginner begins to navigate in it, as if he has worked with the platform all his life; at the same time, not knowing that working with this program can be much easier. The development company Meta Quotes has tried to make the platform as easy to use as possible, and its functionality allows you to literally do everything that a trader can think of.
Experts advisors are extremely important in MT4. This is a feature that enables you to carry out trading more comprehensively and conduct a proper analysis. In Forex MT4 expert advisor for trading is one of the strongest features developed in the MQL language. This feature can be enabled inside the platform and you do not need to be a programmer or specialist to start using advisors.
Expert advisors are also present in MetaTrader 5. This feature will be helpful for every trader that wants to maximize their profits from trading.
Reducing the resource intensity of Metatrader 4
Another secret of MetaTrader 4 is that the platform constantly updates quotes for all symbols that are added to the “Market Watch” section. And if you want to reduce the traffic consumed by the platform and its resource intensity (important for using a VPS), then only those that you really need should be left in the character set.
Another important point is disabling the automatic newsletter, which is installed by default on the platform. By connecting to the server every minute to request new news, MT4 consumes additional traffic and loads the system’s RAM. Therefore, if you do not trade on news, then it is better to disable this function.
To reduce the area of the used space on the quotes chart, you can combine indicators in joint windows. Often indicators are combined in one window, trying to improve their technical analysis capabilities.
Thus, you can combine many indicators in Metatrader 4 with each other, which will significantly expand your technical and analytical capabilities, as well as help unload the quotes chart from the heap of open indicator windows.
Visualization of transactions
Do you want to know exactly at what level a trade was opened in MT4 and where it was closed? It’s very easy to do! Drag any of the selected deals from the order history to the quotes chart and it will be automatically displayed in the visual format.
Another secret of Metatrader is the ability to navigate through the quotes chart without first scrolling it yourself. In other words, if you want to see the quotes of 2006 on the H1 chart, then there is no need to turn the mouse wheel for several minutes, moving the history of quotes back. To do this, just press the “Enter” key on the keyboard and set the date you need in the rectangular window that opens:
Calling the quotes window
In order to always have a list for choosing currency pairs at hand, just press the F10 key, after which a reduced analogue of the “Market Watch” window will appear on the price chart, which will be called the “Quotes Window”:
Templates and profiles
In order to save time on a constant reconfiguration of the indicator sets you to use on the chart, which are needed for the strategy, save the chart you configured once and for all as a template, which can later be applied to any new quotes window and currency pair.
If in trading you use several strategies and many quotation windows at once, then for each individual strategy and set of charts, you can create your own separate profile, and then simply select them as needed. To do this, left-click at the bottom of the trading platform on the profile selection button, which by default will be called “Default” for you.
Thus, you can create a new profile for each individual trading system, and then simply switch between profiles, automatically recreating them in the trading platform.
Partial closing of deals
Probably, you have repeatedly come across recommendations on partial closing of deals in trading systems. This is very easy to do. Select a deal that you want to partially close from the open orders log and by right-clicking on it, select “Modify order”. Next, in the window that opens, set the volume of the part to be closed and press the close button. Immediately after this, your market order will be partially closed.
And finally, about another useful function that will allow you to measure the number of points on the quotes chart – “Ruler”. The specified tool in MT4 is called “Crosshair”. You can call it by clicking on the wheel of your mouse, after which, holding down its right key, move the crosshair on the measured area and you will see the exact number of points that fit in this area.