Charts Toolbar Menu and Customizing it in MT4 Software
The Charts toolbar on the MT4 is shown below.
Before explaining how to use each item listed on this charts tool-bar, let's make sure that all the available tools are added to it by customizing it:
- Right Click at the customize button to the left of this toolbar (Looks like a stack of coins) as displayed below.
2. Click customize 3. Add all Tools
How to Customize
After adding the customize window panel will look like:
The tool bar will now look like:
Explanations of CFDs Trading Tools Listed
The following guide explains how to trade with each of the button keys numbered below:
1: Bar button key, sets the chart drawing technique to Bars
2: Candlesticks button key, sets the chart drawing technique to Candlesticks
3: Line button key, sets the chart drawing technique to Line plot
4: Zoom In, zooms in
5: Zooms Out, zooms out
6: Auto Zoom, automatically zooms chart to highlight the most recent cfds price candlesticks automatically once it has been clicked. That way the workspace of the cfd prices shows the real time candlestick that is being quoted in that moment.
7: Chart Shift, shifts the recent cfds price candlestick towards the center, therefore leaving space between the most recent candlestick and the extreme right side of the MT4 cfds platform, making it easier for technical analysis.
8: Technical Indicators menu shows list of all technical indicators & from this list a trader can select a particular indicator, double click on it to place it on the trading panel.
9: Periodicity displays all the chart timeframes and a trader can change to a different timeframe for from the one they are using by clicking this periodicity shortcut button.
10: CFD Step by Step is used to back test manual cfd systems where a trader places their trading system on a cfd chart, moves it back for about 2 months, then starts to move it cfd step by step while at the same time recording where their trading strategy would have given a buy cfd signal or a sell cfd signal or an exit signal, just the same way a trader would have traded real-time while the cfds prices update.
11: Templates Button used to save new templates & load templates which have been saved on the platform.
All the button keys provide short cuts instead of traders looking for these option the long way using the main navigation menu, a trader just clicks a tool & gains quick access to it. Tool-bar will mainly contain the tools that are frequently used by a trader within the MetaTrader 4 CFD Platform.
