Steps To Follow When Adding Objects And Trading Indicators in MetaTrader 4
Every trading platform is unique. Even the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) which came from the same company aren’t the same at all. They have different indicators and other trading tools, depending on the broker that you will choose. Some brokers offer basic indicators while others are equipped with a more advanced set of tools and research facilities to help you when making trading decisions.
But what sets MT4 against other traders is the fact that it is customizable. Think of it this way, MT4 allows you to run different indicators and Expert Advisors as well. Then, you are allowed to customize its settings any way you want or even create your very own indicator from scratch. All these things are allowed in this trading platform.
However, if you do not know how to use it properly, you will never be going to take full advantage of it. Knowing how to use these tools is the key to acquiring its greatest potential. You must also know how to customize all of these tools to better suit your needs.
Adding Chart Objects
- First, you need to click the Insert tab. A dropdown menu will then open.
- From the drop-down menu, you can choose the object that you want to add to your chart including Lines, Channels, Gann, Fibonacci, Shapes, and Arrows.
- Tap the area in your chart where you want the object you’ve previously chosen to appear.
Adding the Indicators
- When adding indicators, you first need to tap the Insert tab. A dropdown menu will open.
- Hover over the Indicators and choose the indicator that you like to add. Take note: Most of the time, indicators are grouped depending on their type. For instance, the moving average indicator can be found under the ‘Trend’ section.
- Now that you’ve chosen an indicator, you will now have to set its parameters. Other than that, you are allowed to customize the line style, color, and other settings of the indicator. Tap ‘OK’ once you are done. You now have an indicator and you’re ready to go!
About MetaTrader 4
MetaTrader 4, or simply MT4, is a trading platform that is very popular among Forex traders and CFD traders across the world. Despite the launch on MetaTrader 5, the MT4 remains the crowd’s favorite when it comes to trading in Forex and CFD.
MT4 was created by MetaQuotes Software together with MT5. This trading platform is used by traders who want an efficient trading experience. Things like opening, closing, and managing the market positions is a lot easier with the help of this trading platform. MT4 is particularly created by MetaQuotes for Forex trading while the latter trading platform, the MT5 is open to a wider market including stocks and commodities. Therefore, these trading platforms ought to never go against the other.
Trading with MT4 is a lot convenient thanks to its user-friendly interface. You can also perform easy trading because of its state of the art trading tools and features. What’s more, MT4 is free of charge and you can download it from their official website anytime you like.