How to Add Chart Templates on MT4

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Video Transcript:

Hello traders. Welcome to the second module of the advanced MT4 Course, Platform Tools. In this lesson, we are going to teach you how to create and save different chart templates for different trading scenarios.

Now the cool thing about MT4 is that you can have various templates for different scenarios. That means that if you use some kind of indicators for short term trading, like moving average crossovers, you can save that template and then if you use a more complicated indicator setting for longer term trading, you can save that trading too. I’m going to show how it’s done. And of course if you like to aggressively monitor a currency pair or any financial asset, you can always have the same currency pair on three different windows with three different indicator templates on them.

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So let’s start with the Euro GBP, okay? This is the Euro GBP on our chart and let’s say that you want to add on this chart an oscillator. You want to add a Mag-D [sp]. No, let’s say you want to add an RSI. Okay? Then you go to Relative Strength Index and you add a 14-period RSI just like in this case. As you can see, the 14-period RSI is plotted on your charts, but if you want to modify the levels, you can do so. Okay?

So there, you have a normal RSI on your charts. And let’s say that you also use the Ichimoku Cloud for your trading, what you do here is that you get rid of the Dikonsan [sp], the Kijun-Sen [sp] and the Chikou Span [sp]. You only use the Ichimoku Cloud and there you have it. You have only the Ichimoku Cloud.

Let’s make it a little bit brighter, okay? Now, there you have it. That’s the Ichimoku Cloud. Let’s say that you also use the 200 moving average and the 100 moving average for longer-term positions, okay? So here is the 200 moving average. Let’s zoom it out a little bit and here’s the 100 moving average, which is the black one.

If this is your template or your setting template for longer-term positions, you just right click. Actually, you just go to template, you save the template and you give it a name. You can give it “Ichimoku Cloud long term” and there you’ll have it, and you save it. Now, you eliminate the indicator list or you go to the indicator list and you eliminate all the indicators on your chart, and you come back to a naked chart just like this one.

How to Save a Chart Template

How to Save a Chart Template

If you like trading the shorter term too, or you if you like scalping [sp] the market, and if you only use Bollinger Bands for your short term positions to trade the squeeze for example, you go right here and you just click on your Bollinger Bands. Okay, and you save the template as a — you give it a name. You can save it as “Bollinger Bands Scalping” and you save it and that’s it.

If you were, for example, on the Euro GBP five-minute chart, but you see no real set up on the five-minute chart, you move to the one hour chart, you just go here and you just change your template to the Ichimoku Cloud and the RSI setting that you have for longer term trades and then you can start drawing the trend lines on your charts and looking for entries.

So basically, this is important because you will not only have one setting when you are trading stocks for extra commodities. You will have various settings depending on the length of the trade you are looking to or you’re looking at. If you are looking to scalp the market at the open, for example, the New York Open or the London Open, you will have a one set of settings for very short-term positions. If you are a swing trader, you will have maybe less indicators, but you will have more solid readings on them. And it’s always good to have these templates saved as you have here. And you can see that you actually have some templates that are by default on the MT4 such as the momentum template, which looks for breakouts and in median volume to trade the momentum and look for only short-term positions. And of course, you can look at them and also use them at your discretion. But in my opinion, it’s best to have your own sets of indicators on your charts because you have to trade within your trading style.

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And the cool thing about this is that for example, if you have this indicator template already set, you can just add some extra indicators to the template and let’s see that we want to add the envelopes to this template. You can add them and see if they work. And if they don’t work, you just don’t save the template and you will have the same template as before and if they do, you just go here and you go to the Ichimoku Cloud long term and you just save it as and replace it as the one you had before.

Adam

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