Options Settings Window on Tools Menu on MT4 Software

The options button key is used for a variety of many different tasks on the MT4. The options button is listed within the tools menu in the MT4 as shown below. The Shortcut keys 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 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 guide purposes, the Server will explain the server of your crude oil 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 crude oil accounts, however be careful if you're changing passwords make sure to remember them.

Other options are, enable proxy server, this is not required, Keep personal data at startup, this is ticked by default, that way the trading platform will automatically remember your login & password so that you do not have to type them every time you login to your platform. Enable DDE server is not required, Enable the news is ticked & you as a trader can use receive real time news data reports to your MT4 on News options, located in the Terminal window panel, (Short cut Key Ctrl+T).

Crude Oil Chart

The following are marked on the Charts Options

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

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 levels is not a very suitable option to use, because if you place many orders you might change wrong order, therefore it is best 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 Oil Trading Prices for every candlestick

Show Ask Line - Show the Bid Oil Trading 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 crude oil 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 & these can be accessed later at any time within.

Max bars in History, Max bars in Chart - To save computer resources RAM, Processor Speed and 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 display indicator/line tool settings after it is placed on trading chart to facilitate editing of their properties.

Choose 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 - choose an indicator/line tool using single mouse click not by double clicking, double clicking will explain 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 oil price.

Trade

These are default used by the platform to determine what instrument you buy & what amount you buy.

Symbol by Default - Automatically set to the open chart which 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 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.)

Expert Advisors

Expert Advisors window panel is illustrated below:

following options are used:

Enable Expert Advisors - Allow for the EA to be placed on chart for automated execution purposes

Disable experts when trading accounts have been changed - login to a different account deactivates EAs

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

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

(Ask Manual Confirmation - no needs for this if you are using EAs, leave this one as it is shown without checking it.)

Allow DLL imports - Dynamic Link Libraries, which are external, unless required this should be left unticked/unchecked. (External which means that these libraries are referenced from sources external and outside your Desktop PC computer, therefore 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 Desktop computer, (External means these EA Oil Robots are referenced from external sources outside your computer, so you need to be careful with this option)

Notifications

To receive notification to your phone from your MT4 software, use the notifications option shown below. Not that you require to have a registration ID, from Metaquotes to begin receiving these notifications sent to your phone via 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 sign up 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 require this, but if you are one of the ones that require, the setting can be placed 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 in 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, crude oil price level alert & requote alert.

Various types of alerts actions that can be set for any event can be chosen by double clicking on event action, pressing the dropdown arrow and then selecting the alert action that you want from the dropdown list shown below.

MQL5 Oil Trading Expert-Advisor Bots Community

The MQL5 forum is a forum where traders can find others & Exchange Expert Advisors & Oil Trading Signals with each other. Oil 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 go 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 the terms of using the signal service

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

Use Trusted Execution Token( TET ) - Trusted execution token means you don't have to open your MetaTrader 4 on your PC Desktop computer to have signals executed, Trusted Execution Token will allow signals to be executed even if your MT4 is not started on your PC Desktop computer.

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

Use no more than - Option for oil trading money management, set an amount of 10% for aggressive traders & 5% for 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 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 & there when executing trades with your broker, especially if your oil broker is one of those who re-quotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades and avoid these slippages).