Options Setting on Tools Menu in MT4 Software Platform

Options button is used for a variety of many different tasks on the MT4. Options button is listed within the tools menu in MT4 as is illustrated and shown below. The Short Cut key for this - Ctrl+O.

MT4 Options Settings

These are shown below: the list of various buttons are illustrated & displayed as tabs such as displayed on the image screen-shot below. As a trader to edit anything on this window just click on any of these buttons & then change the settings.

Server

The server settings for MetaTrader 4 are shown in the picture below. A trader can change things from the tab, but usually it's not needed because these settings are already set by the broker to match the broker's server, so you don't need to change them. But, just to explain things, Server will show your broker's server, whether it's a Demo Practice server or a Live Server. The account login and password will also be displayed below, and as a forex trader, you can change your password in this window for demo trading accounts, but be careful if you change passwords and make sure to remember them.

Other available settings include enabling the proxy server, which is optional, and "Keep personal information at startup," which is active by default, allowing the platform to store your login credentials so you don't need to input them upon every access. Enabling the DDE server is unnecessary. The "Enable news" box is checked, allowing you, as a currency trader, to receive live news feeds directly into your MT4 via the News options located in the Terminal window (shortcut Ctrl+T).

Chart

The following are marked on Charts Options

Show Trade Levels - These lines will display levels where the orders were placed, it will also show and display the levels where the pending orders are set. This also will show the TP & Stop Loss levels. These trade levels lines are shown as red broken lines marking these areas.

If there is no open trade, no level will be shown: if many trade transactions have been opened, multiple lines will be displayed and illustrated for these zones.

Using the Alt key to drag trading levels is not advisable, as it could lead to the uninteded alteration of orders, potentially resulting in losses. It's best to refrain from making such changes.

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

Show Ask Line - Show and Display the Bid Price, (no need for this)

Show period separators - a separator will draw a line where the day chart starts and ends, for example if you trade with five minutes, 15 minute or 1H Charts the period separator will draw a vertical line when the market closes for every day. (H4 separator is Weekly, for Daily & Weekly separator is Monthly).

Color Print Setting - To ensure output in color rather than the default black and white, activate this choice: printing thereafter will consistently result in colored graphics instead of monochrome renderings.

Save your deleted charts so you can reopen them later. The platform lets you access any charts you've saved at any time.

Maximum bars in history and on the chart limit stored data. This saves RAM, processor power, and disk space. Stick to the default number for best results.

Objects

These are:

Show properties upon creation: This option immediately displays the configuration dialogue box for a technical indicator or line drawing tool right after it's placed on the chart, allowing for immediate adjustment of its settings/parameters.

After creating an indicator or line tool, select and choose the object by double-clicking on it once it has been plotted, thereby enabling the editing of its parameters.

Select an object with one click. Use a single click for indicators or lines. A double click opens the properties window.

Magnet Sensitivity plots a line tool right away. It snaps to the nearest low or high within 10 pixels of your pick. This helps place lines on intended levels. You edit less to align with price highs or lows.

Trade

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

Quote by Default: This setting automatically loads the quotation for the chart that is currently active.

Size by default - Automatically use the last lot size, or set every trade to be default of 1 contract/lot or 2 contracts/lots or 1 micro lot or 2 micro contracts/lots by choose the default button & then selecting the number of lots from the drop don listing next to this option.

Deviation - Set how many pips the price can move when you place an order, like two pips, or zero pips if you want to trade at the exact price you selected.

One-Click Trading: This function allows traders to open buy or sell positions instantly with a single click. However, it is advised against using this option as it can lead to errors with no opportunity to correct them, potentially resulting in financial losses.

EAs

Expert Advisors(EAs) panel/window is shown:

The subsequent selections are put into effect:

Enable Expert Advisors - This lets you put an EA on the chart to automatically make trades for you.

Stop automated programs when trading accounts are changed - logging into a different account turns off automated trading programs.

Disable Experts when profile has been changed - When you change profiles the EAs setting for allowing automated EA(Expert Advisor) trading on the new profile is deactivated until you allow and manually place an Expert Advisor on this newly opened chart.

Allow Live Trade - Give Permission to Expert Advisor(EA) to start trades on the real-time currency trading market.

(Ask Manual Confirmation - no needs for this if you are using Expert Advisors, leave this one as it's illustrated without checking it.)

For D.L.L. (Dynamic Link Library) imports, which are external resources, it's advisable to leave them unchecked unless necessary. These libraries originate outside your computer system, so you must exercise caution when enabling them.

Confirm DLL function calls. Give manual okay for each one. Allow or block based on your trade settings.

Allow External Experts lets your EA pull data from another EA elsewhere. That's not on your desktop. External sources mean bots from outside your computer. Set this with care.

Notifications

To get alerts on your phone from your MT4 program, use the notifications option shown below. Remember that you must have a sign up ID from MetaQuotes to start getting the alerts that are sent to your phone through text messages.

To receive a test notification text message, check the option to Enable Push Notifications, enter your ID, and press test. First, you need to sign up for this ID: to do this, utilize the following window on your MT4 and follow the instructions provided in this Notification window.

E-mail Settings

While many traders might not require this, settings are available below for those who do necessitate customization.

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

Events

In MT4, "Events" refer to system notifications that can manifest as audible alerts, emails, or SMS messages. These alerts can be configured for various occurrences, including time-outs, connection status changes (connect/disconnect), news releases, Expert Advisor confirmations, price level breaches, and requote notifications.

The different types of alerts actions that can be set for any event can be selected by doubleclicking on the event action, pressing the dropdown arrow & then selecting the alert action that you want from the dropdown list shown below.

MQL5 EA Bots Community

The MQL5 forum provides a space for traders to connect and exchange Expert Advisors and Trading Signals. Membership is required to access the community, and details on signing up can be found by logging into your MT4 software and following the guidelines in the designated panel.

FX Signals - MQL5 Signals

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

Signals: Start by Subscribing to One

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

Enabling real-time signal subscriptions facilitates live signal transmission directly to your trading platform.

Utilize the Trusted Execution Token (TET) - this means you won't need to launch your MetaTrader 4 on your computer for signal copying to be executed. The Trusted Execution Token (TET) model permits the execution of copy signals even when your MT4 application is not active on your computer.

Copy Stop Loss and Take Profit Levels - The system will automatically duplicate these levels from the expert providing trading advice.

This specific equity management setting limits the capital exposed: set the value to 10% for those employing aggressive strategies and to 5% for those less aggressive, thereby establishing a defined ceiling for risk within your account.

Stop trading if equity drops below a set percent. For $10,000 equity at 70%, that's $7,000. Halt if losses hit that.

Set slippage to 2 for some room if trades slip a bit with your broker. This helps when brokers requote orders. Pick an STP broker with no requotes to ensure smooth trade fills and skip those slips.

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