MetaTrader 4 (MT4) is an online trading program with a global reach. It can be utilized to tap into the assistance of robo-advisors, append new indicators, make use of multiple charts, and arrange one’s workspace according to his/her desired preference. MT4 is supported by the Olymp Trade broker.
Which MetaTrader 4 Versions To Use?
Most PCs running Windows or macOS can use the basic version of MT4 stocked with full functionality. While this version is our recommendation, other, more functionally limited versions are also available.
-Apps available for iOS and Android devices
-A web version of MT4 is also available and can be used with a typical internet browser
How To Start Using MetaTrader 4
In order to gain access to MT4, you will need to register a login with a password and then download the installation file to your PC. That can be done via the following:
1.Navigate to metatrader.olymp.trade.com
2. If you are new to the platform follow the prompts to sign up for a new account. If you are registered, log into your account.
3. Next, select a trading account (demo or real), then select the account type. There are two choices for account type:
a)Standard: This has no commission charged on trades and has a spread
b)ECN: Small commission is charged for initiating a trade, but the spread is narrow.
4.Replace the Swap with a fixed commission option by enabling the SWAP Free option
5.Generate a password and click “Open Account”
Assuming everything was done correctly, you will be provided the necessary information to use MetaTrader 4.
What To Do Next
Once the installation file is downloaded on the macOS or Windows PC, run it to install the program. To enter the web version you will need to click Web. Direct links to mobile apps are also available via the Google Play store and the App Store.
Logging On To The MetaTrader 4 Mobile App
Once the app opens, click “New Account” and then click “Connect an existing account” which will prompt you for a server name. In this field, you will need to enter ‘OlympTrade-Live. You will then be prompted to enter your previously created username and password. Once done, you will need to click ‘Login.’
Logging On To The Full MetaTrader 4 PC Version
Disclaimer: While there are no significant differences between the Windows, macOS, and Web version of the MetaTrader 4 interface, from this point forward we will be using screenshots intended specifically for a Windows interface.
Step 1: Once you launch the terminal, you will be presented with a window prompting you to choose a trading server. If you first want to trade in ‘demo mode’, select the Olymp Trade-Demo server, otherwise, if you want to log into the live account, select Olymp Trade-Live, then click ‘Next.”
Step 2: Make sure ‘Existing trade account’ is the selected option.
Step 3: Enter your MT4 login name and password, then click “Finish” and use the digits next to the ‘Login’ button. If you have forgotten your password, you will be able to change it. If the authorization has been successful you will hear a sound signal and begin seeing charts that display current trading prices.
How To Deposit Funds Into My MetaTrader 4 Account
Log in with your Olymp Trade credentials at metatrader.olymptrade.com. Click “Deposit” and you will be presented with a page with a variety of possible payment methods to choose from. You can now select the ones most suitable for you. You can then enter the amount you want to deposit in your trading account and click “Deposit” at which point you will be brought to a payment system page. Here you will take the necessary actions to complete your deposit.
Where Can The Complete List Of Assets on MT4 Be Found?
To access the assets list, you will need to find the View option on the menu bar, then select “Symbols” from the drop-down option menu. You can achieve the same functionality by a combination of the Ctrl+U keys.
The Market Watch tables house all of the connected assets, but the session is not necessarily linked up to all of the tools automatically. The assets that have already been added to the Market Watch window will be denoted by a yellow dollar sign icon to their left. To transfer any of the other tools, double click on the greyed-out dollar sign icon.
How To Enable A New Chart Using MT4
From the menu bar select ‘File’ and then ‘Add New Chart.’ All added assets will be displayed as lists.
Once you connect to a new asset chart, it will be displayed in a new window.
The position of the charts, as well as their size, will vary. There are some options for the placement and arrangement pre-configured in the MT4 system to display a large number of charts simultaneously.
How To Add/Remove Indicators And Alter Their Settings
To add indicators you will need to navigate From the menu bar’s ‘Insert’ option and choose ‘Indicators.’ You will be presented with a full list of available indicators. They are grouped by indicator types. These include oscillators, volume indicators, trends, Bill Williams indicators, and other custom indicator options.
Removing an indicator is as simple as right clicking on any space on the chart and selecting the ‘Indicators List’ option.
You will then be able to select the object you need to remove and choose ‘Delete.’ This option can also be used to access indicator settings, which will permit changing their timing and parameters as well.
Placing A Horizontal Or Inclined Line With MT4
Some of the graphic tools can be found as buttons at the top of the chart, while others can be found on the full list of tools off of the ‘Insert’ menu bar option. Some of the tools you can select are types of lines including geometric constructions, Fibonacci, and Gann Tools, as well as multiple others.
By right clicking on an empty space on a chart and selecting ‘Object List’ you can adjust the thickness, size, and other attributes of the lines.
Besides the line type and its thickness, you can make it infinite by enabling the ‘Ray’ parameter.
What can be parameterized and to what degree, depends on the object you are acting upon.
Opening And Closing A Trade With MT4
You can use the One-click trading option to open a trade at market price. This can be found in a menu located on the left in the upper corner. Here you can enter the volume of the position as lots. Once you have done this, you can select the trading action by clicking ‘Buy’ or ‘Sell.’
To close the trade, click the ‘X’ located under the charts in the ‘Terminal’ window, near the trade results.
Placing A Pending Order With MT4
There are several methods by which you can get to the order menu:
- Click the ‘New Order’ button on the menu at the top of the screen,
- Select ‘New Order’ from under the ‘Tools’ menu on the menu bar,
- Use the F9 key as a shortcut (hot key) to access the routine.
You will then need to select ‘Pending Order’ in the Type box, and then in the subsequently displayed Pending Order box, use the dropdown menu on the ‘Type’ field to select a type.
To understand how to use each pending order type, see the following:
|A Pending Order Type||What it is used for|
|Buy limit||you want to buy an asset below the current market price.|
|Buy stop||you want to buy an asset above the current market price.|
|Sell limit||you want to sell an asset above the current market price.|
|Sell stop||you want to sell an asset below the current market price.|
When you have decided on the price of the order, you can enter the execution price, as well as the volume of the position in lots. You can also set the Stop Loss and Take profit options for future trades here. Once you are ready to submit the pending order, you can click ‘Place.’ The pending order can be canceled anytime before activation.
How To Set Stop Loss And Take Profit With MT4
Use the ‘New Order’ from the menu (also accessible by the F9 key) to set up Stop loss and Take profit.
Of course, these conditions do not only need to be done when the order is new. They can be done on an active order by right-clicking the position line and selecting “Modify or Delete Order.”
From here you can enter the Stop Loss and Take profit values, but do keep in mind that none of the conditions should be within the spread range. This is denoted by the Stop Loss and Take profit fields on the right side of the following screenshot.
You can also drag the line on the screen itself to adjust the Stop Loss and Take profit conditions. All you need to do is click on the line and drag it to your desired level.
Adding An Alert With MT4
To set an alert, note the Alert tab on the bottom of the window. When you are on it, select an empty space on the window screen and right click. This will generate a menu which you will then select “Create” from.
This will prompt a menu on which you will be able to specify the type of alert (visual, audio, or email), as well as the criteria for generating the alert. For example, in the following screenshot, a Bid condition has been selected to generate a sound when the bid moves below 0.75000.
Once the condition is specified, click ‘Ok’ and the Alert information will become available in the ‘Alert’ section. If at any time you choose to delete the alert condition, you would simply select the alert and hit the Delete key on your keyboard.
Viewing Trade History With MT4
From the ‘Account History’ tab at the bottom of the screen (off the Terminal menu) you would need to right click any empty space on the chart and select either ‘All History’ to see a complete audit trail of your trades or choose a specific time period you wish to see.
Specifying A Trade Amount with MT4 (And What Are Lots?)
In MT4 the position volume is calculated in a standard unit of measurement referred to as lots. 100,000 units of the base currency in Forex trading is equivalent to 1 lot. So when you purchase 1 lot, you are actually buying 100,000 euros. Varying assets may have different lot sizes as well as different conditions. This can be further reviewed in the asset specification.
Closing Part Of Your Trade With MT4
A trade can be closed if your current position is above the minimum amount. To do so, you will need to double click on the trade line and you will be presented with the conditions window. From here, enter the volume of the position you want to close in the Volume field. In the example below, with a trading volume is 0.1 of a lot. If you wished to close half of the lot, you would input 0.05 as the value for the Volume field. Once you have defined the condition, click the Close button to complete the close of the trade.
Based on the new position size, a new financial result will be recalculated.
Minimum Trade Amounts And Other MT4 Conditions For Trading
Minimum deposit amount: $10/€10/R$20.
Minimum withdrawal amount: $10/€10/R$20.
Minimum trade volume: from 0.01 lot.
Leverage: from 1:30 to 1: 400.
To determine the minimum amount in the account to open a trade you would be dependent on the leverage. If the provided leverage is 1:400, to make a 0.01 trade the user would need $2.50.
0.01 of a lot is equivalent to 1000 base currency units. Based on a 1:400 leverage, $400 will be allotted for every $1 from your funds. With that leverage, once the base currency of $1000 is divided by the coefficient of leverage, the result is $2.5. For the final calculation, however, a commission (the spread) needs to be added. For every trade, a trader pays out about $0.10 for a 0.01 lot trade.
|+||zoom in the chart|
|–||zoom out the chart|
|←||move the chart to the left|
|→||move the chart to the right|
|Page Up||a rapid move to the left|
|Page Down||a rapid move to the right|
|Home||move to the beginning of the chart|
|End||return to the current moment|
|Work with the chart|
|Alt+1||enable a bar chart|
|Alt+2||enable a candlestick chart|
|Alt+3||enable a line chart|
|Ctrl+G||set the grid|
|Ctrl+Y||enable a period separator|
|Ctrl+B||open the list of objects|
|Ctrl+i||a list of indicators|
|Ctrl-W||close the chosen chart|
|F11||full screen mode|
|Ctrl+D||Open the Data Window|
|Ctrl+M||Open the Market Watch (list of assets)|
|Ctrl+N||Open the Navigator|
|Ctrl+T||Open the Terminal|
|F9||Call up the New order menu|