Charts Toolbar Menu and Customizing it on MT4
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 toolbar (Looks like a stack of coins) as displayed below.
2. Click customize 3. Add all Tools
How to Customize
After adding the customize window panel will look like:
The tool bar will now look like:
Explanations of Crude Oil Trading Tools Listed
The following tutorial explains how to trade with each of the button keys numbered below:
1: Bar button, sets the chart drawing method to Bars
2: Candlesticks button, sets the chart drawing technique to Candlesticks
3: Line button, sets the chart drawing method to Line plot
4: Zoom In, zooms in
5: Zooms Out, zooms out
6: Auto Zoom, automatically zooms the chart to highlight the most recent crude oil price candlesticks automatically once it has been clicked. That way the workspace of the oil prices shows the real time candle that is being quoted in that moment.
7: Chart Shift, shifts the recent crude oil price candlestick towards the center, therefore leaving space between the most recent candlestick and the extreme right side of the MT4 crude oil trading platform, making it easier for technical analysis.
8: Indicators menu shows a list of all indicators & from this list a trader can choose a particular indicator, double-click on it to place it on the trading panel.
9: Periodicity displays all the chart timeframes and a trader can change to a different timeframe for the from the one they are using by clicking this periodicity shortcut button.
10: Oil Trading Step by Step is used to backtest manual oil trading systems where a trader places their trading system on a crude oil chart, moves it back for about 2 months, then starts to move it oil trading step by step while at the same time recording where their trading strategy would have given a buy oil signal or a sell oil signal or an exit trading signal, just the same way a trader would have traded real time while the oil prices update.
11: Templates Button used to save new templates and load templates which have been saved on the platform.
All the buttons provide short cuts instead of traders looking for these option the long way using the main navigation menu, a trader just clicks a tool and gains quick access to it. Tool-bar will mainly contain the tools that are frequently used by a trader within the MT4 Crude Oil Trading Platform.
