If you ever use the Metatrader platform, then you just know how vast this platform is, including its features, compatibility, and performance. In this post, we have described its secret features and some tips and tricks that you will not get at first glimpse.
Do you Know About MetaTrader 4?
Metatrader 4 or MT4 is a worldwide well-known trading software that was developed by MetaQuotes Software Corporation in 2005. The platform basically offers traders access to derivatives commodities and stocks in main finance markets, including forex, cryptocurrencies, and CFDs.
It provides a technological structure for its users to power its wide variety of functions like advanced charting package, market analysis, algorithms, and numerous indicators programs that help in the decision making in trading. However, you can also opt for an Expert Advisor like Pivlex as an alternative to MetaTrader.
Secret Features of MetaTrader 4
MT4 has some secret functions which you can’t see at first glimpse but they are useful for a trader.
- Past Transactions: You can add previous transactions from your prior trade report to the chart. Tap view > Terminal > account history and drag past transactions into the chart. When dragging a transaction, press the shift key to see the full trading history.
- Use 2 or More Indicators: Click on the View option, then the Navigator option to see the list of indicators, and drag it to your chart for use in trading.
- Quotes: Press the F10 key to see all the quotes and select the always-on-top option to monitor changes to quotes.
- Price Scale: It is useful for analyzing price charts when trading CFDs. To add it, click the middle key of the mouse and press CTRL and F keys at the same time.
- Password Options: You can use trader and investor passwords. The trader password lets you trade on the account, and the trader password lets you see the data.
- Trailing Stop: this feature gains the highest profits in the transaction. However, the stop loss moves automatically along with the changes in price.
- Saving of the Charts: to save an image of the price chart, click on the chart with the right button on the mouse and choose the save as in the pop-up list.
- Customize the Price Chart: to change the layout of a chart, drag the price down. To get back to the previous layout click a mouse twice on the price area.
Secret Tricks and Tips of MetaTrader
MT4 offers many trading features like market analysis, charting, templates, indicators, stop loss and take profit, pending orders, and different timeframes. While there is a lot that this software is capable of.
Here, we have described some secret tricks that can make a trader’s life easier and more convenient and protect from losing money when trading in volatile markets.
- Traders can add indicators to favorites via the context menu in the navigation window. To do that, just press CTRL and N keys at the same time. By doing so, all your most used indicators will be stored in one place.
- To get all the indicators and add them to the chart, press the plus icon from the toolbar.
- Track the total exposure profit loss and weighted average entry points for all positions using the iExposure indicator. To do that, launch the navigator window, then go to custom indicators. Now drag the iExposure to the chart, and you will get the data, including Symbol, deal, buy lots, buy price, sell lots, sell price, net lots, and profits.
- Open the specification option to know all you need about a particular market. Just right-click on the instrument symbol on the market watch page to turn it on.
- Navigate to the View in the toolbar, then the data window to get more accurate moments to enter the market. It will show the exact value of both prices and all indicators installed on the chart.
- To download quotes history for an instrument, go to the Tools option and then the History Center option.
MetaTrader is a great tool for forex trading for both beginners and expert traders. Novice traders get more knowledge and experience they can continue using the advanced features of MT4 and MT5 to execute the trades. However, this platform has many secret features that you did not find, but in this post, we have shared all its hidden function tips and tricks that are beneficial in trading.