How to Set up your Charts and Load Profiles on the MT4 Platform

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Video Transcript:

Hello traders. Welcome to the Advanced MT4 course and the first module, Introduction to the MT4 Platform. In this lesson, we are going to teach you how to create different MT4 profiles, why you should create different profiles, and how you can manage them. So, let’s go to the platform so we can start this lesson.

A profile on the MT4 platform is a chart setup. In other words, a profile should be or could be this 6-chart setup on this screen right now. For example, these are the major currency pairs. If you notice, we have the EUR/US dollar, the GBP/USD, the USD/Japanese Yen, the USD/Swiss Franc, the DRC/US dollar and the EUR/GBP. These are the most traded currency pairs so you should have a profile focusing only on them. Another profile could be a 6-stock charts that you monitor and another profile should be commodities and methods. And you do these because if you have all of your charts on the same profile, you will have a very clogged work station and you will not going to be able to notice large price movements, okay.

Changing MT4 Chart Appearance

And if you are worrying about missing price moves on other profiles that you are not currently monitoring, don’t worry because by the end of this course, you will know how to set up price alerts. And even though you are in the major currency pair profile, and you have some alerts on Amazon, for example, on the stock profile, and Amazon hits this price level and the alert triggers, you will get notice and you can jump back to the Amazon chart and place your trade either on your MT4 platform or your binary options broker. So, let’s start.

Let’s say that this is one profile that you want to save. You just go to file and you go to profiles right here, and as you can see, we were working on the default profile that comes with the MT4 and the MT4 has the British pound Euro market overview and Swiss Franc profiles as default also.

Loading Saved Chart Template on MT4

Loading Saved Chart Template on MT4

Let me just show you what they mean by GBP USD. If you are into monitoring aggressively one currency pair, for example, you can have three charts of the same currency pair on different time frames. For example, we can have the 5-minute here, the 30-minute here and the hourly here, etcetera. And you can work on the… and place your alerts on them, too. But we are not going to do this so we are going to jump back to the default which is our major currency pair profile.

Now, to save it you just go here and you save it as majors, and you click on okay. Now, this file has been saved so we are going to create a new profile. And we are going to create a Stock profile because remember that [inaudible 00:03:53], not only teach you how to trade Forex, but we also teach you how to trade every other financial asset that you can lay your hands on.

So, we are going to click on Apple and drag it to the first chart, we are going to click on Google. And the for example, Goldman Sachs, Baidu is another one that is moving in, that is moving strongly, and they can be day traded. Another one that can be day traded is LinkedIn and let’s go with Yahoo, okay.

So we have finished with the stocks that we want to monitor, so we go to file and we save the profiles as stocks, okay. Now, we want to also create a profile that will allow us to monitor both commodities and also stock indices. So we are going to grab and the drop the gold chart right here, crude oil and natural gas. Then we are going to go all the way down here, and we are going to choose the stock indices that we want to work on everyone to trade. For example, we are going to choose the DOW, which is the USA 30 right here.

How to Save an MT4 Chart Profile

How to Save an MT4 Chart Profile

The USA 500 of course is the SMP 500 right here. The Germany 30 is the DAX which is also a good stock index to trade and the UK 100 is the FTSE. And we close our market watch, we go to profiles and we save it as ‘stock indices and stock indices crude and gold,’ okay.

And now, we have our three profiles set on the MT4 platform and you can go back and forward from them. If you want to go to stocks, you just click on stocks. As you can see, here are the stocks that we choose to monitor. And if you want to go to the majors, you just click majors and it goes to the Forex profile.

So, this is very important because we are starting to create a truly functional working atmosphere with our MT4 platform. And it is very important for you to understand that this is not set up in stone. If you don’t trade Forex, for example, and you only trade stocks, and you make the difference between stocks with high volume and stocks with low volume or stocks with plus 10 points daily ranges and stocks with minus 10 points daily ranges or whatever the setting in your mind is, you can do it by just following these easy steps.

And of course, it is my personal preference to have only six charts on my working station because I can actually see the price movements in them, and if you start adding charts, for example, let me show you.

Let’s add another four charts to these to the Forex profile and let’s style it. If you start adding charts, you can see that the price action is less clear than if you had just six charts on your profile. But again, that’s just my preference and you are free to do or free to configure your profiles the way you want.

Just to wrap up this lesson, remember that this is important because what we are trying to do here is we are trying to create a nice working environment and easy to flow trading work station.

Adam

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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