Learn about MetaTrader 4 and MetaTrader 5 tools.

 Learn about MetaTrader 4 and MetaTrader 5 tools.

It is important to know about the tools while trading in MetaTrader. With which you can understand Metatrader easily, in this article we will talk about Metatrader tools. You can learn how these tools work. Let's begin.

Main menu: The main menu is located at the top of the screen. It is used to switch between accounts, choose the preferred MT5 language, customise the current toolbar, add indicators and objects to your chart, view the MT5 user guide, etc.

Toolbar:  The toolbar window contains small buttons or shortcuts for the most commonly used commands for managing charts and technical indicators. There are three toolbars: Standard, Line Studies, and Time Frame.

Charts: The Charts window displays the price of the selected assets. Four chart windows are displayed by default, but you can have up to 100 charts open at once. You can also trade directly from the charts as well as use any of the indicators on the drawing tools on them.

Market Watch: The Market Watch window lists available trading instruments and their Bid and Ask prices and daily change (%). The Ask price is the level at which the seller is willing to sell, and the Bid price is the level at which the buyer is willing to buy.

Navigator: The Navigator window provides quick access to your live and demo accounts, indicators, expert advisors, scripts, markets, signals, and VPS.

Terminal:The terminal window allows you to work with your trading positions – such as opening, closing, and modifying orders. News, calendar, account history, alerts, etc. are also grouped in this window.

Symbol: Symbol allows you to select the instrument for which you want to open a position.

Market Type: Market Type allows Select Instant Execution if you want to trade immediately at the current price. Alternatively, if you want to trade when the price reaches a certain level, select the Pending Order.

Volume: Select the trading volume in the lot (when trading forex, 1.00 lot equals 100000 units of currency).

Stop Loss and Take Profit:You can Enter the value or level to execute the trade (once the price of the instrument reaches this level, your trade will be closed automatically). This is optional.

Fill Policy: You can choose Fill or Kill if you want the trade to be executed only in the specified volume. Alternatively, select Immediate or Cancel if you wish to deal with the maximum available volume in the market within the volume specified in the order.

Comment: With the comment option you can add a comment about your trade. This is optional.

Stop Loss - Set the stop loss level (this is optional). If it is 0.000, it is assumed that the order has not been placed.

Take Profit – Setting the take profit level is also not a mandatory parameter. If it is 0.000, it is assumed that the order could not be placed.

Pay attention! If the Stop Loss and Take Profit levels are set close enough to the current price, you will see an error message: "Invalid S/L or T/P". You will need to move the level away from the current value and repeat the application.

If you want to donwload Metatrader 4 please follow this article.

We hope you understand about this, if any question you can ask us in comment. Stay tuned for more such articles.