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How to Set Up Charts on MetaTrader 4

Started by RoboForex, Apr 20, 2022, 01:11 pm

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RoboForex

How to Set Up Charts on MetaTrader 4

How to Set Up Charts on MetaTrader 4

This article is devoted to working with charts on a popular platform MetaTrader 4. Charts help to track and analyze quotes movements of financial instruments, as well as to forecast their future behaviour.





How to open chart window





A new chart on MetaTrader 4 can be created several ways:





  • Click File - New Chart, and then choose a financial instrument.
  • In the Market Watch window, choose a financial instrument, left-click and drag it to the work area of the terminal.
  • Right-click a ticker in Market Watch, and then click Chart Window.
  • Click Window - New Window - an instrument from the list.




Opening a new chart in MetaTrader 4
Opening a new chart in MetaTrader 4




MT4 allows for opening up to 100 charts of various assets. They can be sorted out in the Window menu.





There are several arrangement patterns:





  • Tile Windows
  • Cascade
  • Tile Horizontally
  • Tile Vertically
  • Arrange Icons.




Chart arrangement in MT4
Chart arrangement in MT4




How to set up chart properties





To set up chart properties, click Chart - Properties (F8). Alternatively, right-click the chart and choose Properties in the unfolding menu. A setting window will open with two tabs - Colors and Common.





Colors tab





In the unfolding window Color Scheme, choose on of the three schemes available:





  • Yellow on Black
  • Green on Black
  • Black on White.




Also, you can design your own colour scheme, setting up colours of each element:





  • Background
  • Foreground
  • Grid
  • Bar Up
  • Bar Down
  • Bull Candle
  • Bear Candle
  • Line Graph
  • Volumes
  • Ask Line
  • Stop Levels




Setting up colour scheme on MT 4
Setting up colour scheme on MT 4




Common tab





In this tab, 4 main chart parameters can be set up.





1. Chart type:





  • Japanese candlesticks
  • Bars
  • Line graph




2. Chart properties:





  • Autonomous chart: it does not update quotes, keeping them fixed;
  • Graph forward: the price is at the foreground, other objects are at the back.
  • Shift: the graph shifts to the left from the price scale.
  • Autoscroll: the chart constantly demonstrates the last candlestick.




3. Scale:





  • Autoscale (default)
  • Fixed scale




4. Instrument representation:





  • OHLC: in the upper left corner, fresh price information (Open, High, Low, Close) is showed;
  • Ask line: charts are drawn by Bid prices; if Ask price is necessary, choose this option;
  • Timeframe delimiter: vertical lines separate timeframes on the chart;
  • Grid: the chart is marked by grid cells;
  • Volumes: tick volumes are indicated at the bottom of the chart;
  • Object description: all objects on the chart get a description.




Setting up general properties on MT4
Setting up general properties on MT4




How to change timeframes





To change the TF, click Charts - Timeframes - and choose the one you need. Moreover, use active buttons in the upper terminal menu.





Available timeframes:





  • M1 - 1 minute
  • M5 - 5 minutes
  • M15 - 15 minutes
  • M30 - 30 minutes
  • H1 - 1 hour
  • H4 - 4 hours
  • W - 1 week
  • MN - 1 month.




Setting up timeframes in MT4
Setting up timeframes in MT4




Adding indicators to the chart





To add indicators to the chart click Insert - Indicators and choose the one you need. Alternatively, click an active button with a green cross in the upper menu.





MT 4 features many popular indicators of the following groups:





  • Trend
  • Oscillators
  • Volumes
  • Bill Williams
  • Custom (indicators added by the user).




Setting up indicators on MT4
Setting up indicators on MT4




How to add graphic instruments





To add various instruments to the chart, click Insert or corresponding active buttons of the upper menu.





There are several groups of instruments:





  • Lines (inclined, vertical, horizontal)
  • Channels
  • Gann
  • Fibonacci
  • Shapes
  • Arrows (and icons)
  • Andrews Pitchfork
  • Cycle Lines
  • Text
  • Text Label.




Adding graphic instruments to the chart on MT4
Adding graphic instruments to the chart on MT4




How to save chart template and profile





After editing is complete, you can save your settings as a template. Saved settings will then be applied to newly opened charts.





To save your settings, right-click the chart and choose Template - Save Template - enter name. The template can than be uploaded to the chart the same way: right-click - Template - Load Template - choose the one you need.





Saving templates on MT4
Saving templates on MT4




You can create different templates with various settings: chart design, indicators, and instruments. The whole set of open charts with their properties and templates is saved to a different profile.





To save the profile, click File - Profiles - Save As - enter name. Alternatively, click a button with the name of the active profile at the bottom of the terminal and choose the one you need from the unfolding list.





Saving profile on MT4
Saving profile on MT4




Closing thoughts





Regardless of its quite old age - as you remember, the platform was created in 2005 - MetaTrader 4 remains one of the most popular trading programmes. There are many secrets to such success, including understandable and user-friendly ways of setting up charts of various analysis and trading instruments.





See more about MetaTrader 4 functions in the following articles:






The post How to Set Up Charts on MetaTrader 4 appeared first at R Blog - RoboForex.


Source: How to Set Up Charts on MetaTrader 4