Metatrader User Guide - Khwezi
Contents
1. Common Parameters Visualization M ame H13 sell cloze by tester Descriptions a Style m Red v Craw object as background Figure 11 Objects Properties window Select object after creation option Enabling this option prompts MetaTrader to select the object after its creation Select object by single mouse click option Enable this option allows you to use a single mouse click instead of a double click to select an object on the chart Magnet sensitivity in pixels field Select the number of pixels of the object s magnet warp towards the nearest bar price 60 Trade tab Use the Trade tab to you set the Trade commonly used default values Symbol Lots and Deviation Figure 12 Options Server Charts Objects Symbol by default 5 Automatic CO Last used C3 Default Lots by default Last used C2 Default Deviation by default Last used Q Default pips a Cesa Hee Figure 13 Trade tab Symbol by default options Set the default value of the Symbol Currency pair You can choose one of three options 1 Automatic MetaTrader will automatically choose the Symbol 2 Last used MetaTrader will use the last Symbol you used 3 Default Clicking this option will enable a drop down list for you can set a default value for the Symbol Lots by default options Set the default value of the Lots You can choose one of two opt2. A p Attach to a chart A vg Add to favorites A sanis E Bollinger Bands Bulls Power Commodity Channel Inde F DeMarker V f Envelopes i Common Favorites 3 This will open the Navigator Hot Keys window Figure 3 Select the Alligator indicator if not already selected Ese 99 59 59 9 Navigator Hot Keys Mame Control F Accelerator Oscillator Accumulation Distribution Si ET pest al F Average Directional Movement Index Reset F Average True Range f Awesome Oscillator F Bears Power Bollinger Bands F Bulls Power Commodity Channel Index DeMarker Envelopes Fr Enrra Tara 42 4 Click the Set button and you will find two fields to complete one is for the control key CTRL or ALT and the other field for the keyboard letter Figure 4 Set the fields to CTRL and G and click the Close button Navigator Hot Keys Mame Control Key Ls F Accelerator Oscillator Accumulation Distribution Ed alligator slt ici Reset All Average Directional Movement Index F Average True Range f awesome Oscillator F Bears Power F Bollinger Bands F Bulls Power F Commodity Channel Index DeMarker Envelopes Fr Enrra Tara Note There are two other buttons in the Navigator Hot Keys window The Reset button will reset your last entry and the Reset All button will reset all of your assigned hot keys Now you can click CTRL G to a
3. MetaTrader A Ac E Es 4 LISDCHF 1 2847 1 2851 a 4 Accounts EE USDIPY 114 20 114 23 E 244505 codersguru a er X d d EURUSD 1 2035 1 2037 e 4 Indicators 4 GBPUSD 17611 17615 E 5 Expert Advisors d EURJPY 137 45 137 49 amp EURCHF 1 5465 1 5469 4 EURGBP 0 6832 0 6836 3 LISDCAD 1 1620 1 1625 a j Custom Indicators Ey e Scripts 1 2065 x E y p 1 2005 Symbols Tick Chart Common Favorites 39 Jan 2006 10 Jan 12 00 11 Jan 21 00 x Order Time Type Lo SM Price SJL TIP Price Com Swap Profit Balance 5 000 00 Equity 5 000 00 Free margin 5 000 00 0 00 El Trade AccountHistory Alerts Mailbox Experts Journal Swiss Franc Hi 2710 kb Figure 12 Logging In Congratulations You have installed MetaTrader 4 and have a demo account Enjoy trading 14 First session Installing MQL4 programs One of the most important features of MetaTrader is the ability to write your own programs and attach them to the MetaTrader terminal These programs include Indicators Expert Advisors Scripts and Libraries These programs are written in a programming language called MQL4 and can be used in MetaTrader when properly installed Today we are going to study how to install these programs to use them within MetaTrader Format There are two kinds of files that you ll use with MetaTrader the programs files and the executables files The program files are normal
4. 48 Trailing Stops When we talk about the Trailing Stop techniques we are talking about the exit positions strategy Any trade position that you enter has to end with one of two results A profit or a loss Therefore you have only two concerns To maximize your profit and to minimize your losses One of your early memories describes the confusion of exiting the position in the appropriate time The market trends are in your favor and are you making profits Everything is perfect But suddenly the market trends have turned against you A worried novice trader would push the close button and breath the a sigh of relief The minute the market turns against us you quickly run to the old profitable closed direction Did you achieve the first dream And did you maximum your profit No Two days after the previous lesson you opened your pocket and made a bid The profits blew up in your face and suddenly the market turned its direction you smiled and said You can t cheat me anymore l ve learned my lesson The market is still running against you and you re still smiling It will turn its direction I m sure It will turn its direction hope It will turn its direction I m scared Finally you push the close button and areleft crying Did you achieve the second dream Did you minimize your losses No The Trailing Stop is perfect for these types of situations where early exit might have prevented the profits to run and la
5. Ln EF 4 I eS vd et ee i Sn I I O ess cm ais br bc Fieure 8 and 9 Chart colors printing modes Save deleted Chart for reopen option Enable this option if you want MetaTrader to save deleted chart templates and restore them in startup Deleted chart templates can be opened by going to the File menu and choosing Open Deleted Max bars in history field Enter or choose from the drop down list the maximum number of bars you want MetaTrader to store in the history database This data is used in Strategy tester The more bars used the better your results Max bars in chart filed Enter or choose from the drop down list the maximum number of bars you want MetaTrader to draw in the chart These bars are important for your indicators to work properly Objects tab With the Objects tab you can set the parameters and setting of the MetaTrader graphical objects to be shared by all charts Figure 10 59 Options YE MEI MS ii T TUN Server Charts Objects Trade Espert Advisors Email Publisher Events Select object after creation Select object by single mouse click Magnet sensitivity 10 e pixels Fieure 10 Objects tab Show properties after creation option Enabling this option prompts MetaTrader to display the object s Properties window Figure 11 every time you create an object
6. Mela trader 4 Metatrader User Guide Download and Install MetaTrader You may have only recently decided to trade Forex Or you might be a newcomer to MetaTrader from another platform Whatever the case congratulate you for your choice MetaTrader is the platform of choice for automating your trades These are some of features of MetaTrader e Operating with different financial markets instruments FOREX Futures CFD e Unlimited charts quantity e Supports of various timeframes e Large number of Indicators Experts and Scripts shipped with e Friendly user interface with multilingual support e Secure operating environment 128 bit encoding is used e Internal e mail e Real time data transferring via DDE e Receiving on line news from financial markets e Build in programming language enables you to write edit your own custom indicators Expert Advisors and scripts Today we are going to take the first step towards profit with this great platform We are going to download the MetaTrader platform There are two versions of MetaTrader MetaTrader 3 and the most current version MetaTrader 4 Some brokers still do not support MetaTrader 4 so and in those cases you must download MetaTrader 3 However most of brokers do support MetaTrader 4 And it s the version we are going to download today There are a lot of sites where you can download Metatrader 4 Though most of brokers who support MetaTrader 4 presen
7. ew order O S beet advisors Mi ME Mis M30 Hi H4 Di Wi MN E C d ELIFLISD H1 1 2093 1 2109 1 2034 1 2100 1 2100 1 4055 1 2045 i Jan 006 17 Jan 12 00 17 Jan 16 00 12 Jan 20 00 18 Jan 0000 13 Jan 04 00 18 Jan 08 00 18 Jan 12 00 18 Jan 16 00 2006 01 17 08 00 1 21358 H i z138 L 1 2122 C 12131 Vv 101 Mui 14 0kb Figure 6 Ask line Show Period Separator option Enable this option if you want MetaTrader to show the period separator Horizontal dots line showed in Figure 7 197435 MetaTrader Demo Account EURUSD H1 Sele Pa fh Fille View Insert Chars Tools Window Help te E 18 ENN Y E IR C m Ms mi5 m30 Hi H4 Di wi mi e 4 4 amp 4 m ELIRLIED H1 1 2099 1 2109 1 2034 1 2100 4385531k se 1 2045 17 lan 006 i Jan 12 00 1 Jan 16 00 17 Jan 20 00 12 Jan 00 00 18 Jan 04 00 18 Jan 8 00 18 Jan 12 00 18 Jan 16 00 2006 01 18 01 00 1 2093 H 1 2100 L 1 2087 C 1 2092 W 216 Hil 15 0 kb Figure 7 Period Separator 58 Color Print option Check this option if you want to enable color printing of charts To print a chart simply go to the File menu and choose Print or click CTRL P Figure 8 shows the chart in Black White mode Figure 9 shows the chart in Colored mode i ts ped e E ts a nua br I A 1 1 1 T 1 b 1 1 1 1 1 Y I I door EE ANDER ipM dern I I Di Alias pion A ee DCIS EE
8. AU points Custom M If you don t find the Trailing Stop level you want in this menu you can click Custom from the menu to bring up an input window to set the Trailing Stop Figure 2 50 Trailing stop 2014729 Trailing Stop is a method to move Stop Loss level automatically Minimal Trailing Stop levelis 15 pips Traling Stop level 15 pips MQLA Trailing Stop sample code YOUR CODE HERE extern double elas top ONO ALOE MagicNumber 101090 ir m ques ue int Cntr toral total OrcersTorcal s YOUR CODE HERE Lor cat Scan toral chti t Order oe cam o ECTE TEE TEOS MODET TRADE I EO eae E sag Se Orce Symlooll syynnsoll QU if OrderType OP BUY Long position is opened TrailOrder OrderType return 0 Trailling the order ass Ordes D eode Sib cc CO TEO Soria oo cnse ola TrailOrder OrderType return 0 Trailling the order 51 return 0 poe ue CSS mls ys cl qanm e esa lo tie 91917719 if OrderMagicNumber MagicNumber Due c JOE TEBE ade ed Eres nexo abu s dle rb EISE ROP ae Order tool nS a BEE POr Hes AOS ce oF OuderModunry Ondeiahmoketa Ode O eiii en E Polne Dear l rngotop Oder alcoi O Green eE UII Orden mao Aek T oTnE rar Ingo eop Ode st Opos Si Silo mie aaa oo pa T OrderStoploss 0 OEderModrEy Order Ticket or cdenopentgu ccu sdcspomrii E Manic ec
9. InterbankF S erver Interbank Fes LLC E InterbankF D emo Interbank Fey LLE F Metal uotes Dema Metalluotes Software Corp 5308 me AD sm Figure 10 Choose the server Choose a Trading server that you want to join from the above list Click the Scan button to check the speed of each server before choosing one of them You can either choose the fastest server or one that suits your preference if you ve heard of it and click Next button 12 Open an Account Registration Wait a little please Mame Account Type Deposit Server Login Password cadersquru demoafarex usd 1 100 5000 Interbank F D emo 244499 d8gsgao Investor zkimppk read only password Flease keep pour Username and passwords in a safe place Figure 11 Opening an account You will be asked to wait a few seconds before receiving your account details Keep it in a safe place because you ll need your login and password to login to your demo account Click the Finish button to log into your account and start trading 4 Logging into your demo account If you are a lucky person like me you will log to your account without errors and get something like this 13 m 244505 MetaTrader Demo Account EURUSD H1 fh Ele View Insert Charts Tools window Help Ee Eh gt fcx eG m WI E Mew Order a 8 Expert Advisors O Y it Market Watch 18 28 08 x DEREN x EURUSO H1 1 2030 1 2035 1 2027 1 20 Symbol Bid Ask
10. choosing Options Or you can hit the hotkey CTRL 0 to get the Options window showed in figure 1 Options EE pe T 7 r Server Charts Objects Trade Espert Advisors Email Publisher Events Server Interbank F D emo Interbank FX LLC Login 197435 Password eseeese EJES ata Center auto configuration Data Center Enable proxy server keep personal settings and data at startup Enable DDE server Enable news Figure 1 Options window As you will notice in Figure 1 the Options windows is divided into tabs with each tab having its own set of options associated with a MetaTrader attribute We will study today each tab in detail Server tab With the Server tab you can apply settings related to the broker server Figure 1 Server field Enter the IP address of the broker server and the connection port separated by sign Or you can type the domain name of the broker server For example InterbankFX Demo Interbank FX LLC Domain name 217 74 32 254 1950 IP Port Login field Enter your login number It is the number provided to you when you first opened a demo account Password field Enter your password 54 Change button Click this button to change your Master or Inventor pass
11. close the client terminal Alt Backspace or Ctrl Z arrange all indicator windows heights by default call the Objects List window Ctrl C or Ctrl Insert enable disable expert advisor enable Crosshair undo object deletion copy to the clipboard Ctrl S save the chart in a file having extensions CSV PRN HTM Ctrl W or Ctrl F4 show hide period separators close the chart window 46 Ctrl Z or Alt Backspace undo the object deletion Ctrl R open close the Tester window Ctrl T open close the Terminal window Ctri F6 activate the next chart window Ctrl F9 open the Terminal Trade window and switch the focus into it After this the trading activities can be managed with keyboard 47 Multiple MagicNumbers Per EA Per Condition Is it possible to use multiple MagicNumbers in a single EA to open orders under different conditions and close orders for different conditions Logic Example Open statements If Condition A Open order this way with this MagicNumber1 If Condition B Open order this other way with MagicNumber2 even if there is an existing open order Close statements If Order opened under condition A amp amp MagicNumber1 1 Perform MagicNumber1 Close If Order opened under condition B amp amp MagicNumber2 1 Perform MagicNumber2 Close Is this possible or do need to write a different EA per MagicNumber so they won t conflict with each other
12. could ask me What about setting the Trailing Stop How to set Trailing Stop The Stop Loss and Take Profit limits which you have learned to set were sent to the broker Even if you close MetaTrader the broker knows when to stop the order But in the case of Trailing Stop MetaTrader has to be on because it sends the new Stop Loss level continuously to the broker If you close MetaTrader the broker will only know the last Stop Loss level MetaTrader sent before shutting down Now let s set the Trailing Stop level to our Order Step 1 In the terminal window right click on the order you want to set its Trailing Stop And from the context menu choose the Trailing Stop sub menu Figure 8 The sub menu will show you following commands Delete All To delete and all previous Trailing Stops you have set None It means no Trailing Stop level has been set 15 Points 20 Points 50 Points These are the default points Pips level that you can choose from them If you not interested in them you can choose the custom command 23 Custom Clicking this command will open the Custom Trailing Stop Window Figure 9 which allows you can set a custom Trailing Stop level Please note that the Trailing Stop must be greater than 15 Points Step 2 Choose the level from the context menu or set the custom level and click OK The Trailing Stop will be saved MetaTrader will use this setting to move your Stop Loss level automatically
13. i ly samples Fproperty copyright Coders Guru 2 4 Files property link httpi www forex tsd con mi define MAGICMA 20060227 Ey logs ES ai Lo presets aai B Files Dictionary Search i Trades limita Line Text all Errors Find in Files Online Library Help For Help press lt Fl gt Lod Cal 1 Figure 1 MetaEditor m MetaGuotes Software Corp k d DDE Sample y Journals i t al Ll Lor GA MetaTrader T Multilanguage Pack i MA Uninstall Figure 2 Program Files 33 File Edt View Tools Window Help Ed Mew rhet PS Open Chri 0 Close Save As Save Al Es Compile F5 Print Setup Print Preview dh Print Ctrl F Figure 3 Open command 2 lt if supportLists gt lt endif gt After loading the mq4 file into MetaTrader go to File menu and choose Compile command Figure 4 or hit F5 File Edt View Toole Window Help Ed Mew Ctrl M PS Open Ctrl 0 Cloze Save As Save All Sw Compile F5 Print Setup Print Preview dh Print Ctrl P Figure 4 Compile command 3 lt if supportLists gt It will produce a filename that is the same name as the mq4 file but with ex4 file extension This file will be created in the same path of the mq4 ex4 format This is the executable version of the Expert Advisor It s ready for use in MetaTrader but unfortunately you can not open it in the text editor to view the source co
14. in margin basis you will not process the goods but you can trade in it while the company holds the goods for you You take the whole profit and you bear the whole loss 30 In our example Mr X paid 1000USD and he is searching for a buyer for the car Say he didn t find a price more than 9000USD for the car In this case Mr X has made a loss of 1000USD The Company will take the 9000USD from Mr X plus the deposit of 1000USD Mr X thinks if he wait for more days the price will go up again and he can make profit However two days later the price went down even more The price of the car now is 8000USD If Mr X sold the car at this price he will lose and the company will lose too In the trading in margin basis there s a rule The company couldn t loss The company will not wait to the day that the price of the car drops to 8000USD They will ask Mr X to sell the car at the price of 9000USD because any drop in the price means the company will also lose and this cannot happen This called a margin call We will talk about it in more detail later Now the most important thing we need to know is how the company who sold the car to Mr X gave him a 10000USD car for 1000USD This is the leverage Leverage The company who sold the car to Mr X gave him the ability to trade in a 10000USD car for 1000USD capital It had duplicated his capital 10 times and this called 1 10 leverage because the company allowed Mr X to trad
15. text files that have one of these extensions mq4 and mgh These files are the source code of programs written in the MQL4 programming language They can be opened and edited with a program shipped with MetaTrader called MetaEditor This program enables you to view edit and compile these types of files The executable files are binary files that cannot be opened for viewing or editing and have the extension ex4 These files are the result of compiling the mq4 files using MetaEditor and can be loaded into and used by MetaTrader Note The mgh files are header files that have line of codes that MQL4 programmers can include in their MQL4 programs So they cannot be compiled to ex4 files Compiling Compiling is an operation performed by a special program called a compiler to convert readable text format to binary format which the computer can easily understand This is a general definition of compiling But compiling in our case is converting mq4 files to ex4 files using the MetaEditor program To do this we simply open the mq4 file in MetaEditor By pressing F5 hot key MetaEditor will compile convert the mq4 file to ex4 file keeping the mq4 file intact MetaEditor will place the generated ex4 file at the same path as the mq4 file 15 We must compile mq4 files to ex4 files because MetaTrader is unable to load any file other than ex4 files So when we get mq4 files and compile them does it mean that we re done insta
16. will Metalluotes Software Corporation be lable For direct indirect special incidental or consequential damages arising aut of the use of or Inability to use the software hardware or documentation even IF advised of the possibility of such damages In particular MetalJuotes Software Corporation le not responsible for any costs including but nat limited to those incurred as a result of the use of the software loss Lb el E PO Y E um linm vmm m mum summa a sis lR m m AA imb mcabla m pm Er mb bs E Es bium x a ed mei n Figure 4 Agreement The setup program of MetaTrader shows you the End User License Agreement and ask you to select the option Yes agree with all the terms of this license agreement before continuing the installation of the program Please check the option box and click Next button 5 MetaTrader 4 00 setup MetaTrader 4 Client Terminal Select the destination folder where vou want to install MetaTrader 4 00 To install to a different location click Browse and select another folder Installation folder C Program Files MetaTrader 4 Browse Cancel Figure 5 Installation folder Here you can change the destination folder where the MetaTrader will be installed or leave the default folder C Program Files MetaTrader 4 You can have more than one copy of MetaTrader installed in your machine but each of them must be installed in a different folder Choose the folder you want and c
17. 1 ELIRLISD 1 2099 1 2101 i d GBPLISD 1 7495 1 7499 LISDCHF LEN Tw Modity or Delete Order EURIPY 143 2 143 37 41751791 sell Trailing Stop Profit Commissions 12 Apr 2006 12 Apr 13 0 T anes ELIRLISD H1 USD Symbols Tick Chart Comments Order Time Type La Se Auto Arrange Swap Pr lt La Ibo 2006 04 12 16 25 buy 0 10 usdchf oy Grid G 27 0 00 1 54 2006 04 12 16 36 sell 0 10 eurusd 1 2102 U DUDO U bUL 12401 ooo 1 00 La 1D 006 04 12 18 01 sel 0 10 gbpusd 1 7505 1 7603 1 7203 1 7409 0 00 4 00 i Balance 254 63 Equity 258 09 Margin 79 21 Free margin 178 88 Margin level 3 25 83 3 46 an oh E Trade Account History Alerts Mailbox Experts Journal T Mimi 21 0kb Figure 1 Typically the Order Window will pop up but in this case it s in a medication order mode Figure 2 19 Order 1751791 sell 0 10 lot EURUSD at 1 2102 sl 0 0000 tp 0 0000 Symbol ELIRLISD Euro vs US Dollar volume 0 10 Stop Loss Take Profit Comment Type Modify Order Modify Order Level points Level 300 Stop Loss 1 2208 Take Profit 1 1508 Stop Loss or Take Profit vau set must differ From market price by at least 10 pips Figure 2 Step 2 In this window you will find two boxes to set in pips the Stop Loss and Take Profit prices Figure 3 When the prices have been set in pips for those boxe
18. Custom k Test Label Figure 5 Insert Indicators menu 39 First session Using Scripts Today we are going to study the use Scripts in MetaTrader Let s first understand what the Script is What is the Script The Script is a program written in MQL4 It s very much like the Expert Advisor in that it has the ability to open close and modify trades However there are two differences between the Script and the Expert Advisor The Script is executed only once when attached to a chart while the Expert Advisor that is attached to a chart is executed each time a new quotation arrives Another difference is that you must enable the Experts review the previous article to learn how prior to using them while the Scripts don t require enabling 40 Hot keys MetaTrader has a very user friendly interface and think this is one of the most important reasons for its success Moreover to make the world easier for the user MetaTrader gives you the ability to access its most used functions by using hot keys What are the hot keys A hot key is a combination of keyboard keys that you press simultaneously to carry out a specific task You use hot keys everyday and every minute Just think about CTRL C It is a hot key of copying the selected text in most of the programs that operate under MS Windows In MetaTrader you can press a hot key to access a task that you could alternatively access from MetaTrader s menu or toolbar
19. Modifying an Order We have placed our first order in the previous article Today we are going to learn how to modify and close this placed order Let s start with the limits that we can set to an order Order Limits Order limits are boundaries that you can set to an order to prevent big losses and to ensure that you make a profit as soon as possible These are the types of the order limits Stop loss Stop loss is a limit point that you set to your order When reached the order will be closed This is useful to minimize your lose when the market going against you Stop losses points are always set below the current asking price on a buy or above the current bid price on a sell Trailing Stop Trailing stop is a type of stop loss order that is set at a percentage level either below that market price for a long position or above the market price for a short position The price is adjusted by Expert Advisors as the price fluctuates Take profit Take profit is similar to stop lose in that it s a limit point you set to your order When reached the order will be closed There are however two differences _ There is no trailing point _ The exit point must be set above the current market price instead of below How to Modify an Opened Order Stop Loss and Take Profit 18 Step 1 In the terminal window right click on the order you want to modify From the context menu choose Modify or Delete Order Figure
20. OM Order Me kee Ii Sl 52 In the code above we are trailing all the opened positions using the function TrailOrder It will go through all the opened positions using a loop that starts from 0 and counts orders returned by OrdersTotal function To be certain that we are working with the order of current chart we will check the Symbol against the selected OrderSymbol Then we will call the TrailOrder which takes only one parameter the type of order OP SELL or OP BUY TrailOrder function This is the function that handles the Trailing Stop for us There are two types of orders Buy order In the case of a Buy order we check that the profit current Bid price minus the open price is greater than the Trailing Stop value that we have set or the user set We also modify the order to new Stop Loss level which is equal to the current Bid price minus the Trailing Stop value Sell order In the case of Sell order we check that the profit the open price minus current Ask price is greater than the Trailing Stop value that we have set or the user set We also modify the order to new Stop Loss level which is equal to the current Ask price plus the Trailing Stop value Please refer to my MQL4 lessons for more details Any questions are welcomed 33 Client Terminal Options Today we are going to explore the customized options of the MetaTrader client You can access these options by clicking the Tools menu and then
21. Trader executes Expert Advisors etc Checking this option enables sounds alerts for specific events By double clicking the Ring image you can enable or disable an alert for an event To change the sound simply choose from drop down menu for a list of installed wav files or you can browse your computer to choose a new wav file for the event you want 65
22. USD at 1 2135 successful You can print aut this information by pressing Print button Figure 4 28 de 39890 FIBO Group Demo Account EURUSD H1 BEES m Xx GA Fille View Insert Charts Tools Window Help M5 MIB M20 Hi ELIRLISD Y GBPCHF 2203 2 2691 GBPIPY 206 79 206 87 1 I r 1 hl RBI ISM Symbols Tick Chart H FIBO Group a Accounts at 39890 CodersGuru Fl Indicators 2 Expert Adv bee common Favorites 10 Apr 2006 10 Apr 10 00 10 Apri8 00 11 Apr o2 00 11 Spr 10 00 11 Apr 15 00 Order Time Type La 5v Price SIL TIP Price Swap Profit La gea 006 04 11 19 36 buy 1 00 eurusd 1 2135 0 0000 O 0000 1 2133 0 00 20 00 e Balance 5 000 00 Equity 4 980 00 Margin 1 213 50 Free margin 3 766 50 Margin level HINAY eminal Trade Account History Alerts Mailbox Experts Journal Te Mimi 130 0 kb Figure 5 29 First session trading Forex Part 1 Today and in these series of articles we are going to take the Forex newcomers by the hand and guide them to a better understanding of the fundamentals of the Forex The trading dream All of us know that the shortest and maybe the only way to money is trading We have an imaginary character called Mr X Mr X wants to trade in cars He wants to buy cars and sell them when the price increases Mr X has a big problem To start his trading he needs capital Mr X has 1000U5D and the price of the c
23. aTrader 4 00 setup MetaTrader 4 Client Terminal Welcome to the MetaTrader 4 00 Setup program This program will install MetaTrader 4 00 on pour computer It iz strongly recommended that vau exit all windows programs before running this Setup program Click Cancel to quit Setup and close any programe you have running Click Nest to continue with the Setup pragram WARNING This program is protected by copyright law and international treaties Unauthorized reproduction or distribution of this program or any portion of iE may result in severe civil and criminal penalties and will be prosecuted to the maximum extent possible under law Metalluotes Software Corp A Cancel Figure 3 Welcome and copyright The setup program welcomes you and reminds you about the copyright of MetaTrader Click Next to continue 5 MetaTrader 4 00 setup MetaTrader 4 Client Terminal Please closely read the following license agreement Do you accept all the terms of the following license agreement END USER LICENSE AGREEMENT Metalluotes Software Corporation makes no warranty or representation either express or implied with respect to this software the hardware or documentation including their quality performance merchantability or fitness for a particular purpose Because software is inherently complex and may not be completely free of errors you are advised to verify your work Inno event
24. ar he wants to trade in is 10000USD Mr X is confident that if he has the 10000USD he can sell the car for 12000USD and make 2000USD net profit No one wants to lend Mr X the capital to start his trading And no car company will agree to lend him the car Mr X s problem with capital is the same problem being faced by people around the world and it s killing their trading dream The good news is that you can trade without a capital Mr X can buy the car with his small capital And when it sells he can take the 2000USD profit for himself Yes this is possible with Margin Basis Trading Trading in margin basis With this system you don t have to pay the whole price of the goods but you can pay a deposit And when you sell the goods you take the net profit for yourself or you bear the loss Mr X can buy the 10000USD car with his 1000USD deposit with the aid of margin basis trading When he sells the car for 120000USD he can take the profit and return the 9000USD to the company who sold him the car with his 1000USD deposit However the company who sells the car to Mr X for his 1000USD deposit has a condition Its condition is that Mr X will not possess the car but the company will hold it for him When Mr X finds a customer to buy the car the company will sell it to the customer taking the 9000USD or the remaining price of the car 10000USD and give Mr X the profit Mr X agreed with pleasure With the trading
25. art Space Symbols Hide Delete Hide All Show All a i b I n 1 2090 Symbols Sets Sel or 2006 10 Apr 10 00 10 Apr 18 00 11 Apr z 00 11 Apr 10 00 11 Apr 18 00 High Low Order T Enos ets Price SARL TIP Price Swap Profit Ime Bal 00 Free margin 5 000 00 0 00 w Abo Arrange v Grid BE Popup Prices ailbox Experts Journal Hi 24 0 kb Figure 3 Step 3 Now in the Order window Figure 1 you see two buttons the Sell and the Buy buttons You need to decide whether you want to Sell or Buy the currency and click the appropriate button In the Buy order the ASK price is used to open the order and in the Sell order the Bid price is used to open the order As you can see in Figure 1 the New Order window allows you to set these options 26 Symbol list This provides a drop down list of all the currencies pair that you can use to open the New Order Volume list This provides a drop down list of predefined volumes that you can choose from for the New Order Note Volume refers to the Lots value Stop Loss combo This is a combo box with up and down arrows that enables you to set the Stop Loss level for the New Order Use the up and down arrows or write the value of the Stop Loss in the text box Setting the Stop Loss level is optional Take Profit combo This is a combo box with up and down arrows that enables you to set the Take Profit level for the New Order Use the
26. as long as you running the program 24 First session Placing an Order MetaTrader is the platform which enables you to send your orders to a brokerage to Sell or But a currency pair Today we are going to place our first order in MetaTrader Placing your first order step by step Step 1 Load your instance of MetaTrader and log into your account MetaTrader will automatically log to your default account Step 2 To place an order Sell or Buy you have to open the Order window Figure 1 Symbol EURUSD Euro vs U5 Dollar volume 1 00 w Stop Loss 0 0000 5 Take Profit 0 0000 Type Instant Execution vw Instant Execution 1 2132 1 2135 eh Enable maximum deviation from quoted price Maximum deviation Figure 1 There are several methods that can be used to open the Order window You can press F9 hot key You can right click the chart of the currency you want to Buy Sell and then choose New Order from the contextual menu Figure 2 You can right click the Market Watch window on the currency you want to Buy Sell 25 and then choose New Order from the context menu Figure 3 Or you can double click the currency Figure 2 meo 39890 FIBO Group Demo Account EURUSD H1 Ga File View Insert Charts Tools Window Help Ehe Eh 1 d EL Mew Order D 8 Expert Advisors E 8 ik S A T it Ti Mr Mi M5 Mis M30 H1 H4 Di wi MN Symbol EURUSE de RPI IS Tick Ch
27. code You can access these indicators from the Navigator window Indicators list Figure 1 Navigator El MetaTrader A Accounts f Indicators E Expert Advisors Custom Indicators i j c Scripts Common Faworites Figure 1 Navigator window Indicators list 37 Custom Indicators These are the indicators which located at experts indicators folder Most of these indicators are open source came in mq4 format then compiled to ex4 format You can open them in MetaEditor to view and or modify their source code They can be accessed from the Navigator window Custom Indicators list Figure 2 Navigator El MetaTrader A Accounts F Indicators Expert Adwisors Custom Indicators Scripts Common Favorites Figure 2 Navigator window Custom Indicators list To insert an indicator to the chart you must first activate the chart by clicking it Then go to the Navigator window to choose the indicator you want to insert and right click on it You ll get a sub menu like the one showed in Figure 3 From this menu you have to choose Attach to a chart command Navigator o o ESHE TA MT4NF amp Accounts amp 153040 Real a Indicators miaa Hf Ave Set hotkey Aes F Bears Power v mz E Apr 0 Common Favorites FURL Figure 3 Indicators sub menu ome Oscillator You ll be prompt
28. d it but you cant use it in MetaTrader yet Why That s because MetaTrader cant load this kind of Expert Advisors and requires an extra step before loading it You need to convert this Expert Advisor to another format that MetaTrader can easily understand ex4 format Converting mq4 to ex4 MetaTrader can load only the Expert Advisors which have the ex4 extension The ex4 files are the executable version of the mq4 Executable means they are not in text format anymore but they are in binary format To convert the mq4 to ex4 you have to do the following 22 1 lt if supportLists gt Open the mq4 file in the MetaEditor Figure 1 MetaEditor is a program shipped with MetaTrader enabling you to write your own Expert Advisors and to convert them to ex4 format To open MetaEditor you can double click the mq4 file or you can click the Start button then Program Files All Programs in windows XP and search for MetaTrader menu then choose MetaEditor Figure 2 But if you opened the MetaEditor from the Program Files you have to click File menu in MetaEditor then Open command Figure 3 to browse for the mq4 file you want to convert to ex4 Y MetaEditor EMA_CROSS_2 mg 4 E File Edit View Toole Window Help a 5 IE 4 Era am y Compile Es Te EMA CROSS 2 mq4 EMA CROSS_IND mg4 Javigator include end xil scripts yy i u y templates Pg EM A Ny indicators 1 libraries
29. dd the Alligator indicator to your chart Figure 5 Alligator Parameters Colors Visualization Jaws period Shift Teeth period Shift A Lips period 5 Shift 3 Method Apply to Median Price HL 2 43 Hot keys list Here s the list of the hot keys available in MetaTrader chart scrolling to the left chart scrolling to the right fast chart scrolling to the left or if the scale is defined chart scrolling up fast chart scrolling to the right or if the scale is defined chart scrolling down restoring of automatic chart vertical scale after its being changed If the scale was defined this hot key will return the chart into the visible range Page Up fast chart scrolling to the left Page fast chart lling to the right DEUS ast chart scrolling to the rig 44 call the Tester window for testing the expert attached to the chart F6 window call the properties window of the expert attached to the chart window in order to change settings F7 Shift F12 move the chart by one bar to the right Shift F5 switch to the previous profile Alt 1 display the chart as a sequence of bars transform into bar chart display the chart as a sequence of candlesticks transform into Alt 2 candlesticks Alt 3 display the chart as a broken line transform into line chart Alt A copy all test optimization results into the clipboard Alt W call the chart managing window Alt F4
30. de stderror mah Doo O All files AALL Figure 8 Copying Files The setup program will begin extracting the packaged files and copying them into the MetaTrader installation folder You can click Cancel button anytime during the installation to cancel the process Be patient as the setup program copies the files You will automatically go to the next step once copying is complete 5 MetaTrader 4 00 setup MetaTrader 4 Client Terminal MetaTrader 4 00 has been successtully installed Press the Finish button to exit Setup program Figure 8 Finish Congratulations You have installed the MetaTrader 4 successfully and are ready to launch it Click Finish button to start MetaTrading 3 Creating a demo account The first time you launch MetaTrader 4 you will get a form like this 10 Open an Account lx Personal details To open an account please fill out all the following Fields M ame Country City Address Phone DODO000 Email coderzguruta hotmail corn Account Type Fores usd Currency USD Leverage 1 100 Deposit 5000 agree to subscribe to your newsletters Cancel Figure 9 Creating a demo account Fill in the form with your data like the above one and check I agree to subscribe to your newsletters option then click Next button 11 Open an Account Trading Servers Selecta more suitable trading server Address Company F
31. de as it is now in binary format and not text format like the mq4 files 34 Wait You cant load the Expert Advisor into MetaTrader yet MetaTrader require extra step before loading the Expert Advisor which consider it a shortage in this great program You have to copy the ex4 file to the experts folder You will find the experts folder in the installation folder of MetaTrader If you not sure where this folder is located just right click on the MetaTrader icon and select Properties from the context menu then click Find Target button Figure 5 Congratulations You can load the Expert Advisor into MetaTrader now and only now Loading an Expert Advisor Now that you have the ex4 version of the Expert Advisor and the Expert Advisor is located at experts folder You are now ready to use the Expert Advisor You will find the name of the Expert Advisor in the MetaTrader Navigator window Figure 6 As you can see in figure 6 the Navigator window is divided to tree of lists the list which we interest in is Expert Advisors list In this list you will find all the Expert Advisors that are in your experts folder and of course which are already compiled to ex4 format Note If you don t see the Navigator window in your terminal or you closed it you can bring it back by clicking the Navigator button in the MetaTrader toolbar Figure 7 just by clicking the View menu and choosing Navigator or simply hitting the CTRL N h
32. e 10 x his capital If the leverage of this company was 1 100 that means Mr X can trade in goods equal to 100000 100 x his capital 1000 The leverage is the backbone of trading in margin basis 3l First session using Expert Advisors Well have to use an Expert Advisor to automate my trade What is the Expert Advisor The Expert Advisor is a piece of code or some instructions that you give to MetaTrader written in a specific programming language called MetaQuotes Programming Language Version 4 abbreviated to MQL4 that is compiled to a program which stays in front of the terminal and automates your trades for you lt can analyze the chart as any indicator does as well as at specific conditions open modify and close the trading orders The Expert Advisor can do anything you can do except one only thing it cant do a mistake Our task today is to talk to newcomers of MetaTrader who want to know how to use the Expert Advisors in MetaTrader Expert Advisors format Logically to use the Expert Advisor you have to have it There are two formats of Expert Advisors that you may already have mq4 format If you have the Expert Advisor in xxx mq4 format where the xxx is the Expert Advisor name followed by dot then the mq4 extension then you have the source code of the Expert Advisor Source code means you have the Expert Advisor as a piece of code written in MQL4 You can open this file in any text editor and rea
33. ed with the Indicator Parameters window Figure 4 to set the indicator parameters Clicking OK button in the Indicator Parameters window will attach the indicator to the chart 38 Moving Average Parameters Levels Visualization Period 10 Shit 0 d M method Exponential Apply to Style L DarkBlue 3 v Figure 4 Indicator Parameters window Note You can simply double click the indicator name in the Navigator window to open the Indicator Parameters window Note In the Insert menu you will find Indicators sub menu Figure 5 where you can find all the built in indicators grouped in categories ex Trends Oscillators and Volumes as well as all the Custom Indicator located in the Custom sub menu Clicking the indicator name from this menu will open the Indicator Parameters window Insert Charts Toole Window Help Momentum Lines Accelerator Oscillator Channels Accumulation Distribution Gann Alligator Fibonacci Average Directional Movement Index Shapes Ao Trend b Oscillators Ld Andrews Pitchfork Volumes Cycle Lines Bill Williams Text X
34. every E v minutes FTP server FTP path FTP login FTP password l Passive mode Figure 18 Publisher tab Enable option Check this option to enable FTP alerts Once checked the other fields will be enabled Account field Enter the number of your active account Refresh every in minutes list Choose from the drop down list the number of minutes to periodically send reports FTP server field Enter your FTP server address 64 FTP path field Enter the path of the folder on your FTP server to send or save the alerts FTP login field Enter the login name to your FTP server FTP login field Enter the password of your FTP login Passive mode option Check this option to switch from standard to passive mode on your FTP server Test button Click this button to test your configurations Events tab With the Events tab you can set enable and disable alerts sounds for MetaTrader events Figure 19 Options Server Charts Objects Trade Expert Advisors Email Publisher E vents J Enable Event Acton A Connect connect wav D Disconnect disconnect way D Email Notify email wary Timeout IAE Dk Ok wav Hel s WAY D Expert Advisor expert way 4 Expert Confirmation espert wav Figure 19 Events tab Events are special occurrences in MetaTrader for example when MetaTrader connects to the server or when Meta
35. g the Expert Advisor You have to tell MetaTrader to use Expert Advisor to automate your trade by enabling the Expert Advisor From the toolbar of the MetaTrader you will find Expert Advisors check button Figure 10 Check button means you can click it to enable the Expert Advisors and goes to pressed figure and when you click it again it disables the Expert Advisor and goes to un pressed figure Figure 11 Note When you disable the Expert Advisor the smile icon goes to x icon Figure 12 36 First session using Indicators Today we are going to study how to use Indicators in MetaTrader platform What is Indicator The indicator is a program written in MQL4 which mathematically manipulates the prices and draws lines on the chart The Indicators differ from the Expert Advisor in that 1 The Indicators draw lines on the chart while the Expert Advisors cannot 2 The Expert Advisors can Auto Trade while the Indicators cannot Note The lines that Indicators can draw are the buffers lines But the Study Lines ex vertical lines horizontal lines Arrows and Shapes etc could be drawn from the Indicator and from the Expert Advisors How to load indicator on the chart There are two kinds of MetaTrader indicators Built in Indicators set This set of indicators is shipped with MetaTrader and is considered the standard indicators They are for use only and cannot be opened for viewing and or modifying their source
36. gure 3 You can configure MetaTrader to use a proxy server based on the proxy settings Note In the Proxy settings window you need to provide all of the followings Server and port Proxy type Socks Socks5 and HTTP proxy User name and Password 55 Use these settings when working in local networks through restricted permissions proxy or Firewalls Server venet BNEENI v Login E Password g Al Figure 3 Proxy settings Keep personal settings and data at startup option By enabling this option MetaTrader will not prompt you for login information at startup Enable DDE server option Click this option if you want to enable the MetaTrader DDE server It will enable you to receive real time quotations from MetaTrader Note DDE stands for Dynamic Data Exchange DDE enables two running applications to share the same data The program used to capture the data is called a DDE server The DDC client is the program that is used to capture the data from DDE server Enable news option Click this option if you want MetaTrader to query the Data Center for server news Charts tab With the Chart tab you can set MetaTrader chart parameters and settings that will be inherently applied to all charts Figure 4 Options Server Charts Objects Trade Expert Advisors Email Publisher Events Show OHLC C Show ask line Show period separa
37. i e F9 is the hot key to open new order window We are going to list all the available hot keys of MetaTrader But we need to discuss a very important feature of MetaTrader Assigning a hot key Assigning a hot key MetaTrader gives you the ability to assign a hot key to any of your programs which include Indicators Expert Advisors and Scripts for easy access Let us go step by step to assign a hot key to one of the indicators 1 The first step is to go into the Navigator window Figure 1 and choose the indicator you want to assign a hot key to Let s say we want to assign the hot key CTRL G to the Alligator indicator Navigator Indicators F Accelerator Oscillator F Accumulation Distribution F Alligator F Average Directional Mowe F Average True Range F Awesome Oscillator Bears Power F Bollinger Bands F Bulls Power F Commodity Channel Inde F DeMarker f Envelopes ks Common Favorites 41 Note The CTRL G hot key is already assigned by MetaTrader to hide show grids When we re assign it to the Alligator indicator the previous assignment will be overwritten Now when we press the CTRL G the assigned program will not be the show hide grids but the Alligator indicator 2 Right click on the Alligator indicator to show the context menu Figure 2 and choose the Set hotkey command Navigator LF Indicators Accelerator Oscillator Accumulation Distribution
38. ions 1 Last used MetaTrader will use the last Lots value you used 2 Default Clicking this option will enable a drop down list for you can set a default value for the Lots Deviation by default options Set the default value in Pips of the Deviation You can choose one of two options 1 Last used MetaTrader will use the last deviation value you used 2 Default Clicking this option will enable a drop down list for you can set a default value for the deviation 61 Expert Advisors tab This tab allows you to set options related to Expert Advisors Figure 14 Options server Charts Objects Trade Expert Advisors Email Publisher Events Disable experts when the account has been changed Disable experts when the profile has been changed Allow live trading Ask manual confirmation Allow DLL imports Confirm DLL function calls Allow extemal experts imports Figure 14 Expert advisors tab Enable Expert Advisors option Check this option to enable Expert Advisors to start automating your trades You can access the same option by clicking the Expert Advisors button in the toolbar Figure 15 Enabling this option will make the next two options active A Expert Advisors Figure 15 Expert advisors toolbar button Disable Expert Advisors when the account has been changed option Check this option if you want MetaTrader to disable Expert Advisors automatically This option i
39. lick Next to continue 5 MetaTrader 4 00 setup MetaTrader 4 Client Terminal Select program group MetaTrader 4 Accessories ALD Systems Administrative Tools Audio Caller ID EasuLinga Fares tester vi z Games Lotus SmartSuite Metal rader 4 Microsoft Office Tools Microsoft Visual Studio 6 0 Microsoft Web Publishing MindManager 25 O a pa ola erat oye ga a a hl etat uates abrite LL Fieure 6 Proeram eroup Here you can change the name and place for which the program will appear in your Windows Programs Menu Keep the default name or change it if you want and click Next button 5 MetaTrader 4 00 setup MetaTrader 4 Client Terminal You are now ready to install MetaTrader 4 00 Press the Nest button to begin the installation ar the Back button to re enter the installation Information Cancel Figure 7 You are now ready Setup will tell you that You are now ready to install MetaTrader 4 If you want to change the destination folder you have specified click the Back button or if you are ready to install MetaTrader click Next button 5 MetaTrader 4 00 setup MetaTrader 4 Client Terminal Please wait MetaTrader 4 00 installation is in progress IF yu want ta interrupt installation process press the Cancel button But in this case correct working of the program is not guaranteed Copying C Program Files Metalrader 4 experts inclu
40. lling them and their ready to use Actually no There s another step we need to take This step is putting the ex4 file in its proper folder Note It s recommended that you perform this step prior to compiling because the compiler will place the ex4 files in the same place as the md4 files Folders You know that there are four kinds of MetaTrader programs Expert Advisors Indicators scripts Libraries other than the header files mgh files MetaTrader is very organized program that has a folder for each type of program It also expects you to be an organized trader placing every program in its proper folder MetaTrader searches the folder of the Experts for Experts as well as the folder of the Indicators for Indicators etc MetaTrader is only interested in ex4 files When it searches for them MetaTrader expects the ex4 files to be in the proper folders So it is Important that you place the source code of the Expert Advisors in the folder for Expert Advisors and use MetaEditor to compile them to generate ex4 files in the Expert Advisors folder The same holds true with Indicators Scripts and Libraries These are the folders used Expert advisors folder MetaTrader Dintexperts Indicators folder MetaTrader Dir vexpertsundicators Scripts folder MetaTrader Dir experts scripts Libraries folder MetaTrader_Dir experts libraries Include folder mgh files 16 MetaTrader _Dir experts include 17 First session
41. ne Modify Order Level points Level 300 points Copy as Copy as Stop Loss 1 2208 Take Profit 1 1808 E 1808 Stop Loss or Take Profit vau set must differ From market price by at least 10 pips Figure 5 Order 21 751791 sell 0 10 lot EURUSD at 1 2102 sl 0 0000 tp 0 0000 Symbol EURUSO Euro vs US Dollar v Stop Loss 0 0000 Take Profit 0 0000 Comment Type Modify Order Order Execution 1751791 sell 0 10 lot EURUSD at 1 2102 sl 1 2208 tp 1 1808 You can print out this information by pressing Print button Figure 6 This will set the limits you ve chosen to the order and will appear in the terminal window as shown in figure 7 22 Time Type Lia Sy Price SIL TIP Price Swap Pri 006 04 12 15 25 buy 0 10 usdchf 1 2999 1 2898 1 3299 1 2992 0 00 5 39 2006 04 12 16 36 sell 2208 1 1608 1 2104 o oo 2 00 006 04 12 18 01 sell 0 10 gbpusd 1 7503 1 7603 1 7203 1 7501 0 00 DO Balance 254 63 Equity 249 24 Margin 79 21 Free margin 170 03 Margin level 314 6676 5 39 Trade Account History Alerts Mailbox Experts Journal Wii 35 0 kb Figure 7 Congratulation You have set the Stop Loss and Take Profit levels to your order When the price reaches these levels it will be closed automatically to prevent more losses if the Stop Loss price is the one that has been reached or take your profit if the Take Profit price is the one that has been reached Now you
42. otkeys To load the Expert Advisor from the navigator window you can do one of two things 1 lt if supportLists gt Drag the Expert Advisor to the chart you want it to automate Dragging means selecting the Expert Advisor from the Navigator window and holding the left button of the mouse while moving the mouse to the chart then releasing the left button on the chart 2 lt if supportLists gt Double click the Expert Advisor you want to attach to the chart But be sure you have activated the chart you want to work with Activating the chart means simply clicking it When you load the Expert Advisor to the chart you will be prompted with the Expert Advisor input windows Figure 8 In this window you can input the required data to the Expert Advisor For example Take Profit value Stop Loss value and Lots value 35 Note You will get the details of all the inputs of every Expert Advisor from the creator of the Expert Advisor or from the forum you downloaded the Expert Advisor from You can change the inputs of the Expert Advisor or you can leave the default values you see in the input window After setting the inputs of the Expert Advisor you need to click OK If you are a lucky person you will see the name of the Expert Advisor on the right upper corner of the chart with a fascinating smile beside it Figure 9 If you didn t find this smile icon it means that the Expert Advisor is not enabled Enablin
43. s useful when you have a demo and a real account and you are constantly switching between them By enabling Expert Advisors this option is available to you Disable profiles when the account has been changed option Check this option if you want MetaTrader to disable using the current profile automatically in the case of changing the account Similar to the above option you must have the Expert Advisors enabled to use this option Allow live trading option Enable this option if you want to perform live trading with the use of Expert Advisors Ask manual confirmation option By enabling this option MetaTrader will prompt you for a confirmation each time an order is opened modified stopped etc 62 Allow DLL imports option Checking this option will enable Expert Advisors to use external functions that reside in DLLs libraries For instance you have to enable this option if you want to use the MessageBoxA function which resides in the user32 dll However you may want to consider disabling this option if you are using unknown Expert Advisors as harmful code such as viruses may access critical functions of your Windows system Confirm DLL function calls option By enabling this option MetaTrader will prompt you for a confirmation before using any imported DLL functions Figure 16 Allow DLL imports option must be enabled to use this option Figure 16 Confirm DLL function call Allow external experts imports option Checking thi
44. s you have must click the Copy as buttons under each of the two boxes to let MetaTrader convert your levels into prices Or you can write the prices of Stop Loss and Take Profit directly in the Stop Loss and Take Profit combo boxes Figure 4 20 Order 1751791 sell 0 10 lot EURUSD at 1 2102 sl 0 0000 tp 0 0000 Symbol ELIRLISD Euro vs LIS Dollar Volume 0 10 Stop Loss 0 0000 Take Profit 0 0000 Comment Type Modify Order Modify Order Level poinks Level points Copy as aime Copy as E Stop Loss Take Profit __ Mody 1751791 sel 0 10 EURUSD st 1 2208 tp 1 1808 Stop Loss or Take Profit you set must differ From market price by at least 10 pips Figure 3 Order 1751791 sell 0 10 lot EURUSD at 1 2102 sl 0 0000 tp 0 0000 Symbol ELIRLISD Euro vs LIS Dollar volume 0 10 Stop Loss Take Profit Comment Type Modify Order Modify Order Level points Level paints Copy as D i220 N Stop Loss 1 2208 Take Profit 1 1808 Stop Loss or Take Profit vau set must differ From market price by at least 10 pips Figure 4 Step 3 Now you have to click the Modify button Figure 5 to send your modification to the broker You will be prompted with a window like figure 6 Click OK button 21 Order 1751791 sell 0 10 lot EURUSD at 1 2102 sl 0 0000 tp 0 0000 Symbol ELRLSD Euro vs US Dollar volume 0 10 Stop Loss Take Profit 0 0000 Comment Type Modify Order
45. s option will enable Expert Advisors to use external functions that reside in other Expert Advisors For instance enabling this option will allow you to use the following line of code in your Expert Advisors fimport stdlib ex4 Email tab By using the Email tab you can set email parameters for Expert Advisors functions like SendMail which can be used to send you alerts Figure 17 Options Server Charts Objects Trade Expert Advisors Email Publisher Events SMTP server gal F SMTP login SMTP password From foe To li loi Figure 17 Email tab 63 Enable option Check this option to enable mail alerts Other fields will be enabled once this option is selected SMTP server field Enter your SMTP server address SMTP login field Enter your SMTP login name SMTP password field Enter your SMTP password From field Enter the name that should appear in the From field when you receive email alerts To field Enter the name that should appear in the To field when you receive email alerts Test button Click this button to test your configurations Publisher tab Use the Publisher tab to set your FTP parameters for Expert Advisors functions such as SendFTP which can be used to send you alerts Figure 18 Options Trade Expert Advisors Email Publisher Events J Server Charts Objects Account Refresh
46. t their version to download You will have to download the version provided by the broker you are going to work with as their version contains server settings for that particular broker These are the steps you will have to take to setup MetaTrader 4 1 Downloading MetaTrader 4 If you haven t downloaded the MetaTrader 4 program yet you can get a free version by going to http www metaquotes net downloads and choosing the latest version of MetaTrader 4 Client Terminal Current version is 4 00 Build 190 Get a cup of tea if you have a slow internet connection or a cup of water if you have DSL while the download takes place Figure 1 2 1 of 1 file Downloads AE mtdsetup exe Cancel Pause SY KB of z 8 MB at 1 6 KB sec 28 58 remain All Files downloaded to Ej Desktop Figure 1 Downloading MetaTrader 4 2 Installing MetaTrader 4 When the download completes double click the setup program mt4setup exe and you will get a screen like this 5 MetaTrader 4 00 setup MetaTrader 4 Client Terminal Choose installation language Bulgarian Chinese PRC Chinese Taiwan Czech Danish Dutch Netherlands English United States Esperanto Finnish French Canada French France German German Hungarian Italian Utalii Figure 2 Choose the language Choose the language you prefer for the MetaTrader user interface Then click the Next button to go to the second step 5 Met
47. te exit might have prevented cutting the loss early We are going to study how to set the Trailing Stop by hand in MetaTrader Terminal and how write the code to embed the Trailing Stop First let s give the Trailing Stop the dictionary definition Trailing Stop Definition It s a type of stop loss order that is set at a percentage level below the market price for a long position or above the market price for a short position The price is adjusted by an Expert Advisor as the price fluctuates Note The Trailing Stop modifies the order in your client terminal and sends the new stop loss level to the broker So you have a running terminal to trail your orders When you shut down the terminal the Trailing Stops will no longer work 49 How to Set a Trailing Stop Manually in MetaTrader To place a Trailing Stop you must have an opened position Simply go to the position for which you want to set its Trailing Stop within the Terminal Window and right click it This will bring up the context menu showed in Figure 1 Choose from the Trailing Stop sub menu the level of the Trailing Stop that you would like to set El New Order F3 Ed Close Order Ed Modify ar Delete Order Delete All Trailing Stop Profit kw None Commissions 15 points T axes 0 points v Comments 5 points w Auto Arrange m 30 points v rd 35 paints SEATS 40 points 142 02 143 62 139 02 14 l E z 45 points margin 350 15 Margin level
48. tors Color print Save deleted charts to reopen Max bars in history 1316134911 e a hax bars in chart 50000 Figure 4 Charts tab 56 Show Trade Levels option Check this option if you want MetaTrader to draw trade positions lines Figure 5 These lines include Open orders Pending orders StopLoss and TakeProfit levels fm 197435 MetaTrader Demo Account EURUSD H4 Sele File View Inset Charts Tools window Help mox E Eh Es el Er New Order dD GR Expert Advisors E Mi M5 Mis M30 Hi H4 Di wi MN Ek EURUSD H4 1 2099 1 2106 1 2033 1 2106 1 2030 1 2005 11 lan 006 1z Jan 04 00 12 Jan 20 00 13 Jan 12 00 16 Jan 00 00 16 Jan 16 00 1 Jan 08 00 18 Jan 00 00 18 Jan 16 00 2006 01 17 12 00 0 1 2073 H 1 2093 L 1 20581 C 1 2065 vi 1112 lih 42010 kb Figure 5 Positions lines Show OHLC option Enable this option if you want MetaTrader to show OHLC Open High Low and Close values line of the current bar They will appear in the upper left corner of the chart Figure 5 next to the currency pair name and the period of the chart Example EURUSD H4 1 2099 1 2106 1 2099 1 2106 Show ask line option Enable this option if you want MetaTrader to draw the ask price line The red line in figure 6 a im 197435 MetaTrader Demo Account EURUSD H1 Seles Ea File View Insert Charts Toole window Help DN Re e o Ga 0
49. up and down arrows or write the value of the Take Profit in the text box Setting the Take Profit level is optional Comment field Enter the comment text you want to assign to the New Order Entering text in the Comment field is optional for the New Order Type list You can choose from one of these two options Instant Execution Pending Order You have to choose Instant Execution because you want to make a Buy Sell instantly Sell button Click this button if you want to open a Sell order Clicking the Sell button will close the New Order window and send the instructions to the broker Buy button Click this button if you want to open a Buy order Clicking the Buy button will close the New Order window and send the instructions to the broker Enable maximum deviation from quoted price option Enable this option if your server uses price deviation Enabling this option will activate the list of Pips where you can select a value for the maximum deviation Maximum deviation list Select the maximum deviation pips value chose to buy the EURUSD so clicked the Buy button and this was the result Figure 4 Clicking OK will place the order by sending it to the broker You can watch your profits or losses in the terminal window as shown in figure 5 2 Symbol EURUSD Euro vs US Dollar ho volume 1 4 Stop Loss 0 0000 Take Profit 0 0000 Comment Type Instant Execution Order Execution 8928571 buy 1 00 lot EUR
50. word Figure 2 Change Password Password must be complex enough at least Five symbols long and at least two of the three character types present lowercase uppercase digit Login z Current password must be the master password 2 Change master password C3 Change investor read only password Mew password Confirm Fieure 2 Change your passwords Data Center auto configuration option Check this option if you want MetaTrader to automatically set the IP Address of the Data Center When enabled the Data Center field and Test button will be disabled Data Center field Enter the Data Center server and port that you want to manually set The Data Center is the server where the MetaTrader gets quotations news and history data Through the Data Center the MetaTrader will send your orders and receive responses Entering incorrect Data Center information into the MetaTrade will render it operable Test button Click this button to test your Data Center server Enable proxy server option Click this option if you want to connect to the MetaTrader server through a proxy server Enabling this option will enable the proxy server settings Note A proxy server is a protected connection to the internet Firewalls installed on your machine You must confieure MetaTrader to use your proxy settings in order to be able to connect to the internet Proxy button Clicking this button will open the proxy settings window Fi
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