Formatting Chart Appearances on the MT4 Platform

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Video Transcript:

Hello traders. Welcome to the advance MT4 course and the first module introduction to the MT4 platform. In this lesson, we’re going to teach you how to change the chart appearance, how to modify the background color, the candlestick colors and how to add a new chart to your working station.

So here’s the MT4 platform and as you can see, we have two different kinds of charts. We have a candlestick chart and a bar chart. All of our backgrounds are black and we have some indicators or some charts, and just moving averages on other charts. So the first thing we’re going to teach you is how to create a new chart.

How to change chart appearance on mt4

Let’s say that you want to monitor or you want to work on the EUR/GBP and, of course, you’re already working on the EUR/USD, GBP/USD, the USD/JPY and the USD/CHF, but you need two more charts. You go to your Market Watch, you right click on EUR/GBP, and you click on Chart Window. This will prompt a new chart on your workstation. Then if you want a new chart, let’s say the EUR/CAD, you do the same. You right click on “EUR/CAD” and you click on “chart window”. Then, if you already have all the charts that you want, you can close your market watch and we are going to start to rearrange the positions of our charts.

Screen Shot 2014-11-24 at 13.23.23

 

Editing MT4 Chart Appearance and Colours

Editing MT4 Chart Appearance and Colours

To do this, you go to “window”, and if you want to cascade your charts, you can cascade them like this. If you want to tile them, you can tile them also. In my personal opinion, it’s better to tile the charts than to have them in a cascade mode. So let’s close these charts and let’s reopen them using the method that I showed you earlier. You right click on “GBP/USD”, you click on “new chart”. You right click on “USD/CHF”, you click on “new chart”. You right click on “EUR/USD”, and of course you do the same with the USD/JPY. Now, you tiled them correctly. But, as you can see, all of the new charts that the MT4 platform is going to provide you with are bar charts.

So the first thing you need to do is to click on the chart, our first chart is the EUR/GBP, and right here, as you can see, you have the button for bar chart, the button for candlestick and the button for line charts. We are going to work with candlesticks always and we are going to zoom out, so we can see the candlesticks. This is the zoom in and the zoom out button. Okay? Now, you do the same with the GBP/USD, with the EUR/USD, and with all the other charts that you have on your workstation.

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First of all, let me tell you that if you do like bar charts, it’s fine with you. I mean, whatever floats your boat, whatever works for you is best, but I personally work with candlesticks so this is what I’m going to be teaching you on this lesson. To be honest, I don’t know a lot of traders that worked with bar charts. That’s pretty old school, and everybody works with candlesticks because they provide you with more information. When trading, you want to have all the information you need. We already tiled charts and we convert them into candlestick charts. The first thing we’re going to do is we’re going to get rid of that black background. Some of you might like it, some of you might not like it, but I’m going to teach you how you can modify the colors of your charts because it is very important that it is visually appealing to you when you open your MT4 platform. Now, you right click on your chart and you go to “properties”. Here, you’re going to find the color for the background, the foreground, the grid, the bar up/down the candle, et cetera. So we’re going to change the entire appearance of the EUR/USD chart by choosing a white background with, of course, a black foreground.

The foreground are all the dates and the price levels that a chart gives you. The grey — It is a little bit too strong of a grey for me, so I like to use a lighter grey. I am very, very old school when it comes to candlestick colors. I use blue, and blue for the up candlesticks, or the bullish candlesticks, and red for the bearish candlesticks. Here is where you can change that. So, what you are going to do here is you are going to choose a blue for your bar and blue for your candlestick. As you can see, the appearance of the bullish candlesticks have changed and you do the same with the bar down by choosing red and red for you bear candle. As you can see, you have a more than ordinary price action chart. Now, the “volumes” are of no importance and the “line graph” neither. The “ask line” and the “stop levels” should go in red, which is my personal preference, but, of course, you can change it. Right here, if you want to show the “ask line”, you can click on here. If you want to show the “grid” or not, or the “volumes” or not, you can click on here. My personal preference is to only show the grid. So you accept it and this is how you change the appearance of a price action chart. Okay.

Now that you have done this for one chart, it is going to be very difficult, or, well, it’s going to be very time-consuming for you to go on again with the same process for every single chart. And in this case, we have six charts open, so it is very time-consuming. So what we’re going to do is we’re going to right click on the chart and we’re going to save this template as a blank template. I’m going to call it “Index two red white blank”. Okay? Now that we have saved these color preference for a chart or the chart appearance, we just click on the next chart and we click on this button right here. This button is the button for the template and you will have the least. And on the least, you will have your image to red/white and you just do the same for every single chart. If you like the black backgrounds with the green candles, you just save them as… Well, you save the template and you give it a name, and you just do the same and apply it to whatever chart you are analyzing. One last thing before we finish this lesson. If you like to have only six charts on your screen like this, and you are done analyzing the EUR/CAD, for example, what you do is you choose your new currency payer and you left click on it, and you hold it and drag it onto your chart. As you can see, your chart will change to your new currency payer maintaining your six-chart set up on your workstation.

Adam

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