MetaTrader 4, How to Set Orders, How to Use EA and Indicators

What is MetaTrader 4?

MetaTrader 4 (MT4) is the most popular forex trading platform used by the forex traders. MetaQuotes Software developed this platform and released in 2005. Apart from forex, MT4 allows users to trade various financial instruments, such as commodities, and indices, using automated trading strategies called Expert Advisors (EAs) or manual trading.

MT4 provides a user-friendly interface, real-time charting, technical analysis tools, and the ability to execute trades directly from the charts. It also supports multiple order types, including market orders, limit orders, and stop orders. The platform is available for Windows, macOS, and mobile devices (iOS and Android). Even you can trade online using the browsers through MetaTrader 4 web.

One of the key features of MT4 is its support for custom indicators and EAs, which can be developed using the MetaQuotes Language 4 (MQL4) programming language. This allows traders to create their own trading strategies and automate their trading processes, making it a popular choice among both novice and experienced traders.

How to Access MT4?

To access MetaTrader 4 (MT4), you’ll need to follow these steps:

1. Download and install MetaTrader 4: Visit the official MetaTrader 4 website (https://www.metatrader4.com/) and download the appropriate version for your operating system (Windows, macOS, or Linux). Follow the installation instructions provided.
2. Create an account with a broker: To use MetaTrader 4, you’ll need to have an account with a broker that supports the platform. Many brokers offer MT4 as one of their trading platforms. Sign up with a broker of your choice, and they will provide you with the necessary login credentials (account number, password, and server).
3. Launch MetaTrader 4: Open the MT4 application on your computer. You’ll be prompted to enter your login credentials (account number, password, and server) provided by your broker.
4. Connect to your broker’s server: After entering your login credentials, click the “Login” button to connect to your broker’s server. Once connected, you’ll see your account information, including your balance.
5. Access the trading platform: You can now access the various features of MetaTrader 4, such as the Market Watch window (which displays live quotes for various financial instruments), the Navigator window (which allows you to manage your accounts, indicators, and expert advisors), and the Chart window (which displays price charts for selected instruments).
6. Start trading: To place a trade, right-click on the desired instrument in the Market Watch window and select “New Order.” Fill in the required fields, such as volume, stop loss, and take profit levels, and click “Buy” or “Sell” to execute the trade.

Remember to familiarize yourself with the platform and practice using a MetaTrader 4 demo account before trading with real money. This will help you gain experience and confidence in using MetaTrader 4.

How to Execute Orders On MT4?

So you have completed the process of creating an account on MetaTrader 4 (MT4), and now you have access to several features including the charts. The software interface may look intimidating, especially to newbies, but there is always a first time for everything.

Once you are familiar with the interface, the next step as far as the basics are concerned should be learning how to set orders on MT4. Setting orders refers to the process of buying or selling through market execution, buying and selling through pending order and trade modifications after execution.

Placing a trade through market execution

The standard toolbar contains a “New Order” tab, when clicked, it pulls up a list of currency pairs to choose from. The Market Execution tab is located within the drop-down list for order types. Select the lot size or the size of your trade that you want to execute.

Each standard lot size is equivalent to 100,000 units. Therefore, if you want to purchase 5,000 units of a particular currency pair, then your input in the volume field should be “0.05”. There is also an optional comment section where a trader can include their remarks. You also have to choose whether to “buy” or “sell” your preferred currency.

Profit-taking and stop-loss

Once you execute your trade, a dialogue box will pop up to confirm the execution. The MT4 platform also has a section where the trader can specify the take profit level and stop orders. The former is the level at which the trader is comfortable with exiting the trade after making some profit. Stop-loss allows the trader to specify the losses they are willing to bear from a losing trade before closing the position to avoid further losses.

The profit-taking and stop-loss levels can be specified after the trade is executed and running. However, the fields for entering the take profit and stop loss are usually disabled before the trade is executed.

Executing a trade through pending order

Click on “New Order” to access the currency pair list and select your preference. Next, click on “Pending Order” on the “Order Type” list. Select “Buy” or ”Sell.” Once you are done, you can enter your preferred lot size and also the take profit and stop loss.

Modifying your trades

To modify your trades, go to the “Trade” tab which will pull up all your active trades. Go to the modify profit target/stop loss. Right-click to access the modification options. Once adjusted to preferred levels, close and confirm, and you are good to go.

Installing an Expert Advisor

An expert advisor commonly referred to as EA in the MetaTrader 4 forex trading is a program that you can install onto a platform which will be following trader’s instructions automatically once a specific criterion is met.

Advantage of EA

The upside of using the expert advisor for forex MetaTrader 4 is that once you have a mechanical system in place, you can easily create an EA to replicate the required actions immediately your system give an indicator. This is very vital for traders who prefer trading in multiple pairs or for those who don’t have time to be on the screen to trade.

Before you install an EA, you should be WARNED that some of the EA programs offered out there may not perform optimally as advertised.

Learn about the EA you want to use

It is recommended that you should get to understand all the aspects of the EA you want to use.

If the EA uses Stochastic ensure you understand the settings used in generating signals. Equally, if it is based on moving average make a point to ascertain whether it uses exponential or simplified moving averages and the number of bars it covers.

After understanding all aspects of the EA, you can begin the process of loading it on the terminal.

Steps of installing an Expert Advisor

Step 1: Transfer of files

1. First, download or create an EA and always note the location it is saved.
2. Highlight and copy the file you want to install
3. Search for the MetaTrader4 folder which is usually located in drive C
4. Paste your files into the Experts folder. You will get pop-up prompt seeking permission which you should click continue.

Step 2: installation of the EA on the MetaTrader4 platform

1. Begin by launching the MT4 platform
2. Search for the EA section on the Navigator window and click on the + and all EAs will appear
3. Select your preferred EA and drag it onto one of the charts

Step 3: Adjustment of Settings

1. You will get a pop-up that shows your EA settings
2. Ensure all settings, as well as alerts, are okay before you click OK

Don’t use the EA blindly. Try it first on demo to understand how everything works.

How to Use Indicators

You can use indicators in MetaTrader 4 (MT4) through the following steps:

1. Open the “Navigator” window: If it’s not already open, press Ctrl+N or click on the “View” menu and select “Navigator” to display the window with a list of available indicators, expert advisors, and scripts.
2. Locate the desired indicator: In the “Navigator” window, expand the “Indicators” folder to view the list of available built-in indicators. MT4 comes with a wide range of popular indicators, such as Moving Averages, MACD, RSI, and Bollinger Bands.
3. Apply the indicator to a chart: There are several ways to apply an indicator to a chart:
   1. Click and drag the indicator from the “Navigator” window onto the chart.
   2. Right-click on the indicator in the “Navigator” window and select “Attach to a chart.”
   3. Double-click on the indicator in the “Navigator” window.
4. Customize the indicator settings: After applying the indicator to the chart, the “Indicator Properties” window will appear. Here, you can customize the indicator’s parameters, such as the period, method, and applied price. You can also change the appearance of the indicator, such as line style, color, and width.
5. Add multiple indicators: You can add multiple indicators to a single chart by repeating steps 3 and 4 for each desired indicator. To remove an indicator from the chart, right-click on the indicator and select “Delete Indicator” or “Delete Indicator Window” (if the indicator is in a separate window).
6. Save your chart template: If you want to save your chart setup with the applied indicators and settings, right-click on the chart and select “Template” > “Save Template.” You can then apply this template to other charts by right-clicking on the chart, selecting “Template,” and choosing the saved template from the list.

Remember to practice using indicators on a MetaTrader 4 demo account before trading with real money to familiarize yourself with their functionality and to develop your trading strategy.