If you are a forex trader, you may have basic knowledge of how the MetaTrader 4 platform works. In this post, we shall discuss some of the tricks and tips you probably do not know.
Designing a Chart Template on MetaTrader 4
Forex traders that use technical analysis hardly use one indicator to ascertain their trades. A template enables traders to cover preset indicators to a chart. Designing templates allows traders to stack preset indicators rather than configuring them again every time you launch a new chart. For instance, traders can develop a template that displays MACD, RIS, and Momentum, and use it on other charts. Here are steps to help you design a chart template
- Launch a new chart
- Administer all the indicators you want to use on the chart
- Right-click on your chart to reveal a drop-down menu
- Click on the template menu and proceed to save
- Name your template and click save
To load your preset indicators on a new chart, return to the template feature and left-click on the “Load Template” option.
How to Save a Profile on MetaTrader 4
When you configure your platform’s layout, you will need to save the profile. This process is not the same as saving a template. It includes the full view of your MetaTrader 4 platform. Profiles offer a simple way of operating with various chart groups. When it comes to saving a profile, every chart and its settings are based in the same area as it was before.
Changes in all chart sections of any list are saved in the prevailing profile automatically. This process is different from designing a template where preset indicators are saved on one chart. Here is how to save a profile on MetaTrader 4.
- Configure a group of charts that you wish to work with on your trading platform
- Click on file, located at the top left-hand side of the platform
- Select Profile from the drop-down menu
- Select Save As from the sub-drop-down menu
- Name your new profile
To load the new profile, return to the Profile section and Left-click the Load Profile option.
How to Print a Trading Statement on MetaTrader 4
You can easily access archived trades by clicking the Account History tab from the terminal window. Traders can obtain access to their entire trade history, specify periods, or select the custom option. Here are simple steps you can follow to print your forex trading statement.
- Click on Account History
- Select your preferred period
- Right-click any spot in Account History to reveal a drop-down menu
- Select “Save as Detailed Report” or “Save as Report”
- Right-click and select Print or Save as
- Remember, the balance indicated will be the current amount. MetaTrader 4 does not display historical balances
Viewing Profits in Terms Currency, Points, and Base Currency
You can analyze the profit and loss inside the Terminal window as the base currency. For instance, if you were trading USDEUR and your account is in AUD, the profit and loss will appear in AUD. Still, you can examine your profit and loss in the Terms Currency or Points. Here is how to go about it.
- Click the Terminal Window
- Right-click any section inside the Terminal Window to reveal a drop-down menu
- Point your mouse to the Profit option to disclose a sub-menu
- You can then choose to view your profit in Terms Currency, points, or base currency
- To calculate the number of percentage in points (pips) that form the point figure, divide the points by 10. For example, 86 points are equivalent to 8.6 pips.
MetaTrader 4 Shortcut Keys
There are various shortcut keys that traders can use to ensure navigation on the MetaTrader 4 platform is efficient and easy. Here are some of the common ones.
- Use the left arrow to scroll to the left
- Scroll to the right part of your chart using the right arrow
- Open User Guide option with the F1 key
- Use F2 to launch the History Centre window
- Open the setup window with the F8 key
- Launch New Order Window with the F9 key
- Enable or disable full-screen mode with the F11 key
- Move your chart to the start point with the Home key
- Navigate your chart to the endpoint with the end key
These MetaTrader 4 tricks and tips are useful for traders of different levels. Use them to enhance your trading experience.