Options Settings on Tools Menu on MT4 Software
The options button key is used for a variety of many different tasks on the MT4. Option button key is listed within tools menu in MetaTrader 4 as shown below. The Short-cut key for this - Ctrl+O.
MT4 Options Settings
These are shown below: the list of various 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 buttons and then change the settings.
Server
The server settings for MetaTrader 4 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 & there is no need to re-adjust them. However, just for course purposes, the Server will explain the server of your metal trading broker and if it is a Demo or a Real Server. The account login and password will also be displayed below and as a trader you can change the password from this window for demo metal 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 checked by default, that way the trading platform will automatically remember your log in and password so that you don't have to type & key them every time you sign in to your platform. Enable DDE server is not required, Enable news is checked and you as a trader can use receive real time news data to your MetaTrader 4 on News options, located in Terminal window panel, (Shortcut Ctrl+T).
Metal Trading Chart
The following are marked on the Charts Options
Show Trade Levels - These lines will explain levels where orders were placed, it will also explain levels where pending metals orders are placed. This will also show the Take Profit Metals Order and Stop Loss Metals Order levels. These trade zones lines appear as red broken lines marking these trade areas.
If there is no open trade, no level will be shown: if many trades have been placed, multiple lines will be displayed for these zones.
Use the Alt key to drag trade levels is not a very suitable option to use, because if you place many orders you might change the wrong order, therefore it is best to leave this as it is and 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 Metals Prices for every candle
Show Ask Line - Show the Bid Metals Price, (no need for this)
Show period separators - a separator will draw a line where the daily chart starts and ends, for example if you trade with 5 minutes, 15 minute or 1 H charts the period separator will draw a vertical line when the metal 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 the next time you print it will be a colored print & not black and white.
Save deleted charts to reopen - Save all metals charts which are deleted and these can be accessed later at any time within.
Max bars in History, Max bars in Metals Chart - To save computer resources RAM, Processor Speed & Hard disk Space, these bars stored are limited to a specific number that's optimum, it's best to use the default number selected.
Objects
These are:
Show properties after creation - immediately display metals trading indicator/line tool settings after it is placed on metals chart to facilitate editing of their properties.
Choose Object after creation - an metals technical indicator/line tool can be selected by double-clicking on it once it is drawn, to facilitate editing of its properties.
Select object by single mouse click - select an metals trading indicator/line tool using single mouse click not by double click, double clicking will show properties window of metals trading 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 metals price.
Trade
These are default used by the platform to determine what instrument you buy & what amount you buy.
Symbol by Default - Automatically set to the open metals chart which you have 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 choose 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 metals order for examples 2 pips, or zero pips if you want to specify to place trades at the exact level where you click.
One Click metals trading - Place 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.)
EAs
EAs window is shown below:
The following options are used:
Enable EAs - Allow for Metals Trading EA to be placed on metals chart for automated execution purposes
Disable experts when trading accounts have been changed - login to a different account deactivates Metals Trading Expert-Advisors
Disable Experts when profile has been change - When you change profiles the Metals Trading EAs setting for allowing metals trading in new profile is deactivated until you allow and manually place an Metals Trading Expert Advisor on this new opened metals trading chart.
Allow Live Metals Trading - Give Permission to Expert Advisor to open trades on the live metals trading market.
(Ask Manual Confirmation - no needs for this if you are using Metals Trading Expert-Advisors, leave this one as it is shown without checking it.)
Allow DLL imports - Dynamic Link Libraries, which are external, unless this is required this should be left unticked. (External means that these libraries are referenced from a source external and outside your PC computer, so you should try to be careful with this one)
Confirm DLL functions calls - Exercise manual permission for each & every function call, either allow it or disallow it depending on your trade parameters.
Allow External Experts imports - This is used to allow your EA to reference some data from another Expert Advisor that is in another place, away from your Desktop computer , (External means these Expert Advisor Metals Trading Bots are referenced from external sources outside your PC computer, so be careful with this option)
Notifications
To receive notification on your phone from your MetaTrader 4 software, use the notifications option shown below. Not that you're required to have a registration sign up ID, from MetaQuotes to begin receiving the notifications that get sent to your mobile phone through 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 MetaTrader 4 and follow the instruction you will get from this Notification window panel.
Email Settings
Most traders may not really require this, but if you are one of the ones that require, the settings can be placed below.
Lets use this company, that owns this website, www.tradegoldtrading.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 MT4 are notifications, either sound notification, an email or SMS alert. The notifications can be set for different events such as timeout, connect, disconnect, news, EA, Expert Advisor confirmation, metals price level alert and requote alert.
Various types of alert actions which can be set for any event can be chosen by double clicking on event action, pressing the dropdown arrow and then selecting the alert action that you want from the dropdown list illustrated and shown below.
MQL5 Metals Trading Expert-Advisor Bots Forum
The MQL5 forum is a forum where traders can find others and Exchange EAs and Metals Trading Signals with each other. Metals 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 MT4 software and navigate to window panel shown below and follow the instructions.
MQL5 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 metals trading signal
Agree to Terms - Agree to the terms of using the metals trading signal service
Enable Real time metals trading signal subscription - allow real time transmission of metals signals to your platform.
Use Trusted Execution Token( TET ) - Trusted execution token means you don't have to open your MT4 on your PC Desktop computer to have signals executed, Trusted Execution Token will allow signals to be executed even if your MetaTrader 4 isn't started on your computer Desktop PC.
Copy Stop Loss Metals Order and Take Profit Metals Order Levels - Copy these levels from the metals signal provider automatically.
Use no more than - Option for metals 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 percentage to calculate this level for example if your equity is $10,000 then use 70%, that is $7,000 and set this amount: if the metals signal makes a loss up to this point the metals trading 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 & there when executing trades with your broker, especially if your metals broker is one of those who requotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades and avoid these slippages).
