How to properly install and configure MT4 for correct operation of the strategy? Consider at first glance a simple, but no less significant trader's mistake, due to which it is simply not possible to see a good signal for entering by binary options strategies.
What is this seemingly simple mistake, due to which a good signal for a strategy for entering the market is not visible?
Since most strategies that include custom or author's indicators involve the use of the metatrader program (MT4), then you must first correctly configure the display of the chart window with the template.
Even if it looks like a small detail, but as it turned out in practice, it is often because of this that a novice trader in most cases simply cannot see and correctly predict the entry point.
In order for the template to be displayed well on the chart, it is necessary to set up the trading terminal correctly.
You can download the MT4 program from this broker.
So let's get started!
Let's start from the very beginning, namely with the MT4 setup
Downloading MT4 here (before that you need to register) and run it on the computer by clicking on the installer, check the box that "agree with the installation" and click "Settings" to select the place where to install the program:
Next, you need to select the installation location by creating a folder with the name of the terminal, it looks like this:
For clarity, all actions are numbered, you just need to perform them: Browse (choose where MT4 will be installed, I chose for convenience on the desktop) → Create folder (name the folder name for MT4) → OK → specify the name of the created folder in the “Program folder” field ( under #5 on the screenshot) → uncheck the “Open MQL5 site” checkbox (we don’t need it) → click “Next”.
After that, the program will download all the necessary files from the server and the following window will appear:
Click "Finish" and the terminal itself will open like this:
We click on the “Close” checkbox, we don’t need it, since it’s better to use real ECN accounts to work out strategies, which must first be opened in the broker’s personal account.
Next, open the folder with the installed terminal and click on the startup file (it's called "terminal.exe"):
Next, we go to Personal Area (register before this, if you have not already done so) broker and click "Open an account":
Check the boxes as shown in the screenshot and click "Open an account":
Next, you will see the following notification about the successful opening of an account:
In MT4, you just need to enter these data, namely: Login, Password and specify the Server Type, in this case, this is Alpari-ECN1.
In MT4, click on the top Menu, select: “File” → “Connect to a trading account” and a window with data will open, where you need to enter the data received when opening an account (the filling sequence is numbered):
Now we close all unnecessary windows (as in the screenshot) so that they do not interfere with us, since you still need to configure everything from the very beginning:
So, now let's proceed to the correct setting of the terminal so that the strategy template most adequately reflects the situation and everything is clearly visible and the chart does not slow down, even if a large number of pairs are opened.
Go to the top menu: Tools → Settings, a window with settings opens, you need to remove or check the boxes as shown in the screenshots:
We uncheck the “Allow news” box, since news arrives in MT4 quite often, this overloads the terminal when they are released, and at the right time to determine the signals, there may not be enough computer resources or Internet connection speed, which will lead to a partial freeze of the program.
In the "Charts" tab, it is important to set the minimum number of bars displayed in the window:
If you have a weak computer and little RAM, then it is recommended to generally set bars to 100 or 500, but you also need to understand that the smaller the number of bars, the shorter the interval for viewing history on a real-time chart.
You can also put the following checkboxes: "Select object after creation" and "Select object on single mouse click". So, in my opinion, it is much more convenient when working with the same Fibonacci grid or when, for example, we build trend levels or the same support and resistance levels:
If you don't want to receive alerts from installed experts (for me, they only distract), you can turn them off:
At the end, we must click: “Save” and restart the terminal (you need to turn it off and on again).
After any changes in MT4 (configuration or installation of files), it is necessary to restart the terminal for all changes to take effect.
- With such optimal settings, MT4 will not slow down and quote data will be quickly displayed on the chart, and this is very important for receiving signals.
Now let's start setting up the MT4 working window to make it as convenient as possible
No. 1. Click in the top menu of MT4: View → Market Watch (or you can use hot keys: CTR + M), a window will open on the left with a choice of pairs.
To select a pair, you need to click on the pair with the left mouse button, hold down the key and move it to an empty place, it will turn out like this:
The window with the chart that opens can be enlarged by clicking on the button shown in the screenshot above, the chart can also be stretched to the desired size by pointing to the corner of the window and pressing the left mouse button - drag to the desired size.
Now, for convenience and to make the visible part of the window even larger, I recommend moving all the tools that are located on top to the side columns.
You can do it this way: with the left mouse button, hold down the tips of the tools (this is where the timeframes, lines, arrows and other icons are) and move them to the side:
The main part is done.
That's all, now you can install some indicator on the pair chart, for example. You can do this in the following way:
You can also display the navigator using the hot key CNT + N
To transfer any Expert Advisor, for example, the same indicator, to the chart of a pair, you need to hold the required indicator with the left mouse button and transfer it to the chart.
Immediately after that, a window with the indicator settings will be displayed on the chart, where you can already make any settings (if necessary) or simply click on the “OK” button and the indicator will be installed on the chart.
To install a ready-made, saved template with all the settings of any strategies - right-click on the pair chart with the right mouse button, select the "Templates" item and in the drop-down list you already need to click on the template that you want to install, it will immediately be installed on the chart and displayed.
It will look something like this:
Isn't it very convenient?
Or, as usual, beginners do who want to make money on binary options as soon as possible, but at the beginning they don’t even consider it necessary correctly, and most importantly, it’s convenient to set up a work schedule.
After all, the way you perceive the situation on the market and trade directly depends on the convenient location of objects in MT4.
Here is an example of a screenshot of a chart that a novice trader sent me with a request to help him parse the signals by this strategy:
On the chart, the devil will break his leg, everything is complete, a lot of unnecessary things, the chart itself is not legible due to incorrect window settings, etc. In general, I did not understand anything, where he bought the option and for what expiration time, at least read my thoughts!