Options Settings on Tools Menu in MT5 Software
The options button key is used for a variety of many different tasks on the MT5. The options button is listed within the tools menu in the MT5 as shown below. The Shortcut keys 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 MT5 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 guide purposes, the Server will show the server of your crude oil broker and if it is a Demo or a Real Server. The MT5 account login and password will also be displayed below and as a trader you can change the password from this window for demo crude oil trading accounts, however be careful if you're 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 log in and password so that you don't have to type them every time you login to your platform. Enable DDE server is not required, Enable news is ticked and you can receive real time news to your MetaTrader 5 on News options, located in the Terminal window, (Shortcut Keys Ctrl+T).
Oil Chart
The following are marked on the Charts Options
Show Trade Levels - These lines will show levels where orders were placed, it will also explain levels where pending oil orders are placed. This will also show the Take Profit Oil Trade Order and Stop Loss Oil 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 crude oil trades have been placed, multiple lines will be displayed for these levels.
Use Alt key to drag trade levels is not 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 is & 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 Oil Trading Prices for every candle
Show Ask Line - Show the Bid Oil Trading Price, (no need for this)
Show period separators - a separator will draw a line where the daily chart starts & 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 crude oil market closes for each trading day. (4 Hour separator is Weekly, for Daily & Weekly separator is Monthly).
Color Print - To print in color and not black white which is set by default, use this option and then next time you print it will be a colored print & not black and white.
Save deleted charts to reopen - Save all charts that are deleted & these can be accessed later at any time within.
Max bars in History, Max bars in Chart - To save computer resources RAM, Processor Speed & Hard disk Space, these bars stored are limited to a specific number that is optimum, it is best to use the default number selected.
Objects
These are:
Show properties after creation - immediately display indicator/line tool settings after it is placed 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's plotted, to facilitate editing of its properties.
Select object by single mouse click - select an indicator/line tool using single mouse click not by double clicking, double clicking will show 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 oil price.
Trade
These are default used by the platform to determine what instrument you buy and what amount you buy.
Symbol by Default - Automatically set to the open chart which you've open
Size by default - Automatically use the last lot size, or set every trade to be default 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 crude oil trades at the exact level where you click.
One Click trading - Place crude oil 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 Oil Expert Advisors
Automated Oil Expert-Advisors window is shown below:
following options are used:
Enable Automated Oil Trading Expert Advisors - Allow for Automated Oil Expert Advisor to be placed on trading chart for automated execution purposes
Disable experts when trading accounts have been changed - login to a different MT5 account deactivates Automated Oil Expert Advisors
Disable Experts when profile has been change - When you change profiles the Automated Oil Expert-Advisors setting for allowing trading in new profile is deactivated until you allow & manually place an Expert Advisor on this newly opened chart.
Allow Live Trading - Give Permission to Expert Advisor to open crude oil trades on the live oil market.
(Ask Manual Confirmation - no needs for this if you are using Automated Oil Trading Expert-Advisors, leave this one as it is shown without checking it.)
Allow DLL imports - Dynamic Link Libraries, which are external, unless required this should be left unticked/unchecked. (External which means that these libraries are referenced from sources external and outside your Desktop PC computer, therefore be careful with this one)
Confirm DLL functions calls - Exercise manual permission for 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 Oil Trading Expert-Advisor to reference some data from another Expert Advisor that's in another place, away from your PC computer, (External means these EA Oil Trading Bots are referenced from external sources outside your computer, so you need to be careful with this option)
Notifications
To receive notification to your phone from your MT5 software, use the notifications option displayed below. Not that you require to have a sign up ID, from Metaquotes to begin receiving these notifications sent to your phone via text messages.
Check the option, Enable Push Notifications, put your ID, press test and you should get a test notification text message. You require to first sign up for this ID, to do so, use the following panel on your MT5 and follow the instruction you will get from this Notification window panel.
Email Settings
Most traders may not require this, but if you are one of the ones that require, the setting can be placed below.
Lets use this company, that owns this website, www.tradeforextrading.com, click and check the button labeled 'Enable' the respective mail settings are shown below & the SMTP setting is 'SMTP: Port 465', Select & put these as displayed below. Click test and check your in-box 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 Oil Trading Expert Advisor, EA confirmation, crude oil 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 & then choosing the alert action that you want from the dropdown list shown below.
MQL5 Crude Oil Trading Expert-Advisor Bots Forum
The MQL5 forum is a community where traders can find others and Exchange Automated Oil Expert Advisors & Oil Trading Signals with each other. Oil 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 MT5 software and navigate to window panel shown below and follow the instructions.
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 tading signal subscription - allow real time transmission of signals to your 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 is not started on your PC computer.
Copy Stop Loss Oil Trading Order & Take-Profit Oil Order Levels - Copy these levels from the signal provider automatically.
Use no more than - Option for oil money management, set an amount of 10% for aggressive traders & 5% for non aggressive traders, that way you limit your risk capital in your trading 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 & 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 crude oil trades with your broker, especially if your oil 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).
