As traders become more familiar with the MetaTrader 4 (MT4) platform, they will find certain tips and tricks that help save time or that make a process easier. Here are a few to get traders started.
Traders have the option of saving chart groups: how the charts and different windows are arranged on the screen. The layout can be saved by clicking on the “Profiles” icon and selecting “Save Profile As.” Many different profiles can be saved, allowing traders a choice in how their screens appear. To access a Profile, click on the “Profiles” icon and select from the drop-down list. Several default profiles are included in the drop-down menu.
Trendlines are drawn on charts primarily to help identify areas of support and resistance. Click on the “Trendline” icon to draw a trendline on the chart: click and drag to define the trendline, and then release the mouse button. Double-click on the trendline to make changes to it:
- Click and drag either end of the trendline to rotate.
- Click and drag the centre box of the trendline to move the trendline to a different price level.
- Hold the keyboard’s “Ctrl” button and click on the trendline to draw a parallel trendline.
- Right-click to open the “Trendline Properties” box to adjust the colour and style and define other parameters.
- Right-click and select “Delete” to remove the trendline.
The crosshair mode can be quickly accessed by clicking the middle mouse button. While the crosshair mode is in use, traders can move the crosshair over any price bar, or any part of a price bar, and the corresponding time and price values will be readily identifiable. Figure 20 illustrates this concept. The crosshair mode is useful when determining specific time and price values, such as when looking for a recent high or low, or when identifying when a bar printed. The crosshair mode can also be chosen by clicking the “Crosshair” icon in the toolbar.
Deleting Drawing Objects
The last drawing object that is drawn, whether it is a trendline or a Fibonacci retracement, can be removed from the chart by clicking on the keyboard’s backspace button. Continue clicking the backspace button to remove additional objects.
When more than one chart is open, tabs will appear under the chart windows. Each tab will have the name of the symbol and its time frame. Double-clicking on a tab allows traders to switch between viewing a single chart and seeing all charts displayed at the same time. The display can be adjusted by clicking “Window” in the toolbar and selecting from the drop-down list. Choices include “Cascade,” which stacks the charts one on top of another; and “Tile Horizontally,” which creates equally-sized charts and arranges them in a tidy manner.