Introducing MahiFX on MT4
Contents Installing the MT4 Program 3 Mac users 3 Existing MT4 users 3 New MT4 users 3 Navigation 6 The Charts Toolbar 6 The Line Studies Toolbar 7 The Periodicity Toolbar 7 Making your First Order 8 Modifying an Opened Order 9 Order Limits 9 Stop Losses 9 Take Profit 9 Setting Stop Losses and Take Profit Limits 9 Using Expert Advisors 10 Market Watch 10 Using Indicators 10 Built-In Indicators 10 Custom Indicators 11 Using Scripts 11 Hot Keys 11 Assigning a Hot Key 11 Pre-set Hot Keys on MT4 12 Quick Tips 14 MahiFX Page 2
Orders to buy or sell a currency pair must be sent to a brokerage. MetaTrader is the platform through which you are able to do this. This document has been created to provide a comprehensive overview of the various aspects of MT4, and how to operate the platform. Installing the MT4 Program Mac users Before attempting to install the MT4 platform, please be aware that unfortunately, we do not currently support a Mac friendly program at this moment. However, if you require a platform which is compatible with Mac & PC, then we already offer our own platform which can be accessed via the MahiFX website. If you have managed to download a Mac friendly version from a different broker, you will still be able to use this with MahiFX providing your MahiFXspecific details are entered in the relevant fields (see existing MT4 user instructions below). Existing MT4 users You will not need to reinstall the program if you have already obtained it from a different broker. Simply select File, then Login, on your MT4 platform and adjust the fields below with the information relevant to and provided by MahiFX during the login process. New MT4 users Step 1 In order to download the MT4 program, you will need to access the link via the MahiFX website. Once this is open, select download, and you will see an installation window appear, similar to that shown below. Click Next. MahiFX Page 3
Step 2 Before clicking Next please ensure that you have carefully read through the license agreement before doing so. Step 3 Now specify the Installation folder and Program group. Users may either select the default option already provided, or change this to a preferable folder. The default option includes a desktop shortcut and the launch of the program immediately after successful installation. MahiFX Page 4
Step 4 Click Finish when the installation bar indicates that the download is complete. If you have chosen not to open the program upon installation you will need to select the file in the folder in which it was saved. Step 5 Complete your login credentials (login and password) in the login pop-up to access the Mahi MT4 platform. MahiFX Page 5
Navigation In order to begin trading it is important to have an understanding of the chart window, as it is central to the MT4 platform. Having the ability to operate this and the Market Watch board will enable you to conduct simple and effective trading. There are four toolbars, which contain the most frequently used tools by traders. Below is an outline and example of each toolbar, each followed by a description of the function of its commands. The Standard Toolbar This toolbar hosts the tools required for use in the working area of MT4, and will look like this: Make a new symbol in the chart window. Activate and manage your profiles. You can also delete a profile, however the base profile cannot be deleted. Open and close Market Watch, where you are able to view price information. Open and close the Data window. Open and close the Navigator window. Open and close the Terminal window. Open and close the Test window. Place a new order. Open the MetaEditor program, where you are able to make and edit Expert Advisors, scripts, and custom indicators. The Charts Toolbar Tools for adjusting settings in the chart window can be found on this toolbar. View your charts as a series of bars. View your charts as a series of candlesticks. View your charts as a line chart. Zoom into the chart. Zoom out of the chart. Automatic scrolling. Enabling this function will display updated bars. Move the chart from the right window to the left. Opens up a sub-menu that enables you to manage indicators. Opens up a sub-menu that enables you to manage chart periods. Opens up a sub-menu that enables you to manage templates. MahiFX Page 6
The Line Studies Toolbar These tools allow you to adjust your chart window by adding text and objects to it. Selection mode. Use this to select objects on the chart. This is referred to as a crosshair, and enables you to highlight desired coordinates either on the chart or in the indicator window. Draw a vertical trendline on the chart. Draw a horizontal trendline on the chart. Draw a diagonal trendline on the chart. Equidistant channel. This shows two trendlines parallel to one another, to see the correlation between extreme minimum and maximum close prices. Fibonacci retracement. This allows you to look at trends and estimate reversal points during these. Create a comment to add into the chart. This will be directly attached to the chart. Create a text box. This will be attached to the chart window. Once you have chosen to create a text box, select the area you wish for it to be placed. This is the graphical manager menu, which allows you to add and remove symbols from you chart. The Periodicity Toolbar This toolbar provides you with the tools required to manage the time and duration of your chart. Each option refers to the timeframes you can view, where M = Minutes, H = Hour, and D = Day. The commands featured on all of the above toolbars also have designated hot keys. To see a full list of these, please refer to the one provided later in this guide. MahiFX Page 7
Making your First Order Step 1 Open up MetaTrader and log in to your account. Step 2 Open up the Order window. This can be done via any of the following methods: Press the F9 key. Choose the currency you wish to buy/sell and right click in the chart of this. Once the context menu has appeared, select New Order. Locate the Market Watch window on the currency you wish to buy/sell, right click on it, and select New Order, or simply double click on the currency. Step 3 Two options will be presented in the Order Window: Buy and Sell. Depending on which it is that you intend on doing, select the relevant option. The Buy order is opened with the Ask price, whilst the Bid price is used to open the Sell order. The new Order window also presents you with a number of options to adjust and set: Symbol List: This contains a list of all the available currency pairs that you can open your order with. Volume List: This contains a list of set volumes for the New Order. Volume refers to the Lots value. Stop Loss Combo: This allows you to set the Stop Loss level for the New Order and can be selected via the up and down arrows, or by manually entering the value into the box itself. It is not mandatory to set a Stop Loss level. Take Profit Combo: Like the Stop Loss combo option, this allows you to set the Take Profit level via the use of the up and down arrows, or entering the value manually. Again, it is not mandatory to set this level. Comment Field: This area allows you to enter a comment regarding the New Order. This can be left blank if you do not wish to attach any comments. Type Lis: This provides two options to choose from: Instant Execution Pending Order Select the former option, as you wish to buy or sell immediately. Sell Button: By selecting this option, you will open a Sell order. The order will be sent to the broker and the window will close. Buy Button: By selecting this option, you will open a Buy order. The order will be sent to the broker and the window will close. Enable Maximum Deviation from Quoted Price Option: You will need to enable this option if you have also chose to use price deviation slippage. Once activated, a list of pips will become available to select a maximum deviation from. Maximum Deviation List: Use this list to select the maximum deviation pips value. MahiFX Page 8
Modifying an Opened Order Once you have opened a new order, it is then possible to make a number of adjustments to suit your preferences. Order Limits Order Limits refer to the restrictions that can be placed on an order. Setting these enables you to have more control over your orders by preventing big losses and securing quick profits. There are several types of orders, which are listed below: Stop Losses A Stop Loss is a boundary that can be set on an order. With a long position, this will always be set below the current asking price, and with a short position, it will always be above the current bid price. When the stop loss point is reached, the position will automatically close. This allows you to minimize losses if the market is not working in your favour. Take Profit A take profit order functions as an order set above the market (long positions) and below the market (short positions). The order closes a position when it is reached preventing further gains or losses. Setting Stop Losses and Take Profit Limits Step 1 Right-clicking on the order position you wish to modify will present you with a context menu. Once this appears, select Modify or Delete Order. You should then be able to see the Order Window. Step 2 This window will contain two boxes in which you can set the Stop Loss and Take Profit limits (in pips). Once these have been set, select the Copy As buttons. These allow MetaTrader to convert the set levels into prices. Alternatively, directly type the prices of both order limits in the Stop loss and Take Profit combo boxes. Step 3 These changes now need to be sent to the broker. Do this by selecting the Modify button. You should see a prompt in the window where you can click the OK button. This will confirm and set the modifications you have made which will then be made visible in the terminal window. Your order will be closed to prevent further losses if it is the Stop Loss price, or the profit will be taken if it is the Take Profit price, depending on which limit is reached first. MahiFX Page 9
Using Expert Advisors The Expert Advisors (often referred to simply as EAs) are a set of programs designed to analyse data and manage trading activity based around predefined strategies. MetaQuotes Language 4 (MQL4) is a term often mentioned alongside EAs, as this is the programming language they are written in. Depending on which settings you have made, the EAs will monitor your orders, as well as modify, open and close them on your behalf. In order to use Expert Advisor, you must tell MetaTrader that you wish to do so. Do this by selecting the Expert Advisors option on the MetaTrader toolbar, ensuring that a tick appears beside it. Market Watch The Market Watch board allows you to keep an up-to-date track of bids and ask prices for a variety of instruments. The direction of the current price change compared to the price previous reported is indicated with an arrow. When the arrow is green this shows that the price is higher than before, whereas if it is red this means that it is lower. You can right click on individual instruments to present a number of options from which to choose: New Order: This accesses an order window for the selected instrument. Chart Window: This accesses a new chart window for the selected instrument. Tick Chart: The selected instrument will be converted into a tick chart and will replace the list of instruments. Hide: This will take the chosen instrument from the Market Watch board. Hide All: This will take all instruments off the Market Watch board. Show All: This action will display all of the instruments that are currently available on the Market Watch board. Symbols: This will allow you to select instruments to add to the Market Watch board. Sets: This selection allows you to save multiple instruments to present on the Market Watch board. High/Low: This option enables you to extend the Market Watch board so that it displays the high and low for the instruments. Time: This allows you to extend the Market Watch board to display the time of quotation for each price. Auto Arrange: This option allows you to manually resize the columns of the board in order for longer text to be wholly included. Grid: This enables you to adjust the Market Watch board to suit your preferences by adding and removing lines between rows and columns. Using Indicators Like Expert Advisors, Indicator is written in MQL4. This uses mathematical equations to control prices and then manifests these on the chart in the form of lines. MetaTrader has two types of indicators: Built-In Indicators, and Custom Indicators. Built-In Indicators The Built-In set of indicators is regarded as the standard set, and it is not possible for you to view or alter them. In order to access them, you will need to open the Navigator window, and select Indicators list (Fig. 1). MahiFX Page 10
Custom Indicators As the name suggests, it is possible for you to alter these indicators. Access to them is also made via the Navigator window. In order to place an indicator into the chart, you must first click on the chart. Once this has opened, and then right click on the selected indicator. This will present you with a sub-menu containing various options, including Attach to a chart ; the command you require. You should then see a window containing the parameters for the indicator you wish to make. Once these are set, you can then select the OK button and the indicator will then appear in the chart. Using Scripts The Script is another program written using MQL4. It is able to open, close and modify trades, which makes it very similar to Expert Advisors. The difference between the two lies in the usage of the programs; where EAs are used for every single new quote, The Script is employed just once when it is attached. You are also required to enable EAs, whereas The Script is automatically executed upon attachment. Hot Keys Hot keys are shortcuts made through different combinations of the keyboard keys, and have been provided to enhance the MetaTrader experience, making it a quick and efficient platform for the user. For example, you can press F9 to open a New Order window. However, in addition to the pre-set hot keys, MetaTrader has the capacity for you to assign hot keys yourself, thereby tailoring the way you use it. Assigning a Hot Key Any of the programs you are running on MT4 can be given a hot key. For example, Indicators, Scripts, and EAs are all included in this. Example: Let s say that you want to assign a hot key to an Indicator: Step 1 Open the Navigator window and decide on the Indicator you wish to give a hot key to. Step 2 Right click on the indicator, and then select the choose hot key command. Step 3 You should see the Navigator Hot Keys window appear. Select the Indicator you have decided on. Step 4 Click the Set button, found to the right of the window, this will allow you to make your changes. Under the Control column, choose either CTRL or Alt as your control key, and enter this into the field provided. Under the Key column, enter the key you wish to assign, for example, T. Therefore, you might choose to have the hot key combination of Alt + T for the Indicator you have selected. If Alt + T has already got a program to which it is assigned, please be aware that if you still choose to set it, it will override the old assignment and treat that the new one as a priority. MahiFX Page 11
Pre-set Hot Keys on MT4: Users can access functions within the terminal by using the following functions: f Chart scrolling to the left; g Chart scrolling to the right; h Fast chart scrolling to the left or, if the scale is defined, chart scrolling up; i Fast chart scrolling to the right or, if the scale is defined, chart scrolling down; Numpad 5: Restoring of automatic chart vertical scale after its being changed. If the scale was defined, this hot key will return the chart into the visible range; Page Up: Fast chart scrolling to the left; Page Down: Fast chart scrolling to the right; Home: Move the chart to the start point; End: Move the chart to the end point; - : Chart zooms out; + : Chart zooms in; Delete: Delete all selected graphical objects; Backspace: delete the latest objects imposed into the chart window; Enter: Open/close fast navigation window; Esc: Close the dialog window; F1: Opens MT4 help guide; F2: Open the History Center window; F3: Open the Global Variables window; F4: Download MetaEditor; F6: Call the Tester window for testing the expert attached to the chart window; F7: Call the properties window of the expert attached to their chart window in order to change settings; F8: Call the chart setup window; F9: Call the New Order window; F10: Open the Popup prices window; F11: Enable/disable the full screen mode; F12: Move the chart by one bar to the left; Shift+F12: Move the chart by one bar to the right; Shift+F5: Switch to the previous profile Alt+1: Display the chart as a sequence of bars (transform into bar chart); Alt+2: Display the chart as a sequence of candlesticks (transform into candlesticks); Alt+3: Display the chart as a broken line (transform into line chart); MahiFX Page 12
Alt+A: Copy all test/optimization results into the clipboard; Alt+W: Call the chart managing window; Alt+F4: Close the client terminal; Alt+Backspace or Ctrl+Z: Undo object deletion; Ctrl+A: Arrange all indicator windows heights by default; Ctrl+B: Call the Objects List window; Ctrl+C or Ctrl+Insert: Copy to the clipboard; Ctrl+E: Enable/disable expert advisor; Ctrl+F: Enable Crosshair ; Ctrl+G: Show/hide grid; Ctrl+H: Show/hide OHLC line; Ctrl+I: Call the Indicators List window; Ctrl+L: Show/hide volumes; Ctrl+P: Print the chart; Ctrl+S: Save the chart in a file having extensions: CSV, PRN, HTM ; Ctrl+W or Ctrl+F4: Close the chart window; Ctrl+Y: Show/hide period separators; Ctrl+Z or Alt+Backspace: Undo the object deletion; Ctrl+D: Open/close the Data Window ; Ctrl+M: Open/close the Market Watch window; Ctrl+N: Open/close the Navigator window; Ctrl+O: Open the Setup window; Ctrl+R: Open/close the Tester window; Ctrl+T: Open/close the Terminal window; Ctrl+F5: Switch to the next profile; Ctrl+F6: Activate the next chart window; Ctrl+F9: Open the Terminal Trade window and switch the focus into it. After this, the trading activities can be managed with keyboard. MahiFX Page 13
Quick Tips If you have multiple charts, these will be represented by a series of tabs. You can view all of the charts at once by double clicking on a tab. The way in which they are displayed can be altered too, by selecting the Window option in the toolbar. If you no longer require a drawing you have created on a chart, simply press the backspace button on your keyboard. This will remove them in order, beginning with the most recent drawing and working backwards each time you press backspace. It is possible to draw the trendlines so you can see key support and resistance areas. There are a number of functions available to adjust trendlines: Select and drag the end of trendlines in order to rotate them. Select the middle box of a trendline and drag it to replace it along the price level range. Open the properties menu for trendlines by right clicking. Select and drag the end of trendlines in order to rotate them. MahiFX Page 14
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