Terms Guide for MetaTrader4:
Before beginning to trade, traders should educate themselves with MetaTrader 4 Guide words.
Even though there is an extensive vocabulary, some of the most commonly used terms include, but are not limited to:
Currency pair:
a pair of two currencies. The base currency is the first in the pair, while the counter currency is the second.
Bid or Ask Price:
At any one time, there are two prices relevant to a currency pair: the bid and the ask price.
The amount of money buyers are willing to pay for a product. The price at which sellers are willing to sell is the ask price.
While most brokers do not charge commissions or fees when a trader places a trade, there is a bid/ask spread that remains the primary cost for Forex traders. These are only a few of the phrases that traders will encounter; therefore, it is critical to keep a dictionary handy to ensure that traders comprehend them.
After selecting a candlestick chart, the trader must be able to distinguish between the candles so that the trader can identify when the price has moved to the upside or downward.
After making modifications to the chart style and colour scheme, the trader has the option of eliminating the gridlines from the chart.
The grid lines serve as a reference, but they can also confuse the appearance and make the chart more difficult to interpret, especially for new traders.
The gridlines on the chart can be removed by Right-clicking on the chart and selecting 'Properties' from the list (or hitting F8 to access Properties), then selecting 'Show' under 'Properties', deselecting the option to show the grid.
Horizontal lines, Vertical lines, Trendlines, Equidistant channel, Text, Text table, Fibonacci retracement and Arrows.
Traders can utilize these tools by selecting the object they want to use from the given toolbar and then clicking on the chart. Traders can change the width and location of some items on the chart by simply moving the mouse while clicking.
MetaTrader 4 comes with a plethora of pre-installed indicators and the option to develop new ones and import them into the platform.
Using the menu bar, indicators can be added to the selected chart.
How to set a Price Alert:
Conclusion:
MetaTrader 4 not only provides tools, features, and offerings that cater to sophisticated traders but getting to know the trading platform, as well as essential functions, is relatively straightforward and painless.
There is a lot of opportunity for modification and thus setting up the right trading strategy based on what the trader requires and tools supplied to test the methods before implementing them in a natural environment.
Bid or Ask Price:
At any one time, there are two prices relevant to a currency pair: the bid and the ask price.
Bid Price:
The amount of money buyers are willing to pay for a product. The price at which sellers are willing to sell is the ask price.
While most brokers do not charge commissions or fees when a trader places a trade, there is a bid/ask spread that remains the primary cost for Forex traders. These are only a few of the phrases that traders will encounter; therefore, it is critical to keep a dictionary handy to ensure that traders comprehend them.
How to Modify the Chart Style:
- When the MetaTrader 4 application is launched, the trader is greeted with a default chart that may or may not make any sense, but this chart can be altered.
- Charts in MetaTrader 4 can be seen as candlestick, bar, or line charts, and this can be changed by selecting the appropriate icon in the top toolbar between the 'New Order' and zoom in/out icons.
- Traders can easily alter the chart type to what they desire. The candlestick chart style will be used for this tutorial.
How to Change the Color Scheme of the Chart:
After selecting a candlestick chart, the trader must be able to distinguish between the candles so that the trader can identify when the price has moved to the upside or downward.
Traders can accomplish this by following the procedures outlined below:
- Rick, click anywhere on the chart, and then move the mouse arrow down to 'Properties.' (You can also reach 'Properties' by hitting F8 on the keyboard.)
- Choose the 'Colours' tab from the three available options (Common, Show, and Colours). When you enter this tab, you will see a range of components of the chart and different colours that can be altered for each. Background, Foreground, Grid, Bar Up, Bar Down, and other options are available.
- There are many other colours to pick from, but keep in mind that the most contrasting colours will make the chart simpler to see while also allowing you to track movement.
Gridlines and other alternatives:
After making modifications to the chart style and colour scheme, the trader has the option of eliminating the gridlines from the chart.
The grid lines serve as a reference, but they can also confuse the appearance and make the chart more difficult to interpret, especially for new traders.
The gridlines on the chart can be removed by Right-clicking on the chart and selecting 'Properties' from the list (or hitting F8 to access Properties), then selecting 'Show' under 'Properties', deselecting the option to show the grid.
How to Use Chart Drawing Tools:
MetaTrader 4 includes several objects that can be drawn on charts, including:Horizontal lines, Vertical lines, Trendlines, Equidistant channel, Text, Text table, Fibonacci retracement and Arrows.
Traders can utilize these tools by selecting the object they want to use from the given toolbar and then clicking on the chart. Traders can change the width and location of some items on the chart by simply moving the mouse while clicking.
Indicators on charts: How to Add and Use Them
MetaTrader 4 comes with a plethora of pre-installed indicators and the option to develop new ones and import them into the platform.
Using the menu bar, indicators can be added to the selected chart.
How to set a Price Alert:
- This is readily accomplished by opening the 'Terminal' window and shifting the cursor to 'Alerts.'
- By right-clicking in this window and selecting 'Create' from the menu, the trader can enter the 'Alert Editor' window, where they can customize price alerts.
Conclusion:
MetaTrader 4 not only provides tools, features, and offerings that cater to sophisticated traders but getting to know the trading platform, as well as essential functions, is relatively straightforward and painless.
There is a lot of opportunity for modification and thus setting up the right trading strategy based on what the trader requires and tools supplied to test the methods before implementing them in a natural environment.