MetaTrader4 User Guide
This useful User Guide will guide you through the process of downloading the MetaTrader4 platform, how to open and close a position, how to place orders and the various charting tools available on MT4.
Step 1. Apply for a LCG account from our website.
Step 2. Run the MetaTrader.exe file the same way you launch any Windows program.
Step 3. Scroll down the list to select the setup language. Then press the Next button.
MetaTrader4 setup: choose the setup language
In the next window check the "Yes, …" box if you agree with the terms of the license agreement. Then press the Next button:
MetaTrader4 setup: choose installation folder
Then choose program group and press the Next button:
MetaTrader4 setup: choose program group
MetaTrader4 setup: ready to install the MetaTrader4 platform on your computer
Installation is in process:
MetaTrader4 setup: installation in process
Once the MetaTrader4 platform has been installed you can launch it by clicking the "Launch MetaTrader - London Capital Group Ltd" box. Then press the Finish button:
MetaTrader4 setup: launch MetaTrader4
To launch the MetaTrader4 platform you can click on "Start/Programs/MetaTrader4/MetaTrader" or on its desktop icon.
Open a training account
Those who already trade via MetaTrader4, can open a demo account
anytime by selecting the "File->Open an Account" item from
the MetaTrader4 menu. Then fill in the application form to open a
demo account as shown above.
Server for the training account
Then press the Next button. In the following window you will see your login and password to trade on the demo account:
Demo account details
Once you press the Finish button you will have access to your demo account. If your demo account is inactive for 30 days it is automatically deleted by our server.
The “Market Watch” window can be activated by pressing the Ctrl+M key combination, or by using the View -> Market Watch menu sequence, or by clicking the button from the “Standard” toolbar:
Right click the mouse button on the “Market Watch” window to produce the context menu:
Market Watch window
In MetaTrader4 you can see as many real time charts as you wish, all on one screen, for any currency pair, CFD, and for any time period. The following types of charts are available in MetaTrader4:
The chart's x-axis is for the different time periods (minutes, hours, days, months etc.), and the y-axis is for the price. The point on the chart shows the close price for the period, i.e. the bid of the last quote for this period. All the sequential points are joined by lines:
It is recommended that this chart type is used only for the short time periods (up to 5 minutes). In order to change the chart to a line chart, press the button on the Charts toolbar:
Or press the Alt+3 key combination or use the Charts -> Line Chart menu sequence.
The chart is created with the 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. In order to change the chart to a bar chart press the button on the "Charts" toolbar.
Or press the Alt+1 key combination, or use the Charts -> Bar Chart menu sequence.
These charts are created in the same way as bar charts:
Candlesticks charts were very popular in the 80-90s because of their clear graphics. Candlesticks were originally created only for day charts which is why these days they are mostly used for a daily period. This method of technical analysis is based on the correlation between both closing and opening prices within the same trading day, and the closing price of the previous session and the opening price of the next session.
Candlesticks have different configurations compared to bar charts. The rectangular part of the candlestick line is called the real body. The thin vertical lines above and below the body are called shadows. They show lows and highs within a specified period of time. Depending on the closing and opening prices the real body can be white (empty) or black. When the body is white, the closing price is higher than the opening level. When the body is black, the closing price is lower than the opening level.
In order to change the chart to a bar chart press the button on the "Charts" toolbar. Or press the Alt+1 key combination, or use the Charts -> Bar Chart menu sequence.
In MetaTrader4 both the bar and candle high is the highest Bid price for the defined period, the low is the lowest Bid price, the closing price is the last quoted Bid, the opening price is the first quoted Bid.
In order to create a new chart for any instrument right click on the "Market Watch" window, then select the Chart window item from the menu:
By left clicking the mouse you can drag and drop any selected currency pair or CFD into any open chart window.
Chart period – the period displayed in one bar or candle. For example, if you create a 15 minute bar chart, then each bar will have the price data for the relevant 15 minutes. In MetaTrader4 the following time periods can be used: 1, 5, 15, 30 minutes (M1, M5, M15, M30 respectively), 1 hour (H1), 4 hours (H4), 1 day (D1), 1 week (W1) and 1 month (MN). In order to change a time period, use the "Periodicity" toolbar:
Right click anywhere on the chart to produce the context menu to get access to the chart settings:
Choose Periodicity and select a time period from the drop down menu or press the button on the "Charts" toolbar;
Select Refresh item if an error occurs or if there are so called "gaps" on the chart. All missing data will be uploaded from the server and will appear on the chart;
Select Grid if you wish to hide/unhide gridlines on the chart;
Select Volumes in order to show/hide tick volume (the number of quotes of any period time);
Zoom in / Zoom out will help you to modify chart measures. You can also use the buttons on the "Charts" toolbar or press the "+" and "-" buttons;
Save as picture… will save the chart as the *.gif, or *.bmp. file;
Properties… (or the F8 button) is the window where you can change chart settings or the charts color scheme by selecting the "Color" tab of any element on the chart:
Other settings can be changed in the Common tab:
Please note the following options:
Offline chart - the chart is not being updated by new quotes. Once you open the chart offline (File -> Open offline) this option becomes automatic;
Chart shift - allows to shift the chart from the right edge of the window. You can also press the button on the "Charts" toolbar or use the Charts -> Chart shift menu sequence;
Chart autoscroll - disables/enables chart autoscroll to the left once a new quote is received. You can also press the button on the "Charts" toolbar or use the Charts -> Autoscroll menu sequence.
In order to enable the ‘Order' window:
1. Right-click on the ‘Market Watch' window or on the ‘Trade' tab of the ‘Terminal' window and select New order from the context menu; or
2. Use the Tools -> New Order menu sequence; or
3. Right click on the chart window and select Trading -> New Order from the context menu; or
4. Double click on the currency pair in the ‘Market Watch' window.
The ‘Order' window:
Order window (Instant Execution)
In MetaTrader4 there are two ways of making deals: ‘Instant Execution' and ‘Request Execution'.
Instant Execution means that you do not have to request quotes as you see real-time dealable prices in the ‘Order' window and in the ‘Market Watch' window. 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. For the instruments which are traded in the ‘Instant Execution' mode all quotes which are in the "Market Watch" window are executable, not indicative.
For the instruments traded in the "Request Execution" mode all quotes in the ‘Market Watch' window are indicative and the "Buy" and "Sell" buttons are inactive. In order to make a deal you should request the quote from MetaTrader by pressing the "Request" button:
Order window (Request Execution)
Once you see the quote it remains dealable for several seconds:
The quote is valid for making a deal within several seconds
Once the "Buy" or "Sell" button is pressed and MetaTrader4 confirms the deal, you can consider your new long or short position open:
The position is now listed in the ‘Trade' tab of the ‘Terminal' window.
Before you make a deal you can change its details in the ‘Order' window:
In order to close a position, highlight it in the ‘Trade' tab of the ‘Terminal' window and right-click to obtain the context menu:
Close the position (Instant Execution)
For instruments which are traded in the ‘Request Execution' mode, you have to request a quote before closing a position:
Close the position (Request Execution)
Close the position (Request Execution) - step 2
If a currency pair or a CFD is traded in the "Instant Execution" mode there is no need to request a quote. This is why once the ‘Order #__ ...' window appears the "Close #position number…" button becomes active.
If the market is stable then execution is usually made at the quote shown by MetaTrader4. Sometimes, however, the market can be very volatile and the quote offered several seconds ago may become invalid (even before those several seconds, which are given to you for the decision-making process, run out). In this case the quote is revoked and the "Requote" window with a new quote appears.
Stop Loss: an order to close a previously opened position at a price less profitable for the customer than the price at the time of placing the order.
Take Profit: an order to close a previously opened position at a price more profitable for the customer than the price at the time of placing the order.
If you place these types of orders you do not have to sit in front of your computer to wait for the outcome. "Take Profit" and "Stop Loss" orders will be executed automatically as soon as the price reaches order level (see below). You can place Stop Loss and Take Profit at the time of making a deal filling in the "Stop Loss" and "Take Profit" fields in the "Order" window:
Afterwards in order to modify Stop Loss and Take Profit levels use the context menu:
Right-click on the open position or on the pending order in the "Trade" tab of the "Terminal" window then select "Modify or delete order". The "Modify order" window enables:
Fill in the "Stop Loss" and "Take Profit" fields. By pressing the red button (in our example "1.2121") you can copy this level into the "Stop Loss" field. By pressing the blue button (in our example ‘1.2096') you can copy this level in the "Take profit" field. The value in the "Level" field defines the difference between the order level and the current price. Once you fill in the "Stop Loss" and/or "Take profit" fields press the "Modify #position number" button.
The limits for the minimum range between the order and the current price are defined in the Contracts Specifications.
In order to delete "Stop Loss" or "Take Profit" orders, specify its level as equal to zero. ‘Stop Loss' and "Take Profit" orders are executed in the following cases:
The "Take Profit" order on an open Buy position is executed if the Bid price in the quotes flow becomes equal or higher than the order level.
The "Stop Loss" order on an open Buy position is executed if the Bid price in the quotes flow becomes equal or lower than the order level.
The "Take Profit" order on an open Sell position is executed if the Ask price in the quotes flow becomes equal or lower than the order level.
The "Stop Loss" order on an open Sell position is executed if the Ask price in the quotes flow becomes equal or higher than the order level.
The order will be executed if at least one quote in the quotes flow reaches the order level. Please note, that in MetaTrader4, charts are created using Bid prices. So:
Minimum Ask price is equal to the minimum bar price (Low) plus spread.
Maximum Ask price is equal to the maximum bar price (High) plus spread.
Minimum Bid price is equal to the minimum bar price (Low).
Maximum Bid price is equal to the maximum bar price (High).
Important: If, under abnormal market conditions, the order level falls within the price gap, MetaTrader4 has the right to execute the order at the Bid or Ask price (depending on order type) of the first obtainable after the gap quote.
A Trailing Stop is an algorithm to manage Stop Loss orders.
Once a trailing stop has been placed (for example, if a trailing stop's value is 15 pips) the following occurs:
Note: It is very important to note that no Stop Loss order will be placed until the market moves in your favour, as mentioned above. Therefore to limit losses, 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.
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:
In order to place a Pending Order, open the "Order" window by any way described below:
1. right click on the "Market Watch"window or on the "Trade" tab of the "Terminal" window and select New order from the context menu; or
2. press the F9 button; or
3. use the Tools -> New order menu sequence; or
4. right-click on the chart window and select Trading -> New order from the context menu; or
5. double-click on the currency pair in the "Market Watch" window.
Then choose the Pending order item from the drop down list:
The following options may also be changed in this window:
Once the Place order button is pressed, the instruction is sent directly to the LCG Trading Desk. Once MetaTrader4 confirms the order, it appears in the ‘Trade' tab of the ‘Terminal' window
Select Modify or Delete order. Press the Modify button or the Delete button depending on your choice in the dialog window:
Execution of pending orders:
A Buy Limit order is executed if the Ask price in the quotes flow becomes equal or lower than the order level.
A Sell Limit order is executed if the Bid price in the quotes flow becomes equal or higher than the order level.
A Buy Stop order is executed if the Ask price in the quotes flow becomes equal or higher than the order level.
A Sell Stop order is executed if the Bid price in the quotes flow becomes equal or lower than the order level.
CFD trading carries a high level of risk to your capital and you can lose more than your initial deposit. CFD trading may not be suitable for all investors so seek independent advice. View full risk warning