A chart is just a visual representation of the price movements on any given time frame. The MetaTrader 4 platform offers you the possibility to open up to 99 charts simultaneously. The charts are customizable and you can open a chart for currencies and CFDs as well. There are many different ways to open a new chart:
- Select this icon from the standard toolbars.
- From the Main Menu, go to File – New Chart.
- From the Market Watch window, select the instrument you wish to open a new chart and click “Chart Window.”
All new charts will have applied the default template which can be modified. You can also open a new chart window in an offline environment. This means that the chart will not be updated in real time with new price quotes. To do this you have to go to top menu File – Open Offline.
The MetaTrader 4 terminal puts at your disposal 3 types of charts:
- Bar Charts
To create a bar chart you have to press the button from the Chart toolbar or you can simply press ALT+1 hotkey.
- Candlestick Charts
To create a candlestick chart you have to press the button from the Chart toolbar or you can simply press ALT+2 hotkey.
- Line Charts
To create a bar chart you have to press the button from the Chart toolbar or you can simply press ALT+3 hotkey.
The MetaTrader 4 offers you the following time periods: 1 Minute, 5Minutes, 15 Minutes, 30 Minutes, 1 Hour, 4 Hours Daily, Weekly, and Monthly. You can create a chart for each period of time you want by using the Timeframes toolbar. You can also change the chart time frame by right-clicking on the chart and select Timeframes.
The MT4 platform offers you other commands from the right-click drop down menu. The most important functions are:
- Zoom in and out of your chart.
- Refresh the chart if there are missing price data; this should fix your charts.
- Grid enables/disables the grid.
- Volumes show/hide the volume bars.
- Template lets you manage your templates and apply a new template to your current chart.
- Timeframes let you switch the time periods.
- Trading Functionalities.
- Saving a copy of the chart on your computer.
The MT4 Chart Settings can be managed individually for each chart. To have access to these features you have to right-click on the chart and then select Properties, or you can press F8. The properties window is used to change the colours used in the chart.
- Background – Lets you change the background colour;
- Foreground – Lets you change the colour of axes and current price line;
- Grid – Lets you change the chart grid colour;
- Bar Up – Lets you change the bar up candle;
- Bar Down – Lets you change the bar down colour;
- Bull candle – Lets you change the colour of the Bull Candle body;
- Bear candle – Lets you change the colour of the Bear Candle body;
- Line graph – Lets you change the line chart colour;
- Volumes – Lets you change the volume bar colour;
- Ask line – Lets you change the colour of the Ask line;
- Stop levels – Lets you change the levels of stop orders (Stop Loss and Take Profit).
The Common tab offers you different types of commands and functions, but these functions have already been discussed through our MT4 guide and they are very intuitive to follow.
After you’re done don’t forget to click OK so the changes take effect. Next lesson will teach you how to manage your Technical Indicators.