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First time to open and customising your MT4
Vantage FX Metatrader 4 for Mac (MT4) opening screen is setup to provide traders with an overview of some of the most popular currency pairs. This setup can be easily modified to suit your preferences and trading style. Vantage FX MT4 has a completely customisable interface. You can open, move, arrange, resize, and close windows as you see fit.
A. Menu bar
B. Metatrader 4 for Mac Toolbars
C Market Watch window
D. Navigator panel with ‘Common’ and ‘Favourites’ tabs
E. Terminal tabs
F. Status bar
G. One Click Trading
A. MENU BAR
At the top of the workspace, you’ll see the MetaTrader menu bar. You can use options in the seven menus that appear here to manage windows and other tools while you trade.
B. METATRADER TOOLBARS
MetaTrader groups its most commonly used tools on four toolbars. If they are not already visible, you can access the toolbars by clicking the View menu, selecting ‘Toolbars’ and then clicking on the menu option for the toolbar you want.
The Standard toolbar contains tools for displaying windows in the MetaTrader workspace
The Line Studies toolbar contains tools for displaying drawing and analytic objects and text in the chart window
The Charts toolbar displays tools for managing the appearance of the chart window
The Periodicity toolbar displays tools for managing time frames of the chart window
You can customise all of the toolbars so that they contain only the tools that you use and they can be rearranged by dragging and dropping.
C. MARKET WATCH WINDOW
The Market Watch window provides real-time quotes for various instruments. You can access a context menu for the pair displayed, just by right clicking on the desired pair.
To display all instruments, right-click on the Market Watch panel, select ‘Show All’ and all 32 currency pairs, 7 indices and commodity products we offer will be displayed.
Market Watch Menu Options:
1. New order – open/close a position or place a new pending order
2. Chart window – shows the chart for the selected pair
3. Tick Chart – shows the tick chart for the selected pair
4. Depth Of Market – The depth of market displays the current market for a trading symbol. This tool allows for quick and easy order management.
5. Specification – This displays size, margin, swap rates and other details about the instrument that you are interested in trading
6. Hide – removes the specified pair from window
7. Hide all – removes all symbols which are not used from the list in the window: (eg. If you have an open position or charts, its symbols will not be deleted)
8. Show all – displays all available symbols in the window as previously explained above
9. Symbols – shows the window where you can manage all symbols simultaneously
10.Sets – saves/loads/deletes the custom setting for the window
11. High/Low – display columns with the highest/lowest prices for each pair
12. Time – displays the column with the arrival time of the latest quote for each pair
13. Auto Arrange – when unticked, it will allow you to freely rearrange the order of the currency pairs
The arrow beside the instrument symbol shows if the price is higher or lower than the previously listed price.
The Bid and Ask prices also show market direction. If the price is lower than the last reported one, the numbers appear in red. If the price is higher than the last reported one, the numbers appear in blue.
You can rearrange the instruments as desired by clicking on the symbol you want and dragging it to a new location.
Double clicking on a pair will open an order window
Ctrl + M activates/deactivates the window – try it out now
When you hide an instrument in the Market Watch window, that instrument will also be hidden in other tools as well. For example, if you want to open a chart of the AUD/CAD, but the currency pair is hidden, it will not appear in the drop-down menu when you click the File menu and select New Chart.
D. NAVIGATOR WINDOW WITH ‘COMMON’ AND ‘FAVOURITES’ TABS
The Navigator window provides quick access to your specifics (eg. Accounts, indicators, expert advisors). As you trade, you’ll be able to add indicators to chart windows as well as expert advisors, custom indicators, and scripts. The Navigator window is where you can view all of the available tools.
The Navigator window is divided into two tabs. On the Common tab, you can select menu options from a grouped list. The +/- buttons will expand or hide these grouped menu options.
Accounts – both your demo and live account(s), if you have any, will be displayed here. If you have more than one account, you can use this menu to select the one that you want to log into. If you right-click on an account, you can access a drop-down menu which includes options to login, delete, or open a new account.
Demo and live accounts are completely separate and use different servers. Your live account and demo account do not merge when you apply for a live account.
Indicators – shows a list of up to 100 different technical indicators (depending on your account type) that you can add to the chart window. Many traders use technical indicators to forecast where the market may be going. You can right-click on the indicator you want and click ‘Attach to Chart’ from the drop-down menu to display it in a chart window.
Expert Advisors – contains a list of all available Expert Advisor strategies; these are robot plug-ins that automatically analyse market conditions and place trades based on criteria you set.
Custom Indicators – displays a list of trader-modified technical indicators you have created or added Scripts – contains a list of available scripts; these are programs that perform a single trading action once
If you right-click on a specific Indicator, Expert Advisor, Script, or Custom Indicator, you can select ‘Add to Favourites’ from the drop-down menu. You can then view these on the Favourites tab on the Navigator window
You can download Expert Advisors, custom indicators, scripts and libraries from other sources or create them in MetaEditor, an application installed with MetaTrader that develops autotrading tools. See the Expert Advisors section p.28
More information on Expert Advisors is available in a later section of the guide.
E. TERMINAL TABS
The Terminal window provides quick access to account and trading history. Each line in the Terminal tab is interactive with options made available by right clicking on the item.
Trade – displays your open positions and pending orders
Exposure – displays trader’s current exposure to specific currencies
Account History – compiles a list of all executed trades. You can view your profit and loss, credits, deposits, and withdrawal information. Right-click to view desired time period
News – important and relevant trading headlines are captured here
Alerts – shows a list of alerts. You can also use this tab to set alarms to notify you when an instrument has either reached a specific price or crossed an indicator trend line.
Mailbox – displays electronic messages sent to MetaTrader by Vantage FX
Company – displays the Vantage FX website for easy deposits, withdrawals and support
Market – displays the MQL5 market where you download and purchase Expert Advisors and Custom Indicators
Signals – displays free and paid subscription signal accounts for automated trading
Code Base – Similar to the market but all products in this section are free to download
Experts – shows information about the Expert Advisors that are active in your account. You can also view positions the Expert Advisor opened or closed. For more information on Expert Advisors, go to Expert Advisors section p.28
Journal – displays detailed system messages about your account, such as login times, orders filled or edited and positions closed.
F. STATUS BAR
When you hover your mouse over an active chart, it will update the status bar with the below data and status updates.
The first field displays the current profile (click to change).
The second field displays date and time of selected bar (server time).
The following 5 fields show Open (O), High (H), Low (L), Close (C) & Volume (V) data for the selected bar.
The final field shows the strength of your connection to the data centre (server) and allows you to switch data centres if you are experiencing connectivity issues.
In MT4, the chart window plots the real-time prices of a selected trading instrument on a graph providing a snapshot of market movements over a particular period of time.
MT4 has three chart types, namely:
1. Line chart;
2. Bar chart;
3. Candlestick chart.
1. LINE CHART
These charts are handy for quickly determining the trend – only the current/close price is graphed – as such these charts should not be used for placing stop loss or take profit orders.
2. BAR CHART
The chart is created with the use of bars where each bar has a high (top) and a low (bottom) with a line on either side; right side being the opening price and the left side being the closing price for the selected time period (4 hours intervals selected in the example chart above).
Different colours can be used to identify bars that close higher than the open (bull or up bars) or lower than the open (bear or down bars). The example above has green lines for up bars and red bars for down bars. The following section will show you how to make such customisations as colour and gridlines.
These charts show all the information you need but most traders and analysts tend to favour MT4’s third option – Candlestick charts.
3. CANDLESTICK CHARTS
This chart is created much like bar charts, with the only difference being that candlesticks add dimension and colour to the Bar Chart by depicting the area of the bar between the open and close as a two dimensional real body.
The candlesticks are comprised of a body which represents the difference between the open and close prices. An up candlestick occurs when the close is higher than the open – and down candlesticks occurs when the close is lower than the high. In the chart example above, up candlesticks are green whilst down candlesticks are red. If the open is equal to the close there will not be a body, just a line – this type of candle is referred to as a “Doji”.
The thinner lines extending beyond the body are called ‘Wicks’ – above the body is the high and below the body is the low for the selected time period. A large wick (relative to the body), indicates a potential turning point (support/resistance).
To learn more about charts and their use, see the Education section of the Vantage FX website.
ACCESSING CHARTS IN MT4
Up to 99 charts are able to be opened in MT4. Simply right-click the desired trading instrument in the Market Watch window and click ‘Chart Window’.
Alternatively, you can use the status bar ‘New Chart’ button or the menu bar options ‘File > New Chart’ or ‘Window > New Window’ to add a new chart window. A drop down menu will appear with the available instruments.
Above the Terminal panel, all your open windows, including charts can be viewed here. You can switch views by clicking on the desired chart or window. Going to the menu bar, where ‘Window’ is will also allow you to access your opened windows and also to adjust the viewing layout.
CUSTOMISING CHARTS IN MT4
Visual Customisations such as colour and chart settings can be made to any chart by right-clicking on the chart. Click on ‘Properties’ to make custom changes to your charts. You can choose individual colours for each element on your chart or you can select from pre-made colour themes.
By clicking on the ‘Common’ tab within this window, other chart settings can be defined. Below are some functions available in this tab.
Offline chart — turns the chart offline stopping it from receiving and drawing of price data for the given chart
Chart on foreground — places the chart in the “foreground”, moving all analytical objects “under” the price chart
Scale fix One to One — fixes the chart scale at “one to one” where the size of one pip of the vertical axis in pixels is equal to the distance between the bars axes in pixels. This mode is necessary for precise constructions
Scale fix — If the scale of a chart has not been fixed, it will automatically be scaled vertically. This option disables automatic scaling and fixes the current scale
Show OHLC — show/hide OPEN, HIGH, LOW and CLOSE (OHLC) bar prices in top left hand corner of chart window line
Show Ask line — show/hide Ask price level of the latest quote
Show period separators — show/hide date and time period separating lines
Show object descriptions — show/hide object descriptions imposed directly on chart
More functions are also available in the ‘Charts’ menu in the Menu Toolbar and in the Charts toolbar. These will be explained in following section.
CUSTOMISATIONS USING THE TOOLBARS
Customisations can be made to using the Toolbars. Keyboard shortcuts are included in parentheses for your reference.
The Chart Toolbar – (if you cannot see this, click View > Toolbars > Charts)
Display Bar chart (ALT + 1)
Display Candlestick chart (ALT + 2)
Display Line chart (ALT + 3)
Zoom In (+)
Zoom Out (–)
Auto scroll – when selected, the last available candle will be available
Shift Tab – when selected the chart will be shifted to a small, grey triangle at the top right hand side of the chart
Indicators tab – use this to add a multitude of indicators to the selected charts
Time Period selection tab – change to the time period desired (available: M1 , M5, M15, M30 –minute(s) interval charts; H1, H4 – hour(s) interval charts; D1, W1,MN – Daily, Weekly and Monthly interval charts).
Depending on preference, a time selection toolbar is also available (View > Toolbars > Periodicity)
Cursor – Standard arrow cursor by default for item selection
Crosshair – On the active chart window click and drag between two points to find out the number of time periods, the number of pips and price on the last point (Displayed as time periods/pips/price on the last applicable time period)
Vertical line – Places a line at the desired point on the active chart window. Double clicking on the line will select it, thus enabling the line to be moved to a new desired position. Clicking outside the line will de-select it
Horizontal line – Exact properties as the Vertical line, however places a horizontal line on the chart at the desired position
Trend line – Used for displaying/identifying trends. Click and hold between the two points on the chart where you want to identify trend. Double clicking enables the editing of the line. You will notice three squares. The square in the middle moves the whole trend line as it is. The one on the left/right modify the trend between two new desired points
Equidistant channels – Much the same as establishing a trend line, this tool does however draw a second line, parallel to the first. Double clicking it will display four squares (three on the initial line and a fourth on the automatically drawn, parallel line). The three squares are used exactly as the trend line’s squares, the fourth square is used to adjust the distance between the two parallel lines.
Fibonacci Retracement – Select between two points on the chart and it will automatically draw the Fibonacci Retracement lines. An additional dotted line will be displayed between the two points. Double clicking the Fibonacci Retracement lines will enable you to adjust the two points initially selected – look for the small white squares at the points initially selected.
Text tool – enables you to write anywhere on the chart. It will also move with the chart. This is ideal for “tagging” indicators
Text label – enables you to write anywhere on the chart and is attached to the window, thus not scrolling with the chart. This is ideal for naming charts
Arrows – enables you to tag the chart with a multitude of graphical signs
There is much information available online for those who want to learn about how such technical analysis and line studies tools can be useful for trading. For good online resources and websites, ask your account manager to provide you with some.
H. ONE-CLICK TRADING
The one click trading panel displays real-time prices and allows you to place one-click market orders. This panel appears in the top left hand corner of your charts and can be hidden/shown by clicking the small white