MetaTrader Tips and Tricks

MetaTrader Tips and Tricks

The MetaTrader terminals are a firm favourite of online forex traders worldwide. As with any trading platform, knowing a few useful tips and tricks can make life a little easier – especially if you’re wanting to use the service for more than just trading. Understanding how to apply technical analysis to a selection of currency pairs and assets, or the varied charting techniques involved, is of great use to many advancing traders. So, it should come as no surprise that Metatrader features a selection of shortcuts that make such endeavours simpler. Below is a shortlist of the most important ones.

Turn On The Fast Click Feature

Metatrader offers you the possibility to select any object on screen by a single mouse click. The default setting enables two clicks, but this can be easily changed. Under the top menu, select Tools followed by the Options tab. From here choose Object, followed by Select Object By Single Mouse Click (steps in screenshot below). After this change, selections and onscreen movements will be conveniently faster to action.

Access Your Trend Line Options

When required to draw a trend line, it’s worth noting that the default setting on Metatrader comes with the Ray option activated. This simply means that when plotting your trend line, the moment you stop dragging your mouse the line is immediately projected to the right hand side of the screen. To change this automatic feature, double click on the trend line to open a pop up window. Under Parameters, uncheck the box for Ray. From now on, any trend line drawn will effectively end by the time any dragging is complete.

Update Relevant Information

Metatrader doesn’t show its users all possible candles on the bigger time frames.

For example; if you go on the USDJPY pair and click on its monthly chart, you will likely be surprised to see that the chart is listed as beginning in the 1990’s – incorrect and much sooner than we know it to be.

Depending on the broker, or if you should have a separate file with the relevant data, more information can be uploaded to improve the service. To do this, locate the History Center under the Tools tab in the upper menu. From here, select Forex and then the currency pair you would like to upload data for (in this case, USDJPY). Choose Monthly and then select Download. The new data will be added to the platform and should be available once Metatrader has been re-started.

The MetaTrader terminals auto-save any alterations made to its default settings. Shutting down and re-opening the platform will initiate these changes.

Of course there are additional shortcuts available to users through the MT4 and MT5 platforms. To assist your learning process and navigation of the software, many brokers provide accompanying manuals or video courses. Alternatively, some research into the original software provider will likely unearth chat forums and further guides from MetaQuotes and their fanbase.

It is recommended that traders familiarise themselves with as many tips and tricks as they can find, as this will serve to reduce the general workload and time spent in front of the screen.