Charts Tool-Bar Menu and Customizing it in MetaTrader 4
The Charts tool-bar on the MetaTrader 4 is illustrated below.
Before explaining how to use each item listed on this charts toolbar, lets make sure that all the available tools are added to it by customizing it:
- Right-Click at the customize button key to the left of this tool-bar (Looks like a stack of coins) as shown 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 Trading Tools Listed
The following guide explains how to trade with each of the buttons numbered below:
1: Bar button, sets the chart drawing technique to Bars
2: Candles button, sets the chart drawing method to Candles
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 price candlesticks automatically once it has been click. That way the workspace of the prices shows the real-time candle that's being quoted in that moment.
7: Chart Shift, shifts the recent price candle-stick towards the center, therefore leaving space between the most recent candle and the extreme right side of the MT4 platform, making it easier for trading analysis.
8: Indicators menu shows listing of all indicators and from this listing a trader can choose a particular trading indicator, doubleclick on it to place it on trading panel window.
9: Periodicity displays all the chart timeframes & a forex trader can change to a different time-frame for the from the one they are using by pressing this periodicity shortcut button.
10: Step by Step is used to backtest manual systems where one places their Forex system on a chart, moves it back for about two months, then starts to move it step-by-step while at the same time recording where their trade strategy would have given a buy signal or a sell trade signal or an exit signal, just the same way one would have traded realtime while the prices update.
11: Templates Button used to save new templates & load templates that have been saved on platform.
All the buttons provide shortcuts instead of traders looking for these option the long way using main navigating menu, a trader just clicks a tool and gains quick access to it. The tool-bar will mainly contain the tools that are frequently used by a forex trader within the MT4 Software.
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