TraderNovo MetaTrader 4 User Guide:

TraderNovo MetaTrader 4 User Guide:
TraderNovo MetaTrader 4 User Guide:
Here is a picture of what the MT4 main screen looks like:
Main menu (access to the program menu and settings);
Toolbars (quick access to the program features and settings);
"Market Watch" window (real-time quotes for the specified instruments);
"Navigator" window (quick access to all your accounts, indicators, expert
advisors);
"Chart" window;
"Terminal" window (quick access to the trading and account history, list of open
positions and placed orders, client terminal log-file and internal mailbox).
1. The Market Watch Window:
The "Market Watch" window can be activated:
-by pressing the Ctrl+M key combination
-by using the View->Market Watch menu sequence or by clicking the button from the
"Standard" toolbar:
Right click the mouse button on the "Market Watch" window to produce the context
menu:
New Order – enables the window to
open/close a
position or to place a new pending order;
Chart Window – enables the chart of a
currency pair
or CFD;
Tick Chart – shows the tick chart for the
selected
instrument;
Hide – deletes the specified symbol from
the list in the
"Market Watch" window;
Hide All – deletes all symbols from the
list in the
"Market Watch" window which are not
used (if you
have open positions or charts, its
symbols will not be
deleted);
Show All – displays all available
symbols in the
"Market Watch" window;
Symbols – enables the window where
you can
hide/show the selected instruments;
Sets – saves/adjusts/deletes the custom
settings for
the "Market Watch" window;
High/Low – shows/hides columns with
the highest
and lowest prices for each instrument;
Time – displays a column with the arrival
time of the
latest quote for each instrument;
Grid - hides/unhides gridlines in the
"Market Watch"
window;
Popup Prices – opens the popup
window which
contains real time quotes for your
selected
instruments.
In MetaTrader 4, you can see as many real time charts as you wish, all on one screen,
for any currency pair and for any time period. The following types of charts are available
in MetaTrader 4:

Line Chart
Chart x-axis is for the different time periods (minutes, hours, days, months etc.), and
y-axis is for the price. The point on the chart shows the close price for the period, i.e.
the bid of the last quote for this period. All the sequential points are joined by lines:
It is recommended that this chart type is used only for the short time periods (up to 5
minutes).
In order to change the chart to a line chart, press the
button on the «Charts» toolbar:
or press the Alt+3 key combination or use the Charts -> Line Chart menu sequence.

Bar Chart
The chart is created with the use of bars. Each bar has a high (top), a low (bottom), an
opening price (left horizontal little line) and a closing price (right horizontal little line) for
the specified period of time (for example, an hour):
Is recommended that you use this chart type for periods of 5 minutes or more. In order
to change the chart to a bar chart press the
button on the "Charts" toolbar
or press the Alt+1 key combination, or use the Charts -> Bar Chart menu sequence.

Candlesticks
These charts are created in the same way as bar charts:
Candlesticks charts were very popular in the 80-90s because of their clear graphics.
This method of technical analysis is based on the correlation between both closing and
opening prices within the same trading day, and the closing price of the previous
session and the opening price of the next session.
Candlesticks have different configurations compared to bar charts. The rectangular
part of the candlestick line is called the real body. The thin vertical lines above and
below the body are called shadows. They show lows and highs within a specified
period of time.
Depending on the closing and opening prices the real body can be white (empty) or
black.
When the body is white, the closing price is higher than the opening level. When the
body is black, the closing price is lower than the opening level.
In order to create a candle chart press the
button on the "Charts" toolbar:
or press the Alt+2 keys simultaneously, or use the Charts -> Candlesticks menu
sequence.
In MetaTrader 4 both the bar and candle high is the highest Bid price for the defined
period, the low is the lowest Bid price, the closing price is the last quoted Bid, the
opening price is the first quoted Bid.
In order to create a new chart for any instrument right click on the "Market Watch"
window, then select the Chart window item from the context menu:
By left clicking the mouse you can drag and drop any selected currency pair into any
open chart window.
Chart period – the period displayed in one bar or candle. For example, if you create a
15 minute bar chart, then each bar will have the price data for the relevant 15 minutes.
In MetaTrader 4 the following time periods can be used: 1, 5, 15, 30 minutes (M1, M5,
M15, M30 respectively), 1 hour(H1), 4 hours (H4), 1 day (D1), 1 week (W1) and 1
month (MN). In order to change a time period, use the "Periodicity" toolbar:
Right click anywhere on the chart to produce the context menu to get access to the
chart settings:
Choose Periodicity and select a time period from the drop down menu or press the
button on the "Charts" toolbar.
Select Refresh item if an error occurs or if there are so called "gaps" on the chart. All
missing data will be uploaded from the server and will appear on the chart.
Select Grid if you wish to hide/unhide gridlines on the chart.
Select Volumes in order to show/hide tick volume (the number of quotes of any period
time).
Zoom in / Zoom out will help you to modify chart measures. You can also use the
buttons on the "Charts" toolbar or press the "+" and "-" buttons.
Save as picture… will save the chart as the *.gif, or *.bmp. file.
Properties… (or the F8 button) enables the window where you can change chart
settings, by selecting the "Color" tab you can change the color of any element on the
chart:
Other settings can be changed in the Common tab:
Please note the following options:
-Offline chart - the chart is not being updated by new quotes. Once you open the chart
offline (File -> Open offline) this option becomes automatic;
-Chart shift – allows you to shift the chart from the right edge of the window, to see
the most recent candle forming. You can also press the
button on the "Charts"
toolbar or use the Charts -> Chart shift menu sequence;
-Chart autoscroll - autoscrolls to the left once a new quote is received. You can also
press the button on the "Charts" toolbar or use the Charts -> Autoscroll menu
sequence. If you are viewing the chart back a few days, and the autoscroll button is
depressed, it will automatically take you to the most recent candle forming on the next
tic of the price.
2. Open a position
In order to enable the "Order" window:
-right click on the "Market Watch" window or on the "Trade" tab of the "Terminal"
window and select New order from the context menu;
-or press the F9 button; or use the Tools -> New order menu sequence;
-or right click on the chart window and select Trading -> New Order from the context
menu;
-or double click on the currency pair in the "Market Watch" window.
The "Order" window:
In MetaTrader 4 there are two ways of making deals: "Instant Execution" and "Pending
Order".
Instant Execution means you do not have to request quotes, and you will enter the
market immediately. Once you have decided to buy or sell at the current price press
the Buy or Sell buttons to open a long or short position.
Before you enter the market you can change the details in the "Order" window:
Symbol - a currency pair
Volume - number of lots
Stop Loss - the level of Stop Loss order
Take Profit - the level of Take Profit order
Comment - any notes (that will show up in your report)
The new position will now be listed in the "Trade" tab of the "Terminal" window.
3. Close a position
In order to close a position, highlight the trade in the "Trade" tab of the "Terminal"
window and right click to obtain the context menu:
then select Close order. Double clicking on the open position in the "Trade" tab of the
"Terminal"window will have the same result. The “Order #” window appears and you
click the Yellow Close bar.
4. Place/Modify/delete Stop Loss & Take Profit Orders


Stop Loss - an order to close a previously opened position at a price less
profitable for the Customer than the price at the time of placing the order
Take Profit – an order to close a previously opened position at a price more
profitable for the Customer than the price at the time of placing the order.
If you place these types of orders you do not have to sit in front of your computer to
wait for the outcome. Take Profit and Stop Loss orders will be executed automatically
as soon as the price reaches the order level (see below). You can place Stop Loss and
Take Profit at the time of making a deal filling in the "Stop Loss" and "Take Profit" fields
in the "Order" window:
Afterwards in order to modify Stop Loss and Take Profit levels use the context menu:
Right click on the open position or on the pending order in the "Trade" tab of the
"Terminal"window then select Modify or delete order. The "Modify order" window
enables:
Fill in the "Stop Loss" and "Take profit" fields. By pressing the red button (in our
example "1.2121") you can copy this level into the "Stop Loss" field. By pressing the
blue button (in our example "1.2096") you can copy this level in the "Take profit" field.
The value in the "Level" field defines the difference between the order level and the
current price. Once you fill in the "Stop Loss" or/and "Take profit" fields press the red
"Modify #position number ..." button.
In order to delete Stop Loss or Take profit orders specify its level as equal to
zero.
Trailing Stop: is an algorithm to manage Stop Loss orders. Once a trailing stop has
been placed(for example, trailing stop's value is 15 pips) the following occurs:
No Stop Loss order will be placed until the open position is in a profit of at least 15
pips. MetaTrader 4 then sends an instruction to place the Stop Loss order 15 pips
higher or lower than the current price.
Subsequently, each time the difference between the current price and the order level
exceeds15 pips, MetaTrader 4 sends the instruction to modify the Stop Loss order to
a level 15 pips higher or lower than the current price. As a result, the Stop Loss order
becomes closer to the current price.
Important:
It is very important to note that no Stop Loss order will be placed until the market moves
in your favor as mentioned above. Therefore until this has happened, to limit losses, a
separate Stop Loss would need to be placed manually.
In order to place a trailing stop, highlight the open position in the "Trade" tab of the
"Terminal" window and right click to open the context menu.
Pending Order: is an instruction to open a position when the current price reaches the
order level.
There are four types of pending orders:
-Buy Stop - an order to open a Buy position at a price higher than the
moment of placing the order;
-Sell Stop - an order to open a Sell position at a price lower than the
moment of placing the order;
-Buy Limit - an order to open a Buy position at a lower price than the
moment of placing the order;
-Sell Limit - an order to open a Sell position at a price higher than the
moment of placing the order.
price at the
price at the
price at the
price at the
In order to place a pending order, open the "Order" window by any way described
below:
-right click on the "Market Watch" window or on the "Trade" tab of the "Terminal"
window and select New order from the context menu;
-press the F9 button; or use the Tools -> New order menu sequence;
-right click on the chart window and select Trading -> New Order from the context
menu;
-double click on the currency pair in the "Market Watch" window.
Then choose the Pending order item from the drop down.
The following options may be changed in this window as well:
Symbol - currency pair;
Volume - transaction size in lots;
Stop Loss - Stop Loss order level which will be activated once the pending order has
been executed;
Take Profit - Take Profit order level which will be activated once the pending order
has been executed;
Comment - your comments for the pending order;
Type - the type of pending order: Buy Stop, Buy Limit, Sell Stop, Sell Limit;
At price - pending order level;
Expiry - if the box has not been checked the order is valid up to the time when you
cancel it or when it is executed. If the box is checked the order is valid up to the moment
specified in the box.
Once the Place order button is pressed it appears in the "Trade" tab of the "Terminal"
window.
In order to modify or delete a pending order highlight it in the "Terminal" window, then
right click to produce the context menu:
Select the Modify or Delete Order menu item. Press the Modify button or the Delete
button depending on your choice in the dialog window:
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