Options Setting on Tools Menu on MetaTrader 4 Software
The options button key is used for a variety of many different tasks on the MT4. Options button key is listed within the tools menu in MT4 as shown below. Shortcut 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 button keys & then change the settings.
Server
The server settings for MT4 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 and there is no need to re-adjust them. However, just for tutorial purposes, the Server will show the server of your stock indices broker and if it is a Demo or a Real Server. The account sign in and password will also be displayed below and as a trader you can change the password from this window for demo stock indices accounts, however be careful if you are changing passwords make sure to remember them.
Other options are, enable proxy server, this isn't required, Keep personal data at startup, this is checked by default, that way the software will automatically remember your login and password so that you don't have to type and key them every time you sign in to your platform. Enable DDE server isn't required, Enable the news is checked & you as a trader can use receive real time news data to your MT4 on News options, located in the Terminal window panel, (Short cut Ctrl+T).
Indices Trading Chart
following are marked on the Charts Options
Show Trade Levels - These lines will show levels where orders were placed, it will also show levels where pending stock indices orders are placed. This will also show the Take Profit Stock Index Order and Stop Loss Stock Indices Order areas. These trade zones lines appear as red broken lines marking these trade levels.
If there's no open trade, no level will be illustrated: if many trades have been placed, multiple lines will be displayed for these levels.
Use Alt key to drag trade areas 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 Indices Prices for every candle
Show Ask Line - Show the Bid Indices Price, (no need for this)
Show period separators - a separator will draw a line where the daily chart starts & 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 stock indices market closes for each trading day. (4 H 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 next time you print it'll be a colored print & not black & white.
Save deleted charts to reopen - Save all charts that are deleted and 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 is optimum, it is best to use the default number selected.
Objects
These are:
Show properties after creation - immediately show indicator/line tool settings after it is added on trading chart to facilitate editing of their properties settings.
Select Object after creation - an indicator/line tool can be chosen by double-clicking on it once it's plotted, to facilitate editing of its properties.
Select object by single mouse click - select an indicator/line tool using single mouse click not by double clicking, double clicking will display the properties window of indicator/line tool
Magnet Sensitivity - immediately draw a line tool to the nearest low or high that is 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 stock index price.
Trade
These are default used by the platform to determine what stock indices instrument you buy and what amount you buy.
Symbol by Default - Automatically set to the open chart that you've 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 select the default button key & then selecting the number of lots from 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.)
Expert Advisors
Expert Advisors window panel is illustrated below:
following options are used:
Enable Expert Advisors - Allow for the Expert Advisor to be placed on trading chart for automated execution purposes
Disable experts when accounts have been changed - sign in to a different account deactivates Expert Advisors
Disable Experts when profile has been change - When you change profiles the 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 stock index market.
(Ask Manual Confirmation - no needs for this if you are using Expert-Advisors, leave this as it's displayed without checking it.)
Allow DLL imports - Dynamic Link Libraries, which are external, unless required, this option should be left unticked and unticked. (External means that these libraries are referenced from external sources 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 Expert Advisor to reference some data from another EA that is in another place, away from your computer , (External means these EA Stock Indices Robots are referenced from an external source outside your computer, so be careful with this option)
Notifications
To receive notification on your mobile phone from your MetaTrader 4 platform, use the notifications option shown below. Not that you're required to have a registration sign up ID, from MetaQuotes to start receiving the notifications that get sent to your 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 register for this ID, to do so, use the following panel on your MT4 & follow the instruction you will get from this Notification window panel.
Email Settings
Most traders may not really need this, but if you are one of those who require, the settings can be set below.
Lets use this company, that owns this website, 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 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, Expert Advisor, EA confirmation, stock index price level alert & requote alert.
The various types of alerts actions that 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 Stock Indices Expert-Advisor Bots Community
The MQL5 community is a forum where traders can find others and Exchange Expert Advisors & Stock Indices Signals with each other. Stock Indices 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 & follow the instructions.
Trading Signals
The 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 terms of using the signal service
Enable Real time tading signal subscription - allow real time transmission of signals to your platform.
Use Trusted Execution Token(TET) - Trusted execution token means you do not 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 MT4 isn't started on your computer Desktop PC.
Copy Stop Loss Stock Index Order and Take Profit Stock Indices Order Areas - Copy these levels from the signal provider automatically.
Use no more than - Option for stock indices 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 percent to calculate this level for examples if your equity is $10,000 then use 70%, that is $7,000 & set this amount: if the signal makes a loss upto 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 stock indices broker is one of those that re-quotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades and avoid these slippages).
