(ThyBlackMan.com) MetaTrader 4 is undoubtedly the most popular trading platform among forex traders. The MT4 platform allows the traders to test their automated trading strategies. Plus, it enables the traders to manage and place their orders without an issue.
The traders can also perform the technical analysis operations using MetaTrader 4, so we will give you a few tips that will help you use this platform effectively.
Simple tips for using MetaTrader 4
Changing the timeframes
Traders want a clear perception regarding the data. This is one of the reasons that most traders want to view the trading data in full-screen mode. When the traders switch to the full-screen mode, then it becomes difficult to change the timeframes.
MetaTrader 4 allows the trader to overcome this hurdle without an issue. The traders need to press the enter key. If they want to view the H1 time frame, then they can press H and press enter again. It is a shortcut to change the timeframes.
Adding the new indicators
What is worth appreciating about MetaTrader 4 is that you can add the custom scripts or indicators. The first step is that you need to get hold of the source code from the original web source that has the indicator.
After copying the text, it is essential to revisit MT4. Next, you will have to press F4 to activate the MetaEditor. Now, you have to open up the Expert Advisor Wizard. You can use the custom indicator option to create the new indicator. Click next, and set a name for the new indicator.
The last step is to click the final button. Visit the screen body and click on the left mouse key. Select all the code and copy it. Do not forget to press the f5 key to save your newly created indicator.
Create new charts or backup data using a template
There are times when you feel the need to have a new chart with some pre-determined settings. The good news is that you can quickly achieve your objective by making a template. There are also situations when you accidentally delete your data. By creating a template, you can backup your data.
To create a template, open up a new chart. Next, you have to press the F8 option to open up the settings. You need to save your template in the charts menu with the name of your choice.
Add text to the graphs
For new traders, it can be difficult to understand the forex charts. The good news is that you can add explanations to the graphs. For adding the explanations, you will have to visit the Insert menu.
There is an Insert text option in Insert menu. You will have to use this option to add text in the graph. What you need to do is click anywhere in the graph where you want to add your text. You will notice that a dialogue box will open on the screen.
You can insert the text but remember one essential rule. There is a limit to the volume of text. If you want to insert longer text, then you will need to click on the Insert text option multiple times.
Try news feed removal
If you feel the need to empty the newsfeed, then it will be an easy job with MT4. You have to visit the tools menu and click options. The only thing that you need to do is uncheck the enable news option.
Once you empty the news feed, then this will cut down the traffic, and connectively will not be a problem.
View the complete trade history
There are times when you want to have a detailed look at your trade history. You will find account history in the terminal panel. You need to select the position from the account history in which you are interested. In the end, drag this position on the chart.
If you want to view exit market data, target or entry, then you can have a good look at all this data once the position is visible on the chart.
It is understandable that you might be apprehensive to use MT4 initially. Well, you do not have to worry at all. You can start with metatrader 4 multiterminal mobile & web trader platform for demo account.
The demo allows you to test the look and feel of the platform. Once you use the MT4 demo account, you will have confidence in this platform. When you trade in the forex market, then you go for different currency pairs.
For example, if you want to trade the AUD, then you will need complete information about this currency. You will require Aussies Dollar AUD latest news, forecast chart and outlook. You can assess this currency data by using the MT4 demo account, and this will give you a fair idea about the excellence of the platform.
Follow all these tips to use MT4 effectively, and you will not be disappointed at all.
Staff Writer; Derrick Jones