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How to Add Template in MT4?

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Charts design can be essential for traders because, in that case, they can see the market price in a better way.

How to Add Template in MT4?


To add a Template in MT4, you need to set colors and indicators in the wished way on your chart, then in Menu, go to the Chart option and choose Template and then save your template. If you want to add the same colors and indicators on some other chart, go to Charts/Templates and choose Load Template.
how to load template in mt4

Please see the video how to add a template in MT4:

How to know which template is used in MT4?

You can not get information from the MT4 platform on which template is currently used on the chart. However, you can go to Charts/Template, load a new template, and check the characteristics of the loaded template.

How to save the template in MT4?

To save the template in MT4, you need to go to the dropdown menu Charts, choose the Template option, and then click on Save template. In the next step, you need to give the name to your template and save your choice.
how to save template in mt4

How to set the default template in MT4?

To set the default template in MT4 you need to save your template using the name “default”. After you change the colors, add indicators, and make all adjustments on the chart just go to Charts/Template and then choose to save the template.

MT4 Order Types

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MT4 is an exchange platform that was introduced in 2005 by Metaquotes. The mainstream trading on this platform involves forex trading, but it can also be used for investing in cryptocurrencies, indices, CFDs, and commodities.

The MT4 client terminal helps inform the broker about the implementation of various trading processes and operations, along with the creation and preparation of requests. Terminal controls and keeps track of the position that is open. These orders bind the clients on the platform with the brokerage company to indulge in trade operations.

MT4 orders

MT4 Order Types

The different types of MT4 orders that exist in the Metatrader terminal are:

  • Market order
  • Pending order
  • Buy limit order
  • Sell limit order
  • Buy stop order
  • Sell stop order
  • Stop limit order

Market Order

Market order represents trading order instruction placed with a broker that will be executed at current live price levels.MT4 platform will execute market orders less than the second. 

When a promise or commitment is made with the brokerage company to sell and purchase the securities at the current price, it is known as a market order. The execution is completely independent of the type of security involved in the exchange—this type of order results in the creation of a trade position. The criteria for this process involve purchasing at ASK price and selling at BID price. Additionally, Stop loss and take orders can also be a part of the market order.

Pending Order

Pending order represents an instruction placed with a broker to buy or sell assets at a pre-defined price level in the future. For example, a buy pending order in forex is  BUY EURUSD at 1.32 if the current price is 1.31.

This is the contrast of market order. This order implies that the customers promise the company to purchase or sell the securities at a predetermined price in the coming future. Pending orders have the eccentric feature where they create the trade position only when the price reaches a level that you specified in the future. The terminal consists of 4 types of pending orders-

Buy Limit

A Buy limit order is an instruction placed with a broker to buy a security by setting entry-level, a specified amount of pips below the current price. For example, a buy limit order is when you BUY EURUSD at 1.32 if now price level is 1.325.

 A buy limit is based on future predictions and allows the client to trade below the market price. For example- If the current market price is $25 and your price is $22, then a buy position will open at $22. The basic criteria are that the future ‘ASK’ price is equal to the decided price.

Buy Stop 

A Buy Stop order is an instruction placed with a broker to buy a security by setting a stop loss level, a specified amount of pips below the entry price. The Stop-loss order’s purpose is to prevent additional losses if the price goes against the trading position.

This is the reverse of the buy limit order. In MT4 buy stop order, the securities are bought upon the speculation that the price will keep on rising in the future. Here, the anticipation price is always higher than the current price, and the market position is opened when the price reaches the required hike. Here the ‘ASK’ price is equal to the value determined. Read more about stop-loss orders.

Sell Limit  

A Sell limit order is an instruction placed with a broker to sell a security by setting entry-level, a specified amount of pips above the current price. For example, a sell limit order is when you SELL EURUSD at 1.32 if now price level is 1.318.

 Much like the buying orders, the ‘BID’ price is the main concern here. In the sell limit, the selling price is equal to the predetermined value. Here the current price falls below the speculated price, and the main assumption is that after rising to a certain limit, the selling prices will fall.

Sell Stop

A Sell Stop order is an instruction placed with a broker to sell a security by setting a stop loss level, a specified amount of pips above the entry price. The Stop-loss order’s purpose is to prevent additional losses if the price goes against the trading position.

In a sell stop order, the ‘BID’ price will be in the predetermined price range. In Mt4 sell stop, the market position is created when the current price level that is higher than the provided value falls and reaches the anticipated value.

Whenever a MetaTrader 4 pending order is executed, the Stop Loss and Take Profit immediately attaches itself to the open market position.

Stop-limit order

A stop-limit order is an order where traders define two prices: stop-loss price and the limit price. If the price reaches the stop price level, a new limit order will automatically trigger buying or selling the asset.

You can read in detail everything about the stop-limit order strategy in our article.

Pending order MT4 iPhone

To set stop loss on an MT4 iPhone phone go to the “Quotes” tab and then pick the instrument. The trader can then choose the option “New order” and pending execution type (buy limit, sell limit, buy stop and sell stop). After that trader will set volume, stop loss, and target. In the last step, traders can choose from BUY or SELL option.

You can read more in our article on how to set stop loss on Android phones. On the Android or iPhone cell phone setting pending orders procedure is the same.

 

The Difference Between Stop Loss And Take Profit

MetaTrader Stop Loss

Nobody wants to incur losses when they are trading. The motive of stop loss is directly about that aspect. This stop-loss order aims to minimize the losses in case the prices of security spike in a direction that is not beneficial for the client. Whenever such a situation arises, the position will close on its own, prohibiting any losses.

These types of orders are always a part of the pending order or open position. The requirement is that the brokerage company has to post these orders together to reap their benefits and put them to use. For short positions, ASK price is used where the order is always determined at a higher price than the current price. At the same time, the BID price is used for long positions where the anticipated price is always lower than the BID price.

MetaTrader Take Profit

As evident from the name, this order aims to gain profit from the security price levels. Like the stop profit order, the implementation of this order also leads to the closing of position if the price falls. Its requisite is that a take-profit order should always be attached with the open position or pending order. 

The terminal uses BID price for long positions like the former (where the price is always determined above the current price), and ASK order is used for short positions ( the price is always set below the current price)

Things To Keep In Mind

  • A broker is always in charge of setting up the price for trading operations
  • Stop Loss and Take Profit orders cannot be executed for pending orders
  • In a history chart, BID price is the main concern while some part of the chart is allotted to the ASK price.

Conclusion

MT4 is a highly customizable platform that can be altered according to the different trading preferences of individuals. It is also helpful in speculating the prices of various financial markets. It contains live prices and charts, which help you keep an eye on the trends and existing prices.

How to Set Stop Loss on Bitmex?

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Trading in Bitmex is a little different than in Metatrader.
Before you create any stop loss, you need to take a position size analysis. The best way is to press the calculator icon beside the “Place order” text. Then you will see :

bimtex calculator

After calculating position size (our article about position size ), you can start creating orders.

To place orders on Bitmex, you need to define Quantity and select BUY or SELL button. However, you can create advanced traders such as market orders with stop loss, buy limit, or stop order.

How to set stop loss on Bitmex?

To set stop loss on Bitmex, you need to create two orders, where in the first order, you will create a Market order and later create the second order using the option Close on the trigger. Unfortunately, it is impossible to set a stop order and “normal” order simultaneously. You may set any order you like, but those should be two orders. If you are planning your stop order to be a position close order only, you may set up an option Close on the trigger.

Traders on Bitmex can create orders as:

bitmex market order

Bitmex market order

To create Bitmex market order, you define only Quantity and then press BUY Market or SELL Market button. Close Trigger Stops Stop Orders can be selected in the Dropdown list by clicking on the three vertical dots and will show you the Stop Price, Triggering Price, and Status.

What is Stop-Loss Order?

A Stop-loss order is an instruction placed with a broker to buy or sell a security by setting a stop loss level, a specified amount of pips away from the entry price. The Stop-loss order’s purpose is to prevent additional losses if the price goes against the trading position.

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Limit Orders

Limit orders imply a maximum or minimum price the trader is willing to buy or sell at.

Limit Order Example

Quantity = 9 Contracts
Limit Price = 200
Direction = Buy

 

Stop orders

A Stop Order is an order that will not execute until the market reaches a certain Trigger Price.

 

Stop Market Order – A Market Order will be placed when the market reaches the Trigger Price.

Stop Limit Order – A Limit Order will be placed when the market reaches the Trigger Price.

Trailing Stop Order – A Trailing Value is set; if the price reverts by an amount equal to the Trailing Value, a Market Order triggers.

Bitmex order submission error

“Order submission error” represents an error on the Bitmex platform when traders submit an order with a price above liquidation price for short trade or when traders submit an order below liquidation price for long positions. Please calculate the liquidation price using the Bitmax calculator before order.

How to Add Moving Average to RSI in Tradingview?

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TradingView is an extraordinary website to solve all your problems of creating charts, coding, ass moving average on RSI with extreme ease of functionality and simple usage. This is a place where you do not have to know technical skills to do technical work. 

In this article today, we would enlighten you on how moving average can be added to RSI on TradingView without any hassle. 

Add TradingView RSI on the chart.

Certain steps must be followed to run through the process of adding RSI quickly. These steps have been listed below: 

  1. Go to Charts 
  2. Click on add indicators 
  3. Add on RSI that is normal 
  4. Further, add up the moving average as normal
  5. Click the right button on Moving average on the chart
  6. Come down to the option of Move to 
  7. Choose the option of Existing Pane below 

After following this procedure, your work will be done! 

You can now go ahead to alter the settings of the RSI and the Moving Average if you did not do it earlier. The ordinary people generally prefer is 14 while using the Exponential Moving Averages. If you like, you also have the option of adding more indicators to the RSI. 

How to Add Moving Average to the RSI Indicator in TradingView

To add Moving Average to your RSI indicator in TradingView, you need to do the following steps:

  1. Go to Charts 
  2. Click on add indicators 
  3. Add on RSI on the chart
  4. Add Moving average on the chart as usual.
  5. Click the right button on Moving average on the chart
  6. Choose the option  “Move to.”
  7. Select option “Existing Pane below.”

See video:


How to Add Moving Average to the RSI Indicator in TradingView video

Things To Know About RSI in TradingView

Relative Strength Index, also referred to as RSI, being an oscillator indicator, helps measure the change and speed of directional movements in the price. It helps you understand the weaknesses and strengths in the present and give you a fair look at the past. The way to ascertain it is by using the closing prices of your duration and the timeframe that is being considered. It helps a person ascertain the prices and confirming the option. This indicator’s only drawback is that it might be a lagging indicator since the estimations are made based on the closing prices. 

Indicators To Be Used in TradingView

Just like RSI, there are several others which you can use to ascertain different things. Some of these indicators are paid, while the others are free to use. For starting on your journey, it would be best to use free indicators and become well-versed with the system first. You can eventually work with a Pro+ account or even a premium account at best if the need be. While using basic tools like RSI, you can always add other assistance tools to make your functioning easier and more appropriate. 

There is also an option of using Indicators on other indicators to ameliorate the functioning. For example, it is possible to use another indicator over RSI, such as the Divergence Indicator. Using multiple indicators would aid you in reaching more as well as better confirmations. Another example of two tools that go hand in hand is 13/62 crossover and Exponential Moving Average. There, in fact, can be found indicators that give you an alert of buy and sell while you are using TradingView. 

Add  50-Day Moving Average in TradingView.

Various Moving Averages can be used, among which 50-day is one. It can be best used along with TNT Strategy. For working on the Bollinger Bands, the best way is to add them to the main chart, followed by differentiating the basis of these. To make the process of adding 50 Day Moving Average to the Tradingview charts, here are some simple steps that you must follow: 

  1. Go to the Daily Chart section.
  2. Now, look for the option of add indicators 
  3. Feed Moving Average in the search option 
  4. Now press on the Moving Average 
  5. You must now click the right button on Moving Average in the charts
  6. Go down to the option of settings at the bottom 
  7. Alter the length to 50 under the section of Inputs 
  8. Press okay 

And here you go! By following this easy procedure, you would be able to feed the 50-day moving average option. There is also an option to get the 50-day moving average on the 4 hours and 1-hour categories. The simple way to go about it is to break down the candles to the per day number and multiply it by 50. Once you go through the process, you will realize how easy it is. 

The most found usage of this indicator is to take benefit of the early entry. While in a new paradigm, you must begin the trade on 1M or max a 5M chart. Let us guide you through some mathematical calculations now to simplify the process for you further. 

The moving average of 4-hour and 50-day: Considering a chart of 4 hours, 6 candles can be equated to one day. Then, to take the 50-day moving average on a 4-hour chart, you must take 6 and have it multiplied by 50. 

50 X 6 = 300

Therefore, to get a 50 day moving average for a 4-hour chart, you must enter the length as 300 

The moving average of 1-hour and 50-day: If you estimate, on a 1-hour chart, 24 candles would be equated to one day. Therefore, to get the 50-day moving average of a 1-hour chart, all you have to do is multiply 24 with 50. The calculation would look like this: 

50 X 24 = 1200

Therefore, for a 1-hour chart, you must enter the length as 1200. 

There also rests an option to skip the mathematical calculations and get the moving averages according to any time frame you choose by signing up for the free membership, which would also provide you with other free indicators. 

RSI and moving average crossover in TradingView

  1. Go to Charts 
  2. Click on add indicators 
  3. Add on RSI on the chart
  4. Add Moving average on the chart as usual—set Period for example 50.
  5. Add another Moving average on the chart as usual—set Period, for example, 100.
  6. Click the right button on Moving average 50 on the chart and select “Move to” option “Existing Pane below. ”
  7. Click the right button on Moving average 1000 on the chart and select “Move to” option “Existing Pane below. “

RSI is a very easy-to-use platform where you can work with various indicators to ease your work. However, one strategy that works at all times would be the crossover strategy. Even though using RSI indicators is not so difficult, people might stick to using easier tools at the beginning for which this strategy can work the best. 

The standard setting of RSI is set at 14; however, as time passes by and you get acquainted with the Daily charts, and might want to experiment with new things that work the best for you. You might also research a little about the new techniques to find the best one that suits your needs. 

Trend Trading in RSI: Like all the moving average strategies, this is yet another strategy. How it works is by using a pair to trend down and up with. The basic logic is that there is a requirement to have higher highs and lows against a downtrend, where the requirement is for lower lows and highs for an uptrend. It is possible to have taken only in the direction of the ongoing trend. Therefore, there are sales when there is a low trend and buy when there is an uptrend. 

To understand this better, we can use an example of a 1-hour time frame with the RSI fixated at 21 and a moving average of 13. We would further make use of the Bollinger Bands set at 50. When it goes down to the middle line, you can provide a movement of the stop loss to profit or even to a break-even point if nothing else. Moving on, when the trend moves to the upper line or the lower line, you have two options. Either you can take the stop loss further ahead into profits or decide to close a half lot or even close out everything. Another option is to move the stop loss after another 10-20 pips into profit if you like. There are a lot of trading techniques that can be followed. Mostly, all the traders follow a similar entry technique but meet with very different ends on their varied exit techniques. 

We will now list out certain entry and exit points for you to refer to: 

Entry 

  1. At an RSI over 60, sell, and with an RSI below 40, buy 
  2. As and when you see the RSI getting at a range over 60 as well as pulling over the moving average, you must make an entry on the following candle close in the right direction 
  3. It would help if you fixated the stop loss to the final preceding high or low, which in the current case might be 15 pips. The same can be set at 30 pips if you are considering a 1-hour chart. 

Exit 

  1. When you find the trend getting to Basis, 50 moving average, you must alter the stop loss to gather profits.
  2. When the trend reaches low or high, you can alter SL to look for more profit, partial or complete close depending on your choice. 

There isn’t any right way of trading. However, you must ensure that you are taking enough demos as well as backtesting. You can try out the different indicators at your disposal to observe the trends and get a high hit. 

There are different indicators and filters available on TradingView. However, only a few of them can be availed for free, followed by which you must have to enroll for packages and upgrades. 

Another thing related to setting a basic RSI might trouble you, and therefore, we would finally lay down the steps to set up an RSI easily on TradingView. 

  1. Firstly you must right click on the option of indicators 
  2. Locate RSI and right-click on it to add it to your chart
  3. Press the icon which denotes ‘settings.’
  4. Alter it to whatever you like by removing the default 14 

Conclusion 

RSI is a straightforward indicator to use and understand. You can also use this indicator very flexibly with many other strategies and tools without much hassle. If you are looking for a quick-fire, you must set up the RSI either higher than 80 or otherwise lower than 20. If you post that you witness divergence on the RSI in consideration of price actions, it will be a sure win. Divergence generally works really well with RSI. 

The best part is that you can access this strategy without paying anything by simply signing up for the account of Free TradingView. You can get extraordinary deals here if you upgrade in the future to a paid plan or even if you decide to work with a similar free plan. 

There is an excellent experience you can undergo by using the free plans offered by TradingView. It, in fact, will be a very safe choice to make in the beginning when you are not very sure of the strategies you want to make use of and master. The free sign-up can help you experience the best without losing out on anything significant in the beginning. 

The best way to upgrade the account is by reinvesting the money you make via trading for free. After you have earned some money, it may be a good choice to invest in standing a higher chance of making money by upgrading to a premium plan. 

TradingView can offer exemplary deals after you have signed up for free for 30 days and also around Black Friday. Therefore, you must wait patiently for these deals to arrive and make money out of free sign-ups till then to have the best experience. 

Does MT4 Work on Windows 10?

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Does MT4 work on windows 10?
Yes, MT4 works on Windows 10, and both MT4 and MT5 are compatible with Windows 10 operating system. Usually, MT4 will update automatically on Windows 10, and then login details can disappear. Always keep login details in your notes.

MetaTrader platform is built for Windows platform in the first place, and for day one, MT4 and MT5 are very stable in Windows operating system. In the last 16 years, many bugs are removed, so MT4 and MT5 work perfectly fine in a windows environment.

In the case of an MT4 update, you can lose login details. IF this happens, ask for a broker to provide you login details. Sometimes, your login details in Windows 10 will be saved in MetaTrader Mailbox.

MT4 mailbox

In down navigation in MT4, you can choose the Mailbox option, and a saved email with a username and password will be available.

More details on how to use MT4 you can read in our article.

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