Customizing Charts and Indicators on MetaTrader 4 for Mac
MetaTrader 4 for Mac offers traders an option to customize charts and indicators which helps them to enhance the functionality of the MT4 platform according to their own preference and style of trading. To that end, technical analysts or price action traders can apply personalized adjustments of the charts and indicators to their trading activity. Fortunately, MetaTrader 4 provides numerous tools helpful in this process, and it is possible to optimize this platform by making mild modifications.
When you run MetaTrader 4 for Mac for the first time, you may find that charts are set up in a way you do not like. However, the fact is that changing the appearance of the chart can also be made very easily in several steps. To change the general look of the chart go to the chart and right-click to open a list of options where you should choose “properties”. In the properties window there are options that let you set the color of background, the color for the candles, the grid and many others. For instance, you may like having a black field with white candles, or change colors in order to differentiate between bullish and bearish bars. These changes can make your charts more readable and attractive and thus you are able to produce the best one.
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If you have a preference for a particular chart format then this can be changed quite easily. For example, changing it from a candlestick chart, line chart or a bar chart. To select a chart type, simply click the chart type icon at the top of the platform to match your trading style. I found that each chart option is useful in its way, and trying out the different values can help one settle on their favorite choice.
Technical analysis relies on indicators and MetaTrader 4 for Mac has a broad set of in-built indicators available for use. To add an indicator, go to the tab in the upper part of the platform labeled “Insert,” then “Indicators,” and then choose an appropriate indicator from the list. After you add this indicator to the chart, you have various options that allow you to work with the chart in a way that you prefer. To change settings, right-click the indicator and choose Properties, where you can change the settings including the period, color and point thickness. For instance, if you are using the Moving Average this can be adjusted in terms of period so as to determine how sensitive the Moving Average indicator will be to the price activity. It is also possible to highlight the Indicator lines on the chart by changing their color and style of the dashes used.
One rather useful feature of MetaTrader 4 for Mac is the ability to attach as many indicators as necessary to one chart. You can try and view the market from a different angle, or from several at once. For example, you might use the Moving Average as your trend indicator and the Relative Strength Index (RSI) as your momentum indicator when deciding what the buy/sell signals ought to be.
Besides the set of basic indicators, MetaTrader 4 for Mac provides you with the ability to employ various custom indicators, which can be taken from the internet or developed by you. Some of them can be individualized even further in order to accommodate your particular trading approach: When you wish to add your own indicator, you must drop your indicator file into the “Indicators” directory of MetaTrader 4’s data folder. After installation, close and reopen MetaTrader 4 for Mac, and a custom indicator will be situated in the “Custom Indicators” suboption of the “Insert” menu. From there it can then be added to the chart and further modified in only the same way as any other indicator.
Custom indicators are most helpful when you have a certain strategy that will need certain technical analysis tools. A lot of traders apply them to perform some operations mechanically or by searching for patterns which are not available in primary indicators.
As you navigate through the charts and indicators tab, you get to choose and/or modify settings that meet your preferred layout after which you can save on that particular layout. This is great as it helps the user in cases where one would have to set more charts with similar settings and indicators. To save your template, go to the chart you’ve worked on, and right click, then choose “Template,” thereafter choosing, “Save Template.” When a template is created, you should inform your application what name you want your template to be saved under and your application will then save the template under the name that you have provided. So for example, if you want to use the template for a new chart Right click the chart and then from the menu select the “Template” then select the “Template” you want to use.
Many traders use indicators and other visual features to track the changes in the trading market, and by modifying these elements on MetaTrader 4 for Mac, you can achieve the most suitable trading conditions you prefer. Even the aesthetics of the platform can be changed, along with the addition of multiple different indicators and even custom indicators that you may use on the trading strategy. As you can customize your charting, you are able to tailor your choices and outcomes to help maximize your trading success.
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