Despite the introduction of MetaTrader 5 and numerous other forex trading platforms in the market, a significant number of traders continue to prefer MetaTrader 4 (MT4) for their forex trading activities. This enduring preference is expected to persist because many brokers are slow to transition to newer platforms.
Given the substantial differences among forex brokers, MT4 and MT5 are commonly offered platforms, unlike other alternatives that may not be widely available across various brokers. The enduring popularity of MT4, being one of the most widely used trading platforms, is due to its widespread availability among brokers. Choosing a different platform might mean giving it up if a trader decides to switch brokers.
This article explores the top undisclosed tips and techniques for effectively using MetaTrader 4.
MT4 Review
Let’s break down MT4. Developed by MetaQuotes Software and first introduced in 2005, MetaTrader 4 has undergone significant evolution. The dedicated development team focused on enriching the platform, introducing impressive levels of customization and automation. Over time, MT4 not only gained widespread popularity but also solidified its position as the gold standard platform in the retail Forex/CFD trading industry.
Designed for traders of all experience levels, MT4 offers features that cater to both beginners and seasoned professionals. Beginners appreciate user-friendly elements like the copy trading system and automated Expert Advisor apps, along with ongoing support from the platform’s expert advisors. Meanwhile, advanced traders can delve into advanced tools for analytics and charting, in addition to the capability to craft personalized trading indicators using the proprietary MQL4 programming language.
Pros of MT4:
- Emphasis on strategic Forex trading.
- User-friendly and easily manageable.
- Dependable and stable software.
- Access to unlimited leverage.
- No charges for exchange commissions.
Cons of MT4:
- Lack of extensive historical data for conducting backtesting.
Top MT4 Tips and Tricks
1. Use shortcuts and hotkeys for easy functioning
Shortcut keys on MT4 ease the navigation process and make trading less time-consuming and more efficient. They help navigate through the trading charts and place buy or sell orders accordingly. Some of the widely used shortcut keys on MT4 are:
- F1 to open the help or user guide
- F4 to open the MetaEditor
- F9 to open a new order window
- F3 to open the global variable window
- F2 to open the trade history centre
- F7 to open the properties window
- F8 to open the current chart setup
- F11 to disable or enable the full-screen mode
- F10 to open a popup prices window
- End key to move to the chart’s latest price
- Shift+F5 to switch to the last profile opened
- Home key to move to the chart’s starting price
- Alt+F4 to close a client’s terminal
- Ctrl+B to open the objects list window
Hotkeys are the commands that help you execute different trading operations without using the menu bar or toolbar. Assigning hotkeys to indicators on the charts enables you to execute different commands without changing the chart template. You can set your custom hotkeys by right-clicking on the indicator and selecting ‘hotkey’.
2. Integrate Personalized Indicators
MetaTrader 4 offers a variety of built-in indicators for financial market analysis. Furthermore, it provides the flexibility to import and customize indicators that aren’t native to the platform. You can import any indicator to MT4 by accessing the data folder, selecting the MQL4 folder, and pasting the desired indicator. Afterwards, this indicator can be applied across all trading charts.
3. Opt for Dark Backgrounds
White backgrounds can strain a trader’s eyes, particularly during extended daily use of MT4. To alleviate this, it’s advisable to opt for black or darker-tone backgrounds. You can modify chart colours by clicking on the chart, pressing the F8 button, and selecting the desired colour from the colour tab at the top left.
4. Create Custom Chart Templates
MT4 enables the creation of custom chart templates that facilitate the simultaneous overlay of several predefined indicators onto a chart. Load these indicators in advance so that each time you open a chart, the indicators are pre-set, allowing for direct analysis of the selected asset.
To create a custom chart, open a price chart, apply chosen indicators, right-click the chart, and select the ‘save template’ option. Subsequently, these indicators will be automatically applied to all charts you open thereafter.
5. Utilize the Ruler Function
The ruler function in MetaTrader 4 aids in measuring distances from one point on the chart to another in terms of pips or bars. To measure a point from another, use the ruler function by clicking the left mouse button and dragging a point from one price to another.
6. Combine Indicators with the Compound Tool
The compounding tool on MT4 allows for the combination of one indicator with another to confirm market trade signals. For example, you can add ATR to Bollinger Bands, Stochastic Oscillator to RSI, or Moving Averages to Fibonacci. Combining two indicators provides a more comprehensive understanding of price behaviour, aiding in better trading decisions.
To add the second indicator to the first, open the navigator window, select the desired indicator, drag it to the existing one, click apply, and select ‘first indicator’s data.’
7. Streamline Trading with One-Click Trading
One-click trading simplifies the trade execution process by minimizing order confirmation steps. To activate this tool on MT4, navigate to the trade tab, open the Options window, tick the one-click trading box, accept the terms and conditions, enter buy or sell prices on the one-click trading panel, set the order volume, and close orders directly by clicking on ‘x.’
8. Personalize Toolbars for Efficiency
Customize toolbars to keep your favourite tools easily accessible while removing those you rarely use. The four toolbars – standard, line studies, time frame, and chart studies – can be adjusted in four steps: right-click on the toolbar, select the customize option, untick functions you do not need, and add frequently used tools.
