MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes software. This article will serve as a guide to its features and settings.
Some of the features described below may be unavailable on mobile platforms.
Settings
With the amount of settings available, only the most important can be explained below but it is encouraged to explore these options for yourself.
These menu items can be found at the top of MT4:
Important options here include Login to Trade Account to sign in with your trading account and New Chart to open a new chart.
The main function of this menu is to show and hide the various windows in MT4, but it is also the primary way to change the display language.
To change the language
- Click View then Languages.
- Select a language from those shown.
To show/hide windows
- Click View.
- Select the menu item to show/hide that window.
- The displayed shortcut keys can be used to do the same thing.
This menu hosts many customization options for many chart-related drawing tools and indicators.
This menu allows customization of the chart itself, including the choice of Bar Chart, Candlesticks, or Line Chart. Clicking Properties brings up an in-depth list of template options to truly personalize your charts. Many of the options shown here are additional button items located above the chart.
Options present critical settings, including:
- Push notifications: Notifications, click Enable Push Notifications.
- Expert Advisors: Expert Advisors, click Allow automated trading.
- One Click Trading: Trade, click One Click Tradingthen accept the presented terms and conditions.
- Technical news: Server, click Enable news.
- Events: Customize events that send the platform notifications.
- Signals: Trading scripts can be set up here; more about trading signals.
The presentation of chart windows is the main reason to use this menu. Multiple chart windows can be open at once and this menu makes sorting and arranging them simple.
The main repository of all tips, guides and information; the Help Topics item is particularly useful for learning about specific functions of the platform, while About will display information about Exness and the current application build/version (relevant for some troubleshooting topics).
Market Watch
The Market Watch window is a central collection of trading instruments, which is customizable by the user. For many, the Market Watch window is essential to trading with MT4. Details on adding, removing, and reordering instruments can be found in our MT4 trading guide.
Navigator
The Navigator window is a central management hub for the following:
Trading accounts that are logged into are collected here, though only one trading account is logged into at any time. Double-click any trading account here to bring up a login popup with its credentials already entered, then confirm to log in quickly.
The full list of preinstalled indicators available for MT4 are shown here. Indicators are programmed visual cues that measure certain market trends.
To add indicators
- Drag any indicator onto the active chart.
- Customize the indicator as desired.
- Click OK to apply.
To delete or edit indicators
- Right-click the chart and select Indicators list.
- To delete, select the indicator and click Delete.
- To edit, select the indicator and click Edit.
Expert Advisors (EA) listed here can be used for automated trading. As an advanced topic, we recommend reading more about Expert Advisors before using them here.
To add EA:
- Drag the EA onto the active chart.
- Customize the EA.
- Click OK to apply.
To delete or edit EA:
- Right-click the chart, hover over ExpertAdvisors.
- To delete, select Remove.
- To edit, select Properties.
Like EA, scripts are used for automated trading. Any scripts that are installed into MT4 are shown here.
Charts
The Charts area can display active charts simultaneously, which illustrate the performance of the instruments selected.
Clicking and dragging the mouse across the chart or rolling the mouse wheel will scroll the time period shown on the chart. Clicking and dragging the price column will expand or contract the price parameters tracked.
- Right-click and select Properties, or press F8, or click Charts. Select Properties.
- The Colors tab lets you customize every element in the chart, or select from a number of preset color schemes.
- The Common tab controls inherent features (grid, ask line, etc) for the chart.
- Right-click and hover over Timeframes.
- Select from the options available (the periods they represent are shown too).
- These can be selected from the icons above the chart too.
Select from Bar charts, Candlesticks, or Line charts by clicking their icon above the chart, or use their key shortcuts.
- This setting is off by default, and is useful to users who create sell orders.
- Right-click and select Properties, or press F8, or click Charts. Select Properties.
- Open the Common tab.
- Tick Show ask line.
The ask price line appears in red by default, and may appear invisible if your background matches its color. Change this in the Colors tab to ensure it appears as intended.
Terminal
The Terminal window is an information center for MT4 where
notifications,
order history, trading activity and more is collected and stored. Technical
news
is collected in the News tab if it is enabled by opening
Tools, Settings and Servers then
toggling the option.
The most important tabs in the Terminal window include:
Information about your trading account’s balance, equity, and margin are shown in the Trade tab, while managing active orders is also possible.
- Right-click any active order here to bring up its options.
- Right-click anywhere in the Trade tab to various display options.
Information about all open positions is displayed here, such as volume, currency, and more.
Account History will display all transactions, such as deposits and withdrawals, made with this trading account but also includes information about closed orders. Right-click anywhere in the tab to display some useful options such as:
- Select from a preset or customizable time period to display its history.
- Save as Report will let you create an HTML file that breaks down the account history.
- Toggle on/off information columns for historical items in this tab.
All financial news is listed here, including the date and time of the news.
Create custom alerts based on predefined criteria, i.e. when an instrument’s price reaches a certain level.
Right-click and select Create to open the Alert Editor which lets you explore features related to setting up alerts, which includes sending yourself an email alert.
Mailbox is an internal messaging system. You’ll receive important updates there, such as information about your accounts, platform features, and upcoming events.
Highlight any item and press Enter to bring it up instantly; press Esc to close it.
Other applications from the MQL4 market, including experts, indicators, libraries, utilities, and more, are displayed here for purchase and download.
Trading signals are displayed here, some of which are available for subscription.
Trading insights and articles can be found here and are categorised for easy navigation.
Here you can download any application published in the Code Base section of the MQL5.community website.
If your trading account makes use of any Expert Advisors (EA), information about this will be tracked in this tab.
The Journal tab tracks every event that occurs on MT4, including login attempts and terminal errors. As such this tab is very important for troubleshooting issues; you may be requested by our support team to provide information from here.
To copy an event:
- Right-click any item listed in the Journal.
- Click Copy.
- Paste this information either into a notepad application, as part of your ticket in the support hub, or directly into an email as requested.