MetaTrader 4 User Guide

MetaTrader 4 User Guide

A comprehensive user guide of the most popular trading software developed by MetaQuotes software corp.

  • MetaTrader 4 overview
  • Getting Started: open Free Demo Account
  • Real-time quotes in the "Market Watch" window
  • Charts
  • Open/close a position
  • Stop Loss and Take Profit orders
  • Trailing Stop
  • Pending Orders

Overview

MetaTrader 4 is the latest and most effective dealing software for Internet trading on Forex and CFDs developed by MetaQuotes Software Corp.

Key features of MetaTrader 4:

  • Internet trading on Forex and CFDs
  • Various execution technologies: Instant Execution and Request Execution
  • Complete technical analysis package: wide range of inbuilt indicators and charting tools, the ability to create various custom indicators, different time periods (from minutes to months)
  • Inbuilt program language MetaQuotes Language 4 to write custom trading strategies (Expert Advisors) and the possibility to test them on the historical data
  • Multilingual platform interface (English, German, French, Russian, Arabic, Spanish, Farsi, Japanese, Hebrew, Chinese Simplified, Polish, Turkish, Korean, Indonesian, Bulgarian, etc.)
  • Real time data export to Metastock and Omega Prosuite 2000
  • Internal mail
  • History database management and import/export facility
  • MetaTrader Mobile: MetaTrader 4 Mobile for PDA
  • Inbuilt help guides for MetaTrader 4 and MetaQuotes Language 4

MetaTrader 4 can be downloaded free of charge. In order to gain experience and better knowledge of the trading platform you can open a demo account. For further questions feel free to ask our Helpdesk / Customer Support.

Note:

  • MetaTrader 4 does not operate under Windows 95. Minimum required screen resolution is 1024x768.
  • Metatrader 4 Server IP-addresses are specified in the FAQ section.

Expert Advisors in MetaTrader 4

The Expert Advisors technology is a new method of trading which frees you from daily manual routines. Expert Advisor written in MetaQuotes Language 4 (MQL 4) automatically analyses current market situations, opens/closes positions and places/modifies/deletes orders.

With the help of Expert Advisors you can:

  • Avoid everyday manual routines by automating the process of trading and monitoring orders;
  • Be more scientific and rational in your decision making process;
  • Keep track of the current market situations.
  • Implement your trading strategy in Expert Advisor by using MetaQuotes Language 4 and your MetaTrader 4 will manage your trading account without the need to be present 24 hours a day, 5 days a week.

MetaQuotes Language 4 is used to write:

  • Expert Advisors – mechanical trading systems which can be used either for trading alerts or for trading and monitoring orders (automatically without your presence);
  • Custom Indicators – indicators created by you or other users of MetaTrader 4 client terminal in addition to the in-built technical indicators, integrated into MetaTrader 4;
  • Scripts – modules which execute repeated actions;
  • Libraries - frequently used user's programs.

MetaQuotes Language 4 allows you to call functions from the external dll-libraries and get access to the computer file system. This makes it possible to implement trading strategies of ANY complexity.

The new Expert Advisors testing technology uses historic data. Using this data you can test the effectiveness of your trading strategies, usually within a few minutes.

MetaQuotes Language 4 is very easy to learn and understand even for those who have no or limited experience as computer programmers.

mt4_front


  • Main menu (access to the program menu and settings);
  • Toolbars (quick access to the program features and settings);
  • "Market Watch" window (real-time quotes for the specified instruments);
  • "Navigator" window (quick access to all your accounts, indicators, expert advisors);
  • "Chart" window;
  • "Terminal" window (quick access to the trading and account history, list of open positions and placed orders, client terminal log-file and internal mailbox).

Getting Started: Open Free Demo Account

Sunbird offers professional Forex internet trading services via MetaTrader 4.

Step 1. Download MetaTrader 4 from our website.

Step 2. Run the MetaTrader_setup.exe file the same way you launch any Windows program.

Step 3. Scroll down the list to select the setup language. Then press the Next button.

MetaTrader 4 setup: choose the setup language
* MetaTrader 4 setup: choose the setup language
 

Step 4. Click the Next button after reading the notice
MetaTrader 4 setup: choose the setup language

In the next window check the "Yes, …" box if you agree with the terms of the license agreement.
Then press the Next button:

MetaTrader 4 setup: choose the setup language

Step 5. Select data path and press the Next button:

MetaTrader 4 setup: choose installation folder
* MetaTrader 4 setup: choose installation folder
 

Then choose program group and press the Next button:

MetaTrader 4 setup: choose program group
* MetaTrader 4 setup: choose program group
 

Step 6. Press the Next button to install MetaTrader 4 on your computer:
MetaTrader 4 setup: ready to install MetaTrader 4 on your computer
* MetaTrader 4 setup: ready to install MetaTrader 4 on your computer

Installation is in process:

  • MetaTrader 4 setup: ready to install MetaTrader 4 on your computer
    * MetaTrader 4 setup: ready to install MetaTrader 4 on your computer
     

Once MetaTrader 4 has been installed you can launch it by clicking the "Launch MetaTrader 4" box. Then press the Finish button:

  • MetaTrader 4 setup: launch MetaTrader 4
    * MetaTrader 4 setup: launch MetaTrader 4
     

To launch MetaTrader 4 you can click on "Start/Programs/MetaTrader 4/MetaTrader" or on its desktop icon. First-time MetaTrader 4 users will be prompted to fill in the application form to open a demo account:

  • Open a training account
    * Open a training account
     

Those, who already trade via MetaTrader 4, can open a demo account anytime by selecting the "File->Open an Account" item from the MetaTrader 4 menu. Then fill in the application form to open a demo account as shown above. After choosing your preferred leverage size and deposit value, click the "I agree to subscribe into your newsletters" box to produce a check mark and press the Next button.

  • Demo account details
    * Server for the training account
     

Then press the Next button. In the following window you will see your login and password to trade on the demo account:

  • Demo account details
    * Demo account details
     

Once you press the Finish button you will have access to your demo account. If your demo account is inactive for 30 days it is automatically deleted by our server.

Real-time quotes in the "Market Watch" Window

The “Market Watch” window can be activated by pressing the Ctrl+M key combination, or by using the View -> Market Watch menu sequence, or by clicking the Standard toolbar button from the “Standard” toolbar:

  • Standard toolbar
    * Standard toolbar
     

Right click the mouse button on the “Market Watch” window to produce the context menu:

  • Market Watch window
    * Market Watch window
     
  • New Order – enables the window to open/close a position or to place a new pending order;
  • Chart Window – enables the chart of a currency pair or CFD;
  • Tick Chart – shows the tick chart for the selected instrument;
  • Hide – deletes the specified symbol from the list in the "Market Watch" window;
  • Hide All – deletes all symbols from the list in the "Market Watch" window which are not used (if you have open positions or charts, its symbols will not be deleted);
  • Show All – displays all available symbols in the "Market Watch" window;
  • Symbols – enables the window where you can hide/show the selected instruments;
  • Sets – saves/adjusts/deletes the custom settings for the "Market Watch" window;
  • High/Low – shows/hides columns with the highest and lowest prices for each instrument;
  • Time – displays a column with the arrival time of the latest quote for each instrument;
  • Grid - hides/unhides gridlines in the "Market Watch" window;
  • Popup Prices – opens the popup window which contains real time quotes for your selected instruments.

Charts

In MetaTrader 4 you can see as many real time charts as you wish, all on one screen, for any currency pair, CFD, and for any time period. The following types of charts are available in MetaTrader 4:

Line Chart

Chart x-axis is for the different time periods (minutes, hours, days, months etc.), and y-axis is for the price. The point on the chart shows the close price for the period, i.e. the bid of the last quote for this period. All the sequential points are joined by lines:

  • Line chart in MetaTrader 4
    * Line chart in MetaTrader 4
     

It is recommended that this chart type is used only for the short time periods (up to 5 minutes). In order to change the chart to a line chart, press the changeTolineChart button on the Charts toolbar:

  • Charts toolbar
    * Charts toolbar
     

Or press the Alt+3 key combination or use the Charts -> Line Chart menu sequence.

Bar Chart

The chart is created with the use of bars. Each bar has a high (top), a low (bottom), an opening price (left horizontal little line) and a closing price (right horizontal little line) for the specified period of time (for example, an hour):

  • Bar chart in MetaTrader 4
    * Bar chart in MetaTrader 4
     

It is recommended that you use this chart type for periods of 5 minutes or more. In order to change the chart to a bar chart press the changeToBarChart button on the "Charts" toolbar

  • Charts toolbar
    * Charts toolbar
     

Or press the Alt+1 key combination, or use the Charts -> Bar Chart menu sequence.

Candlesticks

These charts are created in the same way as bar charts:

  • Candlesticks chart in MetaTrader 4
    * Candlesticks chart in MetaTrader 4
     

Candlesticks charts were very popular in the 80-90s because of their clear graphics. Candlesticks were originally created only for day charts which is why these days they are mostly used for a daily period. This method of technical analysis is based on the correlation between both closing and opening prices within the same trading day, and the closing price of the previous session and the opening price of the next session.

Candlesticks have different configurations compared to bar charts. The rectangular part of the candlestick line is called the real body. The thin vertical lines above and below the body are called shadows. They show lows and highs within a specified period of time. Depending on the closing and opening prices the real body can be white (empty) or black. When the body is white, the closing price is higher than the opening level. When the body is black, the closing price is lower than the opening level.

In order to change the chart to a bar chart press the changeToBarChart button on the "Charts" toolbar

  • Charts toolbar
    * Charts toolbar
     

Or press the Alt+1 key combination, or use the Charts -> Bar Chart menu sequence.

In MetaTrader 4 both the bar and candle high is the highest Bid price for the defined period, the low is the lowest Bid price, the closing price is the last quoted Bid, the opening price is the first quoted Bid.

In order to create a new chart for any instrument right click on the "Market Watch" window, then select the Chart window item from the context menu:

  • Chart context menu
    * Chart context menu
     

By left clicking the mouse you can drag and drop any selected currency pair or CFD into any open chart window.

Chart period – the period displayed in one bar or candle. For example, if you create a 15 minute bar chart, then each bar will have the price data for the relevant 15 minutes. In MetaTrader 4 the following time periods can be used: 1, 5, 15, 30 minutes (M1, M5, M15, M30 respectively), 1 hour (H1), 4 hours (H4), 1 day (D1), 1 week (W1) and 1 month (MN). In order to change a time period, use the "Periodicity" toolbar:

  • Periodicity toolbar
    * "Periodicity" toolbar
     

Right click anywhere on the chart to produce the context menu to get access to the chart settings:

  • Market Watch window context menu
    * Market Watch window context menu
     

Choose Periodicity and select a time period from the drop down menu or press the [image: NewToMarkets_14.png] button on the "Charts" toolbar; Select Refresh item if an error occurs or if there are so called "gaps" on the chart. All missing data will be uploaded from the server and will appear on the chart; Select Grid if you wish to hide/unhide gridlines on the chart; Select Volumes in order to show/hide tick volume (the number of quotes of any period time);

Zoom in / Zoom out will help you to modify chart measures. You can also use the zoomOut zoomIn buttons on the "Charts" toolbar or press the "+" and "-" buttons;

Save as picture… will save the chart as the *.gif, or *.bmp. file; Properties… (or the F8 button) enables the window where you can change chart settings, by selecting the "Color" tab you can change the color of any element on the chart:

  • Color tab of Chart Properties window
    * Color tab of Chart Properties window
     

Other settings can be changed in the Common tab:

  • Common tab of Chart Properties window
    * Common tab of Chart Properties window
     

Please note the following options:

Offline chart - the chart is not being updated by new quotes. Once you open the chart offline (File -> Open offline) this option becomes automatic;

Chart shift - allows to shift the chart from the right edge of the window. You can also press the button on the "Charts" toolbar or use the Charts -> Chart shift menu sequence;

Chart autoscroll - disables/enables chart autoscroll to the left once a new quote is received. You can also press the button on the "Charts" toolbar or use the Charts -> Autoscroll menu sequence.

Open/close a Position

In order to enable the ‘Order’ window:

  1. Right-click on the ‘Market Watch’ window or on the ‘Trade’ tab of the ‘Terminal’ window and select New order from the context menu; or
  2. Press the F9 button; or
  3. Use the Tools -> New Order menu sequence; or
  4. Right click on the chart window and select Trading -> New Order from the context menu; or
  5. Double click on the currency pair in the ‘Market Watch’ window.

The ‘Order’ window:

  • Order window (Market Execution)
    * Order window (Market Execution)
     

In MetaTrader 4 there are two ways of making deals: ‘Market Execution’ and ‘Pending Order ’.

Market Execution means that you do not have to request quotes, as you see real-time dealable prices in the ‘Order’ window and in the ‘Market Watch’ window. Once you have decided to buy or sell at the current price press the "Buy" or "Sell" buttons to open a long or short position. For the instruments which are traded in the ‘Market Execution’ mode all quotes which are in the "Market Watch" window are executable, not indicative.

  • orderWindow_MarketExecution2

Before you make a deal you can change its details in the ‘Order’ window:

  • Symbol - a currency pair or CFD you choose to make a deal.
  • Volume - number of lots.
  • Stop Loss - the level of Stop Loss order.
  • Take Profit - the level of Take Profit order.
  • Comment - any notes.

In order to close a position, highlight it in the ‘Trade’ tab of the ‘Terminal’ window and right-click to obtain the context menu:

  • The context menu of the Trade tab of the Terminal window
    * The context menu of the Trade tab of the Terminal window
     

…then select "Close Order". Left-double-clicking on the open position in the "Trade" tab of the "Terminal" window will generate the same result. Next, the ‘Order #__ ...’ window appears:

  • Close the position (Market Execution)
    * Close the position (Market Execution)
     

Stop Loss and Take Profit Orders

  • Stop Loss: an order to close a previously opened position at a price less profitable for the customer than the price at the time of placing the order.
  • Take Profit: an order to close a previously opened position at a price more profitable for the customer than the price at the time of placing the order.

In Sunbird you can place a Stop Loss and Take Profit after you will be in Market Execution trade. If you place these types of orders you do not have to sit in front of your computer to wait for the outcome. "Take Profit" and "Stop Loss" orders will be executed automatically as soon as the price reaches order level.

How to place Stop Loss and Take Profit orders in the Order window

Afterwards in order to modify Stop Loss and Take Profit levels use the context menu:

  • The context menu of the Trade tab of the Terminal window
    * The context menu of the Trade tab of the Terminal window
     

Right-click on the open position or on the pending order in the "Trade" tab of the "Terminal" window then select "Modify or delete order". The "Modify order" window enables:

  • The Modify Order window
    * The Modify Order window
     

Fill in the "Stop Loss" and "Take Profit" fields. By pressing the red button (in our example "1.49683") you can copy this level into the "Stop Loss" field. By pressing the blue button (in our example ‘1.49683’) you can copy this level in the "Take profit" field. The value in the "Level" field defines the difference between the order level and the current price. Once you fill in the "Stop Loss" and/or "Take profit" fields press the "Modify #position number" button. The limits for the minimum range between the order and the current price are as low as 0 points.

In order to delete "Stop Loss" or "Take Profit" orders, specify its level as equal to zero. ‘Stop Loss’ and "Take Profit" orders are executed in the following cases:

  • The "Take Profit" order on an open Buy position is executed if the Bid price in the quotes flow becomes equal or higher than the order level.
  • The "Stop Loss" order on an open Buy position is executed if the Bid price in the quotes flow becomes equal or lower than the order level.
  • The "Take Profit" order on an open Sell position is executed if the Ask price in the quotes flow becomes equal or lower than the order level.
  • The "Stop Loss" order on an open Sell position is executed if the Ask price in the quotes flow becomes equal or higher than the order level.

The order will be executed if at least one quote in the quotes flow reaches the order level. Please note, that in MetaTrader 4, charts are created using Bid prices. So:

  • Minimum Ask price is equal to the minimum bar price (Low) plus spread.
  • Maximum Ask price is equal to the maximum bar price (High) plus spread.
  • Minimum Bid price is equal to the minimum bar price (Low).
  • Maximum Bid price is equal to the maximum bar price (High).

Important: If, under abnormal market conditions, the order level falls within the price gap, The trades will be closed with the best price after the gap.

Trailing Stop

Trailing Stop is an algorithm to manage Stop Loss orders.

Once a trailing stop has been placed (for example, if a trailing stop's value is 15 pips=150 points) the following occurs:

  • No Stop Loss order will be placed until the open position is in a profit of at least 15 pips (150 points) (. MetaTrader 4 then sends an instruction to place the Stop Loss order 15 pips (150 points) higher or lower than the current price.
  • Subsequently, each time the difference between the current price and the order level exceeds 15 pips (150 points), MetaTrader 4 sends the instruction to modify the Stop Loss order to a level 15 pips (150 points) higher or lower than the current price. As a result, the Stop Loss order becomes closer to the current price.
  • How to specify Trailing Stop level
    * How to specify Trailing Stop level
     

Note: It is very important to note that no Stop Loss order will be placed until the market moves in your favour, as mentioned above. Therefore to limit losses, a separate Stop Loss would need to be placed manually. In order to place a trailing stop, highlight the open position in the ‘Trade’ tab of the Terminal window and right-click to open the context menu.

Pending Orders

A Pending order is an instruction to open a position when the current price reaches the order level. There are four types of pending orders:

  • Buy Stop - an order to open a Buy position at a price higher than the price at the moment of placing the order.
  • Sell Stop - an order to open a Sell position at a price lower than the price at the moment of placing the order.
  • Buy Limit - an order to open a Buy position at a lower price than the price at the moment of placing the order.
  • Sell Limit - an order to open a Sell position at a price higher than the price at the moment of placing the order.
  • Types of pending orders
    * Types of pending orders
     

In order to place a Pending Order, open the "Order" window by any way described below:

  1. right click on the "Market Watch" window or on the "Trade" tab of the "Terminal" window and select New order from the context menu; or
  2. press the F9 button; or
  3. use the Tools -> New order menu sequence; or
  4. right-click on the chart window and select Trading -> New order from the context menu; or
  5. double-click on the currency pair in the "Market Watch" window.

Then choose the Pending order item from the drop down list:

  • How to place pending order
    * How to place pending order
     

The following options may also be changed in this window:

  • Symbol - currency pair or CFD
  • Volume - transaction size in lots
  • Stop Loss - Stop Loss order level which will be activated once the pending order has been executed
  • Take Profit - Take Profit order level that will be activated once the pending order has been executed
  • Comment - your comments for the pending order
  • Type - the type of pending order: Buy Stop, Buy Limit, Sell Stop, Sell Limit
  • At price - pending order level
  • Expiry - if the box has not been checked the order is valid up to the time when you cancel it or when it is executed. If the box is checked the order is valid up to the moment specified in the box

In order to modify or delete a pending order highlight it in the ‘Terminal’ window, then right click to produce the context menu:

  • The context menu of the Trade tab of the Terminal window
    * The context menu of the Trade tab of the Terminal window
     

Select Modify or Delete order. Press the Modify button or the Delete button depending on your choice in the dialog window:

  • How to modify or delete pending order
    * How to modify or delete pending order
     

Execution of pending orders:

  • A Buy Limit order is executed if the Ask price in the quotes flow becomes equal or lower than the order level.
  • A Sell Limit order is executed if the Bid price in the quotes flow becomes equal or higher than the order level.
  • A Buy Stop order is executed if the Ask price in the quotes flow becomes equal or higher than the order level.
  • A Sell Stop order is executed if the Bid price in the quotes flow becomes equal or lower than the order level.