With settings are meant the variables which determine how the information is presented by the platform for you.
Templates are files which you can create and save or download. If a template is selected by you it determines the layout of the chart(s) which you can view. The platform has some preset default templates which you can choose to use. You can load save and change templates by clicking on the “Charts” menu in the toolbar at the top of your screen and then you have to move down to the “Template” category within the sub-menu:
The templates can also be accessed from one of the upper toolbar icons at the top of the screen:
You can view charts which are relating to particular currency pairs that are offered by your Forex Broker by clicking on the “File” command at the top left of your screen which then brings you to a menu of categories with pairs that you can choose from:
Alternatively you can click on the Chart icon at the far left of the upper toolbar:
Each chart can be shown in three different graphical price formats: Japanese Candlesticks, traditional western Price Bars and as linear graphs. The formatting can be performed when you click on the required one of the three icons located in the middle of the upper toolbar. You can see it in the image below:
Alternatively you can click on “Charts” at the top of the screen and then choose the required format from within the drop down menu:
You can zoom in or out of particular charts. The zoom can be activated by clicking on the positive or negative of the zoom icons within the upper toolbar:
You can also achieve this within the drop-down menu by clicking on “Charts” at the top of your screen:
A time frame - the periodicity of each data point along the horizontal time axis - of a particular chart can be set by clicking on the required periodicity button within the lower toolbar:
You can also achieve this within the drop-down menu by clicking on “Charts” at the top of your screen and then you have to select “Periodicity” within the menu:
You can test the "Drawing Tools" on your charts that include horizontal and vertical lines, trend lines, channels, etc. You can find them on the left hand side of the lower of the upper toolbars:
The drawing tools can also be accessed when you click on “Insert” at the top of the screen and then choose the options through the sub-sections in the drop-down menu:
In the bottom right hand corner of your screen you can find a graphical meter and a numerical display. This shows the stream of information which is currently flowing between your Forex Broker and your platform through your internet connection. If either of the numbers show “0” for some seconds this is a sign that you do not have a connection. If you have no connection you can attempt to log in by right clicking on the numerical display that will open a log in dialog box. If there are no errors in your log in but there is still no connection you should check your internet connection if it is operating properly. If there is a connection but the information flow is still blocked you have to contact your Forex Broker.
The most important function which Metatrader can perform when you are connected to your broker is of course the execution of trades.
New trades can be opened at market or set to open at a defined price as either limit - at a better price than the market price - or stop - at a worse price than the market price - orders. Without regard for the order type the order input dialog box can be accessed in either of two ways. Firstly when you click on the “New Order” icon within the upper toolbar:
Secondly you can click on "Tools" at the top of your screen and then select "New Order" from the drop-down menu. This brings up the order dialog box although the box is not shown in the image below:
Market Orders are trades which are opened right away at the market price. The dialog box shows the prices which are available for both long (buy) and short (sell) trades. You have to enter the quantity in lots next to the “Volume” label and then click on the lower pink (for short) or blue (for long) button. Stop loss and take profit levels for the trade can also be added before executing the trades or you can left them unfilled:
LIMIT OR STOP ORDERS
If you want to enter an order to be executed only if the price should reach a particular level you have to open the dialog box and then select “Pending Order” from the “Type” menu within the order dialog box and proceed otherwise as outlined above regarding market orders:
When you have sent your order to your Forex broker by clicking the blue or red buttons you will get a message within a dialog box which will appear on your screen. This message will either confirm that your order was executed or explain that your order was not executed and at which point you might want to try to execute the order again. Failure to execute usually emerges when a market order is entered while the market price is moving very quickly. If your order is executed it will appear in the Terminal window when the “Trade” tab is selected: this will show your open trades. An example of an execution confirmation is shown in the image below:
MODIFYING OR CLOSING ORDERS
Open or pending trades can be closed or modified: e.g. you want to amend stop loss or take profit levels or enter such levels where none exist. This can be achieved when you click left on an open trade which is shown in the Terminal window when the “Trade” tab is selected and then you click left on “Modify or Delete Order” in the pop-up menu that brings up another dialog box where the modifying or closing can be performed.
Please read on: MetaTrader 4 User Guide - Additional Features