MetaTrader 4
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User Guide
Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
Table of Contents
1. How to start
Open Demo Account
Logging on to the Account
First charts
The File tab
2. Customize your charts
Data Folder
Customizable toolbars
Market Watch Window
Navigator
Multiple MT4 accounts on one platform
Multiple MT4 accounts on one computer
3. Settings (F8 button)
Options
Profiles
Templates
Indicators
Customisation of Indicators
Installing indicator
Installing Indicator via MT4
Objects
Ask Price
CrossHair
4. Charts
Line Chart
Bar Chart
Candlestick Chart
Tick Chart
Chart Periods
5. Trading with MT4
Open a position
The Order window
Close position
Market depth
Place/Modify/delete Stop Loss & Take Profit Orders
Partially closing a trade
6. Types of orders
Pending Order
Alerts
7. Account History
Account History Statement
Account History Statement detailed Report
8. Trouble Shooting
9. Other useful tricks and tips
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How to start
Open Demo Account
If you are wanting to open a demo account, please follow process described here:
Go to File > Open an Account > Select one of our servers:
Demo 01 or Demo02
You can select:
Standard / Razor
Leverage
Currency
Initial Deposit
Before you can proceed please select I agree with to subscribe to your
Newsletter
Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
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Logging on to the Account
First charts
When you are logging on to the account, is crucial that you select the appropriate
server. You will receive the server and login details in an email when your account is
created. You can also obtain this information on live chat (www.pepperstone.com)
When you open your MT4 platform for the first time you will see several charts and
indicators you may not understand and windows you dont know how to use. Dont
worry it will be piece of cake in no time!
We will help you to navigate through the MT4 platform and at the end you will have
fairly good understanding of functionality of MT4 and will be able to navigate
through the platform with ease.
Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
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Customize your charts
The File tab
You can access all charts from this tab. This can be done using the New Chart Tab
directly. This is located just under the File tab.
The File Tab can be your starting point
Open New Chart
Select your Profiles
Open Data Folder
Open an Account
Login to Trade Account
These are probably the most used functions of this tab. You will be able to login
to a trading account as well as open a new chart.
Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
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If you are unable to see all the desired instruments on the list, simply press Ctrl
+ U and window with all pairs available will appear. Some pairs are highlighted
and some are not. You can select by clicking Hide/ Show which instruments will be
visible.
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Under Specifications you can find information about your instrument.
If the FX pair is quoted in 3 decimal places The Pip is on the 2nd decimal place 0.0X.
If the FX pair is quoted in 5 decimal places The Pip value is on the 4th decimal place
(0.000x0).
You can also use information from this window to calculate your margin requirement
using Initial Margin number (Initial Margin * Volume /Leverage) for FX pairs and
Commodities and (Initial Margin * Price * Volume / Leverage) for Indices.
Please refer to our Margin Requirements page.
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Data Folder
The Data Folder is a useful place where you can download and save favorite
indicators or EAs (Expert Advisors) or simply and quickly organize profiles or
templates (which will be covered later)
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It is important to select the MQL4 Folder. Here your will find folders for EAs and
Indicators. If you have downloaded an indicator and you want to apply it in MT4,
simply copy the file you have downloaded and place it directly in to either the Expert
or Indicators folder. After this you just need to close and restart MT4 platform
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Customizable toolbars
You can see several different sections here, each will provide you with different
functionality. These are separated by vertical line.
Toolbars are fully customizable. Simply Right click on the toolbar you wish
customize and add or remove functions you are frequently using.
The fully customizable toolbar is great option to organize your workplace and having
the functions your need to use on a daily basis available
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Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
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Market Watch Window
The Market Watch window can be activated by the Ctrl+M key combination, or
by using the View-> Market Watch menu sequence or by clicking on the toolbar
button.
New Order enables the window to open/close a position or to place a new
pending order;
Chart Window enables the chart of an instrument to be displayed;
Tick Chart shows the tick chart for the selected instrument;
Hide hides the specified symbol from the list in the Market Watch window;
Hide All hides all symbols from the list in the Market Watch window which are
not used (if you have open positions or charts, the symbols will not be hidden);
Show All displays all available symbols in the Market Watch window;
Symbols enables the window where you can hide/show the selected instruments;
Sets saves/adjusts/deletes the custom settings for the Market Watch window;
High/Low shows/hides columns with the highest and lowest prices for each
instrument;
Time displays a column with the arrival time of the latest quote for each
instrument;
Grid hide /unhide gridlines in the Market Watch window;
Popup Prices opens the popup window which contains real time quotes for your
selected instruments.
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Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
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Navigator
Multiple MT4 accounts on one platform
Navigator (Ctrl + N) window will give you the opportunity to see and apply all
Indicators and Expert Advisors.
We can also have multiple accounts available in the navigator window. In order to
open this account simply double click on the account you wish to trade with.
You can also add and change your Hot Key for a favourite indicator by Right
Clicking on a specific indicator and then setting up a hot key.
When you double-click on the indicator you will have the option to adjust indicator
parameters:
Colours > Levels > Visualisations
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Multiple MT4 accounts on one computer
You need to download installation files every time you like to run additional MT4
platform on a same computer. Once you download installation of MT4 to your
computer you need to change a name of this file to lets say MT4 account 123456
while your second MT4 will have name MT4 account 9685874.
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Settings (F8 button)
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Profiles
Options
This window is particularly important if you like to predefine settings of your trading
or expert advisors. Under Server tab you can change your current password or
under Events tab you can make changes to the sounds or alerts.
Generally if you have issues with EA its mostly likely caused by EA not being
allowed.
Profiles are function where you can save your favourite chart or set of charts under
a specific name with specific settings. Therefore if you have charts you are using
frequently you will find this option very useful. You can rename profiles or delete
them.
Anytime you are using a chart that you wish to save as profile simply Click on bottom
of the screen where it says Default. You will be able to save current chart settings
and apply them for any other chart. This can be particularly useful if you have a
setting that you want to apply on multiple different charts.
If you go to Expert Advisors tab you can actually allow automated trading. You can
also set up automatic trade size for your trades under Trade tab.
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Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
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Templates
Indicators
If you want to keep a visual settings of a chart including indicators you want
to use you can save and apply these specific settings on another chart by using
Template function.
In the indicators section you can select your favorite indicator to and apply it to a
chart. These tools are used in technical analysis and you would need to find one
that suits your style.
Go to Template > Save Template. Then in a new chart apply saved template.
You can access it from a main toolbar
When you select a specific indicator you can adjust the parameters according to your
preferences. This option wont be presented automatically you can change these
setting under Option of a chart.
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Alternatively, you can Double click on the indicator and then Right click to go into
Indicator properties.
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Customisation of Indicators
If you double click on an indicator in the Navigator window, you will be able to
program your indicator. This can be quite advanced function and we recommend
to seek more information before changing various parameters. When you go into
the MQL4 folder in a Metatrader 4 you will see a Indicator folder where are all the
indicators stored.
To apply your freshly downloaded indicator, please copy and paste your downloaded
indicator to Indicator folder.
Another option is to press CTRL + I, which will bring up your Indicator list and you
can select an indicator that you wish to adjust.
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Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
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Installing indicator
Installing Indicators via MT4
When you go into the MQL4 folder in the Metatrader 4 you will see the Indicator
folder where are all the indicators stored.
Simply go to File > Open Data Folder via MT4 platform directly and place your
indicator to the Indicator folder.
To apply your freshly downloaded indicator please copy and paste your downloaded
indicator to the Indicator folder.
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Objects
If you want to see all objects on the charts that you have used simply press CTRL + B
and the window will be populated
If you wish to change the properties of the object simply Double Click on the edge of
the object and left click on the selected object.
Here you can rename your objects as well as change their properties.
The properties option will be presented and you can adjust properties based on your
preferences.
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Risk Warning : Trading Forex puts your capital at risk. AFSL No.414530
Ask Price
In order to see the Ask Line (Price) Right Click on the Chart > Properties >
Common > Show Ask Line
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Charts
CrossHair
With a crosshair you can measure a distance between two points. Also it will provide
you with information related to the date and time of any point on a chart.
The information provided is in the format: Number of periods/Number of points
between two prices/ prices.
In MetaTrader 4, you can see as many real time charts as you wish, all on
one screen. For any currency pair and for any time period. A useful trick is to use
ALT + R. This will automatically organize all your current open charts.
The following types of charts are available in MetaTrader 4:
In this example we are on Daily chart so difference between two prices is
45 periods/ 539 points (53.9 pips)/ price 0.68260
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Line Chart
Bar Chart
The chart x-axis is for a different time periods (minutes, hours, days, months etc.), and
the y-axis is for a price. The price on the chart shows the close price for the period, i.e.
the bid of the last quote for this period. All sequential points are joined by lines:
The chart is created with a use of bars. Each bar has a high (top), a low (bottom), an
opening price (left horizontal little line) and a closing price (right horizontal little line)
for the specified period of time (for example, an hour):
It is recommended that you use this chart type for periods of 5 minutes or more.
Press Alt + 1 or select Charts > Bar Chart.
It is recommended that this chart type is used only for a short time periods
(up to 5 minutes).
You can select appropriate chart from your toolbar or Alt + 3.
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Candlestick Chart
Tick Chart
Candlesticks were developed by Japanese rice trader Munehisa Homa in 18th
century. Candlestick charts were introduced later in 1800s. Western world knows
candlesticks thanks to Steven Nison and his book: Japanese Candlesticks Charting
Techniques.
The tick chart is a tool that can be used to precisely visualize Ask vs. Bid Price when
entering a trade.
Prices are moving simultaneously incorporating a current spread between Bid and
Ask price.
Press Alt + 2 or select Charts > Candlestick Chart.
Chart Periods
Chart periods can be amended in you toolbar. Alternatively you can find this function
by Right Click on a chart > Periodicity.
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Trading with MT4
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The Order window
Open a position
In order to open a new position Right Click on a chart and select Trading.
Now you can select a New order or place a Pending Order at a price above or below
the current market price.
ALT + T will give you an option to place a trade with one click only. You will also be
able to select a trade size based on your preferences.
In MetaTrader 4, there are two ways of making deals: Market Execution and
Pending Order. Market execution sends a request to fill your order immediately
at the next available price. Once you have decided to buy or sell at the current price
press the Buy or Sell buttons to open a long or short position. A Pending Order will
open your traded when the price triggers predefined levels. You can enter this order
by Right Clicking on a chart as explained in Open a position part.
Before you enter the market you can change details in Order window:
Symbol - a currency pair
Volume - number of lots
Stop Loss - the level of Stop Loss
Take Profit - the level of Take Profit
Comment Appear in your report
The new position will now be listed in the Trade tab of the Terminal window. You
can access terminal also by Ctrl + T.
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Close position
Market depth
In order to close a position, highlight the trade in the Trade tab of the Terminal
window and right click to obtain the context menu then select Close order. Double
clicking on the open position in the Trade tab of the Terminal window will have the
same result. The Order # window appears and you click the Yellow Close bar.
If you wish to enter a trade at market price and at the same type set up your stop loss
and take profit order you can do that in the Market Depth window which is assessable
under ALT + B
f you wish to partially close the trade, you can specify the volume you wish to close
and then press Close.
Middle Line signals the current market price while prices above the middle line are
prices above the current price and same applies for the prices below the middle line.
SL refers to the Stop loss order while TP is the Take profit order.
The central window at the bottom of the market depth refers to the size of the trade.
You can cancel your current position by selecting Close.
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Place/Modify/delete Stop Loss & Take Profit Orders
Stop Loss - a pending order to close a position that is moving against you should the
market price reach a pre-defined level.
Take Profit a pending order to close a position that is moving in your favour should
the market price reach a pre-defined level.
If you place these types of orders you do not have to sit in front of your computer and
wait for the outcome. Take Profit and Stop Loss orders will be executed automatically
as soon as the price reaches the order level (see below). You can place Stop Loss and
Take Profit at the time of making a deal by filling in the Stop Loss and Take Profit
fields in the Order window:
In order to delete Stop Loss or Take profit orders specify its level as equal to zero.
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Trailing Stop: is an algorithm to manage Stop Loss orders. Once a trailing stop has
been placed and you remain logged in to your account and platform. (For example,
trailing stops value is 15 pips) the following occurs:
No Stop Loss order will be placed until the open position is in a profit of at
least 15 pips. MetaTrader 4 then sends an instruction to place the Stop Loss order 15
pips higher or lower than the current price. Subsequently, each time the difference
between the current price and the order level exceeds 15 pips, MetaTrader 4
sends the instruction to modify the Stop Loss order to a level 15 Pips higher or
lower than the current price. As a result, the Stop Loss order becomes closer to the
current price.
On the picture below you can see a points rather then pips because MT4 uses points
not a pips. (10 points = 1 pip)
Important
It is very important to note that no Trailing Stop Loss order will be placed until the market moves in your
favour as mentioned above. Therefore until you place your Stop Loss, to limit losses, you might consider
to place a separate Stop Loss would need to be placed manually. In order to place a trailing stop, highlight
the open position in the Trade tab of the Terminal window and right click to open the context menu.
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Partially closing a trade
Types of orders
In order to close the trade partially Double Click in your Terminal Window (Ctrl + T) on
the position you are willing to partially close. The following window will pops up and
in Volume section you can select what position size you want to close. You can see
what position size you are about to close in the yellow box.
Pending Order
Terminal Window (Double Click on the position)
A Pending Order is an instruction to open a position when the current price reaches
the order level.
There are four types of pending orders:
Buy Stop - an order to open a Buy position at a price higher than the price at the
moment of placing the order;
Sell Stop - an order to open a Sell position at a price lower than the price at the
moment of placing the order;
Buy Limit - an order to open a Buy position at a lower price than the price at the
moment of placing the order;
Sell Limit - an order to open a Sell position at a price higher than the price at the
moment of placing the order.
In order to place a pending order, open the Order window by any way described
below: Right click on the Market Watch window or on the Trade tab of the
Terminal window and select New order from the menu; or press the F9 button; or
use the Tools > New order menu sequence; or Right click on the chart window and
select Trading -> New Order from the menu; or double click on a currency pair in the
Market Watch window.
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The following options may be changed in this window as well:
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When you then drag particular order to the relevant chart it will show you the open
and close of the trade. You can also produce the statement
Symbol - currency pair;
Volume - transaction size in lots;
Stop Loss - Stop Loss order level which will be activated once the pending order
has been executed;
Take Profit - Take Profit order level which will be activated once the pending
order has been executed;
Comment - your comments for the pending order;
Type - the type of pending order: Buy Stop, Buy Limit, Sell Stop, Sell Limit;
At price - pending order level;
Expiry - if the box has not been checked the order is valid up to the time when
you cancel it or when it is executed. If the box is checked the order is valid up to
the moment specified in the box.
Once the Place order button is pressed it appears in the Trade tab of the Terminal
window.
Alerts
In your Terminal window you can set up alert at predefined conditions to make sure
you miss certain price levels
You can set up a pair you are interested and parameters of the alert.
Account History
In your Terminal window you can access your trading history under the History tab.
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Account History Statement
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Account History Statement detailed Report
A great feature of a history in MT4 is that if you find particular transaction in your
Terminal widow you can simply drag and drop a trade on a chart and see when you
entered and closed your position.
This is particularly useful when you are doing analysis of your past trades.
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Trouble Shooting
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Other useful tricks and tips
To auto scroll your chart select in your toolbar to allow chart to shift from the right
edge select
Invalid account
Refers to wrong credentials - Please login to Secure Client Area and verify your
account number and change your password under the account settings.
You might wish to manually type the server address as per the details in the account
opening email.
No Internet connection
Refers to connection issues - Please see the setting of your firewall or anti virus and
add MT4 platform as an exemption or turn of anti virus and firewall.
If you are still having some difficulty, the fastest way for us to troubleshoot and
offeryou assistance is to visit us from any device on live chat now.
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Left arrow scroll chart to the left;
Right arrow scroll chart to the right;
Up arrow quickly scroll chart to the left or (if the scale is defined), scroll chart
upwards;
Down arrow quickly scroll chart to the right or (if the scale is defined), scroll
chart downwards;
Numpad 5 restores chart vertical scale to its original default. If the scale was
defined, this returns the chart back to its visible range;
Page Up scroll a whole screen to the left;
Page Down scroll a whole screen to the left;
Home move the chart to the start point (first bar);
End move the chart to the end point (last, i.e. most current) bar;
zoom out (there are 6 levels of zoom available);
+ zoom in;
Delete delete all selected objects;Backspace delete most recently added
objects, on a last-added-first-removed basis;
Enter open/close the fast navigation window;
Esc close any dialog window;
F1 open the on line help Userguide;
F2 open the History Center window;
F3 open the Global Variables window;
F4 open MetaEditor;
F5 switch to the next profile;
F6 call the Tester dialog window for testing the expert attached to the chart
window;
F7 call the properties dialog window of the expert attached to their chart
window, in order to change its settings;
F8 call the chart setup dialog window, allowing basic chart parameters, colors,
etc to be changed;
F9 call the New Order window, allowing the entry of market, limit, stop orders;
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F10 open the Popup prices window;
F11 enable/disable full screen mode;
F12 scroll the chart one bar to the left;
Shift+F12 scroll the chart one bar to the right;
Shift+F5 switch to the previous profile;
Alt+1 display the chart as OHLC bars;
Alt+2 display the chart as OHLC candlesticks;
Alt+3 display the chart as a line (closing prices only);
Alt+A copy all test/optimization results onto the clipboard;
Alt+W call the chart management window;
Alt+F4 exit the program;
Ctrl+A arrange all indicator window heights by default;
Ctrl+B call the Objects List dialog window;
Ctrl+C or Ctrl+Insert copy to the clipboard;
Ctrl+D open/close the Data Window;
Ctrl+E enable/disable the attached expert advisor;
Ctrl+F switch to Crosshair mode;
Ctrl+G show/hide the vertical/horizontal grid;
Ctrl+H show/hide the OHLC line;
Ctrl+I call the Indicators List dialog window;
Ctrl+L show/hide volume data on the main chart;
Ctrl+M open/close the Market Watch window;
Ctrl+N open/close the Navigator window;
Ctrl+O open the Setup window;
Ctrl+P print the chart;
Ctrl+R open/close the Tester window;
Ctrl+S save the chart prices (OHLCV) in a file having extensions: CSV, PRN or
HTM;
Ctrl+T open/close the Terminal window;
Ctrl+W or Ctrl+F4 close the chart window thats currently in focus;
Ctrl+Y show/hide date (period) separators;
Ctrl+Z or Alt+Backspace undo object deletions in the reverse order they
occurred;
Ctrl+F6 switch to the next chart window;
Ctrl+F9 open the Terminal Trade window and switch the focus into it,
allowing trading operations to be entered via the keyboard
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Try Pepperstone today and experience
forex trading as it should be.
Demo Account
Open Demo Trading Account
Live Account
Open Live Trading Account
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Local Call 1300 033 375
Phone +61 3 9020 0155
Fax
+61 3 8679 4408
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