MT5 Terminal Window - Forex MT5 Transactions Tabs Panel
The MT5 Software Terminal Window is mainly used for monitoring your MT5 account balance, MT5 account equity & transaction reports mainly. There are other operations that can be set up on this panel but most of these aren't commonly used.
On the online platform MT5 the Terminal Window Panel is illustrated below:
Terminal Window - MT5 Online Software
The Terminal Window Panel has the Following Sub-Menu or Tabs:
- Trade
- Account History
- News
- Alerts
- Mailbox
- Signals
- Code Base
- Experts
- Journal
Let us look at each on its own:
Trade Tab
If you open a Forex on the MT5 Software, the transaction will then be recorded here on this Trade Tab. For Example if you sell The EURUSD, open a sell trade order the following details will be recorded on the Trade Tab panel.
Trade Tab - Platform Windows
From above example we have opened a Sell EURUSD: The trade details are illustrated above under the column details marked
Order, Time, Type, Size, Quote, Price, S/L,T/P, Commission, Swap, Profit
Order, - The transaction number
Time, - The Time
Type, - The Type of order, Sell or Buy
Size, - Size of transaction, 1 Standard Lot
Symbol, - forex Symbol, EURUSD
Open Price - 1.35185
S/L, - Stop Loss
T/P, - Take Profit
Current Price
Commission, - Commission (no commission charged by this broker)
Swap, - no swap fee charged as per now, the trade has not stayed overnight
Profit - $ 51 dollars
Most common operation after opening a trade is to place the Stop Loss and Take Profit, These are abbreviated as S/L & T/P. There is likely no other operation to setup after this only to monitor the trades within the trading software workspace after setting these two levels, stoploss will close your order with a minimum loss & take profit will close your it at a reasonable profit.
To place this S/L & T/P, we shall Right-Click anywhere within this Trade Tab, the part shaded grey, the following menu will pop up and appear, this is used to make changes to the current order that has been opened.
This will pop up as:
Modify a Order on the MT5 Software
The Menu has The following Options:
- New Order - Put a new transaction
- Close - Can close this transaction at current price
- Modify or Delete - Can Modify the S/L and T/P, (order can't be deleted, delete is for pending orders that aren't yet executed)
- Trailing Stop - Set a trailing Stop Loss
- Profit - View profit as either pips, term or deposit currency: depending on which option you favor.
- Commission, Taxes, Comments, are additional columns that you can chose to show or hide by ticking/unticking(Checking/Unchecking) them.
- Auto Arrange - Arrange Currencies according to alphabet, time of open, most profitable according to sorting by selecting a column of arranging priority, for example 'Time' column.
- Grid - Show Grid or do not Show Grid, by Ticking/Unticking This MetaTrader 5 option.
To Set Take Profit & Stop Loss, T/P and S/L we use the third option, 'Modify or Delete', after clicking this the following panel will popup:
SL is set at 250 points - 25 pips
TP is set at 500 points - 50 pips
You can set this two points by selecting 250 and 500 on part labeled points, red part marked copy is for Stop Loss & blue part marked copy as is for Take Profit as shown on the screen-shot below.
After that press the wide red button key marked modify to modify.
Modify a Order in MetaTrader 5 Platform
The order then will appear as below, note that the S/L & T/P columns for our trade have now been updated as shown and illustrated below.
Take Profit and Stop Loss Levels Shown on Meta trader Platform
S/L and T/P Order Details Updated on the Meta 5 trader Platform Transaction Window
If you were to close the above trade now, then trades will be updated as follows, to reflect that the trade has been closed & the profit added to your MetaTrader 5 account equity balance.
Account Balance Updated on the MT5 Software
Account History
This is used to generate trade reports of trade transactions that have been opened previously & have been closed. This is a record of all the previous trades.
Trade Reports Window on MT5
On the above example, there are currently no trade records on this trade history recorded. There needs to be a couple of closed trades for this record to show some entries. Let us see what happens when we close our open position of EURUSD forex pair.
EURUSD Closed Transaction Recorded on MT5 Account History Transaction Tab
From above example, once our open EURUSD order was closed the transaction was then recorded as an entry within 'Account History' of the MT5 Software
MT5 Account History Menu
Account History Menu
This menu is displayed above and can be accessed by right clicking anywhere within MT5 account history panel. Last Four (commissions, Taxes, comments, Auto Arrange & Grid are used more for formatting purposes but not for trading in general, therefore we shall not look on these as they're self explaining)
The following 6 options are Shown Below:
All History, Last Three Months, Last Month or Custom Period - all these options can be used to select time period for which you want to generate history of transactions.
Save as Report, Save as Detailed Report - This will generate a report of all trade transactions along with profit and loss calculation, draw-down calculation, profit factor calculation, the expected payoff factor of the system you use along with the total number of profitable trades, losing ones, the average loss per trade and the average profit per trade as illustrated below.
Generating Trade Reports of Your Account on MT5 Trader Platform
Save as Report
Save as a Detailed Report
Saving detailed Reports of Transactions History on Meta 4 Platform Software
News Tab
This is the third option within the MT5 Terminal Window this panel is used to display a listing of current news provided as a news feed by your broker. This is illustrated below:
Forex News Stream on MetaTrader 5 Online Software
Alerts Tab
This is used to set an alert for price when it reaches a pre determined level. For examples you might be using a Bollinger bands, an indicator that forms an upper boundary and lower boundary & you want to set an alert for price when it gets to any one of these areas.
For example, in our above example we might want to put an alert for at 50 pips below current price, we shall open Alerts Tab, and right click to activate the menu below:
How to Set Price Alerts in MT5
On above panel, choose, Create and create one as follows:
Placing Price Alerts on MT5 Platform
Put the sound as the alert action, symbol is the EURUSD, set the condition to set is when bid price is less than(Bid<-<) and put the value for examples at 1.34730, choose the source of alert sound as above, (This is a sound file with extension Alert.wav), adjust the time-out to Ten seconds and iterations at maximum of 50, then select OK to activate it.
Placing Price Alerts in MT5
The above alert is then set & an alert will sound off once this price of EURUSD goes below this level.
By right-clicking on this, the Alert Menu will provide options for adjusting it, deleting it or turning it off. You can download MetaTrader 5 & practice opening This MT5 option to see how you can put a new alert or delete the same or modify it.
Mailbox Tab
Mailbox is used to view the messages which have been sent to you, to your Online platform as shown below:
Mail Box in MT5
Trading Signals Tab
Contains of a list of Signal Providers that traders can subscribe to through their MT5 Software, this is shown below, one can choose any signal provider and click subscribe to get the signals.
MT5 Signals Provided From MQL5 Website Directly to the Software
To learn more about MT5 MQL5 Signals, navigate to MQL5 Signals Page.
Code-Base Tab
Code-Base contains a listing or a library of Automated Expert Advisors that one can purchase from through their MT5 Platform and then use this Automated Expert Advisors which are automated programs used to trade currencies. These EA Robots are set up Automated Expert Advisors on the traders MT5 Software. To use these Automated Expert Advisors (EAs) one has to activate automated option within their platform a topic explained in the next tutorial. The Code Base is shown Below:
MT5 Automated EAs Provided From MQL5 Website Directly to the Software
To learn more about MT5 MQL5 Automated EAs, navigate to MQL5 Automated Expert Advisors Page.
Experts Tab
Shows a list of all Automated Expert Advisors that have been installed on the MT5 Software, for Example the image below displays two Expert Advisor Robots are setup on this platform. This MT5 option also shows the trading specifications of each EA, these include parameters such as Take Profits, Lot Size, Trailing Stop Levels and all the other custom parameters of the Expert Advisor that has been installed on the platform.
Automated Expert Advisors Installed on MT5
Journal Tab
Tracks login activities of the Meta 5 trader & from which computer and the IP address of the computer used to login to the platform.
This is more on the technical stuff and traders do not use this one a lot & therefore we shall not explain it here but you can look at this at your own free time, on your MT5 Platform Software.
