The most widely used trading platform in the world among thousands of retail traders is MT4. MT4, from MetaQuotes, had been a backbone in this industry since the early 2000s and was always out front in forex trade. For computer, browser-based web, and mobile application, the long list of its features makes MT4 a powerful tool.
But very few of them actually know how to use anything more than its basic buy and sell functions. Here, we walk you through some of the most valuable MT4 hacks and tricks to optimize your trading experience.
MT4 Getting Started: Opening Your Free Demo Account
Before we get into the tips, make sure that you have MT4 set up. You can download a demo version from most brokers. If you still haven’t, create your free demo account with any reputable broker. Just go to their website, register, and download the client of MT4. And after installation, you are good to go to discover some secret features of it.
Must Know MT4 Keyboard Shortcuts
Keyboard shortcuts can make your navigation even more effective, especially in cases of multiple assets being traded or analyzed. Following are some of the handiest:
1. Quick Order Panel ON/OFF: Alt + T
The quick order panel allows you to quickly enter a trade. Of course, it’s very useful, but sometimes it gets in the way of viewing the market. The hot key to switch the quick order panel on and off is Alt + T; with this hot key, it will clear your chart.
2. Show/Hide Volume (Ctrl + L)
Volume is a significant measure to traders who base their operations on it. Press Ctrl + L to show or hide the volume on your chart. This is quite useful when you have chart settings that overlap with the volume display.
3. Period Separators (Ctrl + Y)
Period separators define the beginning and end of some time frames, which are visually well-marked in the market. Use Ctrl + Y to toggle these on or off. It’s an easy way to clean up clutter when analyzing larger time frames or looking at historical data.
4. Options Panel (Ctrl + O)
The options panel has a lot of settings that can be set to tailor your trading environment. Use Ctrl + O for quick access to the options panel. One commonly used option is the trade toggle to turn on/off trades when you want to keep your chart clean, especially if you have a lot of open positions.
5. Toggle Grid Off Ctrl+G
The grid is visually noisy and distracting. If you like your chart clean without the structure of a grid, then press Ctrl + G to turn it off. This cleans up the chart and prepares you for better readability in focusing on price action.
6. Objects List (Ctrl + B)
Trend lines, shapes, and other objects added to your chart can get tedious to manage. Ctrl + B opens the objects window and makes all elements on your chart easy to view and edit.
Using the Profile Section in MT4
The MT4 Profile Section is one of the most underutilized sections that can really improve your workflow. Profiles enable you to save your favorite chart arrangements, including timeframes, indicators, and window layouts. This is quite handy for traders who use several strategies or want to track many assets at the same time.
To create or switch profiles:
- Go to the File menu at the top left.
- Click Profiles, then select options such as Save As, Load or Remove.
- Save several profiles with Shift + F5 for quick cycling between different profiles using the same shortcut.
Displaying Trade History on Your Chart
Being able to analyze your past trades is a huge key to making improvements in your strategy. Instead of mapping out your entries and exits, you can utilize a simple drag-and-drop trick:
- Account History tab in the Terminal window.
- Highlight a closed trade, and drag it onto the chart. It will highlight your entry and exit point of your trade, your stop loss, and your take profit levels.
This feature will enable you to review your trading decisions very fast and see how the market behaved around your trade.
Live Price Updates in Microsoft Excel
For traders who want to analyze market data more dynamically, MT4 offers an integration feature with Microsoft Excel. This way, one can view live prices within a spreadsheet and hence will be perfect for position sizing models or algorithmic trading.
To set this up:
- Go to the folder where MT4 is installed, for example:
C:\Program Files\Switch Markets\MetaTrader 4 Terminal\. - Open the DDE Sample spreadsheet.
- In MT4, the DDE server is enabled, by default, by pressing Ctrl + O, going to the Server tab, and checking that Enable DDE server is checked.
- Open the Excel file; it shall depict the Bid/Ask price with timestamps in real-time.
This integration is a very powerful tool that not too many traders use, but it can help you make a big jump in analysis and strategy development.
Conclusion: Make the Most of MT4
MT4 is the industry standard for a reason—it’s versatile, user-friendly, and full of features that most traders never use. From keyboard shortcuts and customized profiles to live price updates in Excel, the following hacks will make you a more efficient and productive trader. With these tools integrated into your workflow, you’ll have the competitive edge that separates the best from the rest.
