MetaTrader 4 (MT4) is a third-party platform, licensed for Forex brokers which can significantly reduce the operating costs. The most notable advantage of MT4 is the fact that it has plenty and own third-party integrations such as expert advisors, custom indicators, and strategies. Because of that, MT4 is totally versatile outperforming its other competitors.
5 Tips When Using MetaTrader 4
There are only very few brokerage houses that are not offering MT4 platforms. Those brokerages that don’t offer MT4 are big houses that have a lot of funds to finance support and maintenance. Here are the top 5 tips when using the MT4 platform.
Get MT4 From Different Locations
There are different versions of MT4 platforms offered by brokers. They have custom offerings based on the preferred operating system of the trader. That goes to say that every operating system has its own version and also comes with a web-based option too.
But some traders utilize this platform for different purposes. If this is the case, you should download MT4 in multiple types as well. Every time you download it, choose different folders from different locations. But if you really want to have it under a single folder, you may simply change the subfolder’s name.
Importing Custom Indicators
There are a lot of indicators from different versions of MT4, ideally to help the technical traders have an easy trading life. But sometimes, customization is also highly needed. MT4 already has this inbuilt option for the programming of new indicators and for trading algorithms as well. For those traders who have some coding experience, this feature can come in handy.
Adjust the Length of the Trendlines
The mindset of every trader out there is that trends and trendlines are the easiest way to win some profits in the market. But before you can use a trendline, you must edit and adjust the MetaTrader 4 to maximize its capabilities. Partnered with some money management rules, this technical analysis can be your greatest source of success.
The “Ray” in MT4
Right after you download the MT4, a trendline will be drawn and it will be shown into the platform from the right side. This signals that the “ray” option has been activated. And you don’t need it. You must get rid of it as soon as possible.
To do this, you must follow these steps:
On the chart that says “Draw Trendline”, you can draw the trendline chart from there. It is located on the shortcuts menu.
- Select this option then right-click.
- You will see a parameters tab, open it.
- You need to un-check the “ray” option to deactivate it.
Selecting Options Using Single Mouse Click
The said tip is great for traders using the MT4 platform mainly for technical analysis. When you have multiple objects on the chart such as texts, indicators, letters, trendlines, numbers, and more, it is very handy to select your preferred option using just a single click on the mouse. Fortunately, MT4 platforms allow this option to their traders to save some time and effort.