How To Use the MetaTrader 4

How To Use the MetaTrader 4

MetaTrader 4 (MT4) is considered to be the most used platform that we have nowadays. It is mainly used when trading indices, commodities, and even Forex. To know more about this platform, check out these tips and tricks that you might find helpful.

Finding the Distance of Pips in Two Points

  • Switch your cursor into the crosshair mode. You can do this by placing CTRL+F at the “Line Studies” toolbar.
  • You will be able to see the time coordinates and the price coordinates as well.
  • Press and hold while clicking point A to point B to know their distance.

 How To See the Entry and Exit Points

  • If you need some help when it comes to posting trade analysis, you can follow these steps.
  • Hover to the ‘Account History’ section and find the trade that you like.
  • Drag your chosen trade and drop it into your chart.
  • After that, you will now see both the entry and exit points of that trade. It will be marked with two arrows.

How to Navigate Easily in the Chart

To be able to do this, you can simply tap the keys ‘Page Up’ and ‘Page Down’ to advance from one screen to another or vice versa. You can also tap End if you want to move into the newest price bar. If you are looking for historical prices to be used for strategy testing, you can click F12 to advance your chart one price bar at a time. 

How To Copy a Line or Any Object

  • Highlight the line that you wish to copy by double-clicking it.
  • After that, you have to press then hold the CTRL key then drag the duplicate to where you want it to be.
  • For modifying the line length, select your desired line length then hold shift while dragging it from left to right.
  • If you want to switch time frames during a full-screen mode, you should press enter and the exact code for the time frame that you want. The code can either be M15, H4, or D. 

Using One-Click-Trading Tool

A very convenient feature of MetaTrader 4 trading is the “One Click” trading tool. This tool makes the life of every trader much easier. With the use of it, you can enter and exit trades quickly and you can also set or adjust the stop loss as well as the take profit levels.

All you have to do is to press the keyboard keys ALT+T. after that, an interface will appear at the topmost corner of your chart. After entering a trade, you can now apply the take profit and stop loss by clicking the left side of your mouse and dragging it to your desired price.

Traders using the MT4 platform can likewise add other hotkeys such as scripts and custom indicators by opening a folder and right-clicking its components. You will then see a pop-up menu indicating the option of setting a hotkey.

Forex trading and CFD trading are complex in their own way. But with the help of a reliable trading platform, the difficulty can go a lot lower.