Charts Toolbar Menu and Customizing it on MetaTrader 4
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 Stocks Trading Tools Listed
The following guide explains how to trade with each of the buttons numbered below:
1: Bar button key, 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 trading chart to highlight the most recent stocks price candlesticks automatically once it has been clicked. That way the workspace of the stocks prices shows the real time candle that is being quoted in that moment.
7: Chart Shift, shifts the recent stocks price candlestick towards the center, therefore leaving space between the most recent candlestick and the extreme right side of the MT4 stock platform, making it easier for technical analysis.
8: Technical Indicators menu shows list of all indicators and from this list a trader can select 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 time frame for the from the one they are using by clicking this periodicity shortcut button.
10: Stocks Step by Step is used to back test manual stocks systems where a trader places their trading system on a stocks chart, moves it back for about 2 months, then starts to move it stocks step by step while at the same time recording where their trading strategy would have given a buy signal or a sell signal or an exit signal, just the same way a trader would have traded real time while the stocks prices update.
11: Templates Button used to save new templates & 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 Stocks Platform.
