Options Setting in Tools Menu in MT5 Software
The options button is used for a variety of many different tasks on the MetaTrader 5. Option button is listed within the tools menu in MetaTrader 5 as displayed below. The Shortcut key 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 MetaTrader 5 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 xauusd broker and if it is a Demo or a Real Server. The MT5 account login & password will also be displayed below and as a trader you can change the password from this window for demo xauusd accounts, however be careful if you are changing passwords make sure to remember them.
Other options are, enable proxy server, this is not required, Keep personal data at startup, this is ticked by default, that way the trading platform will automatically remember your login & password so that you do not have to type them and key them in every time you sign in to your platform. Enable DDE server is not required, Enable the news is ticked and you can receive real time news reports to your MetaTrader 5 on News options, located in the Terminal window, (Shortcut Keys Ctrl+T).
XAUUSD Chart
The following are marked on Charts Options
Show Trade Levels - These lines will show levels where orders were placed, it will also show levels where pending xauusd orders are placed. This will also show the Take Profit Gold Order & Stop Loss XAUUSD Order areas. These trade zones lines appear as red broken lines marking these trade levels.
If there is no open transaction, no level will be shown: if many gold trades have been placed, multiple lines will be displayed for these levels.
Use Alt key to drag trade levels isn't a very suitable option to use, because if you place many orders you might change wrong order, therefore it is best to leave this as it's & not change it (Probability of this one losing you money is there so leave as it is)
Show OHCL - Show Opening, High, Closing and Low XAUUSD Prices for every candle
Show Ask Line - Show the Bid XAUUSD 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 xauusd 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 & then next time you print it will be a colored print & not black and white.
Save deleted charts to reopen - Save all charts which 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.
Select Object after creation - an indicator/line tool can be chosen by double-clicking on it once it is plotted, to facilitate editing of its properties.
Select object by single mouse click - select an indicator/line tool using single mouse click not double click, double clicking will display the properties window of indicator/line tool
Magnet Sensitivity - immediately draw a line tool to the nearest low or high that's 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 gold price.
Trade
These are default used by the platform to determine what xauusd instrument you buy and what amount you buy.
Symbol by Default - Automatically set to the open chart that you've open
Size by default - Automatically use the last lot size, or set every trade to be default of 1 lot or 2 lots or 1 micro lot or 2 micro lots by select the default button key and 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 gold trades at the exact level where you click.
One Click trading - Place gold 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 Gold Expert Advisors
Automated Gold Expert Advisors window is shown below:
following options are used:
Enable Automated Gold Expert Advisors - Allow for Automated Gold Expert Advisor to be placed on the chart for automated execution purposes
Disable experts when trading accounts have been changed - login to a different MT5 account deactivates Automated Gold Expert Advisors
Disable Experts when profile has been change - When you change profiles the Automated Gold Expert Advisors setting for allowing trading in new profile is deactivated until you allow and manually place an EA on this newly opened chart.
Allow Live Trading - Give Permission to EA to open gold trades on the live gold market.
(Ask Manual Confirmation - no needs for this if you are using Automated Gold Expert Advisors, leave this as it's shown without checking it.)
Allow DLL imports - Dynamic Link Libraries, which are external, unless required this should be left unchecked. (External means that these libraries are referenced from an external source outside your PC computer, so you need 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 Gold Expert-Advisor to reference some data from another Expert Advisor that's in another place, away from your PC computer, (External means these Expert-Advisor XAUUSD Robots are referenced from an external source outside your computer, so be careful with this option)
Notifications
To receive notification on your phone from your MT5 platform, use notifications option shown below. Not that you are required to have a registration ID, from MetaQuotes Corp. To start receiving notifications sent to your mobile via text messages.
Check the option, Enable Push Notifications, put your ID, press test & you should get a test notification text message. You require to first sign up for this ID, to do so, use the following window panel on your MT5 and follow the instruction you'll get from this Notification window.
Email Settings
Most traders may not require this, but if you are one of those that require, the settings can be set below.
Lets use this company, that owns this web site, 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 Gold Expert Advisor, EA confirmation, gold price level alert and requote alert.
The various types of alerts actions which can be set for any event can be selected by double clicking on event action, pressing the dropdown arrow and then selecting the alert action that you want from the dropdown list illustrated and shown below.
MQL5 Gold EA Bots Community
The MQL5 community is a forum where traders can find others & Exchange Automated Gold Expert Advisors & XAUUSD Signals with each other. XAUUSD 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 MetaTrader 5 software & navigate to the window shown below and follow the instructions.
MQL5 Trading Signals
Signal settings are provided by MQL5, MQL5 is the owner of MetaTrader Software. The 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 trading platform.
Use Trusted Execution Token(TET) - Trusted execution token means you don't have to open your MetaTrader 5 on your PC Desktop computer to have signals executed, Trusted Execution Token will allow signals to be executed even if your MetaTrader 5 isn't started on your PC computer.
Copy Stop Loss Gold Order & Take Profit XAUUSD Order Levels - Copy these levels from the signal provider automatically.
Use no more than - Option for xauusd 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 account.
Stop if equity is less than - Set a percent to calculate this level for example if your equity is $10,000 then use 70%, that is $7,000 and set this amount: if the signal makes a loss up to 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 gold trades with your broker, especially if your xauusd broker is one of those that re-quotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades and avoid these slippages).
