MT4 Terminal Window
The MetaTrader 4 Oil Trading Platform Terminal Window Panel is mainly used for monitoring your oil trading account balance, account equity & transaction reports mainly. There are other operations that can be set up on this panel but most of these are not oftenly used.
On the online oil trading platform MT4 the Terminal Panel is illustrated below:
Terminal Window - MT4 Online Oil Trading Software
The Terminal Window Panel has the Following Sub Menu or Tabs:
- Trade
- Oil Trading Account History
- News
- Alerts
- Mailbox
- Trading Signals
- Code Base
- Experts
- Journal
Let us look at each on its own:
Trade Tab
If you open a Oil Trading on the MT4 platform, the transaction will then be recorded here on this Trade Tab. For Example if you sell The Oil Trading, open a sell oil trade order the following details will be recorded on this Trade Tab panel.
Trade Tab - Oil Trading Platform Windows
From above examples: trade details are shown above under column details marked
Order, Time, Type, Size, Symbol, Oil Trading Price, S/L,T/P, Commission, Swap, Profit
Order, - The trade number
Time, - The Time
Type, - The Type of order, Sell or Buy
Size, - Size of trade, 1 Standard Lot
Symbol, - MetaTrader 4 Quote
Open Oil Trading Price - 1.35185
S/L, - Stop Loss Oil Trading Order
T/P, - Take Profit Oil Trading Order
Current Oil Trading Price
Commission, - Commission (no commission charged by this broker)
Swap, - no swap charged as per now, the trade has not stayed overnight
Profit - $ 51 dollars
The most common operation after opening a trade is to place the StopLoss Oil Trading Order and Take Profit Oil Trading Order, These are abbreviated as S/L and T/P. There is likely no other operation to setup after this only to monitor the trades within the platform workspace after setting these 2 levels, the stop loss will close your trading order with a minimum loss & take profit will close your it at a reasonable profit.
To place this S/L & T/P, we shall Right Click anywhere within this Trade Tab, the part shaded grey, following menu will appear, this is used to make changes to the current order that is open.
This will appear as:
Modify a Crude Oil Order on the MT4 Software
Menu has The following Options:
- New Order - Put a new transaction
- Close - Can close this transaction at current oil price
- Modify or Delete - Can Modify the S/L and T/P, (order cannot be deleted, delete is for pending oil orders that are not yet executed)
- Trailing Stop - Set a trailing Stop Loss Oil Trading Order
- Profit - View profit as either pips or in dollars: depending on which option you favor.
- Commission, Taxes, Comments, are additional columns which you as a trader can chose to show or hide by ticking/unticking(Checking/Unchecking) them.
- Auto Arrange - Arrange oil charts according to alphabet, time of open, most profitable according to sorting by choosing a column of arranging priority, for examples "Time" column.
- Grid - Show Grid or do not Show Grid, by Checking or Unchecking this option.
To Set Take Profit Oil Trading Order and Stop Loss Oil Trading Order, T/P & S/L we use the third option, "Modify or Delete", after clicking this the following panel will pop-up:
S/L is placed at 250 points - 25 pips
T/P is placed at 500 points - 50 pips
You can set this two points by selecting 250 & 500 on the part labeled points, the red part marked copy is for Stop Loss Oil Order & blue part marked copy as is for Take Profit Oil Trading Order as shown and illustrated on the screen shot below.
After that press the wide red button key marked modify to modify.
Modify a Order in MT4
Order will then appear as below, note that the S/L and T/P columns for our trade have now been updated as shown below.
Take Profit Oil Trading Order and Stop Loss Oil Trading Order Levels Shown on Meta Trader Platform
S/L and T/P Order Details Updated on the MetaTrader 4 Software Transaction Panel
If you were to close the above transaction now, then the transactions will be updated as follows, to reflect that the transaction has been closed & the profit added to your account balance.
Oil Trading Account Balance Updated on the MT4 Software
Crude Oil Trading Account History
This is used to generate trade reports of trades that have been opened previously & have been closed. This is a record of all previous transactions.
Trade Reports Panel in MT4
On the above example, there are currently no trade records on this transaction history recorded. There needs to be a couple of closed transactions for this record to show some entries.
MT4 Oil Trading Transaction Recorded in MetaTrader 4 Crude Oil Account History Transaction Tab
From above example, once our open order was closed the trade transaction was then recorded as an entry within the "Account History" of the MT4 Crude Oil Trading Platform
MT4 Crude Oil Trading Account History Menu
Crude Oil Trading Account History Menu
This menu is shown above & can be accessed by right clicking anywhere within the account history panel. The last Four (commissions, Taxes, comments, Auto Arrange & Grid are used more for formatting purposes but not for trading in general, therefore we shall not look on these as they are self-explaining)
The following 6 options are Shown Below:
All History, Last Three Months, Last Month or a Customized Period - all these options can be used to choose the time period for which you as a trader want to generate the history of transactions.
Save as Report, Save as Detailed Report - This will generate a report of all transactions along with profit & loss calculation, draw down calculation, profit factor calculation, expected pay-off factor of the system you use along with total number of profitable trade transactions, losing ones, average loss per trade and the average profit per trade as displayed below.
Generating Trade Reports of Your Oil Account in MetaTrader 4 Trader Platform
Save as Report
Save as Detailed Report
Saving detailed Reports of Transactions History on Meta Trading 4 Trading Platform
News Tab
This is the third option within the MT4 Terminal Window this panel is used to display a list of current news provided as a news feed by your oil broker. This is shown below:
Crude Oil Trading News Stream on MetaTrader 4
Alerts Tab
This is used to set an alert for crude oil price when it reaches a pre determined level. For example you might be using a Bollinger bands, an indicator that forms an upper boundary and lower boundary & you want to set an alert for crude oil price when it gets to any one of these levels.
For examples, in our above examples we might want to put an alert for at 50 pips below the current oil price, we shall open the Alerts Tab, and right click to activate the menu below:
How to Set Oil Trading Price Alerts on MetaTrader 4
On above panel, choose, Create & create one as follows:
Setting Oil Trading Price Alerts on MT4 Platform
Put the sound as the alert action, set oil symbol, set the condition to set is when bid crude oil price is less than(Bid<-<) and put the value for examples at 1.34730, choose the source of the alert sound as above, (This is a sound file with extension Alert.wav), adjust timeout to 10 seconds & iterations at maximum of 50, then choose OK to activate it.
Setting Oil Trading Price Alerts on MT4
The above alert is then set and an alert will sound off once this crude oil price goes below this level.
By right-clicking on this, the Alert Menu will provide options for modifying it, deleting it or turning it off. You can download the MT4 and practice opening this option to see how you can put a new alert or delete the same or modify it.
Mailbox Tab
Mailbox is used to view messages that have been sent to you, to your Online oil trading platform as shown below:
Mail Box in MetaTrader 4
Oil Trading Signals Tab
Contains of a list of Oil Trading Signal Providers that traders can subscribe to through their MT4 Oil Trading Platform, this is shown below, one can choose any signal provider & click subscribe to get the trade signals.
MT4 Signals Provided From MQL5 Oil Website Directly To The Trading Software
To learn more about MT4 MQL5 Signals, navigate to the MQL5 Oil Trading Signals Page.
CodeBase Tab
CodeBase contains a list or a library of Expert Advisors that one can purchase from through their MT4 crude oil platform & then use this Expert Advisors which are automated programs used to trade oil. These EA Oil Robots are set up Expert Advisors on the traders MT4 crude oil trading platform. To use these Expert Advisors (EAs) one has to activate automated trading option within their platform a topic described in the next tutorial. The Code Base is shown Below:
MetaTrader 4 Oil Expert Advisors Provided From the MQL5 Oil Website Directly To The Trading Software
To learn more about MT4 MQL5 Oil Trading Expert Advisors, navigate to the MQL5 Crude Oil Expert Advisors Page.
Experts Tab
Shows a list of all Expert Advisors that have been installed on the MT4 Platform, For Example the image below shows two Expert Advisor Oil Trading Bots are installed on this oil platform. This option also shows the trading specifications of each EA, these include trading parameters such as Take Profit Oil Trade Orders, Lot Size, Trailing Stop Levels & all the other custom trading parameters of the Expert Advisor that has been installed on the oil trading platform.
Automated Oil Expert Advisors Installed in MT4
Journal Tab
Tracks log in activities of MT4 & from which Desktop computer & IP address of the computer used to login to the trading platform.
This is more on the technical stuff & traders do not use this one a lot and therefore we shall not explain it here but you can look at this at your own free time, on your MT4 Oil Trading Software.
