Charts Tool-Bar Menu and Customizing it on the MT4 Software
The Charts toolbar on the MT4 is shown/illustrated below.
Before explaining how to use each item listed on this charts toolbar, lets ensure that all the available trading tools are added onto it by customizing it:
- Right-Click at the customize button key to the left tool-bar (Looks like a stack of coins) just as is illustrated and shown below.
2. Click customize 3. Place 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 and describes how to trade with each of the buttons numbered and shown below:
1: Bar button, sets the chart drawing technique and method to Bars
2: Candlesticks 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 candles mechanically 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 towards the center, thence leaving space between the most recent candle and the extreme right side of the MetaTrader 4 platform software, making it easier for analysis.
8: Indicators menu shows listing of all indicators and from this listing a trader can choose a particular trading indicator, double click in it to place it on trading panel window.
9: Periodicity displays all the chart time frames & a forex trader can change to a different time frame for the from the one they are using by pressing this periodicity short-cut 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 & at the same time recording where their trading strategy would have given a buy signal or a sell trade signal or an exit trading signal, just the same way one would have traded real time 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 searching for these option through the long method using main navigating menu, a trader just clicks a tool and gains quick access to it. The tool-bar will mainly contain the trading tools that are frequently used by a forex trader within the MetaTrader 4 Platform.
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