Part 8 Meta Trader 4 Show – Working with graphics in MT4

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Part 8: Meta Trader 4 Show – Working with graphics in MT4

Ever since I started publishing articles discussing trend lines(Using trend line, Trend lines, Examples of using Trend lines), I’ve started to receive a lot of questions, such as how to draw a TL or can we draw directly into MT4? This inspired me, so I’ve decided to write another piece for Meta Trader 4 show. This time, we’ll be talking about working with graphics in MT4 – how to draw, erase or edit your own templates.

How to edit charts for a comfortable binary options trade

The first and the most important thing is to have a chart that you can make sense of. If you download a template from somewhere on the internet, it may not be a bad move, but still, don’t be afraid to edit it in the way that suits your needs.

Right-click in the area of the chart(not on any indicator) and select Properties, after which a window will pop up (Image 1)

We can a see a preview on the left of how the chart is going to look like, after confirming the changes.

Image 1: Chart properties

On the right, you can see options that can be changed. Now, let us talk about what each option can change, but I think that everyone with a basic common sense could get it.

  • Background: Changes colour of the background
  • Foreground: Changes the colour of the axis labels, for example time and price.
  • Grid: Changes the colour of the grid, but to be honest,I don’t recommend to turn it on, it just bothers me.
  • Bar up: Outline and wick colour of Bullish candle
  • Bar down: Outline and wick colour of Bearish candle
  • Bull candle: Colour of the bull candle body
  • Bear candle: Colour of the bear candle body
  • Line graph: It changes the line colour, if you haven’t selected the candlestick chart, but the line one.
  • Volumes: Volume lines colour changes
  • Ask line and stop levels: won’t be needed.

Now that you know how to set up the chart, so it’s clean and well-arranged, let’s have a look on some built-in tools for drawing in MT.

Image 2: Drawing tools

  • The first tools is the vertical (up and down) line. It’s nothing more than an upright line that you can place anywhere you want. I mainly use it to emphasis the candles on which I have entered a trade and it’s expiration times.
  • The second tool is the horizontal line. It’s practically a side to side line that can’t be turned or twisted. I mainly use it to draw the strike price to know whether I’m in or out. It’s also suitable to draw in support and resistance. More on this subject in one of our future post on technical analysis.
  • Next tool is my favourite trend line. After selecting it, click anywhere in the graph and drag, this will create a half line that gets caught, by itself, on the nearest wicks, if we are trying to draw in a trend and miss slightly.
  • Next two tools are made for drawing equidistant channels and Fibonacci lines, but we’ll talk more about those in one of our future episodes on tech. analysis.
  • The other 2 additional tools are for text labels. I don’t know what they are for and it doesn’t even matter.
  • By using the last tool, you are able to insert variety of symbols, such as thumbs, arrows, price labels.

Now, using the tools should be clear for everyone. If it isn’t, try it! Nothing can go wrong and everything is very intuitive, which makes it all much easier. After all, how do you think I’ve learn it? ��

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

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  • Binomo
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Posts Tagged: meta trader 4

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Historical Memory B150 MT4

The B150 model is a fully revised version of the Historical Memory indicator with a significantly improved algorithm. It also features a graphical interface what makes working with this perfect tool quick and convenient.

Indicator-forecaster. Very useful as an assistant, acts as a key point to forecast the future price movement.

The forecast is made using the method of searching the most similar part in the history (patter). The indicator is drawn as a line that shows the result of change of the close price of bars. Now you can visually find and compare the quality of a history pattern with an actual pattern. In addition, the indicator is capable of forecasting by analyzing several patterns at once by applying smoothing to a multi-layer forecast.

Description

  • Prediction Freeze – allows to freeze displayed forecast.
  • Layers Show Mode – layer display mode: SHOW_ALL_LAYERS – all layers will be shown as separate lines; SHOW_AVERAGE – a multi-layer view as a smoothed line.
  • Pattern: Size(in bars)[1. ] – the size of the pattern in bars.
  • Prediction: the number of bars [1. ] – the number of bars used for the forecast.
  • Searching: depth of history(in bars)(0 – all bars) – the depth of the history used to search for the best correlation.
  • Searching: Step(in bars) – search step: the higher step value provides a higher speed with a lower search quality.
  • Prediction: Layers total [1. 20] – the number of layers: the more layers, the greater the variability of the forecast.
  • Searching: Start bar shift (in history) – shift of the bar from which the forecast begins.
  • Searching: period(milliseconds) for timer – period in milliseconds for the search in the background.
  • Searching: limit(milliseconds) for timer – limit in milliseconds for the search in the background.
  • PanelEnabled_ – enable/disable the panel.
  • Panel Transparent(%)[0. 100] – Transparency of the panel.
  • PanelColor_ – color of the panel.
  • PanelButtonColor_ – color of the button.
  • PanelButtonTxtColor_ – the color of the text on the button.
  • PanelButtonBorderColor_ – the color of button borders.
  • PanelCorrelationColor_ – the color of correlation text.
  • PanelDescrColor_ – the color of the parameter description label.
  • PanelDescrBorderColor_ – the color of borders of the parameter description label.
  • PanelDescrTxtColor_ – the color of the parameter description text.
  • PanelValueTxtColor_ – the color of the parameter value text.
  • PanelStartX_ – shift of the starting position of the panel in pixels from the left border.
  • PanelStartY_ – shift of the starting position of the panel in pixels from the upper border.
  • PanelSizeSizeMin_ – minimal panel size in pixels.
  • PanelSizeSizeMax_ – maximal panel size in pixels.
  • PanelSizeRatio_ – factor to change the panel size.
  • PanelButtonSizeR_ – factor to change the button size on the panel.
  • PanelCorrelationSizeR_ – factor to change correlation label.
  • PanelDescrSizeR_ – factor to change parameter description size.
  • Graphic Lines Enabled – show/hide vertical lines on the chart.
  • Back: vertical line color – the color of the past vertical line.
  • Back: text color – the color of past labels.
  • Back: vertical line style – the style of the past vertical line.
  • Forward: vertical line style – the style of the future vertical line.
  • Back: Text Size – text size of past labels.
  • Forward: Text Size – text size of future labels.
  • Layer 1: color – the line color of the first (main) layer.
  • Layer 2: color – the line color of the second layer.
  • Layer 3: color – the line color of the third layer.
  • Layer 4: color – the line color of the fourth layer.
  • Layer 5: color – the line color of the fifth layer.
  • Layer 6: color – the line color of the sixth layer.
  • Layer 7: color – the line color of the seventh layer.
  • Layer 8: color – the line color of the eighth layer.
  • Layer 9: color – the line color of the ninth layer.
  • Layer 10: color – the line color of the tenth layer.
  • Layer 11: color – the line color of the eleventh layer.
  • Layer 12: color – the line color of the twelfth layer.
  • Layer 13: color – the line color of the thirteenth layer.
  • Layer 14: color – the line color of the fourteenth layer.
  • Layer 15: color – the line color of the fifteenth layer.
  • Layer 16: color – the line color of the sixteenth layer.
  • Layer 17: color – the line color of the seventeenth layer.
  • Layer 18: color – the line color of the eighteenth layer.
  • Layer 19: color – the line color of the nineteenth layer.
  • Layer 20: color – the line color of the twentieth layer.
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