Charts Tool-Bar Menu and Customizing it in MetaTrader 4
The Charts tool-bar on the MetaTrader 4 is shown below.
Before explaining how to use each item listed on this charts tool-bar, let us make sure all the available tools are added to it by customizing it:
- Right-Click at the customize button to the left of this toolbar (Looks like a stack of coins) as displayed below.
2. Click customize 3. Add all Tools
How to Customize
After adding the customize window will look like:
The tool-bar will now look like:
Explanations of XAUUSD Trade Tools Listed
The following lesson explains how to trade with each of the buttons numbered below:
1: Bar button, sets the chart drawing method to Bars
2: Candles button, sets the chart drawing method to Candlesticks
3: Line button, sets the chart drawing technique to Line plot
4: Zoom In, zooms in
5: Zooms Out, zooms out
6: Auto Zoom, automatically zooms the chart to highlight the most recent trading price candlesticks automatically once it has been pressed. That way the workspace of the prices shows the real-time candlestick that is being quoted in that moment.
7: Chart Shift, shifts the recent trading price candle-stick towards the center, therefore leaving space between the most recent candlestick & the extreme right side of the MT4 platform, making it easier for analysis.
8: Indicators menu shows a list of all trading indicators & from this list a trader can select a particular technical indicator, double click on it to place it on the trading panel.
9: Periodicity displays all the chart timeframes and a xauusd trader can change to a different time-frame for the from the one they are using by clicking this periodicity short cut button.
10: XAUUSD Step by Step is used to back test manual xauusd systems where one places their system on a xauusd chart, moves it back for about two months, then begins to move it xauusd step by step while at the same time recording where their strategy would have given a buy signal or a sell signal or an exit signal, just the same way a trader would have traded realtime while the prices update.
11: Templates Button used to save new templates & load templates which have been saved on the platform.
All the buttons provide short-cuts instead of traders looking for these option the long way using the main navigation menu, a trader just clicks a tool and gains quick access to it. The tool-bar will mainly contain the tools which are frequently used by a gold trader within the MT4 Software.
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