Options Setting on Tools Menu in MetaTrader 5 Software
The options button key is used for a variety of many different tasks on the MT5. The options button is listed within the tools menu in the MT5 as shown below. The Shortcut keys for this - Ctrl+O.
MT5 Options Settings
These are shown below: the list of various MT5 buttons are displayed as tabs as displayed on the image below. As a trader to edit anything on this window just click on any of these MT5 buttons and then change the settings.
Server
The server settings for MT5 are shown below. A trader can edit from this tab, but most of the times it is not necessary as these options are automatically preset to the brokers’ server settings by the broker and there is no need to re-adjust them. However, just for tutorial purposes, the Server will show the server of your commodities trading broker and if it is a Demo or a Real Server. The MT5 account sign in and password will also be displayed below and as a trader you can change the password from this window for demo commodities accounts, however be careful if you're changing passwords make sure to remember them.
Other options are, enable proxy server, this isn't required, Keep personal data at startup, this is ticked by default, that way the trading platform will automatically remember your login and password so that you do not have to type them every time you login to your trading platform. Enable DDE server isn't required, Enable news is checked & you can receive real time news to your MetaTrader 5 on News options, located in the Terminal window, (Short cut Keys Ctrl+T).
Commodities Trading Chart
The following are marked on the Charts Options
Show Trade Levels - These lines will show levels where orders were placed, it will also show levels where pending commodity orders are placed. This will also show the Take Profit Commodity Trading Order & Stop Loss Commodity Order areas. These trade levels lines appear as red broken lines marking these trade areas.
If there is no open transaction, no level will be shown: if many commodities trades have been placed, multiple lines will be displayed for these levels.
Use Alt key to drag trade levels is not a very suitable option to use, because if you place many orders you might change the wrong order, therefore it's best to leave this as it is and not change it (Probability of this one losing you money is there so leave as it is)
Show OHCL - Show Opening, High, Closing & Low Commodity Trading Prices for every candle stick
Show Ask Line - Show the Bid Commodity Trading Price, (no need for this)
Show period separators - a separator will draw a line where the daily chart starts and ends, for example if you trade with 5 minutes, 15 minute or 1 Hour charts the period separator will draw a vertical line when the commodities trading market closes for each trading day. (4 H separator is Weekly, for Daily & Weekly separator is Monthly).
Color Print - To print in color & not black white which is set by default, use this option and then next time you print it will be a colored print & not black & white.
Save deleted charts to reopen - Save all charts that are deleted and these can be accessed later at any time within.
Max bars in History, Max bars in Chart - To save computer resources RAM, Processor Speed and Hard disk Space, these bars stored are limited to a specific number that is optimum, it is best to use default number selected.
Objects
These are:
Show properties after creation - immediately display indicator/line tool settings after it is added on chart to facilitate editing of their properties settings.
Choose Object after creation - an indicator/line tool can be selected by double-clicking on it once it's plotted, to facilitate editing of its properties.
Select object by single mouse click - choose an indicator/line tool using single mouse click not double clicking, double clicking will illustrate properties window of indicator/line tool
Magnet Sensitivity - immediately draw a line tool to the nearest low or high that is within 10 pixels of the point selected. This allows for lines drawn to more or less be placed on the levels that they are intended without much editing by aligning these lines to the nearest high or low of commodity trading price.
Trade
These are the default used by the platform to determine what instrument you buy & what amount you buy.
Quote by Default - Automatically set to the open chart which you have open
Size by default - Automatically use the last lot size, or set every trade to be default 1 lot or 2 lots or 1 micro lot or 2 micro lots by choose the default button key & then selecting the number of lots from the drop don list next to this option.
Deviation - Set the allowed number of pips that can move away when executing an order for example 2 pips, or zero pips if you want to specify to place commodities trades at the exact level where you click.
One Click trading - Place commodities trades buy or sell with one click. (Do not use this option as it is prone to mistakes and no time to correct, this option can lose you money.)
Automated Commodity Expert Advisors
Automated Commodity Expert-Advisors window is shown below:
following options are used:
Enable Automated Commodity Trading Expert Advisors - Allow for Automated Commodity Expert-Advisor to be placed on trading chart for automated execution purposes
Disable experts when trading accounts have been changed - login to a different MT5 account deactivates Automated Commodity Expert Advisors
Disable Experts when profile has been change - When you change profiles the Automated Commodity Trading Expert-Advisors setting for allowing trading in new profile is deactivated until you allow & manually place an Expert Advisor on this newly opened chart.
Allow Live Trading - Give Permission to Expert Advisor to open commodities trades on the live commodity market.
(Ask Manual Confirmation - no needs for this if you are using Automated Commodity Expert-Advisors, leave this one as it is shown without checking it.)
Allow DLL imports - Dynamic Link Libraries, which are external, unless this is required this should be left unchecked. (External means that these libraries are referenced from a source external and outside your PC computer, so you should try to be careful with this one)
Confirm DLL functions calls - Exercise manual permission for each & every function call, either allow it or disallow it depending on your trade parameters.
Allow External Experts imports - This is used to allow your Automated Commodity Trading Expert-Advisor to reference some data from another EA that is in another place, away from your PC computer, (External means these EA Commodity Trading Bots are referenced from external sources outside your PC computer, so be careful with this option)
Notifications
To receive notification to your mobile phone from your MT5 platform, use the notifications option displayed below. Not that you require to have a sign up ID, from Metaquotes to start receiving these notifications sent to your phone via text messages.
Check the option, Enable Push Notifications, put your ID, press test and you should get a test notification text message. You require to first register for this ID, to do so, use the following panel on your MT5 & follow the instruction you will get from this Notification window panel.
Email Settings
Most traders might not really require this, but if you are one of the ones that require, the settings can be placed below.
Lets use this company, that owns this website, www.tradeforextrading.com, click and check the button labeled 'Enable' the respective mail settings are shown below and the SMTP setting is 'SMTP: Port 465', Select and put these as shown below. Click test & check your inbox to confirm you receive the message.
Events
Events in MT5 are notifications, either sound notification, an email or SMS alert. The notifications can be set for different events such as timeout, connect, disconnect, news, Automated Commodity Trading Expert Advisor, EA confirmation, commodity price level alert and requote alert.
Various types of alerts actions which can be set for any event can be chosen by double clicking on event action, pressing the dropdown arrow & then selecting the alert action that you want from the drop-down list illustrated and shown below.
MQL5 Commodity Expert-Advisor Bots Community
The MQL5 forum is a community where traders can find others and Exchange Automated Commodity Expert-Advisors & Commodity Trading Signals with each other. Commodity traders have to register to this community and can then access services from their platform directly. To get details on how to access and register in this community, login to your MT5 software and navigate to window panel shown below & follow the instructions.
MQL5 Trading Signals
Trading signal settings are provided by MQL5, MQL5 is the owner of MetaTrader Software. Signals service allows traders to adjust the following:
Signal - First Subscribe to a signal
Agree to Terms - Agree to the terms of using the signal service
Enable Real time signal subscription - allow real-time transmission of signals to your platform.
Use Trusted Execution Token( TET ) - Trusted execution token means you do not have to open your MT5 on your PC Desktop computer to have signals executed, Trusted Execution Token will allow signals to be executed even if your MT5 isn't started on your PC computer.
Copy Stop Loss Commodity Order and Take-Profit Commodity Order Levels - Copy these levels from the signal provider automatically.
Use no more than - Option for commodity money management, set an amount of 10% for aggressive traders and 5% for non-aggressive traders, that way you limit your risk capital in your trading account.
Stop if equity is less than - Set a percent to calculate this level for examples if your equity is $10,000 then use 70%, that is $7,000 & set this amount: if the signal makes a loss upto this point the signal execution is stopped.
Deviation/Slippage - you can set a value like 2 so as to give some flexibility in case of slippage of a few pips here and there when executing commodities trades with your broker, especially if your commodity broker is one of those who re-quotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades and avoid these slippages).
