How to use MetaTrader 4

  • What platforms does AxiTrader offer?

    AxiTrader offers free download and installation of the leading MetaTrader 4 (MT4) trading platform across most major devices and operating systems including Windows, Mac, iPhone/iPad and Android, as well as the browser based WebTrader platform.

    Visit our Trading Platforms page or more information on our retail platforms. For institutional platforms please visit AxiPrime.

  • Where can I download the MT4 platform?

    When you complete a Live or Demo application and create an account, you will be sent a link to download the platform on your preferred computer or device.

    If you have an existing Live account and need to download, update or reinstall the MetaTrader 4 platform, the latest version is available in the Client Portal. Once you've logged in, select ‘Download MT4’ from the main menu. You can also Contact AxiTrader via phone, email or live chat to request a download link.

  • What Build or Version of MetaTrader 4 do I have?

    To check the build (version) number of your MT4 platform, open the platform and select Help from the top toolbar. From the dropdown menu, select ‘About’ and your build number and date of upgrade will be displayed.

  • How do I uninstall MetaTrader 4?

    To Uninstall MT4:

    1. In Windows, click "Start" -> "Control Panel"
    2. Select "Add or Remove Programs" or “Uninstall a Program”
    3. Right click on "MetaTrader - AxiTrader"
    4. Confirm you want to uninstall the platform and click "Yes"
    5. Click “Finish” to complete the process

  • How do I install MetaTader 4?

    1. Firstly download MetaTrader 4
    2. Install the application onto your computer
    3. Login to your MT4 trading platform
    4. Create an MT4 practice account

    Watch our How to Install MT4 video.

     

  • How do I change my MetaTrader 4 password?

    To change your password you will need to login to your trading account on the MT4 platform. Once you have done this:

    1. Click on ‘Tools’ in the main toolbar, then select ‘Options’
    2. On the new panel select the ‘Server’ tab
    3. Make sure the login and master password are filled in and press the change button
    4. You will be prompted to enter your current password and new password twice
    5. You can also choose to change either the Master or Investor password (read only)
    6. Click the ‘Ok’ button

    Changing MT4 password

  • What is an Investor Password?

    An Investor Password lets a user to log into an MT4 account in a read-only view, allowing the user to monitor trades but not place or close trades. Investor Passwords are commonly used by clients who want to follow the performance of an account that is being managed for them.

  • How do I generate an Investor password?

    Please refer to the ‘How do I change my MetaTrader 4 Password’ FAQ.

  • What should I do if I forget the password to my Demo account?

    To request a new password for your Demo account, please email service@axitrader.com with your Demo account number, or Contact Us.

  • Are your trading hours in line with New York close?

    Yes, the end of our trading day always aligns with the close in New York.

  • How do I view Trade History?

    To view performance of past trades, access the History Centre using the following steps: 

    1. Open the MT4 platform
    2. Click on ‘Tools’ in the toolbar
    3. Select ‘History Centre’ from the dropdown menu

    Trade History

  • How do I download Quote History in MT4?

    You can download a Quote History using the following steps

    1. Select the currency pair from the symbols list
    2. Select the time frame you are looking to download
    3. Once the time frame is highlighted, click the Download button and a message will display allowing you to download the history

    Quote History

  • What can I find in my MT4 trading report?

    A trading report displays the following:

    • Realised and Floating Profit and Loss
    • Commissions
    • Swaps
    • Deposit/Withdrawals
    • Balance and credit
    • Margin and free margin
    • Individual trade details

  • How do I find swap rates?

    To see the swap charges for a currency position, log in to your MT4 platform and use the following steps:

    1. Right click on a pair in the ‘Market Watch’ panel
    2. Select ‘Symbols’, choose the symbol you wish to view then select ‘Properties’
    3. The features of the currency pair, including the relevant swap rates, will be displayed

    If you need further assistance locating swap rates on the platform, please Contact Us.

  • How do I change the way my profits are displayed in the terminal?

    To change the way profits are displayed, right click in the middle of the trade terminal on the ‘Trade’ tab, hover over the Profit option to bring up the following selections:

    • as Points
    • as Term Currency
    • as Base Currency

    Profit display settings

  • What do the following terms on my platform mean: balance, equity, margin, free margin and margin level?

    Balance
    This is the value of your account before taking into account any open positions.

     

    Equity
    This is the current value of your account including the value of any open positions.

     

    Margin
    This is the amount of money you need to have, and maintain, in your account to cover any open positions.

     

    Free Margin
    This is the difference between your Equity and the Margin

     

    Margin Level
    This is the ratio of Equity to Margin, calculated by the following formula:
    ( Equity / Margin ) x 100 = Margin Level

  • How do I generate a statement from the Platform?

    Use the following steps to generate a statement from within MT4: 

    1. Open the MT4 terminal
    2. Select the ‘Account History’ tab
    3. Right click in the ‘Account History’ section and select a custom period from the drop down
    4. Select the start and finish date of the statement you would like to generate
    5. Once the relevant history is displayed, right click and then choose to Save Report or Save Detailed Report. Selecting the Detailed Report will generate the additional information displayed below:

    MT4 statement

  • Can I lose more than I deposited?

    Investing in over-the-counter derivatives carries significant risks and it is possible to lose more than your initial investment. To minimise risk we encourage all traders to use the training resources available in our Education Centre, spend time learning to trade with a Demo account and to only trade using a level of leverage appropriate to their situation and trading strategy.

    Trading may not be suitable for everyone. Please ensure you have read and fully understand the terms of our client agreement.

  • What is a VPS?

    A Virtual Private Server (VPS) is a third party connection that keeps your trading platform connected to the network 24 hours a day, even if your own computer or device is turned off. A VPS is commonly used to prevent downtime and for the running of Expert Advisors (EAs) or automated trading software.

  • Does AxiTrader offer VPS service?

    AxiTrader does not offer its own VPS service. For a range of third party VPS solutions available through our partners, please see Forex VPS Hosting. If you need any help choosing a VPS for your specific setup, please Contact Us.

     

  • How do you place a trade in MT4?

    Open the Order Window

    Trades are executed through using the Order Window in MT4. There are several ways to access the Order Window:

    • From the Market Watch window, right click on a currency pair and select ‘New Trade’
    • If you have a chart open, right click on the chart and select ‘Trade’, then ‘New Order’
    • From the main toolbar, click ‘New Order’
    • Use the keyboard shortcut by pressing the F9 key

    Trade order window

     

    Placing an Order

    Before you can execute a trade you will need to specify the following details:

    • Symbol: Select from the dropdown list. A chart will appear within the window to show current pricing.
    • Volume: Select your lot size, starting from 0.1 of a lot
    • Stop Loss / Take Profit: Use this field if you want to set a Stop Loss or Take Profit level
    • Comment: This is an optional field where you can add custom text associated to the order
    • Type: Choose from Market Execution (Market Order) or Pending Order (Limit Order)

    Depending on the direction you want to place the trade, click Sell By Market or Buy by Market to execute the order.

     

    Pending Orders

    Choose from the following Pending Orders types:

    • Buy Limit
    • Sell Limit
    • Buy Stop
    • Sell Stop

    You will need to specify the price point to trigger the order. This can be done by typing in a figure or using the arrows to increase or decrease the price.

     

    Closing a trade

    If you have entered a Stop Loss, Take Profit or Trailing Stop, the order will automatically close once the market price hits your specified level.

    You can manually close a trade at any time. To do this, navigate to the Trade tab, right click or double click on the trade and select ‘Close Order’. If you have enabled one click trading, you can use the ‘X’ to close a trade.

    Choose 'Close Trade'

    Profit information

  • How do I partially close a position?

    1. Right click on the trade you want to partially close
    2. Select ‘Modify or Delete Order’
    3. Change the ‘Type’ to Pending or Market
    4. You can now change the volume which you are looking to close out (and the price, if it is a Pending Order)
    5. Select Buy, Sell or Place

    Modify or delete order

  • How do I place a pending order?

    Please see ‘How to place a trade’.

  • How do I modify a pending order?

    To modify a Pending Order, either right click or double click the Pending Order and select ‘Modify or Delete Order’. You will now be able to change the Entry Price, Stop loss and Take Profit.

  • How do I set a Stop Loss or Take Profit?

    The Stop Loss and Take Profit level can be selected when opening a trade - please see “How do you place a trade in MT4?”.

    To change a Stop Loss or Take Profit level on an open trade, please see ‘How to modify a pending order’.

  • How close to the current price can I place Stop and Limit orders?

    AxiTrader’s MT4 server has a minimum Stop Loss and Take Profit distance of 2 Pips, which is stated as ‘20’ pips on the platform as we use 5 decimal placing pricing on most FX pairs. On our Pro accounts, there is no distance required to set Stop Loss and Take Profit.

  • Is my Stop Loss guaranteed?

    AxiTrader does not offer Guaranteed Stop Losses.

  • What is a Trailing Stop?

    A Trailing Stop is a type of order that can be set a specific percentage from the current market price and which moves with the current market price. The purpose of a Trailing Stop is to allow a trader to continue to profit while a price is moving in the desired direction, but which automatically closes if the price moves in the opposite direction by a set amount.

    AxiTrader also offers Dynamic Trailing Stops which will move your stop for every 0.1 pip that the market moves in your favour.

  • How do I place a Trailing Stop?

    To place a Trailing Stop on an open trade, right click on the trade, select Trailing Stop then select a distance or choose a custom amount. For reference, 1 pip is equal to 10 points.

    Trailing Stop

  • I lost connection on my platform, is my trailing stop still in place?

    Unlike regular Stop Loss and Take Profit orders which operate through the server, Trailing Stops are managed through the individual MT4 platform. This means a Trailing Stop can only remain active when your MT4 terminal is open and connected to the internet.

    If you are concerned about losing connectivity on your trades, you may want to consider implementing a VPS solution for 24 hour connectivity.

  • Am I able to place trades via email or telephone?

    AxiTrader does not accept orders sent to us via Live Chat or email. We may accept orders over the phone, if you are unable to login to your trading account. To contact our Trading Desk, please call AxiTrader and select the Dealing Desk option.

  • I do not have access to my accounts, how can I trade?

    If you are unable to login to your trading account then you are only able to close the trade by speaking directly with the Dealing Desk. Please see ‘Am I able to place trades via email or telephone’.

  • Do you make Margin Calls?

    AxiTrader sends Margin Call alert emails if your margin level reaches 90%. However, it is the sole responsibility of the trader to ensure they have and retain adequate margin. Your margin level can be viewed from within the trading terminal on the MT4 platform.

    For more information on our margin call emails, please refer to the AxiTrader Client Agreement.

  • How do I open a chart in MT4?

    There are two ways to open up a chart within the platform:

    1. Right click on the desired symbol in the Market Watch window. In the drop down menu, select ‘Chart Window’
    2. Click the ‘+’ button on the main toolbar (illustrated below) then select the desired currency from the dropdown menu

    open MT4 chart

  • How do I change a chart type?

    There are two ways to change the chart type. First select the chart you want to change, then:

    1. Choose one of the default chart types from the toolbar (illustrated below):

      buttons

    2. Or, click on Charts in the toolbar then select a default chart type from the dropdown menu:

      Select Chart type

  • Why do I see a line chart even though I changed it to candlesticks?

    The most common reason for issues with chart types is due to a different chart being selected. When changing the chart type, make sure you have selected the correct chart. You may also need to use the ‘Zoom In’ tool for the change to be visible. If you continue to experience issues please Contact Us.

  • How do I zoom in/out of my chart?

    To zoom in or out, select the chart you want to view, right click and choose ‘Zoom In’ or ‘Zoom Out’ option. Alternatively, from the main toolbar you can use the magnifying glass icons to zoom in and out.

    Menu zoom Zoom buttons

  • How do I change the colours on my chart?

    Individual charts can be customised by right clicking on the chart and selecting Properties from the dropdown list. From the ‘Colors’ tab you have the option of customising multiple parts of the graph. Included in this panel is also the ‘Color scheme’ dropdown which allows you to choose between three preset colour schemes. 

    You can watch our MT4 chart customisation video here.

  • Can I adjust the scale of the vertical and horizontal axes?

    The scale can be adjusted by hovering your mouse over the two axes (Price or Time) until a two way arrow appears. Drag the arrow left, right, up or down to adjust the scale.

    How to change scale of axis

  • What time frames are available for my charts?

    The MT4 platform allows 9 different time frames per chart. The time frames start with an M, H, D, W and MN. These stand for Minutes, Hours, Days, Weeks and Months. This is then followed by the time intervals of 1, 5, 15, 30 and 4.

  • How do I change the time frame of my chart?

    To change the time frame, select the chart then select the time period from the top tool bar.

    Available timeframes menu

    Alternatively, the time frame can be changed by right clicking on the chart, selecting Timeframes then your preferred option.

    Select timeframe from menu

  • How can I show multiple charts on my platform?

    To view multiple charts up on one platform, open up the individual charts using the method outlined in the ‘How do I open a chart’ FAQ. Once you have multiple charts open, arrange the layout using one of the following methods:

    • From the toolbar, select the button show below which will size all charts equally to cover the maximum amount of available chart space.

      Chart options button

    • To create a more personalised layout, select the ‘Windows’ dropdown from the toolbar to display the different options for arranging charts, or use the ‘Arrange Icons’ to size each individual chart.

      Select arrange icons

  • How do I save my chart settings?

    There are two ways to save chart settings:

    • To save as a template, first set up the chart to your requirements. Next, right click on the chart, select Template then Save Template and give your chart a name. To apply this template, right click on the chart you want to reconfigure then select the chart template you saved above.

      Save template

    • An alternative way to save a chart is to select the chart, go to ‘Charts’ in the main toolbar then go down to Template and Save Template.

      Saving options

  • How do I show the chart tabs at the bottom?

    To see the charts tabs for all open charts, you need to make one chart full screen (the middle icon in the screenshot below).

    Maximise the window

    Once the chart is taking up the full screen, all open tabs will be displayed in the bottom left of the chart area. You can use these tabs to quickly navigate between charts.

    Tabs

  • Why has my MT4 platform not saved my chart settings or profiles?

    If your settings, preferences or profiles are not saving and the MT4 platform will only load using the default settings, a common cause is a corrupt terminal folder. This can usually be fixed in one of two ways:

    1. You may need to uninstall the MT4 platform then reinstall it. If you need to download the platform again, locate the email sent to you when you first opened your trading account, or via Client Portal; or
    2. Close the MT4 platform and locate the file named ini within the ‘Configurations’ folder. Rename this file terminal.old and restart the application. This will generate a new terminal.ini file.

    If you continue to have difficulties, please Contact Us.

  • How do I scroll back on a chart to view historical prices?

    MT4 has a default setting called Autoscroll which is designed to ensure the latest price is displayed. To disable this function so you can scroll through historical pricing, right click on a chart and select the Properties option. Next, click on the Common tab and uncheck the box marked ‘Chart Autoscroll’. To reinstate the Autoscroll function, repeat these steps and re-check the box.

    Chart options

  • How can I create trend lines or other line studies?

    You can apply various trend lines and line studies directly from the main toolbar, as outlined below.

    Trendline options

     

    If these options are not visible, click on View, then Toolbars and make sure the ‘Line Studies’ option is ticked.

    Line studies

     

    Once the correct line study has been selected, left-click on the chart to start drawing.

  • Why do I only see one price on my chart? Is it the BID or the ASK?

    The MT4 platform will only show the BID price on a chart for the previous history. To see the ASK line for the current spread you will need to add it to your chart using the following steps.

    1. Right click on the chart
    2. Select Properties
    3. Select the Common tab
    4. Tick ‘Show Ask Line’

    show ask price

  • How can I show the ASK price?

    To show the different trade levels on charts, please follow the below steps:

    1. Click on Tools in the main toolbar
    2. Go to Options
    3. Select the ‘Charts’ tab
    4. Tick ‘Show trade levels’

    Trade Levels

  • How do I add indicators to my chart?

    Indicators can be found in the ‘Navigator’ panel, along with Expert Advisors. Once the correct indicator is loaded, drag and drop the indicator onto the correct chart.

    Add indicator

     

    A new panel will appear displaying multiple tabs which can be customised for inputs, colours and visualisation.

    Customise indicator

     

    Once the settings are correct, click ‘OK’ and the indicator will be applied to the chart.

  • What does the volume on my chart indicate?

    The volume on the MT4 indicator does not show the amount of contracts or volume that has been traded. The volume indicator tracks the amount of price changes for a particular product during the selected time period.

  • What does OHLC on a chart mean?

    OHLC stands for Open–High-Low-Close. This type of chart is typically used to illustrate movements in the price of a financial instrument over time. Each vertical line on the chart shows the price range (the highest and lowest prices) over one unit of time.

    On the below example the amount of price changes over the minute do not range above 295. The number in the top left shows the count of price changes during that time period. For the example below it is showing how many changes for the current minute.

    OHLC

  • Why are there gaps on my chart? How do I fix these gaps?

    There are several reasons why gaps can occur in the platform, including:

    • The product did not trade during this time. This can be due to public holidays or a break in trading for the underlying product.
    • An interruption of the price feed from the broker’s side.
    • Data not loaded into the platform or data having been removed.

    If the gap is caused by the product not trading, there is no way to fill the gap.

    If the issue has been caused by an interruption of the price feed, this will generally be fixed by the broker.

    If the data has not loaded into the chart there are 3 ways to resolve.

    1. Right click on the chart and select Refresh.

    Refresh the chart

    2. Data will need to be downloaded and loaded into the chart.

    • To complete this, click on Tools then History Center
    • Find the correct symbol and time period
    • Select the download button
    • If you have received data from a third party you will able to load the file into the platform by selecting the Import option.

    3. 

    • Open the platform,
    • Click on ‘File’ in the main toolbar and go to ‘Open data folder’.
    • From the new panel, select the ‘History’ folder.
    • Select the correct server
    • Delete the files from this folder.
    • This will then start a rebuild of the data

  • Why does my platform not perform the live update?

    When the MT4 platform is closed and a new update is released, the next time you relaunch the platform a message will appear asking you to update you platform. If you are not getting these updates, the issue may be caused by a firewall stopping the update. To update your platform you may need to temporarily disable your firewall.

    To force an upgrade, close the platform, right click on the MT4 icon and select ‘Open as Administrator’ (You may need to do this twice). If this does not fix the issue, please Contact Us.

  • What are offline charts in MT4?

    In MetaTrader 4, an offline chart lets you continue to refer to a chart, for example for research or analysis, without any updates taking place. To create an offline chart, follow the below steps:

    1. When a chart is open, click File from the main menu, select Save As and save the file to the desired location.
    2. Close the MT4 platform then reopen it – the chart should still be displayed. You can minimise the chart but do not close it.
    3. Click File in the main menu, then ‘Open Offline’ and select the saved chart to view it in offline mode.

  • How do I install an Expert Advisor on MT4?

    To install an Expert Advisor for automated or algorithmic trading, follow these steps:

    1. Open the MT4 platform
    2. Select ‘File’ from the main menu
    3. Click on ‘Open Data Folder’ to bring up a new folder panel
      Select Open Data Folder

    4. Select the ‘MQL4’ folder, followed by the ‘Experts’ file
      Choose a folder

    5. Drag and drop your EA file(s) into this folder
    6. Restart MetaTrader 4 for your changes to take affect

  • How do I know if my EA is active?

    To see if an EA is currently active, the top left corner of the chart you have applied the EA to will display a smiling face icon.
    EA online smile icon

    If you do not see the smiling face icon, check that the AutoTrading function is active. To switch on AutoTrading, click the ‘AutoTrading' button. You will know the function is active when it displays a green ‘play’ icon.
    Autotrading enabled

  • Do I need to be logged into my account for EAs to trade?

    When trading with an EA, you must be logged in and the platform must remain open in order for the EA to place and close trades.

    However, if an order has been placed with an EA that includes a Stop Loss or Take Profit, the platform does not need to be open for these to be triggered because Stop Loss and Take Profit actions are stored and processed through a separate trading server.

    If you are concerned about loss of connectivity affecting your trades, please consider using a VPS solution.

  • What is AutoTrading and how can I link to my Live account?

    AutoTrading occurs when a trading account is set up to automatically trade without human involvement. This is commonly in the form of an Expert Advisor (EA) or a software program that follows and copies trades from another account, but there are multiple ways this can be done through different systems.

    For clients using MetaTrader, this can be set up by registering with the MT4 software developer and signal provider, MetaQuotes. Once registered you can view the performance of different signals before making a selection. To apply a signal, use the ‘copy trades’ button on the website.
    Choose a signal

    Confirm copy trading

    Once the link is clicked, a new panel will appear in your MT4 platform asking you to enter in your MQL5 login details.

    Login to authorise app

     

    Once this has been done and the signal has been followed, it will appear under the account number in the Navigator.