MetaTrader 4 (Desktop) - Few Basic Questions

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Hi,

I recently installed MetaTrader 4 software. At the beginning I had a lot of questions but for most of them I found the solution on my own already. For few of others ones, I would like to ask for some assistance, if possible please:

File is attached to my post. As you can see the ''classical'' Volume indicator is not as it should be. There are two errors. First is that when sellers are in charge (downtrend) the volume should be red and I don't know how to set this. On attached file you can see that for both uptrend and downtrend the volume is green which is not good. How can I set it red for downtrend only? I tried right click\properties and there I see colors tab. However nothing helpful there. Second error is even bigger. This:

http://www.simple-stock-trading.com/wp-content/uploads/2016/05/Candlesticks-Patterns-for-Daytrading-Stocks.png

is how the ''classical'' Volume should look like. Kindly check above link and see volume BELOW the chart. Now compare it to the volume on my attached file. You can see I have completely different look of color. I have just some weird lines. How can I get it as it is on the link?

Second question: I would like to calculate potential profit or lose BEFORE i enter the position but the thing is that I want to avoid using parameters (terms) such as ''pip'' or ''lot'' or ''leverage'' or ''spread'' etc. I only want to use three (3!) parameters. Symbol I am interested for, uptrend/downtrend direction and how much money (e.g. if I trade USDCHF then how much USD do i enter position with, if I trade EURAUD then how much EUR do i enter position with - so always what is on left side of symbol) do I want to use. Everything else needed, in order to get the calculated profit or lose should be automatically obtained by this trading software. Could you please explain how and where can I do this? Preferable inside the software, even with custom addon (im not sure if custom addons can be installed) but if not possible inside the software then outside of it, e.g. on some website. As long as I won't need to use parameters I don't want. So the point is that I am asking for calculation (preferable in software!) which will be able to obtain all info on its own, I only use said three.

Third question: Are AUDIO alerts possible? Whether i am in long (expecting uptrend) or short (expecting downtrend) position, I would like to input few prices and when market price touches my defined price or above (if uptrend) / or below (if downtrend), then I will get sound alert. Would like to avoid having to look at the screen all the time as its not good for eyes.

Fourth question: I see the ''New Order'' button which is located in the toolbar. Software seems to offer only four type of orders, those are: stop loss, market, limit, stop. I don't have much knowledge about forex because I was all the time learning on stocks. However order Stop Loss is completely useless for me and I know in advance I will never use it. My trading style is different: win every trade and not take care to cut lose quickly. I would like to exit position using limit order and NOT stop loss. However there are two a must to have orders that seem to be missing in this software: Trailing and Stop Limit. Where are they? In Trailing order, the order is moving according to the trend. If trend goes in UNwanted direction for particular %, defined by user (me), or more, the order gets automatically exited. In Stop Limit, you choose the range of price: in uptrend - if price will raise to particular price level but maximum [define higher price here] then you will enter position automatically within that range. In downtrend - if price will fall to particular price level but minimum [define lower price here] then you will enter position automatically within that range. The problem is that entering the position with Stop order instead of Stop Limit can occur into disaster. Example (same logic for downtrend): you buy 5000 stocks in long position each for $2 expecting to pay $10,000 to enter the long position. But stock then turns from $1.9999 to $10. Now assume that you have sufficient balance on trading (yes trading because it is long position, if it was short position then i would have said Margin instead of Trading) account. Then you have to pay $50,000 and then if you lose the trade.. You wouldn't be happy, would you? Surely positions must be entered with Stop Limit order and definitely not Stop order. However neither Stop Limit nor Trailing don't seem to be available. Could you explain that please?

Thank you very much in advance.

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Andrei0: I recently installed MetaTrader 4 software ...
Before answering your questions, I would like to suggest something first! Given that you are just starting out with MetaTrader and also given that MetaTrader v4 will no longer have any official updates in the future (as it is on its way out), I suggest you start looking at MetaTrader v5 instead. Now onto the queries:
  1. In MetaTrader, the colours used on the Standard Built-in Volume indicator is not to be confused with the corresponding colour of the OHLC bars. In MetaTrader, for the Volume Indicator, Green volume represents an "increase" (and Red a "decrease") in volume, when compared to the volume of the previous bar. It does not have anything to do with the OHLC bar being a "bull/green" or a "bear/red" bar. In fact, the default colour schemes available for the OHLC chart don't even have that Green/Red colour scheme available.
  2. This point is a little more complex, and requires you code your requirements in MQL, or do the calculations manually externally (e.g. spreadsheet). You will also have to do some research into how to calculate your risk based on Stop Loss Size and Margin (you can learn more at sites like BabyPips School of Pipsology). However, for use in MQL code, here is a "boiler-plate" response by another user on this forum, and I quote:
    whroeder1
    • You place the stop where it needs to be - where the reason for the trade is no longer valid. E.g. trading a support bounce the stop goes below the support.
    • Account Balance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the SPREAD, and DeltaPerLot is usually around $10/pip but it takes account of the exchange rates of the pair vs. your account currency.)
    • Do NOT use TickValue by itself - DeltaPerLot
    • You must normalize lots properly and check against min and max.
    • You must also check FreeMargin to avoid stop out

  3. Yes, Audio Alerts, are possible both for Manual Trading or for coded alerts. (See the documentation on the Manual Alerts).
  4. Now this one is definitely a reason to send you to the BabyPips School of Pipsology (inside joke for "Alain"). There are also many other sites offering free information on Forex trading concepts. This site and forum are more focused on the terminal application and the MQL coding. There is also some information on Forex and Trading in general but not in a way that is friendly for newbie Forex traders. So, have a look at the School of Pipsology and see if it is what you want!

Hope that helps you with your Forex journey! Good luck!

School of Pipsology | Learn Forex Trading
School of Pipsology | Learn Forex Trading
  • www.babypips.com
Forex education is crucial for beginners. We, the FX-Men, firmly believe this. This is why we've come up with the new School of Pipsology. More lessons, more content, and more corny jokes to satisfy your hunger for forex education. The School of Pipsology is designed to help you acquire the skills, knowledge, and special abilities to become a...
 
  1. Don't post a link to or attach a image, insert the image Use the image button
  2. Please use the link button (control-K.) for links Use the link button See the difference: 
  3. Andrei0: . I have just some weird lines. How can I get it as it is on the link?
    1. The terminal is just a single color histogram.
    2. In the CodeBase you will find indicators that show volume with color indicating increasing or decreasing volume.
    3. In the CodeBase you will find indicators that show volume with color indicating below average, average, or above average volume.
    4. In the CodeBase you will find indicators that show volume with color matching candles.
  4. for your second question, Fernando Carreiro gave you the answer for code. For a GUI: Indicators: 'Money Manager Graphic Tool' indicator by 'takycard' Forum - Page 5
 
Fernando Carreiro:
Before answering your question, I would like to suggest something first! Given that you are just starting out with MetaTrader and also given that MetaTrader v4 will no longer have any official updates in the future (as it is on its way out), I suggest you start looking at MetaTrader v5 instead. Now onto the queries:
  1. In MetaTrader, the colours used on the Standard Built-in Volume indicator is not to be confused with the corresponding colour of the OHLC bars. In MetaTrader, for the Volume Indicator, Green volume represents an "increase" (and Red a "decrease") in volume, when compared to the volume of the previous bar. It does not have anything to do with the OHLC bar being a "bull/green" or a "bear/red" bar. In fact, the default colour schemes available for the OHLC chart don't even have that Green/Red colour scheme available.
  2. This point is a little more complex, and requires you code your requirements in MQL, or do the calculations manually externally (e.g. spreadsheet). You will also have to do some research into how to calculate your risk based on Stop Loss Size and Margin (you can learn more at sites like BabyPips School of Pipsology). However, for use in MQL code, here is a "boiler-plate" response by another user on this forum, and I quote:

  3. Yes, Audio Alerts, are possible both for Manual Trading or for coded alerts. (See the documentation on the Manual Alerts).
  4. Now this one is definitely a reason to send you to the BabyPips School of Pipsology (inside joke for "Alain"). There are also many other sites offering free information on Forex trading concepts. This site and forum are more focused on the terminal application and the MQL coding. There is also some information on Forex and Trading in general but not in a way that is friendly for newbie Forex traders. So, have a look at the School of Pipsology and see if it is what you want!

Hope that helps you with your Forex journey! Good luck!

Thank you for your message:

1: are you saying it is not possible to get volume as I am showing on the one and only link posted in my first message above? So are you saying that the only ''external look'' (layout) of Volume is the one I attached in the file? That layout is extremely confusing for me because red bars are missing and even worse: there are lines and not bars as shown on the link. I am not sure what you meant with ''ohlc'' term but your answer wasn't direct and I have to make sure my understanding is correct. So are you saying it is NOT possible to get volume look as it is on the link i provided in my first post? I would need this volume.

2: i don't have coding knowledge. Since this probably means I can forget about doing this calculation of profit/lose inside MetaTrader, I probably need to do it outside. Do you suggest any particular website or desktop software? As long as data is 100% real time and as long as I will be required to input only three parameters listed in my previous message, its ok.

4: I checked the link you provided, however there is no match between the link and my question, neither between your fourth answer and my question. We might have misunderstood each other here. When you will be available and/or willing to, I would appreciate if you could please kindly reread my fourth question. Here is probably one of the best explanations too: https://www.youtube.com/watch?v=jPIL8ncYb6Y However this link has nothing to do with STOP LIMIT order and TRAILING order. It (referring to the youtube link) is only some kind of ''confirmation'' (im not asking for it anyway) about what I wrote in my first post regarding the orders. I don't understand why the most important order (stop limit) and trailing order are both missing in Metatrader.

Stock Order Types
Stock Order Types
  • 2012.09.29
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This video explains the 4 different types of stock orders. These four types are a market order, a limit order, a stop order, and a stop-limit order. This vid...
 
Andrei0:

1: are you saying it is not possible to get volume as I am showing on the one and only link posted in my first message above? So are you saying that the only ''external look'' (layout) of Volume is the one I attached in the file? That layout is extremely confusing for me because red bars are missing and even worse: there are lines and not bars as shown on the link. I am not sure what you meant with ''ohlc'' term but your answer wasn't direct and I have to make sure my understanding is correct. So are you saying it is NOT possible to get volume look as it is on the link i provided in my first post? I would need this volume.

2: i don't have coding knowledge. Since this probably means I can forget about doing this calculation of profit/lose inside MetaTrader, I probably need to do it outside. Do you suggest any particular website or desktop software? As long as data is 100% real time and as long as I will be required to input only three parameters listed in my previous message, its ok.

4: I checked the link you provided, however there is no match between the link and my question, neither between your fourth answer and my question. We might have misunderstood each other here. When you will be available and/or willing to, I would appreciate if you could please kindly reread my fourth question. Here is probably one of the best explanations too: https://www.youtube.com/watch?v=jPIL8ncYb6Y However this link has nothing to do with STOP LIMIT order and TRAILING order. It (referring to the youtube link) is only some kind of ''confirmation'' (im not asking for it anyway) about what I wrote in my first post regarding the orders. I don't understand why the most important order (stop limit) and trailing order are both missing in Metatrader.

  1. No I did not say that! I just explained how the standard volume indicator, on MetaTrader, uses colours. You can obviously use other formats, and WHRoeder gave you links of other examples in Point 3 of his post. Also, if you don't know what OHLC (Open-High-Low-Close) is, then I definitely recommend you do some research into it, by first learning the basic concepts of Forex trading and Chart reading.
  2. If you are not coding, then take some time to familiarise yourself with the Manual Trading aspects of the MetaTrader Terminal application by reading, either the Online documentation, or just by hitting F1 and reading the built-in help documentation. Also, the CodeBase has plenty of User contributions, such as the Money Manager Graphic Tool which WHRoeder provided a link for, which offers many of the things you wanted, already coded for you. However, you should also consider learning to calculate things yourself so that you can understand the concepts. You can't expect to trade Forex and be a success when you don't understand how things are calculated.
  3. .
  4. Yes there is a "match", but you just don't understand it yet. In your Question 4, you demonstrated that you did not really understand (or are confused by) the various types of orders available for Forex Trading. So, in conjunction with reading the documentation on MetaTrader's functionality, you will also need to familiarise yourself with the Forex concepts. Your question 4, was actually made up of several smaller queries, so answering you would require several pages of explaining. So, I suggested that you first learn about Forex trading in general, as well as how the various order types work, and in time you would be able to understand the various points.

You have to understand, that you cannot expect to start with MetaTrader and Forex and expect to be off making money in a few days or weeks. It will take you Years (not weeks, nor months, but Years). Just like an architect, or engineer or doctor, requires to undergo many years of tuition, training and gaining experience in order to be able to apply his/her trade. So a Forex trader must to the same!

 
Andrei0: 4: I checked the link you provided, however there is no match between the link and my question, neither between your fourth answer and my question. We might have misunderstood each other here. When you will be available and/or willing to, I would appreciate if you could please kindly reread my fourth question. Here is probably one of the best explanations too: https://www.youtube.com/watch?v=jPIL8ncYb6Y However this link has nothing to do with STOP LIMIT order and TRAILING order. It (referring to the youtube link) is only some kind of ''confirmation'' (im not asking for it anyway) about what I wrote in my first post regarding the orders. I don't understand why the most important order (stop limit) and trailing order are both missing in Metatrader.

Elaborating on Point 4 - MetaTrader 4 has the following Types of Orders (see documentation):

  • Market:
    • Buy Order
    • Sell Order
  • Pending:
    • Stop Order:
      • Buy
      • Sell
    • Limit Order
      • Buy
      • Sell

For all these orders, you can set a:

  • Take-Profit
  • Stop-Loss
  • Trailing-Stop (but only if the Terminal application remains open and active).

So, I repeat, in order to familiarise yourself with the application and the concepts, you have to read the documentation and do research!

PS! MetaTrader 5 has a few more types of orders (including the Stop Limit order) and other concepts which MetaTrader 4 does not have (see documentation).

Order Types - Trading - MetaTrader 4 Help
Order Types - Trading - MetaTrader 4 Help
  • www.metatrader4.com
Client terminal allows to prepare requests and request the broker for execution of trading operations. Moreover, terminal allows to control and...
 
Fernando Carreiro:

Elaborating on Point 4 - MetaTrader 4 has the following Types of Orders (see documentation):

  • Market:
    • Buy Order
    • Sell Order
  • Pending:
    • Stop Order:
      • Buy
      • Sell
    • Limit Order
      • Buy
      • Sell

For all these orders, you can set a:

  • Take-Profit
  • Stop-Loss
  • Trailing-Stop (but only if the Terminal application remains open and active).

So, I repeat, in order to familiarise yourself with the application and the concepts you have to read the documentation and do research!

Ok so this means most important order is for sure missing: Stop Limit. You said Trailing may be possible but i cannot see it. I will consider updating to 5 as you suggested.

Regarding calculation I found many free calculators of profits such as: https://www.oanda.com/forex-trading/analysis/profit-calculator/ but they all require some nonsense info that should be obtained in real time. Surely from calculator, requesting you to input price, you cannot expect to be 100% real time.

Trading Calculator | Forex Profit / Loss Calculator | OANDA
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Choose your primary account currency. (The tool will calculate the profit/loss in this currency.) Select the trade's currency pair from the list. Current exchange rates are shown. Choose the action (the type of trade, buy or sell). Type the number of units in the trade. Type a hypothetical closing rate for the currency pair (for example, a...
 
Andrei0: Ok so this means most important order is for sure missing: Stop Limit. You said Trailing may be possible but i cannot see it. I will consider updating to 5 as you suggested.

Regarding calculation I found many free calculators of profits such as: https://www.oanda.com/forex-trading/analysis/profit-calculator/ but they all require some nonsense info that should be obtained in real time. Surely from calculator, requesting you to input price, you cannot expect to be 100% real time.

Stop-Limit is available on MetaTrder 5 as I stated, but for many years, millions of MetaTrader Forex traders have lived without it - How can you state that it is the "most important" one?

How can you not "see" the Trailing Stop? I even provided you with a direct link to the Trailing Stop documentation! Did you even bother to read it?

How can you state that the calculator utilities require "nonsense info"? That is a "noob" statement!

Why are you still complaining about the calculations when WHRoeder has already given you a link to a good one? Did you even bother to look at it or try it out?

I give up!

 
Fernando Carreiro:

Stop-Limit is available on MetaTrder 5 as I stated, but for many years, millions of MetaTrader Forex traders have lived without it - How can you state that it is the "most important" one?

How can you not "see" the Trailing Stop? I even provided you with a direct link to the Trailing Stop documentation! Did you even bother to read it?

How can you state that the calculator utilities require "nonsense info"? That is a "noob" statement!

Why are you still complaining about the calculations when WHRoeder has already given you a link to a good one? Did you even bother to look at it or try it out?

I give up!

I apologize if my message wasn't understandable, will try to clarify again:

Stop-Limit is, according to my knowledge about stocks trading (i have no experience in forex where might be different), a must to have to protect myself/yourself from entering position, either short or long, with unwanted money invest. If Stop instead of Stop Limit is used then you only define one limit where you enter position but not the other one, so the other one can be anything above (if entering long position) or anything below (if entering short position) the first defined price. This could result into disaster.

I surely saw the webpage you provided but you also forgot that Trailing contains unit of %, rarely USD (or whatever is on trading/margin account). I have never seen unit ''points'' and have no idea what ''point'' is. Also Trailing order is not located in order window.

Regarding the calculator: it is beyond my understanding why would someone use terms like ''lots'', ''pips'', ''leverage'' etc. I know that e.g. Leverage means how much you can enter trade with. So if you have 1000 EUR and set this parameter to 1:10 then you can enter position(s) up to max 100 EUR because it is account balance divided by number on the right side of '':''. However knowing the terms isn't enough, this is why i mentioned that i am searching for calculator which requires me THREE (3) parameters i listed: direction of trend, amount to invest in position, symbol for trading. I don't have other info. Yes, I read his link but the screenshot on the first page of first post of that topic on the link is showing that there are many more parameters needed.

 
Andrei0:

I apologize if my message wasn't understandable, will try to clarify again:

Stop-Limit is, according to my knowledge about stocks trading (i have no experience in forex where might be different), a must to have to protect myself/yourself from entering position, either short or long, with unwanted money invest. If Stop instead of Stop Limit is used then you only define one limit where you enter position but not the other one, so the other one can be anything above (if entering long position) or anything below (if entering short position) the first defined price. This could result into disaster.

I surely saw the webpage you provided but you also forgot that Trailing contains unit of %, rarely USD (or whatever is on trading/margin account). I have never seen unit ''points'' and have no idea what ''point'' is. Also Trailing order is not located in order window.

Regarding the calculator: it is beyond my understanding why would someone use terms like ''lots'', ''pips'', ''leverage'' etc. I know that e.g. Leverage means how much you can enter trade with. So if you have 1000 EUR and set this parameter to 1:10 then you can enter position(s) up to max 100 EUR because it is account balance divided by number on the right side of '':''. However knowing the terms isn't enough, this is why i mentioned that i am searching for calculator which requires me THREE (3) parameters i listed: direction of trend, amount to invest in position, symbol for trading. I don't have other info. Yes, I read his link but the screenshot on the first page of first post of that topic on the link is showing that there are many more parameters needed.

I want to drive a stick-shift car! I don't have a driver's license and I don't know what a clutch is, or what the difference between a gas or break pedal is, or even what I should do with a steering wheel. That is just nonsense stuff and I don't want to learn about such things, that are not important. What is important is that it have a sun roof - that is very important, because that way I can see more clearly and be a better stick-shift car driver!
 
Andrei0:

I apologize if my message wasn't understandable, will try to clarify again:

Stop-Limit is, according to my knowledge about stocks trading (i have no experience in forex where might be different), a must to have to protect myself/yourself from entering position, either short or long, with unwanted money invest. If Stop instead of Stop Limit is used then you only define one limit where you enter position but not the other one, so the other one can be anything above (if entering long position) or anything below (if entering short position) the first defined price. This could result into disaster.

I surely saw the webpage you provided but you also forgot that Trailing contains unit of %, rarely USD (or whatever is on trading/margin account). I have never seen unit ''points'' and have no idea what ''point'' is. Also Trailing order is not located in order window.

Regarding the calculator: it is beyond my understanding why would someone use terms like ''lots'', ''pips'', ''leverage'' etc. I know that e.g. Leverage means how much you can enter trade with. So if you have 1000 EUR and set this parameter to 1:10 then you can enter position(s) up to max 100 EUR because it is account balance divided by number on the right side of '':''. However knowing the terms isn't enough, this is why i mentioned that i am searching for calculator which requires me THREE (3) parameters i listed: direction of trend, amount to invest in position, symbol for trading. I don't have other info. Yes, I read his link but the screenshot on the first page of first post of that topic on the link is showing that there are many more parameters needed.

Fernando is right. You should learn about Forex before investing any real money. It works differently than Stocks traidng in some important points. Babypips School is a very good start , it will be easy for you with your background.

For you other points, we will probably need to work with a coder to build the tools you want. See the Freelance section.

Finally, I suggest to think seriously to use MT5 instead of MT4. And pay attention that stop limit orders (or even limit orders) are not necessarily working the same way in Forex than in Stocks or other centralized market.

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