MT4 Settings and Template

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Video Transcription

Welcome to the third lesson of the Advanced Binary Options Trading course. In this lesson we’re going to teach you how to set up your MT4 and how to set up your templates and some of your charts, so you can monitor multiple assets at the same time.

So, the first thing you need to do is go to your drive and open up your MT4 folder. In this case, we have opened up the IronFX MetaTrader 4 folder because I am using the IronFX MetaTrader 4 as my charting platform. Once inside, you go to your template folder and after downloading the eInvest white template, and the eInvest black template, you just drag and drop it inside the template folder on your MT4 folder inside your drive. After doing so, you just open up the charting platform, so we can follow on with the lesson.

Okay, so we have opened up the MT4 platform, and as you can see here, we have one chart with the Euro/ Mexican Peso. Now, we’re not going to be trading the Euro/Mexican Peso, so the first thing you need to do is get rid of this currency pair, and let’s say that you want to trade the Euro/US Dollar. You go into this column and you look for the Euro/US Dollar. We have it right here, and you right click it and drag it onto your chart.

Now, we have the Euro/US Dollar on this chart. But as you can see, we do not have the actual eInvest templates on. So, what you do is that you right click on your chart, any place on your chart. You’ll go to template and you choose one of two eInvest’s templates. In this case, we have chosen to use the black template and we are now monitoring the Euro/US Dollar.

If you want to monitor multiple currency payers, what you need to do is, you just go to the asset list which is this list right here. You right click on for instance, the British Pound/US Dollar. And you just click here where it says another graphic. And now, you have the British Pound/US Dollar popped on your MT4 platform. You have the Euro/US Dollar right here. Right here you have the tabs of your chart, and you have the British Pound/US Dollar. What you do is that you right click on the screen, and then choose to use the white template, for instance.

And if you want to monitor also the US Dollar/Swiss Franc, you do the same process and you just go and use the template we have provided for you. And let’s say that we want to monitor also the US Dollar/Japanese Yen. We do the same thing with the black template.

Now that we have four charts that we want to monitor, it’s not that easy to go back and forward from the US Dollar/Japanese Yen to the Swiss Franc, and then back to the US Dollar/Japanese Yen if you are monitor the five minute charts, for example. So, what you do is you go to tools, to window and you choose mosaic.

And now, you can actually monitor the four different currency pairs on the same window. And remember that you can do this also with only three currency pairs. With four currency pairs, if you want to add a currency pair — let’s say you want to add the US Dollar/Canadian Dollar, you just go and re-click on mosaic, and it will pop it up for you.

And if we are actually trading or day trading binary options, this is the right set up for you. Of course, the charts are blank right now because on this lesson, we only want to teach you how to set up the templates, set up your MT4. On the next lesson we will teach you how to set up alarms, so you can actually monitor more than six currency pairs. You can even monitor stocks with the MT4.

This is actually how you need to set up your MT4 platform if you are actually trading binary options. This is because when day trading binary options, you will be trading the 60 second options or the 50 minute options. You might be trading the one touch options, too. But for that, you will have to have a keen eye on the markets.

For instance, this is the five minute US Dollar/Japanese Yen chart. Let’s say that we were monitoring this area right here for a reaction, because this area is support. Now, by having your charts positioned this way, you can actually know when this area has been rejected and at the same time, monitor other currency pairs or assets that you want to trade.

 

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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