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.
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.
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
- Tile Horizontally
- Tile Vertically
- Arrange Icons.
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.
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:
- Bar Up
- Bar Down
- Bull Candle
- Bear Candle
- Line Graph
- Ask Line
- Stop Levels
In this tab, 4 main chart parameters can be set up.
1. Chart type:
- Japanese candlesticks
- 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.
- 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.
To change the TF, click Charts – Timeframes – and choose the one you need. Moreover, use active buttons in the upper terminal menu.
- M1 – 1 minute
- M5 – 5 minutes
- M15 – 15 minutes
- M30 – 30 minutes
- H1 – 1 hour
- H4 – 4 hours
- W – 1 week
- MN – 1 month.
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:
- Bill Williams
- Custom (indicators added by the user).
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)
- Arrows (and icons)
- Andrews Pitchfork
- Cycle Lines
- Text Label.
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.
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.
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: