Metatrader 4, AKA MT4 is an online trading platform widely used by retail forex traders. Metatrader 4 is the product of Metaquotes software. MT4 is also used for trading contract for differences (CFDs) and futures markets. MT4 can be downloaded at free of cost through various online forex broker’s websites. MT4 is one of the most popular trading platforms among the forex traders due to its various tools and resources and easiness to use. Another reason for its huge popularity among the traders is due to its feature that enables traders to develop custom indicators, scripts and Expert Advisors. Because of MT4’s algorithmic trading feature it stands above the rest. Forex traders use MT4 to view real time fx market charts, open orders, perform technical analysis and for many other purposes.
Steps For Installing Metatrader 4
The MetaTrader 4 platform can be downloaded directly from Metaquotes software’s website or through any of the broker’s site. Here in our example we will show how to install MT4 from metatrader4.com
Step 1: Browse Metatrader4.com and download it
Click download metatrader 4 for pc. Once the download is complete run the setup and click next.
Step 2: Choose your account type
In this step choose whether to login with your existing trading account or with new one. You have to also choose whether the account is a real account or a demo. Once you are done with your choice click next.
Step 3: If you are creating a new account fill up the form
Fill up your personal information as shown in the above figure and click next. Once you click the next button, the following window should appear which contain your login, password and investor password.
Keep those login details safe. You will need them in future. Now you are done with installing the MT4 on your pc. Click finish.
You will see beautiful charts like these on your screen.
Metatrader 4 : Basic Navigation
MT4 displays four chart windows by default. Each chart windows represent different currency pair. On the top of the screen there are populated tool bars. You can see the market watch window on the left side of the screen which shows lists of various forex currency pairs. The bid and ask prices are shown corresponding to the pairs. You can see the navigator window below the market watch window. In the navigator window you can see your accounts and varieties of indicators, EAs and scripts. At the bottom there is the terminal. Terminal consists of six tabs. In the trade tab you can see the details of your open orders. Details of the trade include order number, Time of opening order, order type, buying price, stop loss, take profit, selling price, commission, swap and profit/loss.
Charts and Settings
The charts can be customized as per trader’s preference. By default the charts on MT4 are really messy. You don’t need all those tools on your chart. First thing to remove is the gridlines. You can remove grid by pressing ctrl+G. You may not like the default background color and the color of the candle sticks. You can customize them from properties. Right click on the chart and select the properties option and choose your preference.
Once you customize the chart properties you can save it as a template. By saving your chart properties as a template you don’t have to repeat the same process in the future to get your desired chart settings. Templates can be saved by right clicking on the mouse on the chart and selecting templates option and then save template. Then a name for your template should be given. Saved templates can be loaded from the template option and by choosing load templates.
Most commonly there are three types of charts popular among the forex traders. Bar chart, candlestick chart and line chart are available in the MT4 platform. You can simply choose them from the toolbars. It is located at the top of the screen.
There are plenty of indicators which are by default present in MT4. It is a matter of simple steps. To add any indicator you should click on insert tab and then select indicators option from the drop down menu. There you can see various categories of indicators like trends, oscillators, Volumes, etc. Suppose to add moving averages on the chart you should select trends option since moving average is concerned with the trend. But adding RSI on the chart you should select oscillators since RSI is related with the momentum and oscillations.
In the MT4 price chart you have the options like maximizations, Minimizations and restore option.
Chart size can be simply customized by right clicking the currency pair at the terminal as shown in the above figure.
A trader needs to zoom in/out the chart for various reasons. This can be done easily by clicking on the zoom in/out button located at the toolbar section which is at the top of the MT4 window.
Different time frames can be used on MT4. Desired time frames can be selected from the toolbar options as shown in the above figure. The time frames provided by MT4 are 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hour, daily, weekly and monthly charts.
Multiple drawing tools are available on MT4. Those drawing tools can be added on chart from the insert menu. On the dropdown menu of insert tab there are options like lines, channels, Fibonacci, shapes, etc. or simply you can add drawing tools from the shortcut toolbars.
Connection status lets us know if the MT4 is connected to the internet and capable of receiving the market data. If you see the red bars it means MT4 is unable to connect to the internet and if there are green bars it means that the MT4 is receiving the data from the internet. Open metatrader 4 demo account.