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MT4 – Useful tips and tricks

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MT4 – Useful tips and tricks

Metatrader 4 (MT4) is hands down the best and the most popular online trading platform. It allows easy access to the forex market and to trade contracts for difference (CFDs), MT4 also makes it simpler to engage in spread betting. Visit multibank group

MT4’s interface is very user-friendly. Whether you want to open a new chart or place an FX trade, operating MT4 is smooth and hassle-free. Here’s a guide that will make navigation through the platform much quick and easy. We will talk about the different features of the platform along with more tips and tricks to use MT4. Being familiar with these tips will help you create an effective trading strategy that works best for you. 

Keyboard shortcuts

Just like the keyboard shortcuts that you may use on a daily basis on Microsoft Windows like CTRL+S, you can go about using such shortcuts on MT4 as well. These shortcuts, known as ‘hot keys’ are essentially buttons or combinations of keys that you can use for functions that you may typically perform with a mouse. 

MT4 default keys are as follows.

Left arrow — scroll left

Right arrow — scroll right

Up arrow — fast scroll to the left, or scroll upwards if the chart is scaled

Down arrow — fast scroll to the right, or scroll downwards if the chart is scaled

Numpad 5 — moves back the vertical scale to default.

Page Up — scroll an entire screen to the left

Page Down — scroll an entire screen to the right

Home — move the chart to a starting point

End — move the chart to the most recent point

“–” (minus sign) – zoom out

“+” (plus sign) – zoom in

Delete — delete all selected objects

Backspace — delete the most recently added object

Enter — open the box to enter a particular time or date for viewing

Esc — close any dialog window

F1 — open the user guide

F2 — open the History Center window

F3 — open the Global Variables “window

F4 — open MetaEditor

F5 — switch to the next profile

F6 — the “Tester” dialog window helps test the expert attached to the chart window

F7 — the properties dialog window of the expert attached to their chart window, helps change its settings

F8 — the chart setup dialog window, allows basic chart parameters, colors, etc to be changed

F9 — call the “New Order” window, allowing the entry of market, limit, stop orders

F10 — open the “Popup prices” window

F11 — enable/disable full-screen mode

F12 — scroll one bar to the left

Shift+F12 — scroll one bar to the right

Shift+F5 — switch to the previous profile

Alt+1 — display the chart as OHLC bars

Alt+2 — display the chart as OHLC candlesticks

Alt+3 — display the chart as a line

Alt+A — copy all test/optimization results onto the clipboard

Alt+W — call the chart management window

Alt+F4 — exit the program

Ctrl+A — arrange all indicator window heights by default

Ctrl+B — call the “Objects List” dialog window

Ctrl+C or Ctrl+Insert — copy to the clipboard

Ctrl+D — open/close the Data Window

Ctrl+E — enable/disable the attached expert advisor

Ctrl+F — switch to Crosshair mode

Ctrl+G — show/hide the vertical/horizontal grid

Ctrl+H — show/hide the OHLC line

Ctrl+I — call the Indicators List dialog window

Ctrl+L — show/hide volume data on the main chart

Ctrl+M — open/close the Market Watch window

Ctrl+N — open/close the Navigator window

Ctrl+O — open the Setup window

Ctrl+P — print the chart

Ctrl+R — open/close the “Tester” window

Ctrl+S — save the chart prices to file extensions: “CSV”, “PRN” or “HTM”

Ctrl+T — open/close the Terminal window

Ctrl+W or Ctrl+F4 — close the chart window that’s currently in focus

Ctrl+Y— show/hide date (period) separators

Ctrl+Z or Alt+Backspace — undo object deletions in the reverse order they occurred

Ctrl+F6 — switch to the next chart window

Ctrl+F9 — open the “Terminal — Trade” window and switch the focus into it, allowing trading operations to be entered via the keyboard.

One-click trading

The conventional way to place a trade in MT4 is by selecting the ‘New Order’ icon. The One Click Trading feature is one of the most prominent and most helpful options on the platform. Press ‘Alt + T’, or just right-click on any chart and choose ‘One Click Trading’. The Buy and Sell buttons will be displayed along with the current bid and ask prices. There will also be a box for selecting the number of lots. 

Save chart templates

Metatrader 4 can be tailor-made as per one’s requirement. If you want to customize a chart, right-click on it and choose ‘preferences’, which will appear at the bottom of the menu or press F8. You can change more or less everything, right from background colour, candlestick colour as well as the many other features that are available on the platform. 

The best way to avoid spending time redesigning each and every chart, you can save the changes as a template. Simply right-click on the graph and you will find the ‘Template’ option. Once you find it, move to the ‘save’ option and rename the template as per your preference. 

The next time you’d like to open a chart, go to ‘Template’, choose ‘Load Template’, and from there select the template you had customized and saved. For your convenience, you may even save a variety of templates as per different trading strategies. 

Use different MT4 profiles

Profiles can be considered a type of extension of templates. The appearance of an MT4 layout, right from the number of charts, auto-scroll settings, and other features can be saved on a profile. You will find the Profile option right under the ‘File’ menu. You can try a different method here: have two separate profiles for stock trading and FX trading. This will allow you to set your charts according to the share prices and it would not affect the FX pairs you trade. 

Auto-scroll & chart shift

Make sure you check the price history of a certain forex pair or stock before you make the move to place your trades. 

Autoscroll: If you click on the icon which has the green triangle, it implies that the chart will return to scroll to the extreme right to indicate the latest price action. If you wish to take a look at the price history, scroll to your left and select the same icon again to deselect the button. 

Chart shift: Choose the icon which has the red arrow to move your chart to the left. A majority of traders like to have this intent to speculate as to where the price would move from the present position. 

Save results as report

Metatrader 4 expert advisors is good but what makes it even better is the option of easily saving trading results with a click. This can play an important role in moving away from the platform to assess your trading outcome. 

You can access your trading results under the ‘Account History’ tab of the ‘Terminal’ window.

Right-click on anywhere on your trading history here. Choose the option to either ‘Save as Report’ or ‘Save as Detailed Report’ to see your trading results as an HTML file.

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