Table of Contents: Topic Page Open Demo Account 3 Real-time quotes 4 Charts 6 Open/close a position 13 Stop Loss / Take Profit 16 Pending Orders 19 Adiitional Tips 22 Opening Demo Account 1) Method 1 Go to File -> Open an Account. The open account window will appear. Fill up the form. You can select Account Type: “forex” for standard account or “forex-mini” for mini account. You can open many demo accounts. 1B) Method 2. Depending on your broker, you may be asked to register on their website first BEFORE you can download their MT4 Platform In such cases, simply 1. download the MT4 program of the broker after you’ve registered 2. Login using the details provide by your broker on the MT4 platform File > Login to Trade Account Real-time quotes The “Market Watch” window can be activated by pressing the Ctrl+M key combination, or by using the View ->Market Watch menu sequence or by clicking the button from the “Standard” toolbar: Standard toolbar Right click the mouse button on the “Market Watch” window to produce the context menu: Market Watch window • New Order – enables the window to open/close a position or to place a new pending order; • Chart Window – enables the chart of a currency pair or CFD; • Tick Chart – shows the tick chart for the selected instrument; • Hide – deletes the specified symbol from the list in the “Market Watch” window; • Hide All – deletes all symbols from the list in the “Market Watch” window which are not used (if you have open positions or charts, its symbols will not be deleted); • Show All – displays all available symbols in the “Market Watch” window; • Symbols – enables the window where you can hide/show the selected instruments; • Sets – saves/adjusts/deletes the custom settings for the “Market Watch” window; • High/Low – shows/hides columns with the highest and lowest prices for each instrument; • Time – displays a column with the arrival time of the latest quote for each instrument; • Grid – hides/unhides gridlines in the “Market Watch” window; • Popup Prices – opens the popup window which contains real time quotes for your selected instruments. Charts In MetaTrader 4 you can see as many real time charts as you wish, all on one screen, for any currency pair or CFD and for any time period. The following types of charts are avaiable in MetaTrader 4: 1. Line Chart. Chart x-axis is for the different time periods (minutes, hours, days, months etc.), and y-axis is for the price. The point on the chart shows the close price for the period, i.e. the bid of the last quote for this period. All the sequential points are joined by lines: Line chart in MetaTrader 4 It is recommended that this chart type is used only for the short time periods (up to 5 minutes). In order to change the chart to a line chart, press the button on the «Charts» toolbar: Charts toolbar or press the Alt+3 key combination or use the Charts -> Line Chart menu sequence. 2. Bar Chart. The chart is created with the use of bars. Each bar has a high (top), a low (bottom), an opening price (left horizontal little line) and a closing price (right horizontal little line) for the specified period of time (for example, an hour): Bar chart in MetaTrader 4 It is recommended that you use this chart type for periods of 5 minutes or more. In order to change the chart to a bar chart press the button on the “Charts” toolbar Charts toolbar or press the Alt+1 key combination, or use the Charts -> Bar Chart menu sequence. 3. Candlesticks. These charts are created in the same way as bar charts: Candlesticks chart in MetaTrader 4 Candlesticks charts were very popular in the 80-90s because of their clear graphics. Candlesticks were originally created only for day charts which is why these days they are mostly used for a daily period. This method of technical analysis is based on the correlation between both closing and opening prices within the same trading day, and the closing price of the previous session and the opening price of the next session. Candlesticks have different configurations compared to bar charts. The rectangular part of the candlestick line is called the real body. The thin vertical lines above and below the body are called shadows. They show lows and highs within a specified period of time. Depending on the closing and opening prices the real body can be white (empty) or black. When the body is white, the closing price is higher than the opening level. When the body is black, the closing price is lower than the opening level. In order to change the chart to a bar chart press the button on the “Charts” toolbar Charts toolbar or press the Alt+1 key combination, or use the Charts -> Bar Chart menu sequence. In MetaTrader 4 both the bar and candle high is the highest Bid price for the defined period, the low is the lowest Bid price, the closing price is the last quoted Bid, the opening price is the first quoted Bid. In order to create a new chart for any instrument right click on the “Market Watch” window, then select the Chart window item from the context menu: Chart context menu By left clicking the mouse you can drag and drop any selected currency pair or CFD into any open chart window. Chart period – the period displayed in one bar or candle. For example, if you create a 15 minute bar chart, then each bar will have the price data for the relevant 15 minutes. In MetaTrader 4 the following time periods can be used: 1, 5, 15, 30 minutes (M1, M5, M15, M30 respectively), 1 hour (H1), 4 hours (H4), 1 day (D1), 1 week (W1) and 1 month (MN). In order to change a time period, use the “Periodicity” toolbar: “Periodicity” toolbar Right click anywhere on the chart to produce the context menu to get access to the chart settings: Market Watch window context menu • Choose Periodicity and select a time period from the drop down menu or press the button on the “Charts” toolbar; • Select Refresh item if an error occurs or if there are so called “gaps” on the chart. All missing data will be uploaded from the server and will appear on the chart; • Select Grid if you wish to hide/unhide gridlines on the chart; • Select Volumes in order to show/hide tick volume (the number of quotes of any period time); • Zoom in / Zoom out will help you to modify chart measures. You can also use the / buttons on the “Charts” toolbar or press the “+” and “-” buttons; • Save as picture… will save the chart as the *.gif, or *.bmp. file; • Properties… (or the F8 button) enables the window where you can change chart settings, by selecting the “Color” tab you can change the color of any element on the chart: Color tab of Chart Properties window Other settings can be changed in the Common tab: Common tab of Chart Properties window Please note the following options: • Offline chart – the chart is not being updated by new quotes. Once you open the chart offline (File -> Open offline) this option becomes automatic; • Chart shift – allows to shift the chart from the right edge of the window. You can also press the button on the “Charts” toolbar or use the Charts -> Chart shift menu sequence; • Chart autoscroll – disables/enables chart autoscroll to the left once a new quote is received. You can also press the button on the “Charts” toolbar or use the Charts -> Autoscroll menu sequence. Open/close a position In order to enable the “Order” window: • right click on the “Market Watch” window or on the “Trade” tab of the “Terminal” window and select New order from the context menu; or • press the F9 button; or • use the Tools -> New order menu sequence; or • right click on the chart window and select Trading -> New Order from the context menu; or • double click on the currency pair in the “Market Watch” window. The “Order” window: Order window (Instant Execution) Instant Execution means that you do not have to request quotes, as you see real-time dealable prices in the “Order” window and in the “Market Watch” window. Once you have decided to buy or sell at the current price press the Buy or Sell buttons to open a long or short position. For the instruments which are traded in the Instant Execution mode all quotes which are in the “Market Watch” window are executable, not indicative. Once the Buy or Sell button is pressed and broker confirms the deal, consider your new long or short position open: Deal execution confirmation The position is now listed in the “Trade” tab of the “Terminal” window. “Instant Execution” only takes a few seconds to complete the deal. Before you make a deal you can change its details in the “Order” window: • Symbol – a currency pair you choose to make a deal; • Volume – number of lots; • Stop Loss – the level of Stop Loss order; • Take Profit – the level of Take Profit order; • Comment – any notes. In order to close a position, highlight it in the “Trade” tab of the “Terminal” window and right click to obtain the context menu: The context menu of the Trade tab of the Terminal window then select Close order. Left double clicking on the open position in the “Trade” tab of the “Terminal” window will have the same result. The “Order #__ …” window appears: Close the position (Instant Execution) Click “Close #__” button. A confirmation will appear. Deal execution confirmation If the market is stable then execution is usually made instanly. Sometimes, however, the market can be very volatile and the quote offered several seconds ago may become invalid (even before those several seconds, which are given to you for the decision-making process, run out). In this case the quote is revoked and the “Requote” window with a new quote appears. Stop Loss / Take Profit Stop Loss – an order to close a previously opened position at a price less profitable for the Customer than the price at the time of placing the order. Take Profit – an order to close a previously opened position at a price more profitable for the Customer than the price at the time of placing the order. If you place these types of orders you do not have to sit in front of your computer to wait for the outcome. Take Profit and Stop Loss orders will be executed automatically as soon as the price reaches order level (see below). You can place Stop Loss and Take Profit at the time of making a deal filling in the “Stop Loss” and “Take Profit” fields in the “Order” window: How to place Stop Loss and Take Profit orders in the Order window Afterwards in order to modify Stop Loss and Take Profit levels use the context menu: The context menu of the Trade tab of the Terminal window Right click on the open position or on the pending order in the “Trade” tab of the “Terminal” window then select Modify or delete order. The “Modify order” window enables: The Modify Order window Fill in the “Stop Loss” and “Take profit” fields. By pressing the red button (in our example “1.2121”) you can copy this level into the “Stop Loss” field. By pressing the blue button (in our example “1.2096”) you can copy this level in the “Take profit” field. The value in the “Level” field defines the difference between the order level and the current price. Once you fill in the “Stop Loss” or/and “Take profit” fields press the “Modify #position number …” button. In order to delete Stop Loss or Take profit orders specify its level as equal to zero. Stop Loss and Take profit orders are executed in the following cases: • the Take Profit order on an open Buy position is executed if the Bid price in the quotes flow becomes equal or higher than the order level; • the Stop Loss order on an open Buy position is executed if the Bid price in the quotes flow becomes equal or lower than the order level; • the Take Profit order on an open Sell position is executed if the Ask price in the quotes flow becomes equal or lower than the order level; • the Stop Loss order on an open Sell position is executed if the Ask price in the quotes flow becomes equal or higher than the order level. The order will be executed if at least one quote in the quotes flow reaches the order level. Note, that in MetaTrader 4 charts are created using Bid prices, so: • minimum Ask price is equal to the minimum bar price (Low) plus spread; • maximum Ask price is equal to the maximum bar price (High) plus spread; • minimum Bid price is equal to the minimum bar price(Low); • maximum Bid price is equal to the maximum bar price (High). Pending Orders Pending order is an instruction to open a position when the current price reaches the order level. There are four types of pending orders: 1. Buy Stop – an order to open a Buy position at a price higher than the price at the moment of placing the order; 2. Sell Stop – an order to open a Sell position at a price lower than the price at the moment of placing the order; 3. Buy Limit – an order to open a Buy position at a lower price than the price at the moment of placing the order; 4. Sell Limit – an order to open a Sell position at a price higher than the price at the moment of placing the order. Types of pending orders In order to place a pending order, open the “Order” window by any way described below: • right click on the “Market Watch” window or on the “Trade” tab of the “Terminal” window and select New order from the context menu; or • press the F9 button; or • use the Tools -> New order menu sequence; or • right click on the chart window and select Trading -> New Order from the context menu; or • double click on the currency pair in the “Market Watch” window. Then choose the Pending order item from the drop down list: How to place pending order The following options may be changed in this window as well: • Symbol – currency pair or CFD; • Volume – transaction size in lots; • Stop Loss – Stop Loss order level which will be activated once the pending order has been executed; • Take Profit – Take Profit order level which will be activated once the pending order has been executed; • Comment – your comments for the pending order; • Type – the type of pending order: Buy Stop, Buy Limit, Sell Stop, Sell Limit; • At price – pending order level; • Expiry – if the box has not been checked the order is valid up to the time when you cancel it or when it is executed. If the box is checked the order is valid up to the moment specified in the box. Once the Place order button is pressed, the instruction is sent directly to broker. Once confirms the order, it appears in the “Trade” tab of the “Terminal” window. In order to modify or delete a pending order highlight it in the “Terminal” window, then right click to produce the context menu: The context menu of the Trade tab of the Terminal window Select Modify or delete order menu item. Press the Modify button or the Delete button depending on your choice in the dialog window: How to modify or delete pending order Execution of pending orders: • a Buy Limit order is executed if the Ask price in the quotes flow becomes equal or lower than the order level; • a Sell Limit order is executed if the Bid price in the quotes flow becomes equal or higher than the order level; • a Buy Stop order is executed if the Ask price in the quotes flow becomes equal or higher than the order level; • a Sell Stop order is executed if the Bid price in the quotes flow becomes equal or lower than the order level. Additional Tips Use of the mouse and mousewheel, and their keyboard equivalents Scrolling the chart • Hold down the left mouse button and drag the mouse in the main chart area, to scroll left/right.Or you can also simply roll the mousewheel down/up, or use the left/right arrow keys, to likewise scroll the chart view left/right. • To scroll a whole screen at a time, use Page Up (scroll left) and Page Down (scroll right). • To reposition to the leftmost bar on the chart, press Home. • To reposition to the most recent (rightmost) bar, press End. • To step forward one bar at a time, press F12. • To step backward one bar at a time, press Shift-F12. • Scrolling a chart beyond the leftmost bar will add historical bars to the beginning of the chart, until no more are available from MT4’s historical database. Moving directly to a certain date/time To re-position immediately to a certain date, press Enter, then type in the date in the form DD.MM.YYand press Enter again. Leading zeros can be omitted (e.g. to move to 4 July 2005, type 4.7.5). To re-position to a certain date/time, use the format HH:MM or DD.MM.YY HH:MM (e.g. to position to 8:07am TODAY on a 1-min chart, simply type 8:7). Vertical zoom and re-scale You can re-scale the chart vertically by moving the mouse into the vertical axis area at the right of the screen, and then dragging downwards (with the left button held down) to compress the chart bars, or dragging upwards to expand them. Double click to reset the chart to its original scale. Horizontal zoom and re-scale Similarly, you can adjust the width of the price bars by moving the mouse into the horizontal axis area at the bottom of the screen, and then dragging right (zoom in) or left (zoom out). Or simply use the “+” and “–” keys to achieve this. Indicators • Double-click on or near indicators with the left mouse button, to call their setup windows, from which their properties (parameters, colors, etc) can be changed. • Right-click to call the indicator’s context menu. • If the screen is cluttered with overlapping indicators and/or objects, making it too difficult to select the desired indicator, press Ctrl-I to call up the Indicators dialog window. Double click (or click the Edit button, or Alt-E) on the indicator to edit its properties (parameters, colors, etc), or click the Delete button (or Alt-D) to remove it from the chart. Objects • Double-click on or near an object (line studies, texts or arrows) to select the object. Once selected, you can move an object by left clicking on it and dragging it to the desired destination. • Right-click on a selected object to open its context menu. • If the screen is cluttered with overlapping indicators and/or objects, making it too difficult to select the desired object(s), press Ctrl-B to call up the Objects dialog window. Left click the check boxes on/off to select/deselect relevant object(s). Double click (or click the Edit button, or Alt-E) on an object to edit its properties (parameters, colors, etc), or click the Delete button (or Alt-D) to remove it from the chart. To quickly delete a whole block of objects, repeatedly press Alt-D or hold it down (careful, they disappear rather quickly!) • Alternatively, from the chart window, press Backspace repeatedly to delete the most recently added object(s) on a last-added-first-removed basis (useful if you want to quickly check out a Fibo or regression channel, then remove it). Then press Ctrl-Z if necessary, to undo any accidental deletes, in reverse order. • Or press the Delete key to remove ALL SELECTED objects. Parallel Trendlines Ctrl + left click on a selected trend line to draw a parallel trend line (create a channel). Information Bubble Hover the mouse cursor on or over an element, object or indicator to see the prompt (help information bubble). Crosshair mode, and ruler tool Click the mousewheel to switch cursor to the “crosshair” mode. This can also be achieved by pressing Ctrl-F, or selecting the crosshair icon from the toolbar. The crosshairs also display vertical (price) and horizontal (date/time) co-ordinates at the right and bottom of the chart. Simply left-click to exit crosshair mode. [Now, here is something extremely useful that I haven’t found in the on-line help: While in crosshair mode, hold down the left mouse button and drag the mouse to obtain a ruler-type tool that measures vertical (number of pips) and horizontal (number of bars) from the center of the crosshairs. The tool displays counters in the form “A/B/C” where A is the number of bars right or left of the crosshair, B is the number of pips from crosshair to cursor, and C is the price at the cursor. I find “B” extremely useful for measuring the number of pips between any two points, thus: 1) move the mouse to the point you want to measure from (the “anchor” point); 2) click the mousewheel to enter crosshair mode; 3) then hold down the left button and move the mouse to any number of destination points, to see the number of pips between the anchor point and the current mouse destination. This saves having to calculate this distance manually, as the difference between two prices. Pretty cool! You can also use this facility to count price bars (reading “A”) between any two dates/times.] Reference and anchor points At the lower left of the chart there is a dark colored arrow. Dragging it with the mouse sets the reference (anchor) point for the chart. Now when you zoom in or out, or even change the timeframe, this point remains anchored at its existing location. At the upper right of the chart there is likewise a dark colored arrow. Drag it left or right with the mouse to set the location for the last (most current) bar on the chart (i.e. set the amount of empty “whitespace” at the right of the chart). List of hotkeys There are many other useful hotkeys. Here is a comprehensive list: Left arrow — scroll chart to the left; Right arrow — scroll chart to the right; Up arrow — quickly scroll chart to the left or (if the scale is defined), scroll chart upwards; Down arrow — quickly scroll chart to the right or (if the scale is defined), scroll chart downwards; Numpad 5 — restores chart vertical scale to its original default. If the scale was defined, this returns the chart back to its visible range; Page Up — scroll a whole screen to the left; Page Down — scroll a whole screen to the left; Home — move the chart to the start point (first bar); End — move the chart to the end point (last, i.e. most current) bar; “—” — zoom out (there are 6 levels of zoom available); “+” — zoom in; Delete — delete all selected objects; Backspace — delete most recently added objects, on a last-added-first-removed basis; Enter — open/close the fast navigation window; Esc — close any dialog window; F1 — open the on line help “Userguide”; F2 — open the “History Center” window; F3 — open the “Global Variables” window; F4 — open MetaEditor; F5 — switch to the next profile; Shift+F5 — switch to the previous profile; F6 — call the “Tester” dialog window for testing the expert attached to the chart window; F7 — call the properties dialog window of the expert attached to their chart window, in order to change its settings; F8 — call the chart setup dialog window, allowing basic chart parameters, colors, etc to be changed; F9 — call the “New Order” window, allowing the entry of market, limit, stop orders; F10 — open the “Popup prices” window; F11 — enable/disable full screen mode; F12 — scroll the chart one bar to the left; Shift+F12 — scroll the chart one bar to the right; Alt+1 — display the chart as OHLC bars; Alt+2 — display the chart as OHLC candlesticks; Alt+3 — display the chart as a line (closing prices only); Alt+A — copy all test/optimization results onto the clipboard; Alt+W — call the chart management window; Alt+F4 — exit the program; Ctrl+A — arrange all indicator window heights by default; Ctrl+B — call the “Objects List” dialog window; Ctrl+C or Ctrl+Insert — copy selected item to the clipboard; Ctrl+D — open/close the “Data Window”; Ctrl+E — enable/disable the attached expert advisor; Ctrl+F — switch to “Crosshair” mode; Ctrl+G — show/hide the vertical/horizontal grid; Ctrl+H — show/hide the OHLC line; Ctrl+I — call the “Indicators List” dialog window; Ctrl+L — show/hide volume data on the main chart; Ctrl+M — open/close the “Market Watch” window; Ctrl+N — open/close the “Navigator” window; Ctrl+O — open the “Setup” window; Ctrl+P — print the chart; Ctrl+R — open/close the “Tester” window; Ctrl+S — save the chart prices (OHLCV) in a file having extensions: “CSV”, “PRN” or “HTM”; Ctrl+T — open/close the “Terminal” window; Ctrl+W or Ctrl+F4 — close the chart window that’s currently in focus; Ctrl+Y— show/hide date (period) separators; Ctrl+Z or Alt+Backspace — undo object deletions in the reverse order they occurred; Ctrl+F6 — switch to the next chart window; Ctrl+F9 — open the “Terminal — Trade” window and switch the focus into it, allowing trading operations to be entered via the keyboard. Attaching indicators to indicators outside of the main price chart You can attach moving averages and other indicators to indicators on other than the main chart. For example, if you want to use a moving average to smooth RSI, do the following: 1) Create a lower window with RSI in the normal manner. 2) Open the navigator window (press Ctrl-N). 3) Click on the “Indicators” heading in the Navigator window, if necessary, to expand it. 4) Move the mouse to the “Moving Average” item, then (holding down the left button), drag it (a rectangle appears under the arrow cursor) into the RSI window. 5) In the ensuing dialog box, got to the “Apply to” drop down, and set this to “First indicator’s data”. This will cause the MA to be attached to the first indicator in this window, i.e. the RSI. 6) Adjust other parameters as desired, and press Enter. Adding custom-defined indicators to MT4 One of the most powerful MT4 features is that it has a comprehensive but friendly programming language that allows custom-defined indicators, scripts and expert advisors to be written. Here’s how to import an already written indicator into MT4’s charting facility: 1) Close MT4 Platform or make sure it is not running 2) Copy the Custom Indicators/Expert Advisor/Scripts to the folder accordingly: Custom indicators: c:\program files\metatrader 4\experts\indicators Experts: c:\program files\metatrader 4\experts Scripts: c:\program files\metatrader 4\experts\scripts To load template, copy the template (*.tpl) file to c:\program files\metatrader 4\templates 3) Open MT4 Platform and go to View -> Navigator (Ctrl + N). You will find the Custom Indicators/Expert Advisor/Scripts there. For template, right click on a chart, then go to “Template” and click “Load Template”