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Expert Magic Number in MT4

by Fxigor

Technological advancement has proven to be one of the contributing factors to the increase in trading. Since everything can be done online, many traders and brokers are giving trading a chance. You can remotely trade from any part of the world. Online trading had simplified the process, to begin with, but the coming up of the MetaTrader platform made trading even better. 

As a platform, the MetaTrader has simplified trading by eliminating emotions. The Expert Advisors allow traders to make rational decisions by focusing on ‘what is’ rather than ‘what can be.’ Along with Expert Advisors, the MetaTrader platform also gives you expert magic numbers. Let’s explore what an expert magic number is in the MetaTrader platform.

What is the MT4 Expert Magic Number?

The expert magic number represents the MetaTrader concept to track open positions generated by the Expert Advisor. Using an expert magic number, EA can mark each position by number and distinguish the opened trades versus trades that did not open. The expert magic number can be any unique number, and they are license plates for EAs.

expert magic number in mt4

The MT4 platform generates a magic number employed by Expert Advisors (EA) to track open positions. This allows the EA to manage trades in a better way. Still, confused? Let’s make simplify it – equate a magic number with a driving plate. The latter allows the authority to identify the state from where the vehicle has come from and know about the exact individual who owns it. The expert magic number does a similar job. It helps the EA differentiate between the trades that have been opened by it to the ones that it has still not opened. This analysis allows the EA to manage the account in a better way.

Using a MetaTrader Magic Number

Many traders use the same Forex pair to trade across multiply timeframes. If you are one such trader, you wouldn’t want to employ an EA to track one currency pair across different timeframes. For example, consider a situation in which you are trading GBP/USD in two ways, one using an hour chart and the other on a 15-minute chart. You will need two EAs to track these two different time frames. Here, the first EA will be trend following as it is tracking the one-hour chart and the other one is scalping as it is chasing a 15-minuet chart. It is clear from the example that you should manage trades differently when you are using different timelines.

The above example is a testimony that, along with your general stop-loss exits and takes profit, you need to run channel stops for one trade and trailing stops for the other. In such cases, you will end up in a chaotic mess if you use only the currency pair to identify different trades because the currency pair is standard across the channels. It would help if you had something that stands apart.

Your bulletproof savior in the above situation is a MetaTrader magic number. The platform assigns a specific number to each trade as soon as it is opened. The EA will now follow these unique numbers instead of the currency pair to track the trade. For example, the trend-following EA may follow the 214 magic number, while the other EA might chase the magic number 316. 

Thus, we can conclude that you can use these magic numbers to separate orders across different timeframes and strategies, especially when using the same currency pair. It makes EA more operational by allowing it to use its potential.

Finding a Magic Number for an Open Trade

The magic number for the trades that are opened manually is zero, but the trades that are opened on the MT4 platform, using an EA, are assigned unique numbers that can range from 0 to 2147483647. These numbers can help you in finding open trades. Let’s see how.

The MQL language uses OrderSend to open a trade. OrderSend is a function that is based on multiple parameters, the magic parameter being one of them. When a trade is opened by an EA using this function, a magic number is automatically assigned to the trade, known as OrderMagicNumber. Doesn’t it sound simple? The truth is, it isn’t a straightforward path when you employ this function for the first time, but it certainly gets easier with time. The more you use it, the more familiar you get with it.

All you need to do us to run OrderMagicNumber in an order selection loop. Select a trade by suing OrderSelect. This will allow you to run the OrderMagicNumber for your chosen trade. Once your trade has been assigned a magic number, you can put trade exits using the ‘if-then’ logic. It is a fairly easy technique to understand. For example:

  1. If my magic number is equal to 197, run a trailing stop.
  2. If my magic number is equal to 303, run a channel stop.

MT4 is a user-friendly platform that various brokers offer to their clients. Its codes are not as complicated as compared to other platforms. Yes, it does take some time to get used to it, but such is the case with anything new that you use. Along with EAs and magic numbers, it has various other features to maximize your profits.

Filed Under: Metatrader

Tradingview Review

by Fxigor

Stock trading is not new, but the way it is done keeps evolving rapidly. Having a few spare hours a day, a little investment and basic finance knowledge are not enough. Every day there is a new indicator or a tool in the market that promises you greener pastures. The truth, however, cannot be far from it.

Whether you are a novice trader or a veteran, you know the important role of trading charts. These charts may not be a mouse maze, but they can overwhelm you, especially when you are not aware of which ones to use. Traders keep on jumping from one chart to the other and create a mess for themselves. In addition to that, you also need stock-scanning software, which can be a financial burden for independent traders. Some might even find the task of analyzing these charts daunting. What’s the solution? The answer is TradingView.

What is TradingView?

Launched in September 2011, TradingView is a web service and social network where traders can use its cloud-based charting services for better technical analysis. Both new and experienced traders can use it for several services. Everything is available without any cost on this platform, from basic charting and research to deep-analysis of information. You must keep in mind that you will have to perform most of the trades outside TradingView as only limited brokerages are currently linked.

tradingview stock screener

Is Tradingview free?

Tradingview is a free service for basic charting and research to deep-analysis of information. However, TradingView offers a paid service where traders get an ad-free version of charts, more indicators per chart, smart drawing tools, more than 100k+ technical indicators, etc.

Features Offered by TradingView

These are some of the crucial features that you will find on this platform:

  • HTML5 Charts: HTML5 is a markup language that is used to present and structure content virtually. On TradingView, you can use it to create charts. These charts can be simple or explicit based on your needs. Whether you want to track one stock or multiple stocks at a given time, you can create charts and track different markets. You can completely customize these charts by drawing your own.
  • Server-Side Alerts: Trading is seldom anyone’s full-time job or the only source of income. Since you are not constantly hooked to your trading platform, it is easy to miss any important movement. This feature on TradingView sends you an alert in real-time whenever something happens outside your set criteria. You can choose to get it on your laptop, phone, or both. You have a choice of 12 different types of alerts that you can apply to your chosen tools and indicators.
  • Stock Screener: You make better trading strategies when you are not psychologically burdened. This feature allows you to screen different stocks and find the ideal for your requirements, thus, decreasing the overall stress.
  • Customized Analysis: Pine script is a programming language that is offered by TradingView to advanced users. You can use this language to build 100% customized indicators and charts from scratch.
  • Trading: This feature is handy for new traders. You can indulge in paper trading (trading without real money) to trade several securities, including Forex, cryptocurrency, and stocks. As you will be creating a profile without using actual money, there is no risk involved. You can use this feature to practice before investing actual money.
  • Broad Coverage: TradingView gave you access to over 50 global exchanges and increased trading hours. This access will depend on the kind of subscription that you have paid for.
  • Active Trading Community: In its true essence, TradingView is a social networking platform where traders can interact with each other. You will become part of a larger community that believes in exchanging ideas and strategies. You can even collaborate with others.
  • Extensive Knowledge Base: You will find several informative podcasts spread throughout the TradingView website. You will definitely get to learn more about the art of trading on this platform.

Tradingview charts

TradinView offers a perfect stock-picking platform to both experienced and new traders. They get the ability to share, create, and collaborate with other traders on this platform using the cloud-based SAAS that TradingView uses. While it offers several advantages, TradingView still falls short in connecting traders to most large and global brokerages as they are not yet linked to the platform directly. This may cause inconvenience to many as you will be required to places your trades separately. 

Tradingview chart example for Bitcoin:

tradingview chart example bitcoin

TradingView has its scripting language that traders can use to create or customize their charts. It is a versatile platform, and its popularity seems to only grow among traders and investors since its launch.

You can use this platform to learn various things as there are several educational videos are available. You can know about new concepts, research possible outcomes of charts and market fluctuations, collaborate with like-minded traders, practice using paper money, and more.

Working of TradingView

The moment you will land on the homepage of TradingView, you will be impressed by the exhaustive information provided there. You can access that without even signing up for an account. You can read about some of the most common currency pairs like EUR/USD, ETH/USD, and BTC/USD, along with NASDAQ, S&P 500, and the Dow for free by using the ticker at the top of the page. You can use this same ticker to search for a stock. You can filter your research as well very easily.

Right after this ticker, in the social media section, you will see the most recent stories by top authors, stock news, market summaries, trending charts, and an economic calendar. Everything will be up-to-date. You will come across comments by others, including established traders and investors. You can learn more about their point of view and add your own as well. This social media section is a huge pool of knowledge.

You can access basic charting features offered by TradingView by signing up for a free account. You can use this feature to create market indicators and stock alerts.

Shortcomings of TradingView

While TradingView offers so much to traders and investors, it falls incredibly short in one thing – lack of brokerages. Since only limited brokerages are linked to TradingView, traders cannot perform most of the platform’s trades. Merrill is available through CQG API, along with Modalmais and Alor. With only these three brokerages, traders have no option but to perform most of their trades separately. You can also find some Forex and futures brokers, but the list is still limited.

TradingView Subscription

How much is Tradingview per month?

Tradingview offers three paid packages from $14.95 to $59.95 where traders can get an ad-free version of charts, more indicators per chart, smart drawing tools, more than 100k+ technical indicators, etc.
Please check the Tradingview pro version.

tradingview pro package

You will get four types of account options on TradingView, in which one is free, and the other three are paid accounts. You can choose to pay for your account every month, yearly, or bi-yearly. If you are unsure about upgrading your free account to a paid account, you can opt for a 30-day trial available for all types of paid accounts. You can choose from the following subscriptions:

1. Basic Account

The basic account is the free version that you can get on this platform. Whether you are an experienced trader or just a beginner, it is always advised to use the free account before buying a paid subscription. It allows you to see how the platform works. Of course, you will get limited features with this account; for example, you can only get one chart/layout and one alert/3 indicator. This account gives you access to global data, economic calendars, and social communities. The downside is that you can’t get access to customer support.

2. Pro Account

This account will cost you $9.95–14.95 per month. While you still get access to a single chart per layout and you can manage your account on only one device at a time, you can customize your stock research. 

You will get five indicators and ten alerts for every chart. This account does not include SMS alerts and customer service, but you will get an ad-free account.

The monthly subscription will cost you $14.95, but if you buy the yearly subscription of $155.40, it will cost you $12.95 a month. You can reduce the cost even more by option for a two-year subscription. It will cost you $238.80, which translates to $9.95 a month.

3. Pro+ Account

With this account, you get more alerts and better customer service. Instead of one, you get up to four chart layouts and save 10 layouts. You can even access the account from two devices. SMS alerts are still not available. This account gives you access to Kagi, point, figure charts, line break, and Intraday Renko. You can create your custom charts. You also get extended trading hours. 

If you pay every month for this account, it will cost you $29.95. By buying a yearly subscription for $299.40, your monthly expenditure on this account will be $24.95. If you want to reduce the cost further, subscribe for two years at $478.80. It will cost $19.95 a month.

4. Premium Account

You get access to all the features on this platform if you opt for the premium account. The number of charts per layout gets increased to eight, and you can operate your account on five different devices at a time. You get 25 indicators and can use up to 200 alerts per chart. You get access to unlimited indicator templates, saved chart layouts, and enhanced watch lists. You also get priority customer support.

The monthly subscription is $59.95, a yearly subscription is $599.40 ($49.95/month), a two-year subscription is $958.80 ($39.95/month).

Conclusion
TradingView is an active platform that provides a social platform for traders and investors. Along with charting, screening, and researching tools, it allows like-minded traders to connect and collaborate. You get a ton of information by just being on the TradingView platform. This is a great platform.

Visit Tradingview platform

Filed Under: Platforms

The Best PAMM Account Forex Broker List

by Fxigor


Percent Allocation Management Module (PAMM)
– “The Percent Allocation Management Module (PAMM) is a technical solution provided to Dukascopy Bank clients and allowing them to have their accounts managed by a trader appointed by them based on a limited trading power of attorney.”
So, under the PAMM system, you pick a trader and invest – he trades – you both split the profit!
Through an Alpari PAMM account, you will be able to make a profit in the forex world without having any trading experience. All you need to do is select a manager of your choice, start putting your money into his account, and he will pay you great rewards.
PAMM is an exclusive account offered and developed by the high-level forex experts at Alpari. It is recognized as a breakthrough in forex account management. With the account currently at the introduction stage, it has already managed to catch various forex experts’ eyes and earn various quality awards.
Why choose a PAMM account?
It’s effortless to use. After opening your account, you can start trading in no time.
It will earn a profit. Many times, the total yield of a PAMM account has exceeded the interest rates of banks. Unlike other accounts, with PAMM, you will be rewarded if your manager is making a profit. The profit is guaranteed.
The account is under your control. Unlike other similar accounts, the PAMM account allows you to complete freedom. All the investment you put in remains in your control regardless of the manager. By having complete control, you can easily withdraw money from your PAMM account at any time.
You can take your PAMM account for a risk-free test run. Without bearing any risk, you can choose your manager. You can use virtual money to trade with to start.
How to begin investing
• All you need to do is to create an account with Alpari. If you are already registered, log in.
• Transfer your chosen level of funds into the transaction account.
• Based on the PAMM account rankings, you now have to select a manager. After that, you need to select “Invest in this PAMM account.” You will then need to complete a form that will indicate how much you are willing to invest.
The following forex brokers all offer the PAMM service:

These forex brokers offer PAMM service :

Best PAMM account forex brokerFounded Year
HotForex2010
AvaTrade2006
Alpari1998
InstaForex2007
FIBO Group1998
Grand Capital2006
Forex4you2007
FreshForex2004
IronFX2010
LiteForex2005
Oanda1996

The best PAMM account forex brokers are:

1) Alpari PAMM Account Service
2)
Instaforex PAMM Account service
3)
Dukascopy PAMM Account Service
4)
Hotforex PAMM account

Please join to PAMM platform for free now.

Read more about hotforex pamm account review

Filed Under: Alpari Review, Autotrading, Dukascopy Review, Forex brokers reviews, FXOpen Review, InstaForex Review, Mirror trading

Export Live Data from MT4 to Excel

by Fxigor

Microsoft Excel is one tool that is used by almost everyone. Whether you are a student, a business person, a trader, or even a homemaker, you can take advantage of this tool to organize everything ranging from content to expenses and more. On the surface, Microsoft Excel looks like a sheet that can help you manage your content. Still, it offers many other functionalities that could be highly useful for traders when used correctly. 

MetaTrader 4 is a popular Forex trading platform. It offers a plethora of features and tools that can make trading easier and more effective. Traders can use these tools to devise efficient trading strategies. However, one is required to know MQL Programming to experience the full potential of these tools. Coding is not common to all, and managing all the Expert Advisors (EAs) and indicators can leave many feeling overwhelmed. If you are finding the MQL language difficult to understand, you can try Microsoft Excel.

Export MT4 data to Excel

A trader can export live data from MT4 to Excel using a free MT4 file. A trader needs to enable Enable Dynamic Data Exchange Server (DDE server) in Metatrader Tools/Options section in the first step. In the next step, a trader needs to open the DDE-sample file from the Program Files directory. In that Excel file, a trader can change values, add new columns and rows, new instruments.

Let us see the steps:
Step 1: Enable DDE server MT4
Open Tools and Options in MT4
Enable DDE server in MT4

Step 2: Open DDE sample Excel file:
Open DDE sample Excel file

Step 3: Connect mt4 to excel. Add new instruments, quotes, rows, and columns and update live data (low, high, ask, and bid price):
add quotes live data in Excel from MT4

In Excel, traders can call ASK, BID, HIGH, and LOW price using commands and manually add new instruments:

BID request: = MT4|BID!USDCHF result: 1.2234
ASK request: = MT4|ASK!USDCHF result: 1.2235
HIGH request: = MT4|HIGH!USDCHF result: 1.2238
LOW request: = MT4|LOW!USDCHF result: 1.2134
TIME request: = MT4|TIME!USDCHF result: 21.05.02 11:52
TIMES request: = MT4|TIME!USDCHF result: 21.05.02 11:52:43
QUOTE request: = MT4|QUOTE!USDCHF result: 21.05.02 11:52:43 1.2234 1.2235 1.2238

This is one of the simplest transitions possible in the trading market. You can easily export live data from MT4 to Excel. This is how you can transfer prices:

Run the Excel software and open a chart.

  1. Click on the file. You a box will appear. You need to click on ‘Save As.’
  2. You can now rename the file per your comfort.
  3. Make sure that the file is in .csv format. CSV is the acronym for Comma Separated Values. MS Excel supports this format.
  4. Now, click on ‘Save,’ and you are done.

Benefits of Exporting MT4 Prices to Excel

Let’s begin by stating the obvious; using Microsoft Excel is easy. You can find a lot of tutorials online that can assist you in learning shortcuts as well. As it is a popular software, the chances are that you can easily find someone in your vicinity to tell you more about it. Now, let’s see the other benefits of this software that will convince you to export MT4 prices:

  • You can easily view data for longer time periods.
  • Excel files do not require a lot of space. Thus, you can easily share Excel files with others as attachments. 
  • You can use this software for price comparisons if you are using multiple brokers on the MT4 platform.
  • You do not need super-speed internet for Excel. It works offline, as well.
  • You can take advantage of this software if you are one of those who find it difficult to set up platforms.
  • Excel does not crash the way platforms do. If it does, your data gets automatically stored.
  • It is not an expensive software. If you already have Office, Excel will not cost you a thing.

Export Live Data from MT4 to Excel

The Drawbacks or Limitations of Using Microsoft Excel

While MS Excel is excellent software, it does have a few limitations rather than drawbacks. One of the most important limitations arises from MT4’s inability to save ask prices. As the MT4 platform saves only bid prices, you will export only this data to Excel. You can easily export the history of price movements, and you can do it as frequently as you wish; you cannot stream live data on MS Excel.

Download EXCEL RTD Premium Tool to export live MT4 data to Excel- MT4 excel plugin

Traders in MT4 can use a special MT4 Excel plugin to export MT4 data to Excel.

Hotforex broker offers an excellent free tool for exporting MT4 data to Excel.
Please download the EXCEL RTD tool and export live data from MT4 to excel.

In this video, you can see how it works:

Plainly put, Excel is a basic software with several advantages. It is a reasonable buy and easy to understand. It is its qualities that, sometimes, render it inadequate. If you want to up your game, you can ask a professional programmer to help you understand how to use the MT4 platform and use its tools like the EA and magic numbers. The programmer will also assist you in managing bugs. However, keep in mind that it will be an expensive alternative.

There is a middle way, as well. You can buy software or an application from a third-party. These applications can work separately as well as an extension of MS Excel. These applications are generally easy to understand. The only thing you need to keep in mind with third-party vendors is that your information on the MT4 platform becomes vulnerable. You need to ensure that the vendor is trusted and offers good customer support. We would advise you to use a VPN blocker when using a third-party extension.

Filed Under: Metatrader

How to Use MetaTrader 4? – Metatrader 4 Setup

by Fxigor

The trading process has evolved a lot, and new tools have made it an easy task to trade compared to the past decades. With innovations and new technology, the inventions of trading software have become the new normal.

You may be aware of the popular trading software MetaTrader 4 (MT4). It is quite famous for the flexibility and simplicity of trading that it provides. The platform also provides various charts that are useful for traders, and that’s what we have covered in this article, along with a lot of different functionalities of MT4. So, let’s get started!

Metatrader 4 setup

MetaTrader 4 setup is a process where users set up MT4 windows (MetaTrader panels) such as Market watch window, Navigator window, Terminal window, adjust the platform’s visual appearance, and add indicators, expert advisors, scripts,  and adjust charts. Users adjust the appearance of the platform based on personal preferences.

 

MetaTrader 4 Windows and Sections

Major windows in the MT4 platform are navigator, market watch, charts, and toolbars.

How do I navigate in MetaTrader 4?

Users can navigate MetaTrader 4 using four platform sections: navigator, market watch, charts, and toolbars.

In the image below, we can see major windows and sections in the MT4 platform:

Metatrader windows - platform sections

Toolbars:

Toolbars in Metatrader are graphical control element on which on-screen buttons and menus are placed to enable the addition of charts,  indicators,  advisors, and forms.

You can find this option on the top of your MetaTrader 4 screen. It has different icons that you can use as shortcuts for different items.

Charts:

Charts in the Metatrader platform display information that can help traders decide when to enter and exit a position and analyze the trading market.

Charts cover the majority of the screen of MT4. You can analyze and view various charts here, including the current charts.

Market Watch:

The market watch represents a window in the MT4 platform where users can see a list of assets (forex pairs, stocks, indices, commodities, etc.) and their bid and ask price.

You can find this option on the upper left side of the MT4 screen. It shows the markets that are available for you to explore. In addition to that, it also provides you with real-time bid and asks rates.

Navigator:

Navigator in MT4 represents windows where users can see a list of indicators, expert advisors, and scripts and easily add them to the chart.

You can find the option of Navigator at the bottom part of your screen. From here, you can see all your accounts, expert advisors, indicators, and scripts.

You would also see the terminal window and a few more tabs at the bottom part of MT4. It includes Account History, Trade, News, Mailbox, Alerts, and journals. You can see your pending or open trades at the Trade tab, while you can see your account activities in the Account History tab. You can also generate trading activity reports from here.

Let us see now basic steps to accomplish the MetaTrader 4 setup:

How to Customize Market Watch?

If you want to customize your Market Watch, here is how you can do it. You can see the Market Watch window on the screen at the top left corner, which shows markets available for you to trade with real-time bid and ask rates. 

If you want to check that they have showcased all the markets available to you, press Right Click and select the option of ‘Show All.’ You would see a ‘Tick Chart’ tab at the bottom part of your screen. Click on that, and you would be able to see all the current price movements of your selected currencies.

How do I get more currency pairs on MT4?

Users can display as many currency pairs on the market watch screen as they want.

Metatrader 4 users can add more currency pairs and other symbols on MT4 if they go to the market watch window, then  Right Click and press “Show All.”

get more currency pairs - add more symbols in MT4

After that, users can close the platform and open it again. In Market watch, they will see more symbols.

How Can You Open a Chart?

If users want to open a chart on the Metatrader platform, they need to tap on the ‘Add New Chart icon in the Toolbar. They can also do the same by clicking on the File menu at the top left corner, after which you have to click the ‘New Chart’ icon. Users can also click on the Market Watch Window to see all the currency pair charts. Jurs select the currency pair, choose the Chart Window, and press the New Chart Icon.

See in the video below:

 

 

How do I save a chart in MT4?

  1. If users want to save a chart in MT4, they need to click on the “Templates” shortcut or, from the toolbar, choose the option Charts/Templates.

save chart template mt4

  1. Select “Save Template”
  2. Give a title to your new template, such as “Analysis 1.”
  3. Finally, click on “Save.”

MT4 chart setup – Metatrader 4 chart explained

For doing this, open a chart and press right-click. From the bottom of the menu, select ‘Properties.’ You will find the Colors’ option, which would let you change it.

mt4 chart properties

Just right to this tab, you can see the Common Tab. It would allow you to customize a few more features like the chart – Line chart or Candlestick chart you would like to see.

mt4 chart setup

 

These are MT4 chart setup options:

The background is the MT4 chart setup option to set chart background color;
The foreground is MT4 chart setup option to set the color of axes, scales, OHLC line;
Grid is an MT4 chart setup option to set a chart grid color.
Bar Up is an MT4 chart setup option to set the bar up, shades, and fringing of the Bull Candle body.
Bar Down is an MT4 chart setup option to set the bar down, shades, and fringing of the Bear Candle body.
The bull candle is an MT4 chart setup option to set the color of the Bull Candle body.
The bear candle is an MT4 chart setup option to set the color of the Bear Candle body.
The line graph is MT4 chart setup option to set line chart and doji;
Volumes are an MT4 chart setup option to set volumes and levels of open positions.
Ask line is an MT4 chart setup option to set the color of the Ask line.
Stop levels is the MT4 chart setup option to set stop orders levels (Stop Loss and Take Profit).

After choosing your preferred themes, you can also save them as a template. For these, click on the Template icon from the Toolbar and tap on Save Template. You can also right-click on the chart, select Template, and Save Template.

Apart from this, you can zoom in or out of the chart and can select the time frame you would like to see on the chart. It can range from a minute to a month as well.

 

How do I set the default template in mt4?

Users can set the default template in MT4 by making a new template and then save that template with the name “Default” (default. tpl). After that, by default, all newly opened charts will look like the default template.

Add Installed and Custom Indicators to MT4 Charts

Users can add pre-installed indicators in MT4 charts by clicking on the Add Indicators icon from the Toolbar or the toolbar option Insert/Indicators.

add indicators on MT4 charts

In the Terminal folder of the Metatrader platform, there is an MQL folder, and inside that folder is the Indicator folder.

  • Bollinger Bands
  • Relative Strenght Index
  • Average Directional Moving Index
  • Ichimoku Kinko Hyo
  • Moving Average
  • Standard Deviation
  • Moving Average
  • Envelopes
  • Ichimoku Kinko Hyo
  • Parabolic SAR
  • .etc

Custom indicators traders can install to the MT4 platform if they copy indicator files into the Terminal/MQL/Indicator folder, refresh the MT4 platform, and add indicators using option Insert/Indicator.

See the video below to see how to add custom indicators on MT4 charts.

 

You can also add Oscillators if you go to the Oscillators tab. It would let you add MACD, RSI, and much more.

Arrange Multiple in MT4 Screens

Just like all the other options, changing between multiple screens is easy too. Just open a new chart in the same template that you have your current chart on. After that, go to the Market Watch window and select the market. You have to left-click and drag the same on the chart section that has your Open chart. It will open a new chart of the market you have selected.

If you want to arrange more than one chart, left click and drag them to your preferred location. You can always minimize, change the size, or close it from the charting options available. It is very similar to minimizing or closing your web browser.

Set the Language

MT4 provides you a lot of language options to understand the language and use the software with ease. For changing or setting up a language, go to the View from the menu. Select the ‘Languages’ option and select the language you would desire. All done!

Customize MT4 Toolbar

You can customize or organize the tools available in the Toolbar by dragging and dropping them in their preferred series or location.

By default, there would be some tools in your Toolbar, but you can always customize them as per your needs. You can also remove the lease used tools. 

Right-click on the Toolbar and choose the Customize option. It will open the window, from which you can select the tool you want to add; press on Insert. There is an option of Remove to remove the least used tools from the Toolbar.

The Bottom Line

The MetaTrader 4 is indeed a beneficial and easy to use trading platform. Once you are familiarised with its concept and tool and windows positions, it would become a child’s task for you to trade on it. I hope this article has helped you in clearing your doubts. All the best!

Filed Under: Metatrader

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Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Trading such products is risky and you may lose all of your invested capital. Before deciding to trade, please ensure that you understand the risks involved, taking into account your investment objectives and level of experience.

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