When MetaTrader 4 (MT4) opens, that is the opening page. We will see the different features of the platform.
Market Watch window
In this window, you can observe the list of the contracts quotes received by MT4. The EURJPY quotes have been established by the Market Maker. The ones with the suffix “fx” mean that the quotes come from an interbank stream so, they feature variable spreads.
You will get this window with a right click on the quote:
This is the different features:
New Order: To enter in the market or fixing a pending order.
Chart Window: Open a new chart of the selected pair
Tick chart: Showing the tick chart of the selected pair
Hide: Hiding the selected pair
Hide all: Hiding all the charts
Show all: Showing all the available pairs
Symbols: See the symbols
Sets: Set lists of symbols and option to use them
High/Low: Add a column showing the High/Low during the day for each pairs.
Time: Add a column showing the last updated of the quote
Auto Arrange: Auto arrange the quote grid
Grid: show the grid
Pop up Price: Opening a pop up window of the quotes.
This window shows the trend information (open, high, low, close), date and hour of the BARRE???, and the indicators (customized indicators included). The show this window, go to View and select Data Window. Any pair information can be providing from this window. To do so, click on a pair, and slide it in the data window.
This window gives you a quick access to different functions of the platform. You can see the list of functions has 5 sections:
–Accounts: List of available accounts
–Indicators: List of the available indicators
-Expert Advisors: List of the available expert advisors
-Scripts: List of the available scripts
Each section has a proper menu (right click) which gives you the possibility to set the features properly.
This multitask window open you different features of the platform MT4. You will control your trading activity, watch the account history, schedule alerts, sending and receiving mails, and publishing the system journal.
1 – Trade section
This section shows the actual positions of your trades, especially the running and pending orders.
All the trading positions are charted this way:
Order: Ticket number of the order
Time: The time the order has been open (YYYY/MM/DD HH:MM format)
Type: Trade type like Buy, Sell for the running order and Stop, Sell Limit, Buy Stop, Buy Limit for the pending order.
Size: Number of lots traded
Symbol: Pair of currencies traded
Price: Price of the pair when you enter in the trade, different from the actual price.
S/L: Stop Loss Price (O if there is no S/L placed)
T/P: Take Profit price (O if there is no T/P placed)
Price: The actual pair price (different from the opening price described above)
Commission: Broker commission to pass the order.
Swap: Rollover value (or swap)
Profits: Here stand all the actual Profit or loss of your running order.
You can also via this window managing your trading activity. With a right click on any position line:
– open or close an order
– modify or cancel an order.
-Schedule trading stop
-Translate the profits in pips or USD
-Showing or hiding the commission column
– Auto arrange columns
-Showing or hiding the Terminal Window.
2. Account History section
In this section you can see the account history. With a right click on the top columns, you choose to see:
With a right click on any part of the line, you can define the request on the history :
-the all history
-History of the last 3 months
-the last month
-A special period that you configure
-Save a statement in a HTM format
-Save a detailed statement in a HTM format
-Showing or Hiding the commission column.
-Auto arrange the columns
-See or hide the grid
3. News Section
Its shows the last financial news live which have been published
4. Alert Section
This action concerns the information of the alerts you have created. Those alerts are made to point the market events. Thus, you can aford to leave your screen with been scared to miss anything because the plateform will inform you automatically if anything happens.
All the alerts are charted this way:
Symbol: which pair is concern by the alert?
Condition: The reason why the alert has been activated, it could be:
<BID>> The BID quote is above the specified value
<BID<> The BID quote is below the specified value
<ASK>> The ASK is above the specified value
<ASK<> the ask is below the specified value
<TIME=> The time corresponds to the specified value
Counter: The number of launch alerts.
Limit: The maximum amount of alerts launchable.
Timeout: The time remaining between each alert.
Event: Effect supposes to take place. That could be a sound alarm, application execution, or to send an e-mail.
With a right click on the top window, you will be able to:
-Create an alert
-Modify an alert
Cancel an alert
Enable on/off an alert. If it is turned off, the alert is not cancelled, it just won’t be launched.
5. Mailbox Section
The mailbox is supported by an intern mailing system. In this section, you can see all the emails coming to the platform. They are charted this way:
Time: Hour where the email has been received
From: Email sender
Headline: Subject of the email.
To read an email, you have to double click on the subject.
6. Journal section
This section is an historic of the trades actions and of the MetaTrader 4 platform while the session. The information is about the launch of the platform, the events happened during the session, including the trading action. You can only see the latest messages.
To read the older messages, right click in the window and select “OPEN”. This tool opens the log files of the platform registered in the /LOGS folder. The name of the files match with the time of the log under a YYYYMMDD.log format.