Charts Toolbar Menu and Customizing it on 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 tool bar (Looks like a stack of coins) as displayed below.
2. Click customize 3. Add all Tools
How to Customize
After adding the customize window will look like:
The toolbar will now look like:
Explanations of Stock Trading Tools Listed
The following guide explains how to trade with each of the button keys numbered below:
1: Bar button, sets the chart drawing technique to Bars
2: Candlesticks button key, sets the chart drawing method to Candles
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 trading chart to highlight the most recent stocks price candlesticks automatically once it has been clicked. That way the workspace of the stock prices shows the real time candlestick that's being quoted in that moment.
7: Chart Shift, shifts the recent stocks price candlestick towards the center, therefore leaving space between the most recent candlestick and the extreme right side of the MetaTrader 4 stocks platform, making it easier for technical analysis.
8: Technical Indicators menu shows list of all technical indicators & from this list a trader can choose a particular indicator, double-click on it to place it on trading panel.
9: Periodicity displays all the chart timeframes and a trader can change to a different time frame for the from the one they are using by clicking this periodicity shortcut button.
10: Stock Step by Step is used to backtest manual stock trading systems where a trader places their trading system on a stocks chart, moves it back for about 2 months, then starts to move it stock trading step by step while at the same time recording where their strategy would have given a buy stock signal or a sell stock signal or an exit signal, just the same way a trader would have traded realtime while the stock 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. The tool-bar will mainly contain the tools that are frequently used by a trader within the MT4 Stock Trading Platform.
