How to Use Trading Charts on the MT4 Platform

This article will demonstrate how to utilize the charting charts supported by the MetaTrader 4 trading platform in order to maximize your profits.

1.   The main MT4 windows

Once you have log into your MT4 account, you will be presented with its primary screen, as displayed by the next diagram. If this is your first visit, then the displayed charts will most likely appear in green and black with numerous technical indicators installed on them. However, you can easily customize this presentation as will be explained in following sections.

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The primary functions of each of the main components identified in the above diagram will now be defined.

‘ToolBars’ Window

This window is located towards the top left of the main MT4 screen as shown by the next figure

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Within this window, you will find an extensive range of tools and facilities that will substantially assist you in maximizing your usage of the MT4 trading platform. Some of them will be introduced as this article progresses in order to provide you with insights into the important features available.

 

‘Chart’ Window

This region displays the trading charts that you can use to study and analyze the directional movements of one or more currency pairs, as demonstrated by the next diagram.

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‘Market Watch’ Window

You can locate this important area towards the top left of the main screen beneath the ‘toolbars’ window, as illustrated by the next table.

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This section lists all the currency pairs supported by your Forex broker. In particular, you will observe quotes for each serviced currency pair disclosing their real-time ‘ask’ and ‘bid’ prices. You can request that all quotes are always presented by right-clicking on the ‘Market ‘Watch’ window and then selecting the ‘show all’ option.

 

‘Navigator’ window

This region is positioned towards the left of the main screen beneath the ‘Market Watch’ window using a format illustrated by the next diagram.

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 This window is utilized to display your account(s) details as well as a library of expert advisors, technical indicators and scripts, which you can readily install onto your charts to enhance your trading experience.

‘Terminal’ window

You will find this final key facility on the MT4 platform is located at the bottom of the main screen displaying information as follows.

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There are seven key tabs available that you can utilize in order to gain access to different types of important information. They are News, Alerts, Mailbox, Signals, Code Base, Experts and Journal.

 

2.   Optimizing your Trading Charts

When you initially log onto the MT4 platform, you may find that the original format of the trading charts is either confusing or not customized to your liking. For instance, many traders prefer that their charts are displayed with a white background supported by black text so that they can easily detect key price movements and developments. You can readily adapt the appearance of your charts yourself by performing the next simple steps.

 

How to Open Charts

There are three primary methods available that will allow you to perform this task. In the toolbars window, you can click on the File, New Chart and Market Watch buttons identified in the next figure. Note that File is self-evident; the ‘New Chart’ contains a green cross and the ‘Market Watch’ button is the second one to the right of ‘New Chart’ denoted by green upward and red downward arrows.

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After clicking the ‘File’ button, select the ‘New Chart’ option in the ensuing pop-up box.

After hitting the ‘New Chart’ button, select the currency pair of interest.

After pressing the ‘Market Watch’ button, right click on your chosen currency pair and then select ‘chart window’ in the subsequent pop-up box.

 

Chart Properties

Once you have initially activated the trading chart for your selected currency pair, you may then want to reformat it so that it is customized to your preferred settings and appearance. To achieve this objective, you first need to position your mouse over the ‘Chart Window’ and then right click. Within the pop-up box that will then appear, you will need to select the ‘Properties’ option which you can locate at the very bottom of the box. The following diagram will then be presented within the ‘Chart Window’.

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If you now click on the ‘color’ tab towards the top of this box the following figure is shown.

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The present configuration of your chart is displayed towards the left. You can alter the colors shown by experimenting with all the options presented on the right. Do not forget that you can remove key features such as the grid or change to a line or bar chart by re-selecting the common tab located towards the top left of this box. Once you are happy with the layout then press ‘OK’ and your chart will now be shown using a format based on your own selected settings.

 

Saving your Chart configuration as a template

After you have fully defined your chart configuration, you can then opt to save it as a template so that you can quickly install it whenever you open new trading charts for other currency pairs. There are basically two methods that you can adopt to achieve this objective.

You can click on the ‘Template’ icon located to the furthest right within the ‘toolbars’ window, as shown in the following diagram. Select the ‘Save Template’ option in the ensuing pop-up window.

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Alternatively, you can right click on the ‘Chart Window’ and then hit the ‘Template’ option in the pop-up box.

If you experiment with the ‘toolbars’ window, then you will find that it enables you to perform many important functions very quickly, For example, you can alter the time-frame, chart type, zoom in and out and install technical indicators by just clicking the appropriate buttons.

 

3. Other useful Facilities

Your MT4 trading platform will also enable you to easily perform other key actions such as:

1. Adding technical indicators onto your charts.

2. Installing Scripts onto your trading charts.

3. Activating Expert Advisors.

4. Optimizing the Performance of Expert Advisors.

 

 

 

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