Options Setting in Tools Menu on MT5 Platform

The options button is used for a variety of many different tasks on the MT5. The Option button key is listed within tools menu in the MetaTrader 5 as shown below. Short-cut key for this - Ctrl+O.

MT5 Options Settings

These are shown below: the list of various MT5 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 MT5 buttons and then change the settings.

Server

The server settings for MT5 are shown below. A trader can edit from the tab, but most of the times it's not necessary as these options are automatically preset to the brokers' server settings by the broker & there's no need to re-adjust them. However, just for guide purposes, Server will show the server of your broker & if it is a Demo or a Real Server. The MT5 account sign in & password will also be displayed below and as a trader you can change the password from this window for demo accounts, however be careful if you are changing passwords credentials 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 software will automatically remember your log in and password so that you don't have to type them & key them in every time you sign in to your platform. Enable DDE server isn't required, Enable news is checked & you can receive real time news reports to your MetaTrader 5 on the News options, located in Terminal window, (Short cut Keys Ctrl+T).

Forex Chart

The following are marked on Charts Options

Show Trade Levels - These lines will show levels where orders were placed, it will also show levels where pending orders are placed. This will also show the Take Profit and Stop Loss levels. These trade levels lines appear as red broken lines marking these trade levels.

If there is no open transaction, no level will be shown: if many trades have been placed, multiple lines will be portrayed for these levels.

Use the Alt key to drag trade areas is not a very suitable option to use, because if you place many orders you may change wrong order, therefore it is better to leave this as it is & not change it (Probability of this one losing you money is there so leave as it is)

Show OHCL - Show Opening, High, Closing & Low Prices for every candlestick

Show Ask Line - Show the Bid 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 Hour Charts the period separator will draw a vertical line when the 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 and not black and white.

Save deleted charts to reopen - Save all charts which are deleted & these can be accessed later at any time within.

Max bars in History, Max bars in Chart - To save computer resources RAM, Processor Speed & Hard disk Space, these bars stored are limited to a specific number that's optimum, it is better to use default number selected.

Objects

These are:

Show properties after creation - immediately show indicator/line tool settings after it is added on chart to facilitate editing of their property settings.

Select Object after creation - an indicator/line tool can be chosen by double-clicking on it once it's drawn, to facilitate editing of its properties.

Select object by single mouse click - choose an indicator/line tool using single mouse click not by double clicking, double clicking will display properties window of indicator/line tool

Magnet Sensitivity - immediately plot a line tool to the nearest low or high that is within 10 pixels of the point selected. This allows for lines plotted to more or less be placed on the levels they're intended without doing much editing by aligning these lines to the nearest high or low of price.

Trade

These are default used by the trading software to determine what currency pair you buy and what amount you buy.

Symbol by Default - Automatically set to the open chart that you have open

Size by default - Automatically use the last lot size, or set every trade to be default of 1 lot or 2 lots or 1 micro lot or 2 micro lots by choose the default button 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 order for example 2 pips, or zero pips if you want to specify to place trades at the exact level where you click.

One Click 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.)

Automated Forex Expert Advisors

Automated Forex Expert Advisors window is shown below:

The following options are used:

Enable Automated Forex Trading Expert Advisors - Allow for Automated Forex Trading Expert Advisor to be placed on chart for automated execution purposes

Disable experts when accounts have been changed - login to a different MT5 account deactivates Automated Forex Expert Advisors

Disable Experts when profile has been change - When you change profiles the Automated Forex Trading Expert Advisors setting for allowing trading in new profile is deactivated until you allow & manually place an Expert Advisor on this new opened chart.

Allow Live Trading - Give Permission to Expert Advisor to open trades on the live forex exchange market.

(Ask Manual Confirmation - no needs for this if you're using Automated Forex EAs, leave this one as it is displayed without checking it.)

Allow DLL imports - Dynamic Link Libraries, which are external, unless required this option should be left unchecked. (External which means that these libraries are referenced from an external source outside of your Desktop PC computer, so be careful with this one)

Confirm DLL functions calls - Exercise manual permission for every function call, either allow it or disallow it depending on your trade parameters.

Allow External Experts imports - This is used to allow your Automated Forex Trading Expert Advisor to reference some data from another EA that is in another place, away from your PC computer, (External means these Expert Advisor Forex Robots are referenced from an external source outside your Desktop PC computer, so be careful with this option)

Notifications

To receive notification on your mobile phone from your MetaTrader 5 software, use notifications option shown below. Not that you are required to have a registration ID, from MetaQuotes Corp. To begin receiving notifications sent to your mobile via text messages.

Check the option, Enable Push Notifications, put your ID, press test & you should get a test notification text message. You require to first register for this ID, to do so, use the following panel on your MT5 & follow the instruction you will get from this Notification window.

Email Settings

Most traders may not really need this, but if you are one of those that require, settings can be placed below.

Lets use this company, that owns this web site, www.tradeforextrading.com, click and check the button labeled 'Enable' the respective mail settings are shown below and the SMTP setting is 'SMTP: Port 465', Select and put these as shown below. Click test & check your inbox to confirm you receive the message.

Events

Events on MetaTrader 5 are notifications, either sound notification, an e mail or SMS alert. The notifications can be set for different events such as timeout, connect, disconnect, news, Automated Forex Trading Expert Advisor, EA confirmation, price level alert & requote alert.

The various types of alert actions which can be set for any event can be selected by double clicking on event action, pressing the drop-down arrow & then selecting the alert action that you want from the dropdown list shown & illustrated below.

MQL5 FX EA Bots Community

The MQL5 forum is a forum where traders can find others & Exchange Automated Forex EAs and Forex Signals with each other. Traders have to register to this community and can then access services from their platform directly. To get details on how to access & sign up in this forum, login to your MT5 software & go to window shown below & follow the instructions.

Forex Signals - MQL5 FX Signals

Signal settings are provided by MQL5, MQL5 is the owner of MetaTrader Software. Signals service allows traders to adjust the following:

Signal - First Subscribe to a signal

Agree to Terms - Agree to the terms of using signal service

Enable Real time signal subscription - allow realtime transmission of trading signals to your platform.

Use Trusted Execution Token(TET) - Trusted execution token means you do not have to open your MT5 on your PC Desktop computer to have signals executed, Trusted Execution Token will allow signals to be executed even if your MT5 is not started on your PC computer.

Copy Stop Loss and Take Profit Levels - Copy these levels from the signal provider automatically.

Use no more than - Option for money management, set an amount of 10% for the aggressive traders & 5% for the 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 & set this amount: if the signal makes a loss up to this point the 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 and there when executing trades with your broker, especially if your broker is one of those that requotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades and avoid these slippages).