Options Settings in Tools Menu in MetaTrader 5 Platform
The options button key is used for a variety of many different tasks on the MetaTrader 5. Options button is listed within the tools menu in MT5 as displayed below. Shortcut key for this - Ctrl+O.
MT5 Options Settings
These are shown below: the list of various MT5 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 MT5 buttons and then change the settings.
Server
The server settings for MetaTrader 5 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 stocks broker and if it is a Demo or a Real Server. The MT5 account sign in and password will also be displayed below and as a trader you can change the password from this window for demo stocks 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 ticked by default, that way the software will automatically remember your login & password so that you do not have to type them & key them in every time you login to your trading platform. Enable DDE server is not required, Enable the news is ticked & you can receive real time news reports to your MT5 on News options, located in the Terminal window panel, (Short cut Keys Ctrl+T).
Stocks Chart
following are marked on the Charts Options
Show Trade Levels - These lines will explain levels where orders were placed, it will also show levels where pending stocks orders are placed. This will also show the Take Profit Stock Order and Stop Loss Stocks Order levels. These trade zones lines appear as red broken lines marking these trade levels.
If there is no open transaction, no level will be shown: if many stock trades have been placed, multiple lines will be displayed for these levels.
Use the Alt key to drag trade areas is not a very suitable option to use, because if you place many orders you may change the 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 Stocks Prices for every candle
Show Ask Line - Show the Bid Stocks 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 stocks market closes for each trading day. (4 H separator is Weekly, for Daily & Weekly separator is Monthly).
Color Print - To print in color & not black white which is set by default, use this option & then the next time you print it will be a colored print and 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 & 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 chart to facilitate editing of their properties.
Select Object after creation - an technical indicator/line tool can be chosen by double-clicking on it once it is drawn, 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 explain 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 stocks price.
Trade
These are default used by the platform to determine what stocks instrument you buy and what amount you buy.
Quote by Default - Automatically set to the open chart which you have 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 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 stock trades at the exact level where you click.
One Click trading - Place stock 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.)
Automated Stock Expert Advisors
Automated Stock Expert Advisors window is shown below:
The following options are used:
Enable Automated Stock Expert Advisors - Allow for Automated Stock Expert-Advisor to be placed on the trading chart for automated execution purposes
Disable experts when accounts have been changed - login to a different MT5 account deactivates Automated Stock Expert-Advisors
Disable Experts when profile has been change - When you change profiles the Automated Stock Expert Advisors setting for allowing trading in new profile is deactivated until you allow & manually place an EA on this new opened chart.
Allow Live Trading - Give Permission to EA to open stock trades on the live stocks market.
(Ask Manual Confirmation - no needs for this if you are using Automated Stock Expert-Advisors, leave this as it's displayed without checking it.)
Allow DLL imports - Dynamic Link Libraries, which are external, unless required this should be left unchecked/unticked. (External means that these are libraries that are referenced from external sources outside your PC computer, therefore you should 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 Automated Stock Expert-Advisor to reference some data from another Expert Advisor that is in another place, away from your PC computer, (External means these EA Stocks Robots are referenced from an external source outside your computer, so be careful with this option)
Notifications
To receive notification on your phone from your MT5 platform, use notifications option shown below. Not that you are required to have a registration ID, from MetaQuotes Corp. To begin receiving notifications sent to your mobile 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 window panel on your MT5 & follow the instruction you'll get from this Notification window panel.
Email Settings
Most traders might not require this, but if you're one of the ones that require, the setting can be placed below.
Lets use this company, that owns this website, www.tradeforextrading.com, click & check the button labeled "Enable" the respective mail settings are shown below & the SMTP setting is "SMTP: Port 465", Choose and put these as displayed below. Click test and check your in-box to confirm you receive the message.
Events
Events in MT5 are notifications, either sound notification, an email or SMS alert. The notifications can be set for different events such as timeout, connect, disconnect, news, Automated Stock Expert Advisor, EA confirmation, stocks price level alert & requote alert.
The various types of alert actions which can be set for any event can be selected by double-clicking on event action, pressing the drop-down arrow & then choosing the alert action that you want from the dropdown list shown below.
MQL5 Stocks EA Bots Community
The MQL5 community is a community where traders can find others and Exchange Automated Stock Expert Advisors and Stocks Signals with each other. Stocks 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 MetaTrader 5 software and navigate to the window panel shown below & follow the instructions.
Trading Signals
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 trading signal service
Enable Real time trading signal subscription - allow realtime transmission of signals to your trading platform.
Use Trusted Execution Token(TET) - Trusted execution token means you do not have to open your MT5 on your PC Desktop computer to have signals executed, Trusted Execution Token will allow signals to be executed even if your MetaTrader 5 isn't started on your PC computer.
Copy Stop Loss Stock Order and Take Profit Stocks Order Areas - Copy these levels from the signal provider automatically.
Use no more than - Option for stocks money management, set an amount of 10% for aggressive traders and 5% for non aggressive traders, that way you limit your risk capital in your trading account.
Stop if equity is less than - Set a percentage 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 and there when executing stock trades with your broker, especially if your stocks broker is one of those that requotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades and avoid these slippages).
