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Setting Up a Chart in MetaTrader 4

Technical analysis deals with interpreting historical prices/patterns with the idea of forecasting future price patterns on the right side of a chart. There are trading theories that require a deep analysis of historical prices until the trader can come up to a time frame that can actually be used for trading. One example of such a theory is the Elliott Waves theory, and knowing how to set up a chart in MetaTrader will certainly help to automate the time frames. Other traders use different technical indicators such as trend indicators or oscillators when entering/exiting a trade. In order to do that in MetaTrader, there are some basic things one needs to know.

Adjusting the Platform

When opening a chart with the default settings offered by MetaTrader, it looks like the image below. It’s not really helpful for any trading purposes, not to mention for charting your way when trading in Forex. 1 There are a number of things to do with such a chart, and the first is to choose what type of chart you want it to be: candlesticks, bar chart or line chart.

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It is highly recommended that a candlestick chart is used due to the fact that on top of the actual prices, Japanese candlestick techniques can be applied. The three options for choosing a chart style are to be found on the upper half of the MetaTrader platform, right in the middle. After choosing a candlestick chart, we need to know how to differentiate those candles, meaning to see when the price has moved to the upside and when it’s moved to the downside. It is recommended to take the following steps:

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Saving a Template

The next thing to do is to automate this process in order not to be forced to repeat it every time we open a new chart. The way to do this is to save the chart as a template. To do that, right-click on the chart and chose the Template tab. From there, Save Template, give it a name, and that’s it.
From this moment on, every time a new chart is opened on any currency pair, or on the same currency pair but on a different time frame, this template can be used by loading it.
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Saving a Profile

After having saved a template, technical analysis can start and, depending on the type of technical analysis used, different things can be done on a chart. Elliott Waves users use the theory to effectively count the waves, so a trading chart will look like it has a lot of numbers and letters on it. These traders are looking to interpret whether the market is making an impulsive move or a corrective one, as according to Elliott, price action consists of five waves corrected with another three. Numbers are used to count impulsive waves, or the five waves, while letters are used to count corrective waves. Other traders use trend indicators (these indicators are applied on the actual candles that can be seen on the chart), or oscillators (an oscillator is always applied on the bottom of the chart and not on the actual candles) to find out places to enter or exit a market. Market geometry can be used as well, and this implies a lot of lines and channels that start from older prices and are projected on the right side of the chart to find out support and resistance levels, which are important and can be used when trading.

No matter what the trading style and the type of technical analysis used on a chart, at any one moment of time one can save this as a Profile. Closing the MetaTrader platform means that the work and profile are automatically saved, and by opening it again all the work will be there. A profile can be taken and uploaded on other MetaTrader account very easily, which is one of the great things about this trading platform. The above represents just basic information about how to set up a chart in MetaTrader and how to use the chart area to analyse the market. Only by working hard and finding on your own the tips and tricks with MetaTrader will you get an idea of why this is the best trading platform in the world for retail traders.

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Charts in MetaTrader 4
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