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What Is Forex MetaTrader?

Welcome to What Is Forex MetaTrader article, here we will set almost every things you need to know about MetaTrader and this article is very big, for that we set content table below to be as your guide here, to navigate between main points with simple clicks.
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What Is Forex MetaTrader?

Forex MetaTrader Introduction

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MetaTrader four is a platform developed by MetaQuotes software for on-line trading within the Forex, contract for variations (CFDs) and futures markets. MT4, because it is usually famous, may be downloaded at no charge directly from the MetaQuotes web site (metaquotes.net) or through dozens of on-line Forex brokers. MT4 provides tools and resources that enable traders to investigate worth, place and manage trades, and use machine-driven trading techniques. This tutorial can offer an introduction to several of MetaTrader 4’s options, together with chart settings, technical analysis tools and trade placement.

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Forex MetaTrader Installation

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The MetaTrader four program may be downloaded directly from MetaQuotes Software’s dedicated MT4 web site (metatrader4.com) or through any of the big variety of Forex brokers that supply the program. Installation solely takes a number of minutes with a high-speed net association. Once clicking on “Download”, a MetaTrader four Setup window will seem, as shown in image 1. Browse the license agreement, and so click “Next” to start the installation.

Forex MetaTrader Installation

A new window, shown in image 2, can seem, giving the dealer the choice to just accept the default installation folder or specify a unique one. There are choices to form a desktop shortcut and to launch the program once successful installation. By default, these choices are selected; merely click the box to uncheck the choice. Click “Next” to continue.

Forex MetaTrader Installation 2

New window can seem (image 3) that shows the installation progress. Once all the tasks are completed, click “Next” to continue.

Forex MetaTrader Installation 3

Following successful installation, MT4 can launch with its default parameters, as illustrated in image 4. A pop-up window will seem, prompting the dealer to open an account. Fill within the fields for name, email, address, country, state, city, zip code and phone. Choose the account kind, currency, desired leverage and theoretical deposit from the drop-down menus. This account can mechanically be a demo account – wherever dealers will apply using the program while not risking real cash – unless the trader has opened and funded a trading account with a Forex broker. “We comply with subscribe to newsletters” Should be chosen so as for the “Next” button to seem. Click on “Next” to complete the method. Once the account has been with success created, the information will mechanically begin to update, and also the price charts can come back to life.

Forex MetaTrader Installation 4

After successful installation, the MT4 program can launch and prompt the user to open an account. The “We comply with subscribe to your newsletter” box should be checked to complete the installation.

Forex MetaTrader Basic Navigation

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By default, MT4 opens with four chart windows, every representing a unique currency pair. The toolbars, inhabited with several icons, are set at the highest of the screen. Below the toolbars, on the left facet of the screen, is that the “Market Watch” window, that lists a range of currency pairs at the side of corresponding bid and ask costs. Two tabs are set at the bottom of the “Market Watch” window: One is termed “Symbols,” that shows this list of currency pairs. the opposite is termed “Tick Charts;” this tab may be chosen to indicate this price activity of any of the currency pairs.

Below the “Market Watch” window is that the “Navigator” window. Here, traders will read their account / accounts, moreover as a extent of indicators, “Expert Advisors” and “Scripts.” These options are delineated within the Advanced options section of this tutorial.

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The “Terminal” seems at the bottom of the screen with six tabs: Trade, Account History, Alerts, Mailbox, specialists and Journal.

Traders will click every tab to become aware of the sort of knowledge that seems in every tab. The “Trade” tab, as an example, is wherever open orders and trades may be viewed, together with the symbol, trade entry price, take profit levels, stop loss levels, closing price, profit and/or loss. The “Account History” tab, on the opposite hand, lists all of the activity that has occurred, together with closed orders. Image 5 shows the various sections of the MT4 screen.

Forex MetaTrader Basic Navigation 1

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Forex MetaTrader Charts and Settings

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The price charts may be custom-built to reflect the trader’s vogue and color preferences. Right-click on any price chart and choose “Properties” to customize the looks of the chart. Many default color schemes seem within the “Color Scheme” drop-down menu at the highest of the “Colors” tab. Traders even have the choice to specify colours for every variable, together with background, foreground, grid, and bar colours. The “Common” tab permits traders to pick out if they might like certain options, like volume, to seem on the chart. Image 6 shows an example of the “Properties” window pop-up.Forex MetaTrader Basic Navigation 2

Templates
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Once a color scheme has been chosen, it may be saved as a example. Click on the “Template” icon within the top toolbar and choose “Save example.” give the example a name, and also the new example can seem within the drop-down list of templates. This example will currently be applied to any chart just by clicking on the “Template” icon and choosing the required example from the drop-down list.

Price Bars
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Traders can even choose however price can appear on every chart. With a chart chosen, click on the required icon to use bar, holder or line price data. Hovering the pointer over any icon can cause the icon’s name to seem. This can be useful once learning the perform of every icon. The chart kind can even be chosen by clicking “Charts” within the top toolbar and selecting the required kind from the drop-down menu.

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Indicators
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A variety of technical analysis indicators may be accessorize to any price chart. Click on the “Add Indicators” icon within the top toolbar to look at a listing of accessible indicators and create a range. Image 7 shows an example of the “Add Indicators” drop-down menu. This menu can even be accessed by clicking “Insert” on the highest toolbar and choosing “Indicators” several indicators are classified beneath the sort of indicator, like trends, oscillators and volumes and might be found beneath the suitable heading. Once an indicator is chosen, the trader can have the choice to alter inputs, like moving average length, or use the default settings. The indicator can then seem on the worth chart.

Forex MetaTrader Basic Navigation 3

Click on the “Add Indicators” icon within the top toolbar to access a listing of technical indicators which will be applied to any price chart.

Chart Size
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Any price chart may be closed, maximized, reduced or fixed up by right-clicking on the chart’s tab beneath the chart windows. Image 8, as an example, shows the window and corresponding decisions that seem once right-clicking on the tab for the EUR/USD currency pair.

Forex MetaTrader Basic Navigation 4

Each chart may be closed, maximized, reduced or fixed up by right-clicking on the currency pair’s tab beneath the chart window.

Zoom
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Traders might realize it useful from time to time to be able to take a more in-depth consider a price chart. the highest toolbar’s “Zoom In” and “Zoom Out” icons may be clicked to get a unique read of the chart. The “Zoom In” feature permits traders to require a better in-depth consider a smaller data set; every successive click on the “Zoom In” icon can offer a more close-up read of the chart. The other holds true for the “Zoom Out” icon, which might be clicked to return the chart to its original look.

Time Frames
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Different time-frames may be applied to a chart either by clicking on the “Periods” icon or by choosing the required time frame from the toolbar, as shown in Image 9. “M1 represents a one-minute time-frame” – “M5 a five-minute time-frame” – “H1 a one-hour”, and so on. Several traders prefer to watch an equivalent trading symbol on multiple time frames. If monitor area is a difficulty and multiple charts of an equivalent symbol don’t seem to be sensible, traders can switch back and forth between time frames using these easy-to-access toolbar icons.

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Forex MetaTrader Basic Navigation 5

Different time frames may be applied to a chart by clicking on the “Periods” icon and choosing from the drop-down list, or by clicking on the required icon within the toolbar.

Drawing Tools
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Traders can use a range of drawing tools to reinforce their marketing research. Objects like vertical lines, horizontal lines, trend-lines, channels and Fibonacci Retracements may be drawn. Every drawing tool has its own icon set within the toolbar. extra drawing tools, like Gann lines, may be found by clicking “Insert” on the highest toolbar and choosing from a range of tools.

Connection standing
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The bottom right corner of the screen shows a standing icon that indicates if the platform is connected to the internet and capable of receiving market updates. Red bars indicate there’s no connection. Conversely, green bars indicate there’s a connection, and also the adjacent connection displays the speed of the connection.


Setting up a Trade

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Connecting to data Centers/Live Accounts and Historical data. Once MetaTrader four has been launched and account opened (even a demo account), and also the connection confirmed, traders ought to be viewing live market data. If the standing icon within the lower right-hand corner shows there’s a connection however the charts are still not change, clicking on “Charts” and so choosing “Refresh” ought to permit the data to begin loading properly. Several traders want to review historical information so as to back-test trading ways, or confirm however a method would have performed within the past. This historical information will be downloaded through MT4’s History Center:

First, confirm that the setting for the utmost variety of bars can accommodate the information which will be downloaded, assuming 1,440 minute bars every day (60 minutes × 24 hours), for instance. In MT4, click on “Tools” and choose options >Charts>Max Bars in History to enter the utmost variety of bars.

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Opt for the instrument and time-frame, double-clicking to populate the database on the right-hand aspect of the window. Choose the specified data (Ctrl + Click to pick more than one), and so click “Download.” an example will be seen in image 10.

Forex MetaTrader Setting up a Trade 1

If desired, the data will be exported in an exceedingly type of formats. Directions will be found within the MT4 user guide by clicking “Help” and choosing “Help Topics.”

Opening and Modifying Orders
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Once a trader is prepared to enter an order into the market, the “Order” window can ought to be opened. This may be accomplished in any of 3 ways, as illustrated in image 11:

1- Right-clicking on a currency pair within the “Market Watch” window and choosing “New Trade;”
2- Right-clicking on an energetic chart and choosing Trade>New Order; and…
3- Clicking on the “New Order” button within the toolbar.

There are 3 ways to open a replacement “Order” window:
1- Within the “Market Watch” window.
2- On an energetic chart.
3- Within the toolbar.

Forex MetaTrader Setting up a Trade 2

Any technique can open a similar “Order” window, shown in image 12. Here, traders should choose the:

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Symbol” from the drop-down list at the highest (this can mechanically be set to the symbol on the active chart). A corresponding tick chart seems within the left pane.

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Volume“in terms of lot size. 1.0 is adequate to one lot, or 100,000 units. Several traders choose smaller volumes.

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Stop Loss” and “Take Profit“if the platform supports this feature. If MT4 is downloaded through certain brokers, these fields are user-definable. Otherwise, these fields can stay blank (but the orders will still be entered later).

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Type“either “Market Execution” (a market order) or “Pending Order” wherever the monger will specify the specified entry price.”Sell by Market” or “Buy by Market,”depending on the specified trade direction. Click “Okay”to shut the window.

Forex MetaTrader Setting up a Trade 3

The open order will be viewed within the “Terminal” window by clicking on the “Trade” tab.

To modify an order, like to feature a protecting stop loss order and/or a take profit (profit target) order, highlight the trade in the “Trade” tab of the Terminal, right-click and choose “Modify or Delete Order.” This is often shown in image 13.

Forex MetaTrader Setting up a Trade 4

Image 13: Right-click on the trade in the “Trade” tab of the Terminal to switch or delete the order.

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A window can open wherever traders will manually specify stop loss and/or take profit levels. The “Copy As” buttons will be clicked to populate the stop loss and take profit fields with this price. Changes will then be created to the costs to attain the specified stop loss and take profit levels. Once useful levels are specified, the trade will be entered by clicking on the long, horizontal bar at the bottom of the screen. This bar will be highlighted only if valid stop loss and/or take profit levels are entered (at least ten pips off from the trade entry level); otherwise, the bar can stay gray and inactive. Image 14 shows an example of the “Modify or Delete Order” window.

Forex MetaTrader Setting up a Trade 5

Image 14: Adding stop loss and take profit (profit target) orders to an open order.

Once stop loss and take profit values are specified, they’ll seem on the chart as horizontal lines at the corresponding price levels. This makes it straightforward for traders to observe open trades. An example will be viewed in image 15. A trailing stop will be supplemental in conjunction with the protecting stop loss order that enables the stop level to maneuver up (in the case of a protracted position) or move down (in a brief position) a specified quantity. A trailing stop will be entered by right-clicking on an open position within the “Trade” tab of the Terminal, and choosing “Trailing Stop” and also the desired stop level.

Forex MetaTrader Setting up a Trade 6

Image 15: Stop loss and take profit (profit target) levels can seem as horizontal lines at the suitable indicator.

Forex MetaTrader Closing Orders and Checking Dealings History

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From here, the trade are closed once price hits the stop loss, trailing stop or take profit level. The trade will be closed at any time by lightness the trade in the “Trade” tab of the Terminal, right-clicking and choosing “Close Order,” as shown in image 16.

Forex MetaTrader Setting up a Trade 7

Image 16: Trades will be closed by right-clicking on an open trade in the “Trade” tab of the Terminal, and choosing “Close Order.”

After choosing “Close Order”, a window can seem prompting the monger to verify that the trade ought to be closed. This window can even be opened by double-clicking on the trade in the “Trade” tab of the Terminal. Once the window seems, the yellow horizontal bar at the bottom of the window will be clicked to shut the trade, as shown in image 17. It ought to be noted that trades can even be closed by opening an opposing position. for instance, if the trade is long 1.0 EUR/USD, that position will be closed by opening a brief 1.0 EUR/USD position. This is often generally noted as stop-and-reverse, or SAR, method.

Forex MetaTrader Setting up a Trade 8

Image 17: To shut a trade, trades will open the “Close Order” window and click on on the yellow bar.

All open trade activity will be viewed within the “Trade” tab of the Terminal, and every one account history can seem within the “Account History” tab of the Terminal.

Forex MetaTrader Advanced options

Connecting MT4 to a Mobile Device
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As individuals are getting additional captivated with electronic devices, several Forex brokers currently provide applications to support MT4 on mobile devices. The practicality of the MT4 application is comparable thereto of the desktop version. Traders will access charts, utilize technical analysis tools, and place and manage trades. whereas MetaQuotes presently supports solely the Windows software (OS), third-party brokers have created android and iPhone applications obtainable. At the end of 2011, MetaQuotes proclaimed it’d before long be releasing applications for the iPhone software.

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While most Forex brokers do provide mobile apps, they are doing not continually give apps for all of the various operational systems. If the mobile app feature may be a priority, make sure with a broker ahead of time that it’ll be able to support a specific software. Sure brokers charge a fee for the application, or charge for a license key, whereas others give it away. A fast decision to a broker’s client service variety, or an internet chat, will give details relating to operating systems and costs, if any. Specific installation directions are usually provided on every supporting brokers’ computing device.

Forex MetaTrader Expert Advisors

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MT4’s expert adviser (EA) program are often wont to implement trading ways and alter trading. The proprietary programing language is named “MetaQuotes Language four,” or MQL4. Traders will write their own custom indicators and/or strategies using the platform’s “MetaEditor”feature. To open, click on “Tools” and choose “MetaQuotes Language Editor,” shown in image 18, or click on the “MetaEditor” icon within the toolbar. This may open the programming ambience.

While details relating to the creation and usage of MT4’s expert Ad-visors are outside the scope of this guide, useful data are often found within the “MetaEditor” window by clicking on “Help” and choosing any of the subheadings underneath “MQL4 Community,” together with MQL4 web site, Book, Documentation, Articles, Code Base and Forum. This on-line community offers free support, and members will post queries like, “How am i able to write an ea that may enable me to enter synchronous purchase and sell orders to capture a breakout?” and alternative community members will post responses. The “MQL4 Code Base” offers free EAs that alternative members have denote, together with an outline of the aim and application of the code.

Forex MetaTrader Advanced Features 1

Image 18: The MQL4 community provides support for MT4’s proprietary programing language.

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Once EAs are written or otherwise non-heritable, they will be connected to any chart to perform a spread of functions, together with technical analysis, like indicators, or maybe trading automation. EAs, Custom Indicators, and Scripts (programs that are dead for the asking that are meant to perform one action) are often additional to a chart by clicking-and-dragging, or by double-clicking the required item inside the “Navigator” window, as shown in image 19.

Forex MetaTrader Advanced Features 2

Image 19: Double-clicking on an EA, indicator or Script can apply it to the active chart. Traders can even merely click and drag the item onto a chart.

In addition to the “Help” menu within the MetaEditor window, clicking on “Help” within the MT4 window and choosing “Help Topics” can open the MT4 User Guide, that has innumerable documentation relating to the creation and application of Expert Ad-visors, Custom Indicators and Scripts.

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Forex MetaTrader Tips and Tricks

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As traders become additional conversant in the MT4 platform, they’re going to notice certain tips and tricks that facilitate save time or that build a method easier. Here are a couple of to induce traders started.

Profiles
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Traders have the choice of saving chart groups: however the charts and completely different windows are organized on the screen. The layout are often saved by clicking on the “Profiles” icon and choosing “Save Profile As.” many various Profiles are often saved, permitting traders a selection in however their screens seem. To access a Profile, click on the “Profiles” icon and choose from the drop-down list. many default profiles are enclosed within the drop-down menu.

Trend-Lines
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Trend-lines are drawn on charts primarily to assist establish areas of support and resistance. Click on the “Trend-line” icon to draw a trend-line on the chart: click and drag to outline the trend-line, then release the mouse. Double-click on the trend-line to form changes to it:

– Click and drag to end of the trend-line to rotate.
– Click and drag the middle box of the trend-line to maneuver the trend-line to a special index.
– Hold the keyboard’s “Ctrl” button and click on on the trend-line to draw a parallel trend-line.
– Right-click to open the “Trendline Properties” box to regulate the colour and elegance and outline alternative parameters.
– Right-click and choose “Delete” to get rid of the trend-line.

Cross-Hair Mode
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The cross-hair mode are often quickly accessed by clicking the center button. Whereas the cross-hair mode is in use, traders will move the cross-hair over any price bar, or any a part of a price bar, and also the corresponding time and price values are going to be promptly classifiable. Image 20 illustrates this idea. The cross-hair mode is beneficial once determinative specific time and price values, like once probing for a recent high or low, or once identifying when a bar written. The cross-hair mode can even be chosen by clicking the “Cross-Hair” icon within the toolbar.

Forex MetaTrader Tips and Tricks 1

Image 20: Cross-hair mode makes it simple to seek out a price bar’s high or low, and also the time and day that the bar written.

Deleting Drawing Objects
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The last drawing object that’s drawn, whether or not it’s a trend-line or a Fibonacci retracement, are often off from the chart by clicking on the keyboard’s backspace button. Continue clicking the backspace button to get rid of further objects.

Charts
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When over one chart is open, tabs can seem underneath the chart windows. Every tab can have the name of the symbol and its time-frame. Double-clicking on a tab permits traders to change between viewing one chart and seeing all charts displayed at an equivalent time. The show are often adjusted by clicking “Window” within the tool bar and choosing from the drop-down list. Choices embrace “Cascade,” that stacks the charts one on prime of another; and “Tile Horizontally,” that creates equally-sized charts and arranges them in a very tidy manner.

Forex MetaTrader Conclusion

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While it’s simple to setup MT4 and begin inserting trades, it needs time and energy to be told the program’s intricacies so as to require advantage of its powerful options. This guide is an introduction, and lots of further resources are obtainable through the MT4 User Guide and MQL4 Community. We hope What Is Forex MetaTrader? meet your needs and provide useful information’s for you and please share us your ideas in comment box below and join Forex newsletter here.

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Summary
What Is Forex MetaTrader?
Article Name
What Is Forex MetaTrader?
Description
MetaTrader four is a platform developed by MetaQuotes software for on-line trading within the Forex...
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