How to use Hotkeys on the MT4 Platform

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Video Transcription:

Hello traders. Welcome to the advanced MT4 course and the third module, Tips and Tricks. In this video, I’m going to show you the most important MT4 hot keys, and I’m also going to show you a few tricks that you can use to make your trading life a little bit easier. So let’s open the MT4 and let’s get on with it.

The first thing we’re going to do is focus on one single chart. The first little trick that I want to show you is the crosshair tool. The crosshair tool can be found right here. By clicking on this cross. And what this tool does is it will help you measure in pips the length of a move. For instance, if you want to know how many pips this move has from high to low, we click on the high of the move and then we drag the mouse to the low of the move. And as you can see here, what the crosshair tool is telling us is that we have 58 candles and 1133 pips are until the low price of 1.60419. And that’s how you use it. Another way to prompt it is to just click your mouse wheel and measure away.

Using cross hairs on the MT4 platform

Using cross hairs on the MT4 platform

The other thing that I want to teach you is something that I’ve been asked a lot. Let’s say that we want to measure the fibs from high to low. First of all, I’m going to modify the fib levels so we can see them, okay. And the question I’ve been asked a lot in the past is how to add price levels to your fib retracements.

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So to add the price level to the Fibonacci level, you double click on the trend line of your fib levels and you go to fibo properties. Then you go to fibo levels and you go to description. And what you do here is that you add a percent sign and a dollar sign and then a space, a hyphen, and a space to the Fibonacci level. And be aware that you need to do this for every single level.

But here, we are only going to do it for the first three so you understand how it’s done, okay? Then you click Accept, and as you can see here, by adding a percent sign and a dollar sign with a hyphen to separate the level, you get the price level on your Fibonacci retracement levels, okay?

Now, let’s go to another little trick that you might be able to use. To move price on your chart, you just move your wheel. You move your wheel down to move price left, and up to move price right. It also works if you use the up and down arrow, but as you can see, when you press the up arrow on your keyboard, it moves price frame by frame so you can better control the price movements or where you want to go. And if you want to move back to where you were, you only press the down arrow.

Sometimes, when you are back-testing the strategy, you need to go candlestick by candlestick. And to do so, you only press F12, okay? By pressing F12, you can see that you actually move one candlestick at a time, and this is very good when you are forward testing or when you are actually testing a strategy.

When you forward test a strategy, you go back in price action, and you put the indicators that you want, or the indicators that make part of the strategy, and then you go candle by candle to see where the signal appears, and if that signal would have yield any profits or not. And to do that, you press F12 to go candlestick by candlestick. If you want to go back and press Shift F12 and it will move back price one candlestick at the time, okay?

Now, to compress and expand the chart, you go to the vertical scale of your chart, you press and hold the left button of your mouse and you can move up and down. This is actually very good to locate targets that are out of the range of the actual or the current price action.

And to zoom in and zoom out, you can either use the plus sign and the minus sign or you can do it with the horizontal scale by clicking on it, holding it and moving it left and right.

Another cool trick of the MT4 platform is the way you can duplicate objects. Let’s assume that we want to duplicate a trend line so that we can create a price channel. What you do is you double click on the trend, line then you click Control and click and then just move your mouse and you will have a parallel line or an exact duplicate of the trend line that you just drew. Of course, you can duplicate any kind of object on the MT4 just by Control clicking on it and moving it, okay?

Now, let’s move forward with something a little bit more advanced. This is called compounding.

Sometimes, you want to use, for example, let’s say a moving average inside your R.S.I. to create buy and sell signals for instance. Or you can also add Bollinger bands to an A.T.R. so you can see if the volatility is unsustainable or not.

To do this, you go and you open the indicator that you want to compound on. Let’s say that we want to add a moving average to the R.S.I., 14 here. The first thing you need to do is open the R.S.I. and then you want to open the navigator window and locate the moving average right here or whatever indicator you want to compound. Then you just click and drag it to the R.S.I. and on the tab, Apply To, you choose first indicator’s data. As you can see here, by doing so, the moving average is added to the R.S.I. and not price action.

How to Add Indicator to 2nd Window on the MT4 screen

How to Add Indicator to 2nd Window on the MT4 screen

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Let’s say that you did not do that. Now, I’m going to show you why it is important to apply it to the first indicator’s data. Because if you drag it to the R.S.I but you forget to do this, the indicator will be added to price and not the R.S.I.

These are little tricks that will make your trading life much easier by completely knowing how to handle the MT4 capabilities.

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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