How to Create A MetaTrader Forex Signals Chart

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Nowadays, most forex trading transactions are executed online. Trading technology is becoming increasing advanced and traders can initiate trades within milliseconds via their preferred trading platform. The exchange of currencies happens virtually through these special trading platforms. One of the most widely used retail trading platforms is called Metatrader 4. In this article we will discuss how to set up the Metatrader 4 trading terminal and how make it work for you.

Installing the Software

After you have chosen the broker you want to deal with, you should find the page on their site which links to the Meta Trader 4 download link. When you click on this link your operating system will ask you for permission to download a file. This is the Metatrader 4 file and it usually has the logo of your broker as an icon.

When you download this file you should double-click on it in order to start the MT4 platform installation. You will go through a standard software installation process which involves a download procedure as shown on the image below:

Wait patiently to finish the download operation and click “Next”. Finish the installation process and open the installed MT4 application.

Creating a Metatrader 4 Account

When you start the application a small window will pop up in the middle of the platform. This is the server window.

You will choose among servers for real money and demo money trading. In order to create an account for real trading, you should choose the real account server. The demo money server is for Metatrader demo accounts, where your orders do not go out on the global market.

When you choose the real account option, you will be asked to log in with your details. However, you do not have login details yet. Therefore, you should choose the option to create a new account.

You will be asked to fill out some personal information like your address and your phone number. Notice that you might get redirected to the official registration page of your broker’s website. Some of the providers require a registration at their website as well.

Your username and password will be automatically generated by the Metatrader platform.

Make sure you remember these. Write your login details on a piece of paper and then store it away safely! These credentials are the entry key to your trading account.

After you do this, most Metatrader brokers are likely to ask you for a copy of your ID and also provide you with the terms of use. Everything needs to be transparent from both your side and the broker’s side.

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Get your smart phone, take a picture of your ID and send it to your account manager, who requires the confirmation.

Now that you confirmed your registration and provided your ID information, you will need to make a deposit into your Metatrader trading account.

Deposit Funds in your Metatrader Account

There are several choices that you will have for depositing funds with your forex broker.

Usually, this involves the creation of an account at the broker’s website. When you create this account, it gets connected to your trading account at the MT4 trading platform.

Once you deposit the funds at the broker’s website, the funds are instantly displayed in your Metatrader account.

So, if you decide to deposit $50,000 in your trading account, this is what you are going to see on the Metatrader 4 platform:

Above you see a screenshot of the Metatrader 4 order window.

This is where all your open trades will be displayed. In addition, your Balance, Equity, and Free Margin will show in real time as well.

How to Use the Metatrader 4 Platform

So, after you have installed the MT4 trading platform, this is what you are going to see on your monitor:

This is an example of a ready-to-go Metatrader 4 platform, which has now been setup and funded. You will notice numerous buttons at the top of the MT4 trading platform.

The buttons M1, M5, M15, M30, H1, H4, D1, W1, and MN are the different chart time frames you can choose from. “M” is short for “minute”, “H” is short for “hour”, “D” is short for “day”, “W” is short for “week”, and “MN” is short for “month”.

When you click on these buttons, your chart will be automatically converted into the desired timeframe.

The two magnifying glasses above are used to zoom in and zoom out the trading charts without changing the trading time frame. The three buttons on the left of the magnifying glasses are the three different Metatrader charting options – Bar Chart, Japanese Candlestick Chart, and Line Chart.

At the left side of the chart timeframe buttons you have a few basic drawing tools, which are frequently needed when performing technical analysis.

These are: vertical line, horizontal line, trend line, price channel, Fibonacci retracement and some image labels.

If you right click on the chart window you will see various options to customize your trading platform. Here you should take some time to personalize the settings that best suit your preferences.

If you point at “Trading” you will see the option to open a trading position. Another place you can do this from is the “New Order” button from the options above the chart. If you click on “One Click Trading”, you will see special Buy/Sell buttons attached to the top left corner of your chart. This way you can instantly open trades at a preliminary decided size (lots). If you click on “Properties” you can fully customize the appearance of your Metatrader 4 trading platform.

On the left side of the Metatrader terminal you will see the live Market Watch (red rectangle).

This window displays the basic Bid/Ask information of all the chart windows you decided to include in your trading portfolio. Note that these are not all the available trading symbols offered by your broker. To see all the available symbols simply right click on the Market Watch window and select “Show All”. This will display all the available financial instruments of your broker.

It is important to mention that the Market Watch window is another place to open trades from. You can pick symbols from there and then by right clicking on your mouse, it will allow you to get options for each of these financial assets. See the image above for details on this.

Opening a Trade on Metatrader 4

Now that we have discussed the basic functions of the MT4 Forex trading terminal, I will now show you how to open real trades.

In order to buy or sell a currency pair, you can use one of the options we mentioned above. Click on the chart or on the Market Watch with the right click button and then choose “New Order”. This will bring you to a special trading window. But the easiest way to bring the order window up is by simply clicking the “F9” hotkey on your computer keyboard. This will instantly bring up the trading window. This is what you will see:

Let’s take a deeper look into the Order Entry Window:

The first line says “Symbol”. This is a dropdown menu containing all the symbols available for trading at your broker’s station. If you want to change the Forex pair you want to trade just use the menu and pick a different symbol.

The second line concerns trading volume. This is the amount in full lots you want to invest in your trade. It is very important to know that one full lot equals 100,000 units. In this manner, you should also get acquainted with other lot sizes. Below you will find a little table containing the different trading volumes:

Volume Units
1 Full Lot (1.0) 100,000
1 Mini Lot (0.1) 10,000
1 Micro Lot (0.01) 1,000
1 Nano Lot (0.001) 100

If you want to do a standard pip value calculation, you should use the following calculation:

  • Pairs where the USD is the base currency:

Let’s say you buy the USD/CAD at an exchange rate of CAD 1.1350 for one USD. You will invest in your trade 1 Full Lot (100,000 units). So you need to know how much one pip (0.0001) costs. You will first need to calculate the amount one pip (0.0001) equates to.

0.0001 / 1.1350 = 0.0000881057 or 0.00881057%

Then you multiply the result by the volume you are willing to trade.

(0.0001 / 1.1350) x 100,000 Units = $8.81 (8.81057269)

This means that the value of 1 pip (0.0001) at a spot rate of 1.1350 CAD for 1 Full Lot traded would equal to $8.81.

Remember that you always get the end result in the base currency using this calculation. But what if the USD is not the base currency, but a quoted currency? We will discuss that next.

  • Pairs where the USD is a quoted currency:

In this case the formula becomes a bit extended. You still do the formula we discussed above, but you should then multiply the result by the spot rate in order to convert it in USD. Remember we said that the result of the upper formula is in the Base currency.

Let’s say you want to sell 100,000 Units of the EUR/USD at the exchange rate of $1.0900 for one EUR. If you want to calculate the value of 1 pip (0.0001) in USD you should use the following formula:

((0.0001 / 1.0900) x 100,000 Units) x 1.0900 = $10 for one pip.

The results are for 1 Full Lot

Carefully choose the volume you are willing to trade when opening a position. Now let’s get back to the Order window.

  • Stop Loss / Take Profit

The third line on the Order window regards the exit point of your trade.

  • The Stop Loss option allows you to choose a rate for automatically closing your trade in case the market moves against you.
  • The Take Profit option allows you to choose a rate for automatically closing your trade in case the market moves in your favor.
  • Type

This line contains the order type you want to implement. You can choose from two alternatives:

This option executes the order instantly. When you fill out the fields we discussed above, you can simply click Buy or Sell depending on your intended trade direction.

You use this type of order if you want the Metatrader platform to implement a market entry when the price reaches a specific level on the chart.

Metatrader Tools

One of the best MT4 platform feature is the vast array of trading tools available to every MT4 trader to choose from. In order to see these features you would simply click on the “Insert” dropdown menu located at the top of the Metatrader 4 terminal.

Above you see the “Insert” dropdown menu and the built-in oscillators, which are part of the “Indicators” section.

There are built-in indicators that are related to Trend, Volume, Momentum etc. Another great feature of Metatrader is the “Custom” Indicators section. You could create your own custom trading indicators with specific parameters, which could be added to the Metatrader platform. Furthermore, there are thousands of indicators for analyzing financial instruments and they cannot all included in the platform. So, if you have a special indicator in mind, which is not built-into the Metatrader station, simply Google it, find it, or create it, and then download it and put it in the “Indicators” folder of in the installed Metatrader files on your computer. The indicator will then appear in the “Custom” menu.

It is also worth mentioning that the MT4 terminal also includes a variety of Fibonacci based trading tools as well. This includes:

  • Fibonacci Retracement
  • Fibonacci Time Zones
  • Fibonacci Fan
  • Fibonacci Arcs
  • Fibonacci Extension

As we discussed earlier, if you need another Fibonacci Indicator, which is not included in the platform, you can create it, or find it on the internet, download it and add it manually to your trading platform.

Other drawing tools you can use are the lines and the channels. These tools can assist in analyzing trends or specific levels on the chart.

Metatrader 4 Templates

We will now discuss how you can customize your Forex MT4 terminal. Firstly, if you don’t find the default chart setting appealing, you can easily change it. The default chart setting has a black background, a grid and black and white candles. To make changes, click on the chart and right click with your mouse, and choose “Properties”. Then customize the appearance of your chart according to your preferences. Then you can add the technical studies you want to incorporate on the chart.

After you do this, right click on the chart, and select on “Templates”. Click on “Save Template” and choose where to set the template you just created. Now you will be able to load this template on every chart you have in the Metatrader 4 terminal.

You can also choose from some of the default templates in the menu. These include the ADX, Bollinger Bands, Momentum, Volume, etc.

In addition, you can also find some MT4 templates online that are used by various traders around the world. Download some of them and simply load them through the template section of the MT4 platform. The settings will be applied to your charts instantly.

So for those of you getting started on your trading journey, this lesson on setting up Meta trader should help in getting you up and running smoothly. If at any point you have any questions, there is a large community of Metatrader platform traders that you can reach out to as well. One such forum community dedicated to discussing all topics related to Mt4 can be found at MQL4.

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How to Create Tick Charts in Metatrader 4 (MT4)

Another useful feature that you can add to MetaTrader 4 (MT4), through indicators, is tick charts. These aren’t the most practical indicators to use, but for those of you who wish to try them, I’m going to show you how to create tick charts in MT4.

It’s impractical for most traders to create tick charts in MT4 because your tick charts have to be rebuilt every time you restart the MetaTrader 4 platform or close your M1 chart. In other words, your tick chart will have gaps in its price history unless you leave MT4 running.

Other Forex trading platforms, such as NinjaTrader and TradeStation, have the ability to create custom time frames and accurate tick charts by default. Maybe in the future Metaquotes will add custom time frames and tick charts as a default feature.

For now, you can use the 8-step process below to add tick charts to MT4:

How to Create Tick Charts in Metatrader 4 (MT4)

Step 1 – Download and extract the Log Tick Data and Post Tick Data indicators.

Step 2 – Copy or move them to your Indicators folder (File > Open Data Folder > MQL4 > Indicators).

Step 3 – Restart MT4.

Step 4 – Open an M1 chart of the currency that you would like a tick chart of, as well as your “Navigator” window (Ctrl+N) if it’s not already open.

Step 5 – Drag TickChart.LogTickData.ex4 onto your M1 chart, check “Allow DLL imports” under the “Common” tab, and click “OK”.

Note: It’s important that TickChart.LogTickData.ex4 (Step 5) is added to your chart before TickChart.PostTickData v1.1.ex4 (Step 6) to avoid any malfunctions.

Step 6 – Drag TickChart.PostTickData v1.1.ex4 onto the same chart, check “Allow DLL imports” again, but don’t click “OK” yet.

Step 7 – Select the “Inputs” tab and double click the value for “TicksInBar”. The default value is 5. Change this value to input how many ticks you want each bar to contain. Once you are done, click the “OK” button.

Step 8 – Bring up your offline charts window (File > Open Offline). Open the tick chart that you created. It should be labeled similarly to this: !T-EURUSD, M(TicksInBar value). See the image below for a few examples of custom tick charts that I created with these indicators.

Note: Be sure to keep your original M1 chart open. Closing it will cause your tick chart to stop receiving data.

You can save your newly created tick charts as a custom profile. This will allow you to switch away from your tick charts and come back to them again without going through all these steps.

Remember that MetaTrader 4 does not automatically fill in the price history of your tick chart, so you will only get accurate price action on your charts as long as MT4 is running and your custom tick chart and original M1 chart are open.

Using these indicators is obviously more practical with smaller tick per bar trading setups because your chart will fill up with accurate tick bar price action more quickly. The more ticks per bar that you require, the longer you will need to run MT4 and your custom tick charts, in order to display enough accurate price history to start trading.

Like I said, it’s not the most practical thing ever, but I’m sure some of you will find this useful. Now you know how to create tick charts in MetaTrader 4 (MT4). If you found this article helpful, please share it with other traders, and let me know how you are using your custom tick charts.

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How To Set Up MetaTrader Forex Charting Platform

MetaTrader Forex Trading Tutorial: Setting up MetaTrader 4 for price action trading charts.

This lesson is going to provide you with a tutorial of the basics of using the MetaTrader trading platform . MetaTrader 4 (MT4) is the most popular Forex trading platform and forex charting software in the world. I personally trade on this platform and I recommend my readers & members use it too.

As anyone who has followed me for a while knows, I trade and recommend New York close 5-day per week charts. The reason is that closing prices are the most important in the markets, and the New York close marks the end of the current Forex trading day and then the new day starts in Asia. As the New York session is the most traded session behind London, it’s important to see who won the battle between the bulls and bears at the New York close and as the current Forex trading day ends. You can download the correct 5-day New York close charts for free via this link: New York Close Forex Charts Download.

This tutorial is going to show you how to setup the MT4 platform for optimal price action trading, thus we won’t be discussing any of the automated “robot trading” / expert advisor functions of the platform as they are not a part of the price action trading strategies that I trade and teach.

After you read today’s lesson let me know if it helped you, if you learned anything new about the MetaTrader platfom, or if you would like me to add any explanations to this tutorial next week… you can contact me here.

Navigating the MetaTrader platform: The main windows

Below is a screen shot of approximately what your MetaTrader platform will look like when you first open it up. Your charts will probably be black and green however, with a bunch of indicators all over them. We will discuss how to get your charts setup with a white background for clean price action forex trading in the next section.

For now, let’s cover the main functions of each window you see in the image below:

1) The first window at the very top is the “Toolbars” window, here you’ll find many different icons that allow you to do many different things, we will cover most of these icons later on, for now just be aware of the toolbar window and that it is full of different tools and shortcuts for you to use.

2) The next window is the “Chart” window, this is obviously where you will see the current chart(s) you have open.

3) Next, see the “Market Watch” window on the upper left hand side of the screen. The market watch window lists all the markets available from your broker and gives you their real-time bid and ask prices. Note: to unlock all markets offered by your broker, simply right click within the market watch window and then select the “show all” option.

There’s a “tick chart” tab at the bottom of the market watch window, click on it and you’ll see the current price activity of the pair you have selected in the market watch window, tick by tick,…I don’t really use this but thought I’d just tell you what it’s for real quick.

To see which currency pairs I prefer to trade as well as an example of how you might want to populate your market watch window, check out my article on the best forex pairs to trade.

– Below we can see the main windows of the MetaTrader platform:

4) Below the market watch window is the “Navigator” window. In this window you can see your account(s), as well as a variety of indicators, expert advisors and scripts…both of which you can and should ignore. To learn why I don’t use many indicators or trade with expert advisors, check out this article on forex indicators, and this one on forex robots.

5) Finally, the terminal window appears at the bottom of the screen and within it you’ll find these six tabs: Trade, Account History, News, Alerts, Mailbox, and Journal. You can go through each tab to get familiar with what it does. The “trade” tab is the most important as this is where your pending and open trades can be viewed. The “account history” tab contains all your account activity since you opened it, primarily deposits, withdrawals, and closed trades. You can also generate detailed reports of your trading history here.

Setting up your charts for clean price action trading:

Next, we need to get our charts setup for optimal price action trading. You can customize your price charts in MetaTrader to reflect your own personal style and color preferences. I personally prefer a white background and black foreground for the cleanest and simplest approach. Here’s how to setup a clean white chart for optimal price action trading:

1) How to open a chart

There are three main ways to open a chart window on the platform. You can click on the “file” menu at the very top left of your screen and then click “new chart”, or you can right click in the market watch window on the specific currency pair you want the chart for and then select “chart window”. There’s also a “new chart” icon in the toolbar, see the image below:

2) How to set chart properties

Once you’ve got your desired chart open, you want to get it setup for clean price action trading. To do that, you just need to right click on the chart, and then select “properties” which is located at the bottom of the menu that appears, you’ll then see this box appear:

Now, as you can see in the “color scheme” window there is actually already a “black on white” theme that you can use. My personal settings look a little different though, you can see them here:

Note I have taken off the “grid” and “volume” functions.

The “common” tab located to the right of the “colors” tab in the window above, allows you to select or deselect certain features, such as volume, grid, period separators, and others. You can also change the chart to bar, candlestick or line chart in the common tab. It’s pretty self explanatory so play around with it a bit to get more familiar with the options.

3) How to save your chart setup as a template

Once you’ve adjusted your color scheme and other chart properties to how you want them, you have the option of saving your chart setup as a template, then you can easily apply the same properties to other charts. To save a template you can click on the “Template” icon in the toolbar and then select “save template”, or you can right click on the chart itself and then select “Template” and then “save template”. You can also click on the “Charts” menu at the very top of your platform and then select “Template”. See here:

I’ve also labeled a few other functions on the toolbar in the image above. We can see in the “chart type” box you can select bar, candlestick or line chart; we use forex candlestick charts in the members’ area. You can also see the function to zoom in and out of the current chart selected, as well as the time frame icon which goes from 1 minute chart up to monthly chart. I personally never look at a time frame under the 1 hour, and my trading course and community is focused on teaching time frames from the 1 hour and above, with the primary focus being on the daily chart time frame.

A cool tip about templates:

To quickly open a new chart with the current open chart’s template properties, simply select the market you want to see in the market watch window and then left click and slide it (drag it) over to the chart window containing the desired template. That new market will automatically open in the existing chart window with same template properties:

How to add moving averages and other analysis tools to you charts

I do implement the 8 and 21 daily chart exponential moving averages for trend analysis and to see dynamic support and resistance levels, note that I don’t use them in the traditional “indicator cross-over” sense. So let’s discuss how to put these EMAs on your charts.

The easiest way to do it is just to click the “Indicators” icon in the toolbar, then select “trend” then “moving average”:

You’ll then see this box appear:

You can also add indicators by going to “Insert” at the very top of the platform and then clicking on “indicators” then “trend” then “moving averages”, then the box above will appear.

You want the period set to either 8 or 21, depending on which EMA you are putting in at the time, then the “MA method” should be Exponential and “Apply to” close. You can pick whatever colors make you feel happy, just make sure the colors of the 8 and 21 contrast nicely so you can easily tell them apart, I use red for the 8 day EMA and blue for the 21 day EMA.

You can then save that particular chart setup with the EMAs as template. You can have a number of templates saved as you can see, then you can quickly go from one template to the next. I have one clean template setup (see above) with no EMAs and then one with the 8 and 21 day EMA. You can learn more about how I use the EMAs in my forex trading course. I do not use any moving averages on the 4 hour chart.

The other main analysis tools that I use are the horizontal line tool and the Fibonacci tool. They are pretty self explanatory, but with the Fibonacci tool I usually only have the 50% and 61.8% level as those are the only ones I look at. Simple right click on the Fibonacci tool after applying it to your charts and then you can change its properties.

How to setup my 4 primary time frames in one market profile

To quickly see the 1 hour, 4 hour, daily, and weekly time frame in one window, you can do this:

Open 4 new charts of the same currency pair and then use the time frame icon to set them to 1 hour, 4 hour, daily, and weekly. Now, go to the “Windows” menu at the top of the toolbar and select either “Tile horizontally” or “Tile Vertically”, they are both going to make your chart windows the same when you have 4 charts.

Now, once you get the 4 time frames setup, you can go to the “File” menu or click on the “Profiles” icon and save your current window arrangement as a profile.

Cool tip: If you want to you can save each market as its own profile and then quickly scroll from one profile to the next by clicking “ctrl + F5” at the same time, to see the previous profile press “ctrl + F6”. See here:

Quickly analyze multiple markets

You can have as many different chart windows open as you want in MetaTrader, and you’ll see at the bottom of the platform are tabs that allow you to quickly open a chart to analyze or edit it. You can open up a chart from the tabs at the bottom and then quickly change its time frame or template via the time frame and template icons in the toolbar that we’ve already discussed above. These tabs make it easy to get a quick view of many different markets and this is the primary method I use to scroll between markets on MT4.

In closing

Now you know the basics of the MetaTrader 4 trading platform and how to get it setup for clean price action trading. If you want more instruction on how I trade with price action on the MetaTrader platform, check out my price action trading course and members’ community. Remember you can download the free MT4 Forex Charting Platform Here.

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