Part 3 Meta Trader 4 Show – How To Use A Strategy

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Thread: (Tutorial) How To Use Android Metatrader4 Platform?

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(Tutorial) How To Use Android Metatrader4 Platform?

i wanna share the tutorial for using the android metatrader4 platform, so we can trade from mobile, from anywhere

Note : this pictures are original from my android mobile, with the aplication screenshot to grab the screen

i will try to explain every menus in the android mobile platform

before we continue, you have to download the terminal first
go here

click the link in the rectangle area, download for android

after that you will download that terminal, install in your android phone, and you will get the menu like this one

tap that menu, and you will enter the metatrader4 menu

there will be two options
Login with the existing account (we have real account)
Open demo account (we wanna trade in demo with this terminal)

tap “Login with the existing account”

find your server of broker, in this case i use instaofex singapore as my server, because i live in asia (indonesia) so i choose the nearest server, to minimize the delay

after that you will see the screen below

login with your account, input the login number, and the password,
you can save the password, or uncheck it to not save the password in this device

tap sign in to continue

we can see the pairs that we can trade, view the chart, or trades, or history, or everything,
it’s small but the details of our account is there

we can see the menus again, if we hit the menu button in our android,
we can see six menus

New Order : to execute new orders
Symbols : to add/ discard the pairs that we wanna trade
Accounts : manage the account, we can manage more than one account
Messages : it comes from your signal provider maybe
Settings : there will be the menu of the settings that available for us
About : to view the version of metatrader that we use

ok i will explain and try to make the Screen Shot as clear as i can, so everyone can trade from mobile

we can see that menus? it’s like in our desktop metatrader am i right?
we can see the pair that we wanna execute
the kind of order that we wanna use, it’s the same, there is
instant order
buy/ sell limit order
buy/ sell stop order

we can execute as the same as we use the PC terminal

modify the stop loss, modify the take profit, you can do anything

i will continue in the post #2, because it’s already too long page

The following 4 users say Thank You to AkuRapopo for this useful post.

Part #2

as you can see we can see the menus to add or to delete the pairs that we wanna view and we wanna trade,
i will try to tap the add button first

there is the forex major or anything like that, it’s the folder, if you tap it, you could see the list that available for us

we can see the metals list too

we can try the search button too, to search our pair to trade, what pair do you want to trade? just search it, and you will find it

it’s the menu to manage our account, so we can manage more than one account in one metatrader, but it’s not like the multiterminal brother, you must login in one account,
or you can delete your account in this menu too

in the settings menu, you will see the options,
– advanced mode : to change the mode of our view, in advanced mode, we can see the spread in that pair, and some other details
– line tpe : we can change it to the bar chart, candlestick or line chart, it’s the same thing that we can see in our PC terminal
– OHLC : Open High Low Close, this option will show the OHLC detail in your chart
– Data Window : this is not important menu
– Show Volume? : it will show your volume (lot of trade)
– Show Trade Level : it will show the trade level in your chart, like the green line for the order, red line for stop loss and take profit

Ok let’s continue, try to hold down on one pair

and you will see this menu

you will the menus again, from new order, until symbols, you can try it with yourself

or you can change the view, to advanced mode, or details for every pairs like this one

continue, tap the chart tab on your screen

you can see the lovely chart on your screen, evething almost the same as your metratrader in your PC brother,

you can change the pairs, the timeframe, from WN1 D1 or lower, or you can add some indicators in it
i will show you with the screen shot so you can have the details

you can do that, there is a lot of indicators that included in mobile terminal bro, such as fractals, or william % range, or bollinger bands, and all standard indicator,
but you can’t add the custom indicators here

will continue Part #3

The following 2 users say Thank You to AkuRapopo for this useful post.

Part #3

tap the + symbol, it will give you the cursor to move and to know the OHLC or details per candle

in the tab trades
you can see the active trades, pending orders, and the detail about it,
you can tap and hold on the orders to modify it, or to close it, or to add the new trade in the same time
like the SS below

and let’s move to the history tab, we can filter the history, find or trades, but we can’t save the history like in the real terminal, it’s hard brother,

and the last is the menu about

hufffh, hehe at last it finished thanks for read the tutorial on how to use the mobile trading completely,

i hope someone will be interested to share their trading experience with the mobile trading too

and we must know that mobile trading is really the chance for us to get the double job, we can do the other job, while we are still trading from our phone,

double earning is better than one

all positive comments are welcomed

The Following User Says Thank You to AkuRapopo For This Useful Post:

Thanks for your android version mobile , mt4 trading platform using matter. step by step nice description, Your screen shoot following by anyone can be easily install and properly use this platform.
this is very nice easy way, anyone correctly follow up then becoming success in trading graph.

thanks for the positive comment brother high, i am sure what i have shared will give the good effect, because i wanna make my friends in this forum, become a mobile trader, and they can do the other job, they don’t need to depend on forex only, so if they fail in forex, they still have teh earning
because i am already a mobile trader,, how about you bro?

Good to see your post because i was thinking that there is no chance of trading at my android and i need an expensive mobile to download this meta trader 4.I will try this on my mobile and i hope this time i will be able to get the success of downloading this application.

you are welcome bro, i am sure you will succeed in downloading this metatrader mobile brother, because we are using the international terminal, so we can trade from this terminal in any brokers too
i still confused using the instaforex terminal (from the download page of instaforfex) anyone have the experience with it?

perfect illustration bro , thanks for sharing you knowledge with us , trading from mobile phone is really essential those days , as we are getting more out from our trading desk to do our real life duties , so trading from a movable device is a must , and insta forex thank GOD , give us this option to trade from an android system

yup brother, as a good person, we need the double job, because if we have forex as our side job, we can use money from forex as the necessary thing in our life, and use from our main job as the savings
so we can enjoy the market more and more, and we don’t need to waste our time too much

i have a good experience in mobile terminal of MT4 but there are some question i want to ask why not every indicator available for mobile platform which are available for mt4 for pc and another thing how can i draw a trend line on a chart ?cause i not find any option of trend line.

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How to test Expert Advisors – a comprehensive MetaTrader 4 manual

Written and compiled scripts, so-called Expert Advisors, can be run on any MetaTrader 4 terminal. This factor has created a whole market of user programs, distributed both free of charge and on various terms of a one-time payment or subscription. Today, you can find more than one hundred thousand such programs on the Internet.

In theory, Expert Advisors should contain an open and repeatedly tested on demonstration trades and in real conditions strategy, and test results are usually attached to the program. It turns out that traders acquire fully automatic, already tested algorithms.

In practice, this is not always the case, and since robots get access to a real deposit, it is very important to make a rapid assessment of the advisor purchased at the first stage of the choice, regardless of the delivered and advertised results.

There are only two ways to check the program for compliance with the trading strategy, for code errors and for real profitability. Any MetaTrader user can check the effectiveness of the program via the strategy tester or run the program on a demo account.

Let’s consider both ways of testing in detail.

Preparing the MetaTrader 4 terminal for Expert Advisor testing

A custom script with a coded strategy for MetaTrader 4 is a mql4 or ex4 file. The trader should ensure the correct path when installing an Expert Advisor, so that it can be found and run on the MetaTrader 4 platform without problems.

The installation looks like an ordinary file copying, but there is one important feature — the folder for placing the Expert Advisor files is opened via the running trading terminal.

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The first step of the trader is to make sure that the EA files are in fact intended for MetaTrader 4 by checking the extension (it should be mql4 or ex4). For the sake of providing an example, we will install VR Smart Grid robot, which consists of a single file.

The second step is the MetaTrader 4 launch

The third step is to open the Expert Advisor installation folder via the “File” -> “Open Data Folder”.

After this operation, the folder window will open as usual.

Indicators, Expert Advisors, auxiliary libraries, presets, templates and other files related to the custom configuration of the platform are located in the MQL4 folder. It is enough to open it to immediately find where to copy the Expert Advisor files due to corresponding folder names.

Step four – distribute the Expert Advisor files to the appropriate folders, following the recommendations attached to it or relying on extensions:

  • mql4 and ex4 — to the Experts directory
  • dll libraries — to the Libraries folder
  • presets files — to the Presets folder

In the example, we will copy the VR Smart Grid file to the Experts folder.

If the Expert Advisor is installed correctly, its name will appear in the Navigator, after MetaTrader 4 restart.

The final stage before testing, is ticks history downloading. Define the instruments you want to work with and press F2.

Select the desired currency pair or CFD contract in the Quotation archive window, and then click the Download button. The tick history will be downloaded, the progress will be marked by the green bar at the bottom of the Quotation Archive window.

If the history is already loaded into the Metatrader 4 terminal and the broker’s servers do not contain new data, a message will appear with a suggestion to recalculate timeframes. Just in case it is better to make the suggested update of tick data.

The downloaded archive of quotations will provide the strategy tester with database for modeling (restoring) candles when recreating the trading history.

Using the Strategy Tester

The first way to test Expert Advisors – using the Strategy Tester – is faster, but it does not provide accurate results. This is a great option for pre-testing the script.

Preparation of Metatrader 4 Strategy tester for running Expert Advisors

The strategy tester opens as the bottom window of the Metatrader 4 workspace, allowing the trader to test and optimize trading systems and to keep track of current positions at the same time.

The trader can launch the service at any time through the “View” menu or via combination of shortcuts specified in the “Strategy Tester” option.

The developers tried to make this application intuitive, so a user, even barely familiar with the Metatrader 4 platform, has almost no questions, but some features are quite specific.

Setting up Advisors properties of the Metatrader 4 Strategy Tester

The EA properties are located in the right corner of the strategy tester field and control the direct setting of test modes divided into three tabs:

Never optimize the initial run of the Expert Advisor! Performance test of any trading system should not be started with an attempt to “adjust” the parameters of the indicators and conditions included in it.

The optimization system uses a “genetic algorithm” that can effectively improve the performance on the test. The side result of his work is parameters tailoring for a specific historical period and instrument loaded into the tester. In real trades, when faced with another form of fluctuations (volatility, laps, etc.), the robot will make a lot of losses.

  • The “Deposit” defines the currency, the starting size of the deposit, the direction of trade (in both directions or trades of only one type) and the type of optimization that will be disabled
  • The “Input parameters” are the settings of the Expert Advisor, the tab is completely identical to the one that appears when the robot is added to the chart.

As already mentioned above, for Expert Advisor’s correct operation, you should follow the settings recommended or set by default by the developer of the trading system.

In some cases, changes are possible within “presets”, special files attached to the robot. If the Expert Advisor is popular, the settings files can be found independently on the Internet.

The VR Smart Grid robot, considered for example, has similar files of custom settings, which after downloading should be placed in the Presets folder. To do this, you need to open the MQL folder in the terminal via the Data Catalog, so that you can place the file with the extension “set” in the Presets directory.

Then, in the strategy tester, you will only have to click the “Upload” option and select desired file in the window that pops up. Often, the Tester folder is opened by default when you select a download, so use Windows navigation to find the Presets folder yourself:

Metatrader 4 tester fields description

When you open the test service, the default option “Expert Advisor” is set to the left. It automatically displays the entire list of robots in the Experts folder and the Navigator window.

If you select the second option – the indicator, a list of files in the Indicators folder will be displayed.

To run the Expert Advisor test, double-click on its name in the drop-down list. Next, the instrument, according to the quotes of which the effectiveness of the trading system will be checked, is selected in the same way – one click is enough to display it in the settings window.

The “Model” function determines the accuracy and duration of testing, the “every tick” method restores historical quotes using all data of the archive, so it is the longest, the other two types do not provide an accurate estimate and are used by developers at the stage of testing “trading hypotheses” to save time while searching for ideas.

In some cases, when the logic of the robot is “tied” to a long-term strategy, where trades are opened at the price of opening a candle (bar) at the beginning of the day, you can resort to a model with the appropriate name — will allow the trader to “rush” the Expert Advisor through the maximum time period.

The duration and accuracy of the test is affected by the date or length of the historical segment. Some traders believe that the bigger it is the better, but empirical experience proves that:

It is much more important to choose a section with the most symmetrical (even) distribution of upward trend, flat and various volatility levels

A segment from 2000 to 10,000 candles or bars of the timeframe — the interval selected in the “Period” menu — is enough

As mentioned above, one of the tasks of testing is to check the “logic” of opening and closing trades, the work of money management — automatic placement of pending orders fixing losses and profit. Thanks to the visualization option, the trader can personally observe these processes in the “high-speed run” mode of trading sessions.

The “Visual mode” option offers the user to choose the inclusion and duration period of the trading demonstration.

Setting the above settings allows you to simply press the start button of the test, leaving out the “Spread” parameter, where the default value is “Current”. This can lead to unreliable results for two reasons:

  • When testing at the weekend when the market is closed, the spread on the instruments may be implausibly overstated
  • In real trades, the spread can change, besides there will always be slippages, delays affecting the entry and closing price of the transaction

Sometimes traders input the spread cost manually, higher by one point of its real value, in order to somehow take into account the losses described above.

Launching the Expert Advisor Testing

After choosing the method of modeling the trading history and the length of visualization segment, set a fixed lot size equal to 0.1 in the EA input tab. This will help to display the dimension of the test report indicators in points, which will make the analysis of test results convenient.

Testing starts by the “Start” button and passes automatically, displaying only the segment selected on the chart above. You can pause (1), accelerate (2), reduce or expand trades by moving the slider (3).

If the “every tick” method is selected, the candles are recreated in the tester and the price produces fluctuations, almost with reliable accuracy, which allows to display trades not at the opening and closing price, but directly “inside” the candle.

After the test is finished, new tabs are added to the service, which were not present at the tester startup stage: Journal, Graph, Results and Report.

Analysis of the Expert Advisor Test Results

Preliminary evaluation of the effectiveness of the trading algorithm is carried out:

  • Generalized, with the help of graphical analysis of the yield curve — equity
  • Mathematically, by checking the correspondence of the obtained parameters with valid theoretical values
  • Step by step — considering each trade on the chart and in the results table

The stability of the EA code is determined by the tester log.

“Testing finale” Anomaly

At the final stage of testing in the Metatrader 4 strategy tester, the service performs a “trading breakout”, i.e., forced closing of orders with an actual loss or profit. While testing medium-term, long-term strategies or Expert Advisors practicing order grids, as in the case of VR Smart Grid under consideration, the trader can see an inflated loss at the end of the test, which will be reflected in a sharp drop in the curve of profitability — equity (equity).

Results tab

The Results tab contains a detailed description of the completed or modified trade transaction, as well as pending orders and trading results.

All actions of the Expert Advisor’s automatic strategy have a sequential numbering, which is contained in the first column for easy navigation when searching for work failures, as well as the time of operation, located in the second column.

Numbering of trades is contained in the fourth column “Order”. When modifying limit placed orders, it does not change, for example, the yellow marker marks the placing of the second limit order for sale, so the column contains the number 2. It is repeated in the following line: due to the change of the previous Sell order, the robot added a related stop loss order to limit losses in case of an unfavorable price movement.

The trade type is determined by the third column, the operation of the money management unit of the strategy is displayed in S/L and T/P (stop loss, and take profit) numbers. The “Price” column shows the price level of pending or executed orders on the market, “Balance” – the dynamics of the deposit changes.

In the above example of testing the VR Smart Grid Expert Advisor, the trader should pay attention to how the volume increase and the trailing stop is rearranged after the positive change in the in the direction of the open trade and check on the chart whether these operations coincide with the logic of the robot algorithm.

Graph tab

The Graph tab is divided into two fields. The first one contains two lines: balance (blue) and equity (green). The balance changes only when positions are closed, and the current funds change depending on the current values of accumulated profit or loss, which explains the mismatch of these curves. The second window, located at the bottom, displays a histogram of position size, it will be constant for a strategy using a fixed lot opened by trading signal of the robot. In this example, VR Smart Grid Expert Advisor works on a complex grid strategy using position increment, which is displayed with different height of columns.

Report Tab

Report” is the most important tab, objectively, by the numbers, determining the results of testing. First of all, you should pay attention to the quality of trading history modeling (1), sometimes it is difficult to achieve 90% accuracy, so the EA should be checked on a demo account.

Simulation errors will be displayed by:

  • Red or grey stripe
  • A number of candles that do not coincide with the chart on which the auction is conducted
  • Percentage ratio and green bar of properly recreated candles or bars

The length of the tested period is indicated by the number of candles and timeframe, in this example it is Н1. The line below (2) contains the initial deposit and spread set by the user prior to testing.

Line (3) defines the strategy results in terms of total net profit, gross profit and gross loss, but the following parameters are by far the most important:

  • Profit factor
  • Expected payoff, which is calculated by the formula:

The losses and profits in the strategy are posted in line (4):

  • Absolute drawdown — maximum real loss
  • Relative drawdown — the maximum loss obtained from a single open position

Other parameters are not as important as:

  • Total number of trades — indicates whether the test length is sufficient or insufficient
  • Percentage of loss and profit trades

The rest of the report is a kind of “collection of records” for the biggest test losses and profits, where you should pay attention to the maximum series of continuous trades closed in the negative.

Journal tab

The journal is a statistical step by step report on the work of the Expert Advisor. Unlike terminal logs, it does not contain service messages (information about robot start, shutdown, etc.), there is only a description of trades.

The log will definitely display code errors if any are found. If this happens, you need to contact the developer or download the Expert Advisor elsewhere.

Saving and Analyzing Test Report

By right-clicking on the Report, Results, and Graph tabs, you can save them for further analysis.

In the drop-down menu one can choose from options of copying or saving to a file, the path to which the trader chooses independently or agrees with the default option.

Copies are needed to compare with other test options for which you will need to select other options or settings.

What to look for

The main goal of testing is express assessment of the Expert Advisor, so on the first tab “Chart” the trader should observe the growing equity line. At the same time, the stability of earnings is guaranteed by indirect indicators:

  • Smooth growth of the capital line, with no sharp growth or failure of the curve
  • Trend tangent inclination angle of 30-45 degrees

On the “Report” tab, first of all, we pay attention to the number and percentage of profitable trades

  • The higher the number of closed trades is, the more reliable the received report parameters are
  • The ratio of profitable trades should be at least 60% for intraday strategy and above 70% for medium- or long-term trading system

A large number of positively closed orders can result in a loss if the trader “forgets” about such parameter as profitability:

  • The resulting profit and loss ratio, ideally – should be higher than 2

This figure can be achieved by controlling the size of stop losses — orders limiting loss, relative to automatically fixed profit, the size of which is determined by pending orders — take profit.

The table on the Results tab shows the totals for each positive and negative trade. Studying random sampling will help to understand the logic behind stop loss and take profit size. If the algorithm contains too high losses, their series can “kill the deposit”.

The parameter “continuous loss trades” will give an idea of the possible length of a series of negative trades.

Analyzing the results above, the trader should understand that the task of the tester is the rapid analysis of the robot. Testing proves only the absence of code errors in the Expert Advisor and the existence of a “workable” trading algorithm.

The real profitability of the strategy can’t be measured accurately due to:

  • Insufficiently accurate emulation of historical quotes movement
  • Failure of the service to take into account market circumstances of trading in full

The fluctuation of exchange rates or other instruments of the Forex market is ensured by a continuous flow of customers trades, so-called ticks. This information is stored on the broker servers, to which the Metatrader trading platform is “tied” to. Despite the versatility of the program, each broker independently engages in filling, i.e. collects its own version of quotations.

When you start the tester, each candle (or bar) is emulated — filled with ticks according to the server, it is millions of trades that cannot always be accurately repeated in full. The program will remind it on its own, if the trader chooses this option of testing.

Even with 99% accuracy of candles (or bars), the tester will not be able to consider:

  • Spread fluctuation, which is not a constant – the broker always reserves the right to expand this parameter upon news release
  • Various technical overlays — failures of quotations coverage, loss of archival data
  • Slippages in execution of trades

Based on the above, it becomes clear that despite advertising the tester as an ideal tool for determining the profitability of the strategy, the result of real trading will be very different from the received figures. Use the received profit data to set test parameters on a demo account as close as possible to real trading. Only it can accurately determine the real profitability of the Expert Advisor.

Testing the Expert Advisor on a Demo Account

Running the EA on a demo account provides the greatest reliability of the test results, but this method requires considerable amount of time. In addition, it is advisable to use a VPS server when testing.

What is a VPS server?

VPS server is a service that has appeared in hosting providers with the development of automated trading. The company provides traders with remote access to the Metatrader platform installed on its own powerful data center servers.

The operation of the Expert Advisor algorithm depends on a continuous Internet connection, by which the robot manages the placed pending and triggered orders, according to the the logic of the trading strategy.

Disconnection or shutdown of the Metatrader 4 terminal leads to a failure, the user will have to close open and cancel pending trades, after its restart. If at this moment the trader is not near the computer, the trades will remain “hanging” on the broker’s server and can cause unlimited loss.

VPS server is used to allow trading to take place automatically without the risk of any failures. Stability of operation is guaranteed by:

  • The company is the owner of the data center, for which this is the point of business
  • Locating broker and trader servers in the same place

The latter fact gives an additional advantage to the user of VPS server, increasing the speed of execution of orders due to smaller ping size and faster changes in quotations.

The hosting provides full technical and consulting support as well as assistance in setting up VPS server, so the service can be used with any level of knowledge.

How to choose the right demo account type and amount for strategy testing

Forex brokers provide traders with a choice of different types of accounts designed to optimize fees. These conditions are fully duplicated in the demo accounts.

Testing the Expert Advisor on a demo account should not differ from real trades, so the deposit type and amount must match the real Forex trading account which you plan to use advisor on. This question should be solved by the trader independently before the first start of the robot, based on the algorithm of the trading strategy, or it can be taken into account in the instructions/recommendations attached to the Expert Advisor.

Sometimes they pursue advertising purposes for affiliate earnings – developers recommend a specific broker even, so we will give a brief overview of the main types of accounts.

In the Forex market brokers offer 4 different options for payment of fees:

  • Fixed spread
  • Floating spread, sometimes for advertising purposes called “zero spread”, so this word is often marked with a star
  • Cent accounts
  • “Islamic” or “swap-free” accounts

Swap is a daily charge/withdrawals of a leverage fee. It is calculated as the difference in the rates of the central banks of the countries that own both currencies in the pair. Broker, like any bank, withdraws interest for the loan on the sold currency, at the same time paying interest on the purchased currency.

For example, selling EUR/USD looks like buying dollars for euros sold. The European Central Bank holds almost zero rate, so interest for the use of the euro will be zero, and on the amount of purchased US dollars fee will be charged for each day at the rate of 2.5% annual. This is rather low income or loss, so “Islamic or “swap-free” accounts do not play a significant role in choosing the demo mode of the Expert Advisor testing.

A cent account is opened by traders trading for an investment amount not exceeding $100, which Metatrader 4 will present as 10000 cents. This “cent transformation” of the deposit is necessary when trading vis Expert Advisors by a grid strategy (placing multiple orders against the trend) or Martingale (increasing the order size after every loss-making transaction). To run it on any standard account you will need a deposit of $1000, in the “cent version” $100 will suffice.

Fixed spread accounts are selected by traders who launch robots once, twice a day or rarer. The average profit from the transaction makes the fee negligible, and the calculation of expenses is simple, it is enough to multiply the spread by the number of trades

Intraday, short-term or scalper strategies with a large number of trades per session use floating spread accounts. They are presented under many abbreviations: ECN, NDD, STP or DMA. The name determines the method of execution of the trade and the mechanism of spread formation, the subtleties of which are described in the accompanying specifications of the account.

If a trader does not understand dealing desks, glasses, rules of market execution of orders, he should not use a scalper robot, which in the absence of knowledge of intricacies of intraday trading will kill the deposit in one day.

The amount is determined by the results of testing in the strategy tester. The first part of the description defines the tactics of launching the Expert Advisor with a fixed trade size of 0.1 lots. This selection allows you to equate the maximum drawdown parameter from the “Report” tab with the currency pair exchange rate points.

In the example of VR Smart Grid testing the result was 155.38, which means that the robot must “withstand” the loss:

  • Of $15,54 when trading 0.01 lot, the margin for which is $10
  • Of $155,38 when trading 0,10 lot, the margin requirement for which is $100

The trader can read how to correctly account for losses from a mathematically justified point of view in Ralph Vince books, but the easier way to determine the size of the deposit is to multiply the number of maximum drawdown on the maximum series of loss-making trades and then apply the coefficient of 3.

In our example you will get the following deposit amount:

15,4 x for maximum consecutive loss series (4) x 3 = 186,45

This means that when testing the VR Smart Grid Expert Advisor, the amount of deposit on the demo account should be:

  • For trading 0.01 lot – $186,45
  • To trade 0.1 lot – $1864,56

The coefficient is chosen empirically and means the triple maximum margin, so the higher it is, the more stable is the strategy.

How to choose the number of currency pairs to test thean Expert Advisor on a demo account?

Often trading algorithms are written for specific Forex instruments, this fact is highlighted in the settings or recommendations to the Expert Advisor. If the strategy is universal, the robot testing on the demo account should be based on:

  • The planned amount of investment determined by the deposit volume according to the calculation method above
  • Trading frequency in the strategy
  • Testing goals

The Metatrader 4 platform allows you to run as many copies of the Expert Advisor as many instruments the broker offers. A large number of instruments in theory diversifies the strategy, compensating the loss on one pair with profit from the other.

In practice, all movements in the Forex market are subject to the laws of correlation — falling and growth of currency pairs coincide, especially in moments of global macroeconomic events. Therefore, choosing a large number of instruments only multiplies the load on the deposit instead of the diversification expected.

Before increasing the number of currency pairs, the trader will have to return to the strategy tester again and determine the maximum loss for each pair in order to take it into account when testing the Expert Advisor on the demo account. The trader will have to increase the amount of investments or decrease the volume by allocating a trading deposit separately for each currency pair, calculating the reserve according to the formula described above.

Tthe situation of running the Expert Advisor on medium- and long-term strategies, provided that different classes of instruments are selected, can be an exception: currency pairs, indices, commodities and raw materials. If the run on the strategy tester shows the frequency mismatch of trades on the selected instruments on the “Visualizations” or “Results” tab, the trader can calculate one deposit for all instruments. by selecting the average drawdown size and using the coefficient of 5 (instead of 3) to calculate the deposit size.

If the user is faced with the task of finding the most profitable currency pair for the Expert Advisor during testing on a demo account, then he can run many instruments using larger size of the deposit than is planned for real trading. However, this process will lengthen the tests on the demo account – a second stage will be required, where only the selected pair will be tested separately, with the planned deposit.

How to determine a timeframe — a trading period?

The timeframe size — the time period represented on the chart by a candlestick or bar determines the “accuracy” of the EA trades, so this parameter is initially set up by default or is reflected in the recommendations.

Some strategies implemented in robots have scalability, i.e., the trading algorithm can work on different time periods. Before testing the Expert Advisor in Metatrader 4, the user must determine what period he will use in real trades and choose the same in the demo account settings.

The size of timeframes is standard: 1,5, 15, 30 minutes; 1 or 4 hours; higher intervals: day, week, month.

The choice of lower, minute, periods assumes a higher frequency of trades, often used to “overclock” the deposit. If the trader does not have large funds and sets the goal of “fast earnings” in the market, he will choose minute intervals. This will mean intraday trading, where the following restrictions must be used:

  • Trading time limit to avoid inactive trading segments during the day
  • Ban on moving positions “overnight” and over weekend

The choice of an hour timeframe is a medium-term strategy, the daily one is considered long-term, candles per week or month are seldom selected by traders.

The fluctuations in the Forex market have a fractal structure, which means the similarity of cyclicity and pattern shape within one hour and within day or week. This knowledge allows the trader to deliberately choose a shorter period to speed up the Expert Advisor test on a demo account. Profitability on small timeframes means that the strategy will definitely “pass” on higher periods.

How to change and apply the settings of an Expert Advisor?

When changing timeframes, the trader should take into account the interconnectedness of their size with the EA settings. Inside the robot, a trading system can be programmed, whose periods are synchronized with calendar data, the dimensions of automatically constructed levels are “tied” to certain percentage changes in exchange rate, etc.

In order for the strategy to work effectively on custom timeframe settings other than those set by the developer, the trader should understand the mechanism of placing trades, understand the composition of indicators or other principles used for the formation of trading signals by the robot. This will help you to select and synchronize the Expert Advisor parameters when any changes are made to one or more settings blocks.

First of all, the developer’s variants are tested on the demo account.

The ability to change parameters independently is limited by the Input Parameters tab. Coders – the creators of the robot – bring in this window only those settings that a trader can change without the risk of “destroying” the algorithm efficiency.

If a trader is not familiar with the implemented trading strategy, he can find its analogues in specialized forums. If there is convincing evidence about the operability of certain parameters included in the Indicator Expert Advisor, they can be changed in the robot settings.

How to attach an Expert Advisor to selected instruments?

The EA is added to the chart of the instrument by simple dragging from the Navigator window.

Attachment will automatically open the EA settings. Most of them are accepted by trader by default or modified according to the instructions attached to the robot. Adjustment of the strategy should be carried out using only ideas of the trading system proven in the tester, as well as on demonstration and real trading in Metatrader 4.

After installing the Expert Advisor on the chart, the trader should pay attention to the emoji appearance in the upper right corner – a smile means successful start the robot. Sad emoji indicates problems with settings.

Metatrader 4 platform for working with Expert Advisors requires the inclusion of additional options. They are located in the Tools -> Settings menu and are installed once, then are apllied for any new robot.

In the window that opens, find the “Expert Advisors” tab and select (enable) all items by clicking on them with the left mouse button.

Click the “OK” key and go to the “Properties” setting of the robot, they are available by right-clicking the indicator on the chart, in the drop-down menu of the “Expert Advisors” option.

Allow the EA to trade by initializing the option with the appropriate name and pressing “OK”.

The rest of this settings window is used “by default” unless otherwise provided by the instructions that come with the robot. In this case, the trader can connect libraries, limit trade in one way, etc.

How to choose the correct period of Expert Advisor testing?

Testing process on the demo account should give the trader understanding of what performance the robot will show in any “state” of the Forex market, especially in “vulnerable” areas for any trading system. These include:

  • Flat — for trend systems
  • News — for range trading strategies
  • Impulses – for trading on levels “breakthroughs”

Test data, which includes only continuous growth or decline, for trend strategies are unrepresentative, as robots incur losses on flat. In this case, the trader must initially visually determine the average length of this type of oscillations using historical quotes and wait for the same period on demo account.

Trading in the range is mainly conducted at the Asian session, which involves the least number of Forex traders, which guarantees no trends. The situation changes drastically with the release of important unpredictable news in China or Japan, fluctuations caused by other publications can be avoided by predicting them in advance thanks to information from the economic calendar.

In this case, the number of news cannot be predicted accurately, so the trader should rely on the empirically calculated average result. Evaluate losses from unpredictable movements will help the results of trading during the release of important economic indicators, which the trader avoids at real trades. The time of their publication is known beforehand, and the number of sessions to test the Expert Advisor should be equal to the average result of the appearance of “unexpected” news.

Impulse trading is placing pending orders at important price levels in anticipation of strong exchange rate changes in a short period. They can be “provoked” by news or predicted by technical analysis methods. During testing of an Expert Advisor for impulse trading, the trader needs to wait for a symmetrical number of buy and sell trades (breakthrough of the “down and up” level).

Advantages and disadvantages of Expert Advisor testing on Forex demo account

Forex demo account is a 99.9% guarantee of creating conditions similar to real trading, which allows you to rely on the result shown by the Expert Advisor. The trader chooses the account type, deposit size, timeframe and can predict the profit and loss of future investments in the selected robot.

The only downside of this type of testing is the duration, the EA must pass multiple stages of trading, and the trader wait for the trend, the volatility jump on the news and other Forex market states on which the size of the greatest possible loss depends, as well as to trade a “calm” period equal to these periods afterwards. This helps to understand the rate of recovery of the deposit after a series of negative trades and correctly determine the size of the trading lot and the reserve of the investment.

Conclusion

Testing is an obligatory part of the adoption process of any new trading system, especially important when you intend to automate trading. During the analysis, the trader will get a visual idea of the mechanism of opening and closing positions, the theoretical scale of loss, the share of profitable trades.

At the same time, the strategy tester is not a reliable indicator of the Expert Advisor’s performance for a number of reasons mentioned above. Reliable data will give real trades, which at the first stage need to be replaced by the period of operation of the robot on the demo account, in order to prevent loss of deposit.

The tested strategy should be put in the market using Metatrader installed on a VPS service for reliable round-the-clock Internet provision and protection against technical failures in power networks or on broker servers.

How To Use Metatrader 4

What is MetaTrader 4?

MetaTrader 4 is a powerful trading platform for trading Forex. Many brokers support MetaTrader 4 and some also support Expert Advisors, which allow you to utilize trading strategies created by other traders. MT4 also comes with an API both for traders and brokers.

MT4 offers native client support for Android, iOS and Windows; support for installing the client on MacOS X and Linux using WINE; Web Trading is also supported. There is another version of MetaTrader released, called MetaTrader 5.

A comparison of MetaTrader 4 vs 5 will be presented below. What is MetaTrader 4 exactly and how do we use it? Let’s take a look.

Installation of MT4

The installation of MetaTrader 4 is not much unlike installing any other software, so we will focus on actually using the software once installed.

The actual install process may vary slightly depending upon your platform, but generally desktop users will need to agree with the terms and conditions and choose a directory location for the program to be installed.

It is recommended to stick with the default location. The installation wizard or app store will guide you through the required steps needed to get up and running.

Getting Around: How to Use MetaTrader 4

Once installed, start MetaTrader 4 and you will notice that there are a lot of options. Let’s look around and take a brief survey of the menus and options that are available.

When you first open up the application and start learning how to use MetaTrader 4, you see a candlestick chart on the right side of the screen and a Market Watch pane on the left side, with a Navigator pane showing a tree structure of your account, indicators, expert advisors and scripts underneath the Market Watch pane.

The Market Watch pane consists of a Symbols tab and a Tick Chart tab. The Symbols tab gives you a summary of all the available currency pairs and their current bid and ask prices. You can right click on each the currencies and get a sub-menu that offers a lot of options.

If you choose Tick Chart on the sub-menu, the Tick Chart will become activated and be filled with a ticket chart of that currency pair. Other useful options in the sub-menu include:

  • Depth of Market is a screen that allows you to more quickly and easily set stop and limit orders at particular price levels.
  • The Specification option shows you a lot of detail about the currency pair, including the spread type, number of digits the currency pair carries, contract size, margin currency, margin percentage, minimal and maximal volumes, swap type, long and short swap in pips and session times when the currency pair can be quoted or traded.
  • Spread, High-Low, Time have spaces in front of them on the submenu for checkboxes, which allows you to add these columns to the table on the Symbols tab.

At the bottom of the screen is the Terminal pane. This contains a lot of information—there are 11 tabs at the bottom of this pane.

The tabs are Trade, Exposure, Account History, News, Alerts, Mailbox, Company, Market, Code Base, Experts and Journal.

  • The Trade pane shows you the status of open positions and pending orders. You can also see your Balance, Equity, Margin, Free margin and Margin level. From this tab you can open new positions, modify existing positions or close existing positions.
  • The Exposure tab shows you a very useful graph showing your exposure. If you were 2 lots long AUD/USD and 2 lots short EUR/USD, your Exposure might look like this.
  • Your Account history shows you all your closed positions. You can see the resulting profit/loss, credit, deposit and withdrawal amounts.
  • The News tab fills you in on Forex news events. Key data releases, central bank decisions and economic news are presented in this pane.
  • The Alerts tab allows you to create, modify and delete alerts. You could set an alert to let you know when the bid price for AUD/USD dips below 0.75216 for example. You can also disable all alerts here.
  • The Mailbox tab will show you messages from your broker. Perhaps you will receive a Welcome message here if you’ve just signed up or they may send you a message about their Expert Advisors.
  • The Company tab displays a page that your broker considers useful to you, like their main website or perhaps a technical support page. The broker can also decide to remove this tab so you may not see it at all.
  • The Market tab is a store for MQL4 code where you can download trading robots, additional indicators not natively provided by MT4 and various other applications.
  • The Code Base tab provides you a way to download parts of the code base available at MQL4.community. These include things like expert advisors, indicators and scripts.
  • The Experts tab gives you all the information about the attached expert—opened and closed positions, modified orders and the direct messages from the expert itself.
  • The Journal tab contains the activity of the trader in the current session—essentially a lot of the trading activity since the client was opened.

How to Use MetaTrader 4 to Make a Trade

MT4 has a pretty formidable interface for someone not familiar with it. So the first thing you might be wondering when you start learning how to use MetaTrader 4 is how you make a trade.

On the toolbar at the top is a “New Order” button. When you click this, you will be prompted with a dialog box like the one below. You would choose the amount of Lots to be traded beside where it says “Volume:”

Then you would simple click sell or buy based on whatever price is shown right above the buy and sell buttons.

When you change the selection in the Type drop down, signifying the order type, to Pending Order, your dialog box will look like that shown below.

This allows you to set specify limit and stop orders. The Comment field allows you to enter notes about the trade for your own use later.

A Limit order is placed above ( sell limit) or below ( buy limit) the currency market prices. For example if the Eur/Usd is trading at 1.1770 / 1.1775. you would be able to place a buy or sell limit order that would trigger when the price hits that limit order price you put in.

You can open a new chart using the toolbar button above or by navigating the menu File > New Chart. Either way, you will be shown a popup menu to select the currency you want to chart.

These buttons, located about halfway down the toolbar allow you to specify bars, candlesticks or line for your chart type.

These buttons to the immediate right of the chart type buttons allow you to zoom in and out of the chart.

This button allows you to add indicators to your chart. This includes both indicators that require their own pane, such as Moving Average Convergence/Divergence (MACD) and Relative Strength Index (RSI), and ones that overlay such as Bollinger Bands or the Parabolic SAR.

This button is for specifying the period of the chart. The options are the standard periods used in Forex charting: 1 Minute, 5 Minutes, 15 Minutes, 30 Minutes, 1 Hour, 4 Hours, Daily, Weekly and Monthly.

Analytics in MT4

MT4 allows you to draw lines, shapes, arrows and text on your charts. This allows you to more easily mark patterns that you may be interested in on these charts.

  • Horizontal lines can be used to identify a particular price level. They are especially useful for marking support and resistance.
  • Vertical lines are generally used to mark the variable increasing along the x-axis, which is time. If you want to mark the time of a certain event, like perhaps a news event, you would mark a vertical line at the corresponding time on the chart.
  • Trendlines allow you to draw a line between any two points on the field of the chart. This is generally done to identify trends. These trendlines tend to be diagonal lines—going from the lower left to the upper right for uptrends and from the upper left to the lower right for downtrends.
  • Trendline by angle lets you draw a trendline by specifying an initial point and an angle.
  • A linear regression channel enables you to use linear regression to forecast where the price will be in a trend at a certain point, assuming it continues in the same fashion.
  • Equidistant channel lets you draw a channel composed of two parallel lines by only specifying one of them.
  • Standard Deviation channel uses standard deviation to measure the volatility in a market.
  • Gann line is a trendline drawn with a 45-degree angle.
  • Gann Fan allows you to set one point and then a ray of 1×1 is imposed on the chart. This ray corresponds to a Gann line. Lines of other angles are imposed on the chart and if price goes above the 1×1 ray, the market is considered bullish, but if it falls below the 1×1 ray, the market is to be considered bearish.
  • Andrew’s Pitchfork takes three points and draws parallel trendlines. These are interpreted as support and resistance.
  • Other analytics include the Gann Grid and Cycle Lines.

The Fibonacci tools are based on Fibonacci numbers, which were developed by Leonardo Fibonacci. Each number in the series is the sum of the previous two numbers.

  • Fibonacci Retracement/Join – this tool is used by specifying two points representing a trend and the 0.0%, 23.6%, 38.2%, 50%, 61.8, 100%, 161.8%, 261.8% and 423.6% Fibonacci levels are imposed over the trendline.
  • Fibonacci Channel is specified by the width of a channel. This width is given a width of one unit to arrive at the distances of 0.618, 1.000, 1.618, 2.618 and 4.236.
  • Fibonacci Time Zones use Fibonacci sequences and applying them to time. Fibonacci Fan and Fibonacci Arcs apply the Fibonacci sequences to a fan and arc respectively.

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Reading time: 30 minutes

This article will provide traders provide with a quick, easy rundown on everything you need to know about how to use the MetaTrader 4 trading platform (MT4), and how to trade using MT4. Through step-by-step tutorials, and with the use of screenshots and detailed explanations, this article will provide traders with everything they need to truly master the MT4 platform.

Setting Up MetaTrader 4

How to Set Up MetaTrader 4 on Windows

It’s actually easy to install MetaTrader 4, and it’s available for a variety of operating systems. Once you have downloaded MT4, simply run the .exe file and follow the on-screen instructions within the installation wizard.

How to Download MetaTrader 4 on Mac

With Admiral Markets, Mac users should find MT4 just as easy to use as Windows users, as they have a native version for OSX. Make sure to read through Admiral Markets’ MetaTrader 4 for Mac page to find out more on how to install MetaTrader 4 on Macs.

How to Use MetaTrader 4 with Android

Visit the Google Play Store to download MetaTrader 4 for Android or alternatively, download it via Admiral Markets.

How to Use MetaTrader 4 on iPhone

You can download a special Admiral Markets version of the MT4 iPhone App to work on iOS devices. To install MT4 on your iPhone, simply go to the Apple App Store, search for Admiral Markets MT4, select the app, and tap ‘Install’.

How to Sign in on MetaTrader 4

When you first run MT4, it should prompt you to enter your account details, but if not, you can just click on the ‘File’ tab at the top left of the platform, and then select ‘Login to Trade Account’. You can then enter either your demo trading account or full trading account details.

How to Logout of MetaTrader 4

There is no specific function for logging out of MT4. If you do not want MT4 to save your login details, ensure that ‘Save Account Information’ is not checked when you first login. Then, when you close MT4, you will automatically be logged out.

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Trading With MetaTrader 4

How to Trade A Currency Pair Using MetaTrader 4

The simplest way to open a trade in MetaTrader 4 is to use the ‘Order’ window and then place an instant order on the market. Select the currency pair of your choice by clicking on the ‘Window’ tab at the top of the MT4 platform, and then select ‘New Window’. You can then click ‘New Order’ on the MT4 toolbar or press F9 to open an ‘Order’ window.

The screenshot below displays an ‘Order’ window for the EUR/USD currency pair. From this, you should be able to see how easy it is to buy and sell with MetaTrader 4. To trade at the market bid/offer, you would need to enter your desired trade size (in lots) in the ‘Volume’ box and then click ‘Sell or Buy’, with ‘Market Execution’ selected as the order type.

It is the ‘Market Execution’ setting that allows an instant order within MetaTrader 4. Of course, dealing at the market is not the only answer to the question of how to make a trade within MetaTrader 4. You can also choose to buy or sell using a limit or a stop order, by selecting your choice from the ‘Type’ dropdown. This is how to buy and sell on MetaTrader 4 at specific, desired levels away from the current market price, as opposed to executing immediately at the prevailing price.

Source: MetaTrader 4 platform – EUR/USD order screen

How to Enter a Short Position on MetaTrader 4

Going short (or short selling) on a market is simply selling when you do not have a long position. To do so, you would simply need to place a sell trade to open (as demonstrated in the screenshot image above).

How to Close a Trade in MetaTrader 4

How to place a trade with MetaTrader 4 is only part of the information that a trader needs, of course. Once you’ve opened a trade, there will eventually come a point when you want to close the trade. So how do I exit a trade in MetaTrader 4? Select the ‘Trade’ tab from the ‘Terminal’ window (press CTRL+T to summon or dismiss the ‘Terminal’ window). You will see any open trades you have displayed in the ‘Trade’ section of the ‘Terminal’ window. Right-click on the order you wish to close and select ‘Close Order’.

This opens an ‘Order’ window. Click the yellow ‘Close’ button to close your trade. So if you have two positions or more open in MetaTrader 4, and are wondering how to close one, this manual method is the way to do it, as you are specifying which individual trade you wish to exit. This manual method is not the only answer for how to exit a trade in MetaTrader 4 though. You can also close using a stop or limit order.

How to Set a Stop-Loss in MetaTrader 4

As you can see from the ‘Order’ window (shown in the screenshot still below), there are fields provided for you to enter a ‘ Stop Loss’ level and a ‘Take Profit’ level. If you click on either the up or down arrow in the ‘Stop Loss’ field, the box will automatically populate with the current market price (the platform uses the bid price). On the tick chart on the left you can see how your proposed stop level relates to the current bid and offer prices.

Source: MetaTrader 4 platform – EUR/USD order window

How to Place a Limit Order in MetaTrader 4

To place a limit order to close a position, you simply enter a target price level in the ‘Take Profit’ field shown in the ‘Order’ window (as demonstrated above). You can also use a limit order to open a position. To do this, you need to change the ‘Type’ field from ‘Market Execution’ to ‘Pending Order’. You can then choose ‘Buy Limit’ or ‘Sell Limit’ from the ‘Pending Order Type’ dropdown menu as required.

How to Set Orders by Pips as Default in MetaTrader 4

If you add a stop-loss or a take-profit order when you open a trade, the default functionality is for the order levels to be expressed in absolute market levels. Once you have added a stop or a limit order in this way, you can then go to the ‘Trade’ tab in the ‘Terminal’ window (CTRL+T to open or close this window) and right-click on the trade you are interested in and choose ‘Modify’ or ‘Delete Order’.

This opens an ‘Order’ window that will now allow you to amend your order levels in terms of point (not pips) away from the current market price. In order to modify the behaviour in MT4 to allow you to specify stop and limit orders as pips as a default, you would need to run a script or an EA (Expert Advisor) to modify the platform’s functionality.

How to Change the Volume of a Trade in MetaTrader 4

In MetaTrader 4, the volume of a trade refers to the size of the trade in terms of the number of lots. As we discussed above, when you open a trade, you need to specify a value in the ‘Volume’ field of the ‘Order’ window. Once you have opened a trade in a certain market, you can add to the volume (or the position size) by opening a further position in the same direction on the same market (obviously at a new price), or you can reduce the volume by part-closing your position.

Source: MetaTrader 4 – Changing the volume of a trade

How to Trade Company Stocks in MetaTrader 4

Trading CFDs on shares with MT4 is little different to trading Forex. An easy way to see a list of share CFD prices in MT4 is to open the ‘Market Watch’ window (CTRL+M to open and close). From that list, if you want to open a price chart, simply right-click on the ‘Symbol’ that you’re interested in and select ‘Chart Window’.

Alternatively, you can click on ‘Window’ at the top of the MT4 platform and select ‘New Window’ and then Share CFDs. This will give you a list of shares that you can trade. When you have the share of your choice in a chart window, just click on ‘New Order’ on the toolbar in order to open an ‘Order’ window. From there, it’s just a matter of simply choosing your trade size and choosing whether to deal at market or work a limit or stop order.

If you do not see the share that you are interested in displayed within the ‘Market Watch’ window, then you need to know how to add stocks to MetaTrader 4. This is simple – just use the shortcut CTRL+U and look for the Share CFDs folders in the navigation tree. Let’s suppose that you want to add the German company Allianz. You would expand Share CFDs (EU) and then select #ALV (Allianz SE).

To add to the list displayed in ‘Market Watch’, you would just have to click ‘Show’ and then ‘Close’. The desired price would now appear as the last listed item in the ‘Market Watch’ window, and that is how to add CFDs to MetaTrader 4.

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How to Add Indices to MetaTrader 4

Open the ‘Market Watch’ window (shortcut CTRL+M). Right-click within the window and select ‘Symbols’ (you can also jump directly to this using the shortcut CTRL+U). Look for the folders in the navigation tree called ‘Cash Indices’. Expand them to reveal the available stock index CFDs.

If you would like to add one to your ‘Market Watch’ window, simply select it and then click ‘Show’. Click ‘Close’ when you have finished with the ‘Symbols’ window, and your new instrument should appear at the bottom of the ‘Market Watch’ window.

How to Add Commodities to MetaTrader 4

Adding commodities to MT4 is very similar to the process described above for CFDs on shares and indices. Let’s say that you want to know how to add Gold and Silver to MetaTrader 4. Use the shortcut CTRL+U to open the ‘Symbols’ window. Look for the ‘Spot Metals’ folders. Expanding the ‘Spot Metals 1’ folder reveals ‘GOLD’ and ‘SILVER’.

Select whichever one you want to add and then click ‘Show’ and ‘Close’. The specified instrument will now appear at the bottom of the price list in the ‘Market Watch’ window (press CTRL+M to open and close the ‘Market Watch’ window). If in doubt, right-click on the ‘Market Watch’ window and select ‘Show All’, which will display all available instruments.

How to Add Currency Pairs in MetaTrader 4

Just as described above, if there is a particular currency pair that you want to trade, but cannot see in ‘Market Watch’, you can use the shortcut ‘CTRL+U’ to open the ‘Symbols’ window and look through the navigation tree for any currency pairs that you would like to add. To add a pair, simply click on the symbol and click ‘Show’. Alternatively, to display all instruments available for trading, right-click in the ‘Market Watch’ window and select ‘Show All’.

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How to Navigate In MetaTrader 4

How to Show Terminal in MetaTrader 4

You can open or close the ‘Terminal’ window using the shortcut ‘CTRL+T’.

How to Show Trade History in MetaTrader 4

You can view trade history in MT4 via the ‘Terminal’ window, which you can open and close using the shortcut ‘CTRL+T’. In the ‘Terminal’ window, click on the ‘Account History’ tab. Right-click anywhere in this window and you will see a menu providing you with a choice of options, including ‘All History’, ‘Last 3 Months’, and ‘Last Month’. You can also choose to save a ‘Detailed Report’.

This includes all the trading information you might need, such as prize, size, MetaTrader 4 trade execution time, and profit/loss. If you want to know how to print your account history within MetaTrader 4, simply choose ‘Save as Report’ or ‘Save as Detailed Report’. This will save the report as a ‘HTML’ file. If you open the file, it will open in your web browser. In your web browser, click the ‘Edit’ tab and choose ‘Select All’ (or use the shortcut CTRL+A).

Once you have selected all, right-click and choose ‘Copy’. Now, open a word processing application, such as Microsoft Word or Google Docs, and paste the copied data. You can then format the account balance data as you desire, and you can then print using the application’s print function.

How to Show Trading History on a Chart in MetaTrader 4

It’s simple to display a trade from your account history directly on a chart in MT4. Open the ‘Terminal’ window (CTRL+T to open and close) and select the ‘Account History’ tab. Click on a trade in the window and drag it to a chart window. The chart will now display the instrument of the trade, and the opening and closing levels will be marked on the chart with small arrows, joined by a dashed line. If you hold the cursor over the arrows, the trade information will appear as hover text.

How to View Open Trades in MetaTrader 4

As with above, you can view open trades by using the ‘Terminal’ window. You can see your open trades by clicking on the ‘Trade’ tab.

How to Check How Much Money I Have with MetaTrader 4

To check the balance of your trading account, open the ‘Terminal’ window (CTRL+T to open and close) and select the ‘Trade’ tab. You will be able to see your ‘Balance’ displayed along with ‘Equity’ and your amount of ‘Free Margin’.

Source: MetaTrader 4 – Checking your balance

How to Withdraw Money from MetaTrader 4

Withdrawing money from MT4 is simple, and takes just a few easy steps, using Trader’s Room:

  • Log in to your Trader’s Room
  • Go to ‘Money Operation’ and click ‘Withdraw Funds’
  • Select the withdrawal option and then fill in your details

How to Change the Colour of Trade Levels in MetaTrader 4

As a default setting, MT4 will display levels on a price chart for any open trades you have in a position. The defaults are a green dotted line for entry level, and a red dotted line for both a stop-loss level and a limit (take-profit) level. Changing the colour of trade levels is the same process as customising any other colours in MT4 – in other words, it is completed by accessing ‘Properties’.

To do this, right-click on your price chart and select ‘Properties’ (or use F8 as a shortcut). From here, you can customise the colour of the stop levels. You can also choose to turn these order level lines off entirely. To do this, choose ‘Tools’ from the menu bar at the top of the platform and then select ‘Options’. In the ‘Options’ window, uncheck ‘Show’ trade levels if you wish to switch this function off.

How to Change Chart Background in MetaTrader 4

Once again, this is controlled from the ‘Properties’ section in MT4. Press F8 to open ‘Properties’ and ensure you have the ‘Colors’ tab selected. The first item on the list is the background colour. Just click on the dropdown menu and make your choice.

How to Install MetaTrader 4 Indicators

MT4 comes bundled with a large number of core trading indicators. You can see these listed in the ‘Indicators’ folder in the ‘Navigator’ window. You can expand the number of indicators available in your trading platform by installing custom indicators.

The easiest way to expand your list of indicators is by installing MetaTrader Supreme Edition. MTSE is a custom plugin for MetaTrader 4 and MetaTrader 5, developed by industry professionals, with a handpicked selection of additional indicators and trading tools that boosts the capabilities of your MetaTrader trading platform. You can also download individual custom indicators that other developers have coded within this platform. To download MetaTrader 4 Supreme Edition for FREE, click the banner below!

How to add a downloaded indicator in MetaTrader 4

Find the MT4 file that you have downloaded and copy it to your clipboard. Then, in MT4, go to ‘File’ and select ‘Open Data Folder’. From the resulting window, open the ‘MQL4’ folder and then the ‘Indicators’ folder. Paste your copied indicator into this folder. Then, restart MT4. The new custom indicator should now appear in your list of indicators in the ‘Navigator’.

How to Turn Off an Indicator in MetaTrader 4

To turn an indicator off, use the shortcut ‘CTRL+I’ to display your list of indicators. Select the indicator you want to turn off by clicking on it and then click on the ‘Delete’ button.

How to Find WMA in MetaTrader 4

A weighted moving average (or WMA) is a type of moving average and therefore can be found as part of the Moving Average Indicator in MT4. First, add the MA indicator to your chart by double-clicking on ‘Moving Average’ in the ‘Indicators’ folder of your ‘Navigator’. This opens a dialogue window in which you set the indicator’s parameters. ‘MA Method’ dictates which type of moving average you’ll be using. Selecting ‘Linear Weighted’ gives you a ‘Linear Weighted Moving Average’ (LWMA).

How to Add Templates to MetaTrader 4

It is very easy to customise the look of a chart in MT4. To do this, right-click on your chart, select ‘Properties’, and then click on the ‘Colors’ tab. From there, you can choose to customise the colours of the background, the foreground, your up and down candles, and so on. Having done so, you might like to save that look and feel for future use.

You do this by saving it as a template. Right-click on your chart again and this time, choose ‘Template’ and then ‘Save Template’. Once you have saved a template, it is very easy to add it to a new chart. To do so, simply right-click on your chart and choose ‘Template’ and then ‘Load Template’. You can read more about ‘Templates’ and ‘Profiles’ on the MQL4 Website.

Source: MetaTrader 4 – Adding templates to MetaTrader 4

How to Draw a Short Line in MetaTrader 4

Adding trendlines to charts can be a very useful tool. The default behaviour when you use the ‘Draw’ trendline tool (the button with the diagonal line on the toolbar) is to draw a line that extends all the way to the far right of the screen. There may be times, however, when you just want a shorter line instead. To do this you need to:

  • Turn off your line’s ray behaviour
  • Double-click on your trendline
  • This puts the line into edit mode. Now that you have it in edit mode, right-click on the line and choose ‘Trendline’ properties.
  • In the ‘Trendline’ window, select the ‘Parameters’ tab and uncheck ‘Ray’. Now, you will have short trendlines.

How to Make Trend Lines Permanent in MetaTrader 4

If you want a trendline on a certain currency pair pair to re-appear the next time you look at that pair, you’ll have to save your work as a template.

To do this, either click on ‘Chart’ from the menu bar at the top of the platform and then ‘Template’ and then ‘Save Template’, or right-click on your chart and from there choose ‘Template’ and then ‘Save Template’. If you close MT4 and find that you want your analysis lines again, all you have to do is go to ‘Template’ and this time, click on ‘Load Template’. Then, select whichever filename you saved your work under, and all your saved trendlines will re-appear.

How to Copy a Trade on MetaTrader 4

If you’re wondering how to trade on MetaTrader 4 on more than one account at the same time, replicating trades exactly on all of them, here is the answer. First of all, we need to look at how to use multiple accounts in MetaTrader 4. To do this, you need to install more than one version of the MT4 platform on your computer, assigning a different destination folder for each one.

You can then log into each individual account, using a differently located version of MT4 for each account. For copying trades, each account needs to be configured to allow automated trading and to allow linking to dynamic libraries. To do this, click on ‘Tools’ at the top of the platform and then select ‘Options’.

From the ‘Options’ window, choose the ‘Expert Advisors’ tab and check the boxes for ‘Allow Automated Trading’ and ‘Allow DLL imports’. The final stage is to install a trade-copying program for MT4. You will find many examples of MetaTrader 4 trade copy programs if you perform a search on the MQL5 Website. Using a copying Expert Advisor is therefore a method for how to link your existing account to another computer.

How to Make a Screen Larger on MetaTrader 4

There is only so much real-estate available on your screen to display the various windows you have open in MT4. Closing certain windows, therefore, will cause the remaining windows to enlarge. Closing the ‘Navigator’ window, for example, will cause a price chart to increase in size and take up the newly-available space. Press ‘CTRL+N’ in order to toggle the ‘Navigator’ window on and off. Similarly, you can use ‘CTRL+T’ to toggle the ‘Terminal’ window on and off.

How to Scale in on MetaTrader 4

You can zoom in and out on a chart using the + and keys.

How to Scroll in MetaTrader 4

You can use the cursor keys to scroll left and right on a chart in MT4. The ‘Page Up’ and ‘Page Down’ keys will fast scroll to the left and right, respectively.

How to show pips in MetaTrader 4

You can monitor your running profit for your open trades by looking in the ‘Trade’ tab in the ‘Terminal’ window (CTRL+T to open and close the Terminal window). Profit is displayed in your deposit currency by default, but it is easy to switch this to display as pips instead. To do so, right-click in the ‘Trade’ window and select ‘Profit’. Then choose ‘Points’ instead of ‘Deposit’ currency. 10 points are equal to one pip with fractional pricing.

Source: MetaTrader 4 – How to show pips in MetaTrader 4

How to Set Alerts on MetaTrader 4

Choose the ‘Alerts’ tab from the ‘Terminal’ window (CTRL+T to open and close). Right-click anywhere in the ‘Alerts’ window and choose ‘Create’. You then need to fill in the criteria for the alert, such as, which market you wish to place the alert on, what ‘Value’ (that is, price); which ‘Condition’ to apply (such as if the Bid is less than a certain price, or if the Ask is less than a certain price, etc.) and when you wish the alert to expire.

How to Enable Email Alerts in MetaTrader 4

Use the ‘CTRL+O’ shortcut to open the ‘Options’ window and click on the ‘Email’ tab. You then need to fill in the fields to configure which email server and address is being used for relaying the email alerts to you and also to which email address you want to ultimately receive the alerts.

First, click ‘Enable’ and then fill in the various fields. You may find for the ‘SMTP’ (Simple Mail Transfer Protocol) configuration fields that it is worth creating a Gmail account for the sole purpose of relaying this messages on to your existing email account. Make sure to click ‘Test’ in order to check that it works before clicking OK.

Source: MetaTrader 4 platform – Enabling email alerts in MetaTrader 4

How to Update MetaTrader 4

MT4 should automatically update itself to the latest version whenever a new update is released by MetaQuotes, the software company behind the MetaTrader family of platforms. You can see which version of MetaTrader 4 you are running by clicking ‘Help’ at the top of the MT4 platform and then selecting ‘About’.

Source: MetaTrader 4 – Updating MetaTrader 4

How to Change Timezone in MetaTrader 4

The timezone used in MT4 is driven by the broker that you use. You cannot change it locally on your device. So the only real answer for how to change the time on MetaTrader 4 is to use a broker that uses a different timezone.

How to Select Your Server in MetaTrader 4

Select ‘File’ from the menu bar at the top of the MT4 platform and then ‘Login to Trade Account’. The resulting popup offers you a ‘Server’ option, from which you can specify a different server.

How to Mark the Days in MetaTrader 4

Using the hotkey combination ‘CTRL+Y’ to show (or hide) separators allows you to mark days clearly on your hourly MT4 charts. On a daily chart, the separators will mark the beginning of the month.

How to Restore MetaTrader 4 to Default

To restore a chart to its default settings, simply right-click on a chart and select ‘Properties’. From the ‘Properties’ window, choose the ‘Common’ tab and then click on the ‘Reset’ button at the bottom. If you wish to restore your whole platform to default condition, the ‘nuclear’ option is to re-install MT4 on your device.

How to Refresh MetaTrader 4

If you have MT4 open for a long time, sometimes, you may see gaps start to appear in chart data. You may be able to rectify this with a simple refresh – right-click on the chart and select ‘Refresh’ from the menu. Sometimes, you may have to go further and do a full manual reset of the chart data.

How to Reset MetaTrader 4

Press F2 to open the ‘History Center’ and then look through the directory for the instrument and time frame you wish to refresh. Double-click on the time frame and it will populate the window with data values. Select all the values by clicking in the first cell, holding the shift key, scrolling all the way to the bottom, and clicking on the final cell.

Click ‘Delete’ and all the values will disappear apart from one row. Click ‘Delete’ again to remove this final row. Your chart will now say ‘Waiting to Update’. If it it does not fully re-populate, try going to a different time frame and then back again. You may also have to right-click and choose ‘Refresh’. When the chart repopulates, it should remedy any gaps in your data.

Source: MetaTrader 4 – Refreshing MetaTrader 4

How to Find Your MetaTrader 4 Account Number

You can see the account number that you are logged in with by going to the ‘Navigator’ (CTRL+N to open and close). There should be an ‘Accounts’ folder in the ‘Navigator’, above the ‘Indicators’ folder. You can see the account number listed there.

How to Get a News Feed in MetaTrader 4

You can access the news feed in MetaTrader 4 via the ‘Terminal’ window. Use ‘CTRL+T’ to open or close the ‘Terminal’ window and then click on the ‘News’ tab.

How to Speed up MetaTrader 4

If you have many charts open that have been running for a long time, it can cause MT4 to run slowly if you do not have enough free RAM available on your device. One way to remedy this problem is to reduce how much data is displayed in each chart.

You can do this by clicking on ‘Tools’ on the menu bar at the top of the platform, and then selecting ‘Options’ (or use the shortcut of CTRL+O). In this window, reduce ‘Max’ bars in history and ‘Max’ bars in chart to smaller values. Regularly restarting MT4 will also help mitigate problems of slowness, as will closing down any Expert Advisors that you are not using.

How to Set Up an EA in MetaTrader 4

Expert Advisors or EAs perform automatic functions in MT4 as directed by their developer – you can think of them like trading and analysis robots. You can create an EA by opening the ‘MetaEditor’. The quickest way to do this is by pressing F4 (you can also right-click on Expert Advisors in MT4’s ‘Navigator’ and then by selecting ‘Create’ in ‘MetaEditor’, and there is also an icon on the toolbar for this specific purpose).

In the MetaEditor, click ‘New’ to launch the MQL4 Wizard, which will help guide you through creating a new Expert Advisor. You may find it easier to download and install an EA, rather than creating your own, however. The method for setting up an EA in MT4 is much the same as installing a custom indicator.

First, locate the file on your computer for the EA and copy it to your clipboard. In MT4, go to ‘File’ and select ‘Open Data Folder’. In the new window, open the MQL4 folder and then the ‘Experts’ folder. Paste your copied EA file into this folder. You will now have to restart MT4. The new EA should now appear in your list of Expert Advisors in the ‘Navigator’. Just click and drag to a chart to start using it.

How to Install Scripts in MetaTrader 4

If you have purchased a commercially-available script, be sure to read and follow any accompanying installation instructions. Generally speaking, adding a script is similar to installing an EA (as described above). Copy the file to your clipboard. Click on the ‘File’ tab, located at the top left of the MT4 platform, and then select ‘Open Data Folder’. Open the MQL4 folder and look for the ‘Scripts’ folder. Open the ‘Scripts’ folder and paste the copied file in there.

How to Program in MetaTrader 4

You can create programs for MetaTrader 4 using the MQL4 language. The best place to start if you would like to learn about coding for MT4 is the MQL4 Website.

How to Make an Artificial Neural Network for MetaTrader 4

If you are familiar with the concept of Artificial Neural Networks and have an aptitude with programming in the MQL4 language that MT4 uses, you have the skills required to create an artificial neural network with MT4. To do this, you will need to use the Fast Artificial Neural Network Library (FANN) to create a network of neurons, which you can train to understand market data and perform trading functions as part of an EA.

How to Use MetaTrader 4 – a Final Word

We hope you enjoyed this guide on how to use MetaTrader 4. Of course, the best way to get these tips and techniques to really sink in is to go ahead and try them out for yourself using MetaTrader 4. If you’re wondering how to play around with MetaTrader 4 without risking any money, the best way is with a demo trading account.

Every demo trade is completely risk-free, making it a perfect way to experiment with trading on the platform and to understand how MetaTrader 4 works. Once you have built up your confidence up through demo trades, and are ready to trade for real, you will need a live trading account.

How do you create a MetaTrader 4 live account? Read Admiral Markets’ ‘ Start Trading’ page to find out how simple it is. If you enjoyed this detailed list of tutorials on how to use MetaTrader 4, you might also like to explore MT4 shortcuts by checking out the MT4 Shortcuts Guide. Click the banner below to download MetaTrader 4 for FREE!

About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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