MetaTrader 4 is among the most popular trading platforms for retail traders. It’s simple and easy to use for everyone. The platform was launched in 2005 by the parent company MetaQuotes Software. It offers software applications to Forex brokers. In exchange for opening a Forex account, brokers give their clients access to MT4. Traders use the web application to keep an eye on current prices, buy and sell at the market, place pending orders, and plenty of other things. This article will guide you through how a beginner can use MetaTrader 4.
How To Open A Metatrader 4 Account?
The very first step is to find a suitable forex broker and open an account. You may choose to have a demo or live account and then can proceed to MT4 installation.
We’ve listed the major criteria you should check before choosing a forex broker.
- The broker has to be regulated by a financial authority.
- The funds are segregated, which means the broker cannot utilize them in their day-to-day operations.
- The broker has to have a low or decent spread, also known as the cost of trading.
- The broker must have a responsive customer service
Opening a demo account:
Opening a demo account is very easy. Follow the steps below to open a demo account with a broker.
- Go to your preferred broker’s homepage
- Look around for the demo account sign up page
- Fill out your information
- Submit the form
You are done. You’ll be seeing login credentials on the screen. Save them to use them in the MetaTrader 4 platform.
Opening a live account:
Opening a live account is a little different than the free one. You’ll need to provide some more information. The brokers will be asking you to provide them with a copy of the government-issued identification paper and proof of your address for the last three months. You may have to submit your bank solvency statement and utility bill copy in this regard.
Please note that the broker has restrictions on accepting client requests from some specific countries as they are under strict regulation. Do check out if you’re free to open an account with your preferred broker.
How to install MetaTrader 4?
As you’ve already created your broker account, you are now free to a MT4 or MetaTrader 4 account. The broker would send the login credentials to your email. The email would look like this:
Generally, the MetaTrader 4 download link comes with the email. If you don’t find it in the email then just simply go to https://www.metatrader4.com/en/download
Now download the meta trader version that suits you the most. In this article, we’ll mostly follow how the process is done in the Web/Desktop version.
Navigation Tips For Metatrader 4
Let’s take a look at how MetaTrader 4 may be visually divided down into six distinct segments:
- Control Ribbon:
Although it is not as intuitive as other options that we will discuss later, you may essentially perform any activity in MetaTrader 4 from this bar.
Standard : It contains general platform management commands.
Timeframes: It has the essential features for using the charts.
Line Studies: Here you’ll discover all of the graphical elements you’ll need to evaluate charts.
Charts: It serves as a quick menu for switching between chart timeframes.
It covers some of the most important functions, options, and tools you’ll need to learn MT4. The toolbar is separated into four sections:
- Standard: It contains general platform management instructions.
- Charts: It has the essential functionality for using the charts.
- Line Studies: All of the graphical elements for analyzing charts can be found here.
- Timeframes: It provides a quick menu for switching between chart timeframes.
- Market Watch:
It contains a list of currency pairs, as well as bid and ask values for each pair.
It allows users to browse the indicators available for use on your charts.
- Terminal Window:
Open orders, exposure, trading history, messages, and notifications are all available in this section of your trading terminal.
- Chart Workspace:
This is where you’ll find the charts and where you’ll be doing your trade analysis.
Go to the market watch chart, right-click on a currency pair, and then click in the chart window:
In the Chart Workspace, a new chart will show up:
If you want to concentrate on a specific currency pair, you can maximize the Chart window. You can also use the tabs below to swap between different instrument windows:
Right-click any tab and select Tile Windows (or press Alt+R) to see all of your Charts in one place:
The zoom in and out buttons in the Charts Toolbar can help you to resize the chart
You may also switch between different chart kinds by clicking one of the following buttons:
- Bar chart
- Line chart
Hover your mouse over the chart to receive the price or volume information for a certain time period:
AUTOSCROLL AND CHART SHIFT
You can utilize the auto-scroll tool to keep the chart updated with the latest tick based on your trading analysis. When you press the Autoscroll button on the MT4, you’ll see the following:
Additionally, you can use the shift button Hey can I request you to allow manual hour entry for this task? If you like to have some room to the right of the period.When the function is turned on, a grey triangle appears in the upper half of the window that can be dragged horizontally ( from 10 to 50 percent of the window size).
Here’s an example of a chart with the chart swift feature enabled forward:
CHANGING CHART TIMEFRAMES
The period buttons on the timeframe toolbar can be used to visualize or adjust the timeframe of any chart:
Also, you can use the submenu button in the standard toolbar.
This will appear as a single bar or candle in the chart, regardless of the period you select. If you select H1, for example, each bar or candle represents one hour of price movement, with its own Open, High, Low, and Close prices.
You can decide your trading bias based on various TF like with H1 you can check Daily also.
The crosshair allows you to become more agile in your trade analysis and obtain information more quickly. To enable the crosshair, click in the line studies toolbar.
The crosshair, which indicates a certain price and time, should appear when you move the mouse cursor towards a chart bar or candle. In a chart, you may use the crosshair to measure time, bar, and pips distances, which is important for doing analysis or establishing probable Stop Loss and Take Profit levels. While the crosshair is enabled, left-click the chart and move your mouse while keeping it clicked:
How to use Indicator on Metatrader 4
Indicators combine data values for the Open, High, Low, and Close price levels of a certain currency pair over a given timeframe. In other words, MT4 indicators analyze these numbers to provide you with a new view on the market.
HOW TO ADD A MT4 INDICATOR TO YOUR CHART
Look for the indicator folder in the Navigator window and click to expand it to view a list of all the MT4 indicators. By left-clicking and dragging your favorite indication to the chart, you can select it. After that, you’ll get a parameter window where you may choose the indicator’s period and graphical parameters. You can simply click on . Here, you will find some built in indicators.
Metatrader 4 also provides a feature to add a custom indicator which you bought from online. To add a custom indicator, open the data folder and go MQL 4 to add your indicator file. Then come back to the navigator indicator area and refresh it. Your indicator will show up here.
When any indicator you want to delete, right click on the mouse from the chart window. Then go to the indicator list and delete one which you don’t want to use.
HOW TO USE METATRADER 4 GRAPHICAL MARKUP TOOLS
Although metatrader 4 offers various graphical tools to draw on your chart, all these things aren’t needed every time when you actually do trade.
We are going to discuss a line which is horizontal and vertical, then trendline, rectangular and fibonacci retracement. You can’t draw without these tools and if you want a fresh chart where you can know about the market then you have to try all these only.
HORIZONTAL AND VERTICAL LINES
Horizontal lines are used to show support and resistance levels, psychological price levels, or take profit and stop loss targets.
To draw a horizontal line, go to the line studies toolbox, click the MT4 Horizontal Line Button, and then press anywhere on the chart where you want it to appear. After you’ve positioned it, you can click and drag it around as needed.
Vertical lines can also be used to identify an important era in your chart. To make a vertical line, navigate to the line studies toolbox, select the MT4 vertical line , and then press anywhere on the chart where you want it to appear.
To add a trendline, click in the line studies toolbox and click a bar or candle in the chart that will be the starting point of the trendline.
After that, you can click the trend line and you will see three small boxes that you can click and drag to make your trendline more accurate.
Fibonacci retracement will help you to get a discount price to enter a trade. One of the most favorite tool to drawing chart
Click the Fibonacci button on MT4 in the line studies toolbox to insert Fibonacci retracements in a chart, and then extend it in the chart by selecting the starting candle of the trend and dragging the line till the highest or lowest price level of the trend: