MT4 is one of the best trading platforms for financial trading. The platform is known for its friendly interface and ease of use.
The platform was developed in 2005 by Meta Quotes and is available in 40 languages. The platform is also available for android and IOS devices.
Although the application was initially developed for forex trading, it is suitable for trading metals, indices, and other assets.
To make your forex trading platform experience better, we have compiled a list of simple hacks that you can perform on MT4.
Do you know, you can open 99 charts at the same time in MT4. To switch between them, you need to use bookmarks.
You can change the parameters of the graph, for example, the colour of the lines. To do this, select the “Properties” tab in the menu and click on “Colours.”
In the left part of the window, you can check your saved changes on the chart.
Types of timeframe
The timeframe is the period shown on the chart. All timeframes can be divided into the following types:
- Long-term: This is D1 (1 day), W1 (1 week), MN (1 month). They are studied to understand the direction of the trend.
- Short-term: Short-term can be divided into two sections; one for intraday trading or day trading. This includes M30, H1, H4 timeframes. And other for scalpers, which include M15, M5, M1 timeframes. Here M represents minutes.
You can make a profit by trading on any timeframe, but for each strategy, you need to choose the most suitable one, for example, for intraday trading use M1-M30.
MT4 allows you to open a pending order. A pending order is a special function through which the trader’s application for sell or buy is automatically executed when the price reaches the specified level.
You can get news from financial institutions, central bank rates, political and economic news of various countries in your MT4 platform.
You just need to go to the news menu at the bottom of MT4 to keep up with the latest news.
If you are a trend trader, this hack can help you a lot. Without going to other websites for news, you can trade and keep updated from the same platform.
Sometimes we all get curious about the length of the wave or trend. For this, MT4 has a function called the ruler.
To measure, click your mouse wheel and hold the left mouse button from one point and drag it to another point.
It will show you a number of bars, starting and ending points of the ruler.
Adding one indicator to another
In Mt4, you can use two indicators at the same time. For this, first, you need to add the primary indicator, and then secondary.
After adding your primary indicator, open the navigator window, and drag the secondary indicator on the chart. A window will pop up, showing you the parameters, levels, and visualization. Add the first indicator’s data, and you are good to go.
Fun hack: You can search for almost anything using MT4. Just click on the search icon on the top right corner.