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As you can see on my platform, I have a range bar chart with a green and black colour scheme.
The first thing I want to change is the chart type to a candlestick chart.
I can do this by either clicking the chart and then clicking the candlestick button.
Or I can right click on the chart, go to properties, then click the common tab and select candlesticks then press OK.
The next thing I want to change is the colour scheme of the chart.
Again to do this right click on the chart and got to properties and go to the colors tab.
Here you will be presented with a list of items and their corresponding colours.
You can simply choose the colour you want from the drop down menu.
I want a white background, black foreground, no grid with red and green candles with a black outline.
You can play around with these settings as much as you need to get the charts just how you want them.
There are a few ways to read what price the market is currently trading at.
The first I to just look at the price axis on the chart and the current trading price
will be highlighted.
Alternatively you can use the Market Watch window as this shows the bid and the ask prices for all the markets on the list. If the window isn’t showing you can simply click the market watch button and this will appear.
Lastly you can show the one click trading buttons and you will be able to see the bid and ask price on each chart.
To do this, simply click the small black arrow in the top left corner of each chart. If you want to hide them again, simply press the arrow again.
MT4 gives you the ability to make chart templates to save the settings you have made for your charts.
For example, you will see if I open a new chart, the settings revert back to before we made the changes.
So to save the chart settings you want, you need to make a template. To do this, click on the chart where you have made the settings amendments and then right
click and on the chart and go to template and then press save template. you can call this anything you like.
I’m going to call this Day Trading.
Then when I open a new chart, I can simply right click on it, go to template, then click Day Trading and it will use the settings I saved.
You can also get to the template menu by using the button on the quick bar at the top of the platform.
A little tip when saving your template. If you call your template default it will open all new charts with these settings from here on.
For example, I will save these chart settings as a new template called default, and when I open a new chart this time, it automatically uses those settings.
To open a chart of a different market we need the market watch window.
Again if this isn’t already open, you can open it by clicking the market watch button on the quick bar at the top of the platform.
This window shows a long list of all the markets we can look at. Simply right click on the market you want to look at and press chart window and a chart
will open up. If the market you are looking for isn’t on the list, you may need to add it. For example, I want to add the FTSE 100 to my list.
So to do this, I need to right click in the market watch window and press symbols.
You can then look through the different market categories and show or hide any market you like. I’m going to add the FTSE 100 so I’ll go into indices, click ftse100 and press show then close.
Now the ftse 100 will be in my market watch window.
To change the time frame of a chart we can either right click on it and go to time frames, then select the time frame we want to view.
Or we can use the time frame quick bar at the top of the platform to quickly choose a different time frame.
All you do is click the chart to want to change and then click the time frame button you want. You can also zoom in and out on a chart.
Again this can be done by either right clicking on the chart and then pressing either zoom in or zoom out. Or you can use the zoom quick bar buttons at the top of the platform.
To scroll back on a chart you simply left click on the chart, hold and drag it across to move backwards.
You may notice that the chart keeps jumping back to the present time and this happens every time the current price changes.
To turn this off so you can scroll back without been interrupted by price changes, simply press the button with two axis with a little green play button.
If you want to turn this feature back on, simply press the button again.
To use drawing tools on a chart you simply use the quick bar at the top of the platform. Just select which tool you want to use and then start adding them to your chart.
You can change the settings of the drawing by double clicking on them on the chart so the two little boxes appears at either side of the drawing, then you can right click on them and pressing settings.
To delete a drawing just double click it then hit delete on your keyboard or right click and press delete.
You can add other drawing tools to the quick bar by right clicking on it and pressing customize.
You can then look through the list and add tools to the quick bar.
You can also remove any tools that you don’t want on there.
You can measure the price change from two points by using the cross-hair cursor.
Select it from the drawing tools quick bar and simply left click on your chart and drag to where to want to measure to.
You will be shown three numbers and the first is how many candles you have measured over, the second is the pip change with one decimal place.
So for example, if it shows 504, that is a change of 50.4 pips.
And the last number is the price at which your cursor is at.
To add indicators to you chart, simply click on the chart you want to add an indicator to and then go to insert at the top of the platform and then indicators.
You will then see a list of different indicators you can add to your chart.
To change the indicator settings or remove it from your chart, right click on the chart and go to indicator list.
You can then select which indicator you want to change and either edit the settings or delete it completely from the chart.
You can resize any chart by simply dragging one of the sides or corners to the size you want.
Metatrader does has an inbuilt function to arrange the charts for you.
Simply go to the window menu at the top of the platform and choose from either tile windows, cascade windows, tile horizontally or tile vertically.
You will also see a tab along the bottom of the chart window for each chart window you have open.
If you are looking at the charts in full screen, you can toggle through the chart windows using these tabs.
If you want you have the charts open over two monitors, press the restore down button on top right corner of the platform and drag it over the two monitors.
You can then arrange the charts manually over the two monitors.
You can enter a trade by clicking the new order button on the quick bar at the top of the platform. A little dialogue box will open asking for more details about the position you want to open.
You simply select the market you want to trade from the drop down, set the position size in the volume box, set a take profit level and a stop level if you want to and if not leave blank.
And lastly choose what order type you want. Then press buy or sell to execute the order.
You can also quickly enter a trade by using the one click trade buttons we looked at earlier.
To turn them on, go to tools on the quick bar at the top of the platform, then press options.
Then check one click trading, agree to the terms if you are happy and press OK.
The buttons will then be added to your charts.
To use them simply enter the position size you want in the little box and click either buy or sell and your trade will be executed straight away.
Any open trades you have will be displayed in the terminal window at the bottom of your platform.
If this window isn’t open, simply press the terminal button on the quick bar at the top of the platform.
The press the trade tab on the terminal window and your open trades will be displayed there.
To close a trade immediately, you can click the little cross at the far right side of the trade entry in the terminal window.
You can also close a trade by setting a stop loss level or a take profit level.
To add or edit these levels, double click the box for either on the trade entry in the terminal window and a dialogue box will open.
Then simply enter the level you want each to be at and press modify.
These levels will then be shown on your chart.
You can view all your past completed trades by clicking on the account history tab in the terminal window.
It will show you the order number, time, date, trade direction, position size, market traded, price you entered, stop loss level and take profit level if set, date and time you closed the position, price you closed the position, any swap amendments and the p/l for the trade.
The Relative Strength Index, or RSI, is an oscillating indicator that is designed to
measure a stock’s momentum, which is both the speed and size of price changes.
Many investors use this indicator to help identify whether a stock is overbought or
Using this information, could help determine potential entry and exit trading signals.
In this video, we’ll discuss how RSI is calculated, how it measures momentum, and
how it can potentially help identify trading signals and trend reversals.
Let’s start by calculating RSI.
First, identify a previous time period to use.
A time period is generally 14 days, but can be shorter or longer.
Next, add up the average gains and divide by the average losses during your chosen time
The calculation’s solution, or value, is referred to as relative strength.
The relative strength value is then plotted on a graph between zero and 100.
Plotting a line helps investors measure momentum in relative terms, which means looking at
the indicator’s current value in relation to past values.
This comparison may make it easier to identify when a stock might reverse its prevailing
To identify potential trend changes, there are two ranges of the indicator to keep in
mind: overbought and oversold.
Overbought refers to a stock that has increased rapidly in a short period of time and may
Conversely, oversold refers to a stock that has decreased sharply in a short period of
time and may reverse higher.
Now that you know how to calculate RSI and how it measures momentum, let’s look at
how investors might use this indicator to identify potential trading signals.
Some investors define oversold as an RSI value below 30.
When RSI crosses back above 30, it generates what some tech traders generally, see as a
potential bullish entry signal.
Exit signals work the same way, except investors use overbought values.
Technical traders view an RSI value above 70 as overbought.
When RSI crosses back below 70, technicians typically see it as a potential exit signal.
Now that you’ve learned how tech traders might use RSI to determine trading signals,
let’s discuss how the indicator can be used to spot potential trend reversals.
A trend reversal may be confirmed by the RSI when it shows a divergence.
A divergence occurs when a stock’s price moves one way and RSI moves in the opposite
For example, a bullish divergence occurs when a stock makes lower lows, but RSI makes higher
This can be a signal that downward momentum is waning and a bullish reversal may follow.
After identifying a bullish divergence, an investor might use a cross back above 30 as
an entry signal.
A bearish divergence occurs when a stock shows higher highs, but RSI shows lower highs.
This can be a sign that upward momentum is slowing and a bearish reversal may occur.
After spotting a bearish divergence, an investor might use a cross back below 70 as an exit
Using RSI to spot divergences and identify potential oversold and overbought conditions
can help investors find potential trading signals.
However, this doesn’t mean using RSI is fool proof.
One of the main risks of using RSI is its signals aren’t always accurate.
This is because RSI can’t factor in events that influence a stock’s price, such as
economic news, earnings, and other fundamental aspects.
Additionally, RSI can remain overbought or oversold for long periods of time.
So even if a divergence suggests that a stock might move a certain direction, there’s
Reading RSI also requires subjectivity that benefits from hindsight.
For this reason, RSI is usually used in conjunction with other forms of confirmation, such as
volume and the overall trend in the broader stock market.
Even if RSI is imperfect, investors who incorporate the indicator into their trading may find
the insights and context it provides to be useful.
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The most sophisticated and easy-to-use forex charting tool with built-in advanced technical indicators
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Forex (Foreign Exchange) is the name given to the direct access trading of foreign currencies.
With an average daily volume of $1.4 trillion,
Forex is 46 times larger than all the futures markets combined and,
for that reason, is the world’s most liquid market.
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