If you are a seasoned forex trader, you must know that MT4 is the king of trading platforms. MT4 is one of the most popular electronic trading platforms globally. Used widely across the world, Meta Trader 4 is a platform for trading forex, commodities, and even indices.
The MT4 platform allows you to perform many functions, technical analysis, and even auto trade. Besides these, there are a few more lesser-known features of MT4.
Are you intrigued and want to learn more about the platform and a few tips? Read this article for more information.
MT4 is a versatile platform that offers unique features to enhance your trading experience. Following are some tips to help you navigate through MT4.
Create a Chart Template
As an experienced technical trader, you probably use multiple indicators to plan your trades. Having a template will allow you to view predefined indicators on a single chart. All you have to do is load the indicators instead of setting them up every time you make a chart.
Just follow these few simple steps:
- Create a new chart
- Apply all indicators that you wish to refer to
- Right-click on the chart, select ‘Template’, and then ‘Save Template’
- Give the template a name and save it
- To load your preferred indicators, all you have to do is simply left-click on ‘Load Template’
Adjust Trendlines’ Length
Meta Trader 4 is known for its charting capabilities. It is the best for technical analysis and forecasting future prices. Money management techniques coupled with technical analysis are the recipe for successful trading.
Market trends and trendlines are the primary focus of traders to determine the profits from the market volatility.
Select Multiple Objects with a Single Click of the Mouse
A valuable tip for traders using MT4 for technical analysis is the ability to select multiple objects with a single click.
Ideally, to select anything, you need to double-click on the object. Given the time you spend in front of the computer screens as a trader, every extra click is wasted time. MT4, with its unique features, has made it easy for traders to save time and effort. The platform gives the option to select multiple objects with just a single click of the mouse.
Calculate the Distance Between 2 Points on a Chart
Measuring the distance between any 2 points on the chart, in pips, is quite simple. All you need to do is switch the cursor into a crosshair. With this tool, you can see the price and time coordinates for every point on the chart.
Measuring the distance between 2 coordinates is easy. Left-click and hold to the first coordinate, and drag the cursor to the second coordinate.
On MT4, if you switch chart templates, you are at risk of losing all the current analysis on the chart. However, there is an option to prevent the loss of data. All you have to do is leave the price chart open and simply change relevant indicators.
Hotkeys serve the purpose of placing an indicator on the chart. Thus, saving you the trouble of changing the template entirely.
Trading is equally thrilling and stressful, and Meta Trader 4 is your best buddy through it.
As a trader, your worst nightmare would be losing charts, not being able to view all indicators together, and wasting time. The platform MT4 is your solution to all of these problems. You can ace your trading game with all its unique, amazing, and user-friendly features.