1. Charting Tools
- Timeframes: Switch between different timeframes (e.g., M1, M5, M15, H1, H4, D1, W1, MN) to analyze price movements.
- Indicators: Add technical indicators (e.g., Moving Averages, RSI, MACD, Bollinger Bands) to analyze trends and market conditions.
- Drawing Tools: Use trendlines, Fibonacci retracements, and other drawing tools to identify support/resistance levels and patterns.
2. Placing Orders
- Market Execution: Open instant buy/sell orders at the current market price.
- Pending Orders: Set buy limit, sell limit, buy stop, or sell stop orders to execute trades at a specific price in the future.
- Stop Loss (SL) and Take Profit (TP): Set risk management levels when opening or modifying orders.
3. Trade Management
- Modify or Delete Orders: Right-click on an open order or pending order to modify SL, TP, or delete the order.
- Close Orders: Manually close trades directly from the chart or the “Trade” tab in the Terminal window.
- One-Click Trading: Enable this feature for faster order execution.
4. Terminal Window
- Trade Tab: View all open positions, pending orders, and account balance.
- Account History: Analyze past trades to review performance.
- Alert Tab: Set up price alerts to notify you when a specific price level is reached.
5. Expert Advisors (EAs)
- Automated Trading: Use or create EAs to automate your trading strategies.
- Backtesting: Test your EAs on historical data to evaluate their performance.
6. Custom Indicators and Scripts
- Indicators: Add custom indicators to enhance your technical analysis.
- Scripts: Run one-time scripts for tasks like closing all orders or deleting pending orders.
7. Market Watch
- Symbols: Add or remove trading instruments (e.g., currency pairs, commodities, indices).
- Live Prices: Monitor real-time bid/ask prices and spreads.
8. Alerts and Notifications
- Price Alerts: Set alerts for specific price levels.
- Email/SMS Notifications: Enable notifications for trade executions or account updates.
9. Risk Management Tools
- Lot Size Calculator: Use to calculate position size based on your risk tolerance.
- Margin Calculator: Check the required margin for opening trades.
10. Platform Customization
- Templates: Save chart templates with your preferred settings and indicators.
- Hotkeys: Assign keyboard shortcuts for faster trading actions.
11. Reports and Analysis
- Account Statement: Generate detailed reports of your trading activity.
- Strategy Tester: Test trading strategies using historical data.
12. Multi-Timeframe Analysis
- View multiple charts simultaneously to analyze different timeframes for the same instrument.
13. News and Economic Calendar
- Access real-time news and economic events that may impact the market.
14. Mobile and Web Platforms
- Use MT4 on your smartphone or web browser to monitor and manage trades on the go.
15. Security Features
- Master Password: Protect your account with a strong password.
- Encryption: MT4 uses secure encryption for data transmission.
Tips for Traders:
- Practice using these functions on a demo account before trading with real money.
- Familiarize yourself with the platform’s interface and shortcuts to save time.
- Use risk management tools (SL, TP, and lot size calculators) to protect your capital.
By mastering these functions, you can effectively use MT4 to execute your trading strategies and manage your trades efficiently.
