/Time Saving Tips for MetaTrader 4 (MT4)
MetaTrader 4

Time Saving Tips for MetaTrader 4 (MT4)

First, let’s deal with the issue of pair availability. When you first install MetaTrader (MT4), you do not see all available pairs that your broker offers. I have no idea why but depending on your trading style it could be dangerous. Quite a few traders look at one currency pair to see what the other will do. This is called correlation. By having all available charts at your disposal you increase your trading styles and choices.

MetaTrader 4 has a built-in error identification mechanism within its terminal. Like most software, errors detected are expressed in numerical codes. The errors can usually be found under the experts or journal tab of your MetaTrader terminal window. You may also ask your programmer to display the errors on the screen if you are using custom software for trading, such as an expert advisor or script.

During trading, many features that can help you save time is included in MetaTrader 4; today at Templates and Profiles we are going to look.

By customizing all aspects of your charts with templates you will save a lot of time, for setting up different views of the chart you can use it; for each template, you can also load different sets of indicators and experts.

By just right clicking on the chart on and then choosing the different template you could have templates with different combinations of indicators and expert advisors and switch from one set to another very quickly.

Setting up a template with the name default is the best use of templates. Every time you open a new chart from the Market Watch window MT4 will load the default template if you have a template named default.

You can also open several customized charts and then save the collection of charts as a Profile. You can take the help of best forex broker in Australia Profiles can be used for example when you like to switch from a manual trading strategy where you have many indicators and chart customizations to an expert advisor trading style for when you are away from the computer.

Let’s go over the things that will be saved in a Template:

Period

Is only saved for the default chart, if you applied a template to an open chart the period will not change.

Colors

By pressing F8 or right clicking on the chart and choosing Properties, you will find the color settings under the colors tab and you can change the Foreground, a color of the chart background, Volume, Grid, Ask lines, Stop levels and Bars.

Charts Parameters

by pressing F8 or right clicking on the chart and choosing properties, these settings will be under the common tab and you can change the auto-scroll, scale, type of bar/candle, chart shift, display of the Ask Line, OHLC, grid, period separators, and volumes.

Indicators

You can place any number of indicators and customize every indicator parameter.

Expert Advisors

You can place an expert advisor on the charts and all its parameters on the Common and Inputs tabs will be saved.

Be very careful when placing an Expert Advisor on the default template, because every time you open new charts that expert advisor will run immediately.

Now that you’ve hit the trigger and placed a trade, you can now implement a tool to ensure you don’t want to give a single pip back to the market. You can do this by placing a trailing stop to your order. Trailing stops follow the market and move your stop loss based on your settings.