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Why MetaTrader 4 Is Still The Better Option Against MetaTrader 5

Thursday, January 28, 2021

The all-new version of MetaTrader has been released. But, it is so fascinating that there are still A LOT of traders who prefer to use the older version which is the MetaTrader 4. It is expected that this will continue for some time because there are traders who are into the performance of MT4. It remains to be the most widely used platform for the reason that it is offered by almost all brokers. Here are some of the most important tricks in the MT4 platform.

Measuring the Distances

How long was the last wave of the trend? How many pips are required when putting the profit target or the stop loss? How many bars are there in every trend cycle? These important details can be accurately measured using a ruler present as a function in MetaTrader 4. This tool adds brilliance to this platform because it easily measures the points in the chart.

How to Use the “Ruler”

Find the crosshairs by using your mouse wheel. If you don’t have one, you can use the keyboard shortcut Ctrl + F. After that, you have to hold the left mouse button then you have to drag the cursor into the other point to measure its distance. There are three data presented in the MT4 rules. The first data is the number of bars from the origin until the second price point. The second number is about the pips you get from the first point until the second one. For the third number, it should be the price as to where your cursor is currently placed.

The Drawing Tools

Another helpful tool in MT4 is the drawing tool. Examples of

These are the trendlines and the rectangles that are used to mark consolidations.

How to Use the Drawing Tools

     Hold the keys Ctrl + left after selecting the trendline. After that, it will create a parallel line. This is useful when you draw channels.

     Duplicating objects are made easier using these keyboard shortcut Ctrl+left then click. This is very convenient because you won’t have to go on the menus to create again a drawing object like Fibonacci retracements. Most of the time, the object that has been duplicated will appear at the top of the previous object.

     Simply click on the image and place it in another space to see that they are indeed two. You can also edit the properties of the object by double-clicking on it.

Adding One Indicator

Compounding is another very useful tool in MT4. If you want to add a moving average into the RSI or the Bollinger Band, you can use several indicators on it. You can add the first indicator into your chart according to how you normally do it. After that, you have to open the Navigator window using these keys Ctrl-N.

A drop-down list will appear and from there, you can choose your preferred indicator. After you found the indicator that you want to use, you can now drag it into your chart.

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