Skip to content Skip to footer

How to Use MetaTrader 4

Want to trade with one of the most customizable trading platforms? MetaTrader 4 is the one! We have developed a quick guide on how to get started. We also made sure to include the main commands and a step-by-step guide on how to use MT4’s features.  Below you will also find information about indicators, MT4’s built-in Market, Tools, Trading Operations, Algorithmic Trading, Trading Signals, and much more!  But first, let’s get to know MT4. 

What Is MetaTrader 4?

MT4 is a customizable trading platform used for Forex Trading as well as to trade other markets. With MT4 you may also use automatic trading: where the platform does the trading on your behalf as it opens and closes trades according to parameters you previously created and entered into the platform.

The platform also offers tools for technical analysis, trading signals, trading robots, and several others. These features have made it one of the most popular Forex Trading platforms of all time. You can also open a demo account in MT4 with a broker like Tradeview Markets and try it out. 

How to Get Started? 

The first thing you need to do is download MT4 onto your computer or mobile device for free and set up your MT4 login. 

How to download and set up an MT4 Demo account with tradeview

Create an MT4 Account

When downloading, you do need to take into account that the step-by-step process depends on your device’s operating system. If it’s your first time logging in and you do not have an account set up already, you will need to enter your data and account details to activate the account.

If you already have an account go to the top left of the screen and click on “File” > “Login to Trade Account.” Once your account is created you may then access a demo account or your full trading account. 

When you are done with trading in MT4 if you don’t want the program to remember your account make sure that ‘Save Account Information‘ isn’t checked when you first log in (this is highly recommended if you happen to be using a shared computer). When you want to log out just close the platform. 

#FastFact – If you are going to install MT4 on a Linux system you also need to install Wine. It is a free app that allows you to install other applications that were developed for Windows. 

MT4 main Commands

  1. To open a trade go to the “New Order” window and create an instant order in the market you are trading in. If you want to trade at a specific market bid/offer go to the “Volume” box and enter your size in lots. Select “Sell” or “Buy” depending on what you want to do.
  • The “New order” button is at the Toolbar at the top of the program.
  1. To select the currency pair go to the tab  Right-click on any pair in the “Market Watch” > “Show All” This will enable all the symbols on your platform. Scroll down to find the pair you want to trade with. 
  • You can open and close the “Market Watch” window by pressing the hotkeys “Ctrl+M” or selecting “Market Watch” from the “View” menu.

#FastFact:

A shortcut to select the currency pair is to press F9 on your keyboard. 

  1. To create another Order go to the “TerminalWindow > “Trade” tab  >  “New Order” 
  1. To see your account number go to “Navigator” > “Accounts” Folder
  • If you cannot see the “Navigator”  in your MT4 use “Ctrl + N” or select “Navigator” from the “View” main menu.
  1. To limit or stop order change the type to pending order and then select the limit or stop order you wish to place.
  1. To close a trade go to the “Terminal” window >  Trade > Right-click on the order you want to close > “Close order”. A window will pop up. Press the “Close” Button
  • The “Terminal” window or module is located at the bottom of the MT4 platform
  1. To Refresh MT4 right-click the chart and select “Refresh” 
  1. To set a Stop-loss go to the “Order” window and select the “Stop-loss” order Level 
  • The “New order” button is at the Toolbar at the top of the program.
  1. Set a Take-Profit go to the “Order” window and select the “Take-Profit” order Level 
  1. To place a limit order to close a position go to the “Order” window and select the “Take-Profit” order Level you want as a limit. To do this first go to “Type” and change it from “Market Execution”  to “Pending Order
  1. “Modify” or “Delete” an Order by going to the “Terminal” Window and the “Trade” tab. Do a right-click on the tab and select the option. 
  1. To change the number of lots or the volume of a trade go to the “Order” window and fill the “Volume” field. 
  1. To add an Indicator go to “View” > “Navigator” > “Indicator”. Then select the indicator you want to add. 
Setting up Stochastic Oscillator indicator on metatrader
  1. To add Indices go to the ”Market Watch” Window, give it a Right-click and select “Symbols” and look for the folder called “Cash Indices” To add them to your “Market Watch” Window give them a Right-Click and select Show” 
  1. To add Commodities go to the “Market Watch” at the top left of your screen. A list of commodities and stocks will display. Right-Click  and select the “Symbols” option. Click on the option you want  to add. Then click “Show” and “Close”. 
  1. To add a Currency pair open the “Symbol” window and find the pair you want to add. Select the symbol and then click Show” and “Close
  • To view the symbol properties, click “Specification” in its context menu in the “Market Watch” window.
  1. To add a script go to “File” > “Open Data Folder” > “MQL4” Folder > “Scripts” Folder. Then paste the script you want. 
  1. To withdraw money Login into your “Trader’s Cabinet” >”Withdrawal” option>Then select the “Method Type” and fill the information 
  1. Scroll on the screen use the cursor keys. 
  1. Make your screen larger close the taps you are not longer using or press or do a zoom in / zoom out using + or keys
  1. Speed MT4 up go to “Tools” > “Options”. Reduce the value of the “Max” bars both in the history and in the chart.  
  1. To select a different server go to “File” > “Login to Trade Account” > “Server”. Then specify a different server. 
  1. To Set up an Expert Advisor right-clickExpert Advisor” >  “MetaEditor” > “Create” 

MT4 Chart Tips

Changing the colors on MT4 graph
You can customize your MetaTrader Charts to your liking
  1. Change the type of chart MT4 is showing you by default go to the “Property” Window and go to the “Common” tab and select the graph to the one you want (Candlestick Chart, bar chart, line chart). 
  • To open the Chart Property Window Right-Click the Graph and then selectProperties” at the bottom of the dropdown menu (you can also press F8
  1. Change the color of your graph go to the “Property” Window and go to the “Color” tab to change the background, the chart lines, volumes, the grill, the Ask and Stop-Loss, and the bearish or bullish colors.
  • Open the Chart Property Window by Right-Clicking the Graph and then select “Properties” at the bottom of the dropdown menu (you can also press F8

#FastFact

– if you click on the “Color Scheme” you can use the chats preset palettes

  1. To change the trade level colors Right-click the level you want to change and select “Properties”  Then customize the colors as you wish. 
  1. To save a chart template in MT4 Right-click on the graph and select “Template”. Type a name for your template and click  “Save Template”. 
  1. To add a template, right-click on the graph and select “Template” > “Load Template”.  
  1. To startup an Indicator  press Ctrl+I, it will display the indicators list. Select the indicator you want to turn on and click on it. 
  1. To show a trading story on a chart, go to the “TerminalWindow > “Account History” tab. Click the “Trade” Window and drag it to the “Chart” Window. Now the opening and close levels will be marked with arrows. Place the cursor over the arrow and the history will appear. 
  • The “Terminal” window or module is located at the bottom of the MT4 platform

The MT4 Terminal Window 

  1. To see the Terminal go to the Terminal Window
  • The “Terminal” window or module is located at the bottom of the MT4 platform
  1. To see the open positions and pending orders go to  “Terminal” Window > “Trade” tab
  1. Find your Financial Results by going to the “TerminalWindow > “Trade” tab
  1. To see your Profit give a Right-Click in the “Trade Window” and Select “Profit”. After doing so, choose to see your profit as Points, Team Currency or Deposit Currency
  1. To see how much money you have  go to the “Terminal” Window > “Trade” tab
  1. Find your account History go to  “Terminal” Window > “Account History” tab
  1. Stay on top of the latest economic news. go to the “Terminal” Window > “News” tab
  1. Set and see the Sound Alerts go to the  “TerminalWindow > “Alerts” tab. In the “Value” box write the price, in the “Timeout” box you can change the time between each alert, and in the box “Maximum Iterations” you can choose the number of times the alert will sound
  1. To set email alerts open the “OptionsWindow > “Email” Tab. Fill in your information. 
  • Open the “Options” Window by Clicking the “Tools” drop-down from the main menu and then click “Options
  1. Read internal messages that arrive by going to “TerminalWindow > “Message” tab
  1. To see the events that happened during an operation go to “Terminal” Window > “Journal” tab

MT4 Indicators 

  1. To add an Indicator go to “View” > “Navigator” > “Indicator”. Then select the indicator you want to add. 
  1. To turn off an Indicator click on it and select the “Delete” button
  1. To add a downloaded indicator go to “File” > “Open Order Data”. Open the “MQL4 Folder” that appears in the pop-up window. Then go to the “Indicator” folder and add the new indicator. 
  1. To find a weighted moving average (or WMA) go to the  “Indicator” Folder and double-clickMoving Average”. On the pop-up window select the type of average you want. 
  1. To find the Forex Stochastic Oscillator  go to “NavigatorWindow > “Indicators” > “Oscillators” > StochasticOscillator
Setting up Stochastic Oscillator indicator on metatrader
  • If you cannot see the “Navigator”  in your MT4 use “Ctrl + N” or select “Navigator” from the “View” main menu.

#FastFact – Indicators like the Momentum Forex Indicator work both as an oscillator that can give us the direction of a trendline and as a lead indicator. 

MT4 built-in Market 

MT4 has a built-in market that provides traders with countless indicators they can use as tools or valuable information both  to increase their profit and minimize losses. You can also find a wide range of trading applications, trading bots and multiple free and paid products. In the market you may find: 

  • Free and Commercial Products with its description and users reviews
  • Trading Applications
  • Trading Robots
  • Technical Indicators
  • The option to try the products before buying them 
  • Multiple payment methods

MT4 Tools 

Some MT4 tools are based on the detection of common patterns or trends and making forecasts about future trading. These patterns sometimes form in trading symbol charts. 

Technical Analysis on Metatrader 4

MT4 has 4 main analysis tools with 30 built-in indicators, over 2 000 free custom indicators, and 700 paid ones that allow you to analyze the market from many perspectives. 

It also has 24 analytical objects (Gann and Fibonacci tools, lines, channels, arrows, lines, shapes) that you can use to make your charts more dynamic and customizable and allows you to download any of the 2.000 indicators available in the platform. Each Symbol Chart can be displayed on 9-time frames between 1 minute and a month and you can open multiple charts at the same time. 

#FastFact

– With the interactive charts and the online quotes you can examine or study the details and the quotes to respond quickly to price changes.  

Using charts to trade is easy with MT4, you can personalize them to your liking
Today’s Trading News

Trading Operations and Trading Order Types

With MT4 you can develop multiple strategies by combining different types of markets. It also gives you the option of activating Pending or Stop Orders. A Trailing Stop allows you to set up trades regardless of the current market situation. 

Mt4 also gives you 3 trade execution modes so you can choose the most appropriate one for every market situation: 

  • Instant
  • Request
  • Market

An order is an instruction given by the broker to the platform in order for it to make trades on their behalf. The orders given by the trader may change depending on the market behavior: 

  • Execution Mode
  • Market Orders (Used for instant execution) 
  • Pending Orders (Are made at the moment but meant to be executed in the future when the market situation is in line with the conditions established by the trader)
  • Stop Orders are aimed to lock your current profit and to lose a minimum amount. 
  • Stop-Loss (Works the same way as the Stop Orders by stopping the trading in case things go wrong in order to minimize losses).
  • Trailing Stop (It moves Stop Loss orders along some distance away from the current trading you are doing just in case it becomes a positive or favorable one)

Algorithmic Trading on MT4

With MT4 you can also activate automated trading and make robots to trade for you! It uses MQL4  (Meta Quotes Language 4) as a base code. Its MQL4 IDE ( Integrated Development Environment) allows you to develop technical indicators and Expert Advisors/trading robots. MT4 MetaEditor is designed to develop trading strategies in MQL4 making it highly efficient and functional. By using it you have the perfect combo: the indicator analyzes the market and the Expert Advisors make the trading process. You can develop your own application and put it on the market. 

Algorithmic Trading Includes: 

  • MetaEditor
  • MQL4 of trading strategies
  • Library of Free Trading Robots
  • Strategy Tester

Trading Signals

Another way to trade automatically is to copy deals. You can subscribe to a Providers signal and instruct your terminal to copy the provider’s trades or currency movements. Within MT4 you can find free and paid signals for you to choose from or you can use Tradeview Markets CommuniTraders software

Mobile Trading with Metatrader 4

Mobile trading with Metatrader 4

MT4 also has mobile versions that can be installed on Phones and Tablets (iOS and Android). With the mobile app you have all the trading orders available and access to technical indicators and to trading analysis.

Now that you know how to use MT4 you are ready to start trading with it. Open a Demo account with TradeView to try it out! You can do it! 

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com