Today we will have a look at the most used trading platform. User´s environment and control is intuitive and clear, from easy installation to easy graphics.
Installation is not any science, just select the right version for your operating system on the https://www.metatrader4.com/ home page. Or you can download it from your broker.
- A) Windows users will download Metatrader4 for Windows
- B) Mac users can download Metatrader4 for Mac
By clicking on the logo of your operating system on the Metatrader homepage you will automatically start the downloading. Click on the downloaded file when the download is complete. Start the installation wizard, and follow the instructions to install the trading platform.
Tip: During the installation, choose “Create icon on desktop” to have the platform on your eyes and get into it quickly, without a long search in the directory file.
Starting and setting up Metatrader
After opening the Metatrader your screen will look exactly like this. Sorted charts with a black background, left panel with the markets, and the terminal. We’ll explain everything step by step.
You will sign in to your account as follows: Click to file on the left side of the platform, then click “Sign in to your trading account”.
The next step will be to fill in your details. You can login either by real account if you have an account with a broker or any DEMO account. If you have a problem, check out the most common issues in Metatrader here.
Once you login, it is done. You can start using Metatrader and trade any markets.
Complete control of the platform is in the top menu and it looks like this:
In case you do not understand the icons, I have prepared a description for each of them. We will start with this panel row:
There is a number with explanation coming for every icon.
- Click to open the menu where you choose your market and by next click on the chart you open selected market
- Market display profiles
- The left panel is”Market watch” where you can choose a market and track its buying and selling prices including spreads. Similar to icon # 1
- Data Window – Click to open a window where you have values like open, low, high, close, and more
- Navigator – opens the left panel just below “Market” where you can work and control the entire root file of Metatrader
- Terminal – here you will see your active and pending orders. Also the account status, profit, swap and much more. Specifically, we would have to switch the bookmark to “trade” from the current “News” to see the profit and the progress of the trades.
The ATS strategy tester
- New order – clicks to open a window where you can enter a limit or market order as well as the position size
- Editor – if you can program, here you can test and program your ATS strategies or custom indicators
- Activate automated trading strategies (ATS) if you have them uploaded
- Display chart: Bar chart
- Chart View: Candle Chart (Why is the Candle Chart the Best One?)
- Chart view: Linear chart
- Zoom + = zooming in
- Zoom – = Zooming out
- Automatically arranges windows according to how many of them are active
- Moves the chart automatically forward if there is a movement
- Move chart to the left of the platform to put the trendline or mark the potential place where, for example, you expect a turnover
- The list of indicators you have on Metatrader – select and add your favourite, you can also add downloaded or customized indicators
- The clock symbolizes the currently selected timeframe, and you can also change it as you wish
- The Market Template – it can be changed according to the settings, you can also create your own template, save it here and then apply it to the next chart of the market you are watching (an advantage for those who want to have a white background, a candle chart, a given timeframe and they do not want to set it for every market separately)
That should be the top of the panel.
Let’s explain the lower part of the top panel.
Cursor view – mouse
- A cursor that counts values
- Vertical line – For a time separation, for example
- Horizontal line – to indicate support / resistances, pivots, ect.
- Trend line
- Equidistant channel indicator
- Fibonacci retracement
- Text Inserting
- Marking of a text box
- Arrows – thumbs up, down, left, right, and other icons
- Displaying a 1 minute chart – 1 minute timeframe (1 candle = 1 minute)
- Displaying a 5 minutes chart – 5-minutess timeframe (1 candle = 5 minutes)
- Displaying a 15 minutes chart – 15-minutes timeframe (1 candle = 15 minutes)
- Displaying a 30-minutes chart – 30-minutes timeframe (1 candle = 30 minutes)
- Displaying a 1 hour chart- 1 hour timeframe (1 candle = 1 hour)
- Displaying a 4 hours chart – 4-hours timeframe (1 candle = 4 hours)
- Displaying a 1 day chart – 1 day timeframe (1 candle = 1 day)
- Displaying a 1 week chart – 1-week timeframe (1 candle = 1 week)
- Displaying a 1 month chart – 1-month timeframe (1 candle = 1 month)
Graphical Chart Adaptation
You might also want to change the appearance and set the charts according to your feelings, preferred colours etc.
In that case, you can just right-click to any chart and click on the properties at the bottom of the menu.
You will then be referred to another window where you can graphically customize the display of your chart. You can change the background, the colour of the candle chart, the colour of the side values and lots of other things.
In this case, I click on the “Project Colour” and change Yellow On Black to> Black On White and I have a white background, including the candle colour.
In addition you can see two tabs in the corner. The current one is “Colours” and the other is “General”.
You can customize other aspects in the general chart settings, such as switching the display of a candle chart, or also clearing the grid in the graph.
You can add indicators, draw trend lines, support or resist, stretch Fibonacci retracement and much more. Simply analyse the chart as you like.
Tip: If you set up a graphical view on one market and open another market, the graphical setting will not be automatically transferred. You must have the market where you have made the customization saved as the template for your modified market. To do this, click the right mouse button and select> Template> Save template .. and name it.
Then save it and when you open the chart of the next market, just repeat the procedure and in the> Template choose only the template you have created.
How to add another market to the platform?
In the left “Market” column, just right-click on any currency pair, futures or other markets.
And select “Chart Window”.
Tips at the end: Create a DEMO account and click through the Metatrader setting on your DEMO account. If you will get into the trade by mistake, it will cost you nothing more than a sum of virtual money. You can reload them but not withdraw. You can have several templates to display the charts. If you trade through the day, you can leave it white. On the contrary, if you sit down next to the computer in the evening, just can choose a grey to dark background that will save your eyes. Do not forget to adjust the candle colour.
On a DEMO account, open a small position, like 0.01, to see how much the profit or loss increases. This gives you the feeling that you will later use when estimating the position size before every trade.