Setting up the MetaTrader charts

[Sunil]

Hello everyone,
I am starting a new thread exclusively for issues related to the Meta Trader charts.
We have had a lot of questions on setting up the MetaTrader charts & we are going to conduct an exclusive session devoted to this topic.
Since there are a lot of tools on the charts and I am sure there must be as many questions...right from the basic to the advanced use....my suggestion is that a member posts the query in this thread.
This will serve 2 purposes -
One, it would enable me to prepare for the session, as I will have a list of topics to go over & we would have an organized session.
Second, I would respond to the topics and put up the required steps in this thread, which will make it a permanent reference for all the members.
Looking forward to your suggestions and comments.
Thank you,
Sunil.

[Sunil]

Adding different Fibonacci ratios for Fib Retracement (and Projections)
In the MT4 charts, you can add extra levels to the fib retracement which turns it into the projection levels. Any levels above 100.00 becomes the Projection level, hence the ‘Fib retracement” tool becomes the “Fib retracement & projection” tool combined.
Procedure -
Go to the menu tab on the right hand top corner of the charts.
Choose "Insert" - Fibonacci - Retracement.
Once you plot it on the chart, you have the standard levels of 38.2, 50.0, 61.8 etc.
When the fibs are plotted on the charts, right click anywhere on the chart & you will get a pop up menu.
Select "Object list" from that & you will see the “Fibos” showing in the list of objects. Select that & click on the "Edit" button in this window.
You will get another popup window with 4 menu tabs.
Chose the "Fibo levels” tab, in which you have the "Level", "Description" and the 'Add" "Delete" & “Default” buttons.
Click on "Add" and just add the required values.
Important note: The Level & Description values have to be correct.
• To add the 78.6 Fib retracement, add 0.786 in the ‘Level’ column; and add 78.6 in the ‘Description’ column.
• To add the 127.2 Fib projection, add 1.272 in the ‘Level’ column; and add 127.2 in the ‘Description’ column.

The final table should have the following values (Which I use - you may not need all the levels and may chose to omit some)
38.2; 50.0; 61.8; 78.6; 127.2; 161.8; 200.0; 261.8.

Default setting - Once you have added the new values they automatically become the “default” setting which is reflected on the charts every time you plot the Fibs.
Note: - Do not click on the “default” button at any time after you have added the new levels. If you do, it will revert back to the original standard settings of the charts (with the lesser number of levels)
If you need to make any changes, do it manually & it will reflect the new change.
The above procedure is the same for adding the values on the other Fib ratios of “Fans & “expansions”

[Michael]

Thanks Sunil,

are the levels to use for Expansions and Fans the same, or what levels do you suggest we should use?

Regards,

Michael

[Sunil]

Thanks Sunil,

are the levels to use for Expansions and Fans the same, or what levels do you suggest we should use?

Regards,

Michael

Hi Michael,
Each Fibonacci ratio has different levels and I am enclosing the levels that I use for the following -
Fibonacci Expansion -
FE 50.0
FE 78.6
FE 100.0
FE 127.2
FE 161.8

Fibonacci Fans -
38.2
50.0
61.8
76.4
88.6

Sunil.

[iluvgravy]

Hi Sunil howzit!

Could you please tell me how you are able to get a daily open and close to calculate your pivots? I thought Forex is a continuous market - Sunday night through to Friday.
How is this so - does it perhaps treat and calculate 00GMT as a daily close/open??

Thanks

PS IPL cricket is coming to SA in April - I'll support Mumbai Indians for you!!! ;)

[Sunil]

Hi iluvgravy,
The Pivots require the High, Low & Close for the calculations, and since forex is a continuous market, the general practice is to consider the values generated during the major trading zones, for intraday pivot levels
There are traders who take the New York time zone as the 24 hour cycle and they would calculate the pivot levels from midnight EST. Then some traders would take the Asian zone and calculate it from midnight Tokyo...and then finally, some would calculate it from midnight GMT.
In fact, I know of some traders who have 3 different sets of pivots, pertaining to each time zone, but thats complicating things -:)
I have seen that its the GMT time zone which gives the best results for the intraday pivot levels. These levels offer excellent support/resistance for the London trading zone, as well as the New York zone and stretching to the subsequent Asian session as well.
One of the reasons is that London is considered to be the trading center for forex, as over 30% of the forex trading volume is transacted during this time zone.
Regards,
Sunil.

[iluvgravy]

Ja Sunil -

Thanks for your comprehensive reply!! My Metatrader end of day is 00.00GMT which suits me fine. If you go to tools then history centre you get all OHLC values on tap.

Thats pretty cool!!

Go Well

[mike glaubitz GBP/USD]

I am a newbie . Could you please do a video on placing a new order using an example. Last night Rhonda used example EUR/USD Sell 1.3340 w SL 1.3370 and TP1 of 1.3310 . SL @ 1.3339 TP2 next target . This stuff is all well and good but if you could show me one example than maybe I could understand it better. I understand the concept I just dont understand the program very much. Please help.

[the boxer]

Sunil,
Thank you for providing posting your settings and doing the video. I look forward to the next lesson.
Maybe as someone has requested a video of "How to sett entry point, SL, TP1, BE+1, New SL after TP1 taken, TP2, etc" on MetaTrader would bea good lesson for all of us.
Cheers,
Lionel W
Stalking: EURUSD, GBPUSD, USDCAD, USDCHF

[Carol Straquadine]

Hi Sunil. I am looking forward to learning how to set up the Metatrader platform. I honestly know nothing about it and everytime I try, I get frustrated. Can you please start from square one for those of us who have never seen it before? Thanks in advance.

I have another unrelated question - You told us to set up stochastic parameters as 9,5,5. Is that for the close, hi, low, open or close?

[Michael Kirol]

Sunil,

I just watched the DVD on candlesticks and have one question. When you give break out levels for buys and sells, do we have to wait for the candle to close past these levels, or can we place the order while the candle is still forming (ie intraday if watching daily candles. The DVD was very informative. Thanks for that.

Thanks, Mike

[the boxer]

What is the time setting for MetaTrader? Is it GMT? Can you change the time setting? How is it done?
Thanks for your help
Lionel

[iluvgravy]

Hi Sunil,

As I understand it, pivot points are a daily calculation of OHLC offering possible S&R for use on the next days intraday charts.

I've always wondered whether it is not easier and especially more accurate if one rather identifies these S&R levels oneself by eyeballing the relavant chart? This way one can also zoom out and go back a while etc etc (I have often done this and been surprised by some lurking levels!)

Thanks

[Sunil]

Hi Sunil. I am looking forward to learning how to set up the Metatrader platform. I honestly know nothing about it and everytime I try, I get frustrated. Can you please start from square one for those of us who have never seen it before? Thanks in advance.

I have another unrelated question - You told us to set up stochastic parameters as 9,5,5. Is that for the close, hi, low, open or close?

Hi Carol,
As I have mentioned, all the indicators are lagging and hence trying to change the settings does not make sense.
I use the stochastic oscillator in the MT4 (which is a standard indicator available in the list) and keep the default settings at (9,5,5) ; "Price field - Low/High"; "MA method - Simple"
I have never changed the default settings and I suggest you use the standard default settings on any indicators that you use.
Sunil.

[Sunil]

Sunil,

I just watched the DVD on candlesticks and have one question. When you give break out levels for buys and sells, do we have to wait for the candle to close past these levels, or can we place the order while the candle is still forming (ie intraday if watching daily candles. The DVD was very informative. Thanks for that.

Thanks, Mike

Hi Mike,
You have to wait for the candle to close past the breakout levels and then place the orders. Since these are pretty strong levels of support/resistance, there are lots of times when price tries to go past these levels, but does not succeed. Hence we need a confirmation of a close beyond that level.
Sunil.

[Sunil]

What is the time setting for MetaTrader? Is it GMT? Can you change the time setting? How is it done?
Thanks for your help
Lionel

Hi Lionel,
Every broker has got a different time setting for the Metatrader, since the charts are set on the server time of the broker.
It differs from broker to broker. For example, the "FxPro" platform that I use, has a time setting of GMT +2, since they are based in Cyprus.
On the other hand, "ODL securities" is one platform, that has the time setting of GMT 0000.
This is a drawback with the MT4 charts, that you cannot change the time setting.
Sunil.

[Sunil]

Hi Sunil,

As I understand it, pivot points are a daily calculation of OHLC offering possible S&R for use on the next days intraday charts.

I've always wondered whether it is not easier and especially more accurate if one rather identifies these S&R levels oneself by eyeballing the relavant chart? This way one can also zoom out and go back a while etc etc (I have often done this and been surprised by some lurking levels!)

Thanks

Pivot points work more due to the mass mentality. Lot of traders follow these levels and the calculations are universal, hence it becomes a sort of a self-fulfilling prophecy.
On the other hand, previous S&R levels are also very accurate and price respects these to a great extent. As you said, just go back a while and simply plot a horizontal line at a major swing high/low. You will be surprised at the number of times that price respects this level.
Regarding the point of which is more accurate, I would suggest to look for a level which is at a confluence of both these levels. It would have more significance.
Finally as traders, what we want is an edge and a confluence of 2 factors would give us that edge.
Sunil

[the boxer]

Thanks for your reply Sunill,
We covered this also in your short webinar. I am on GMT+2 same as you. I appreciate your reply here also.
Cheeers,
Lionel W

[JimSwarts]

Sunil.

Stellarforex (www.stellarforexconsulting.com) have some excellent webinars and PDF files explaining how to utilizethe Meta4 platform. They also have downloads for daily& weekly pivots and other interesting indicators. I thought this thread might save you many questions.

They also have an Expert Advisor that I use that alows setting up TP1, TP2 and gravy train trades. It's a little tricky to set up, but there is a Webinar on setting it up and I'll be glad to help anyone that's interested.

Thanks for all you bebeficial information,

Jim Swarts EUR/USD. GBP/USD

[Sunil]

Hi Jim,
Thank you for the excellent resource. This website has some nice lessons on the basics of Metatrader and I am sure it will help a lot of our subscribers. It would be great if everyone goes through this. If there are any clarifications needed, I would be glad to go over them during our classes.

[the boxer]

Hello Sunil.

1.Can you please xplain the Buy Limit/Buy Stop and Sell Limit/Sell stop entry on the trade order pad again please? This is a follow up so that all can see the question for learning.

2. I had problems entering the SL, TP, etc when a pending order is placed. I noticed that on the last session you took a quick profit before setting up the TP levels, etc. Can you provide a step by step setup for all to see and follow.

3. Please go over your set up re looking at hourly to trade 15 min chart, weekly- daily -hourly, etc.
I am really enjoying the training sessions on MT4.

Thanks,
Lionel W

[Joel A]

Sunil.

Stellarforex (www.stellarforexconsulting.com) have some excellent webinars and PDF files explaining how to utilizethe Meta4 platform. They also have downloads for daily& weekly pivots and other interesting indicators. I thought this thread might save you many questions.

They also have an Expert Advisor that I use that alows setting up TP1, TP2 and gravy train trades. It's a little tricky to set up, but there is a Webinar on setting it up and I'll be glad to help anyone that's interested.

Thanks for all you bebeficial information,

Jim Swarts EUR/USD. GBP/USD

Jim,

Wondering where exactly are the webinars and pdf's in stellarforexconsulting.com? Do I need to signup for anything? Wondering if you might be able to email me the pdf's to ex7reme@gmail.com? I'm really interested in getting that Expert Advisor that sets up TP1, TP2, and the gravy trains so I don't have to be in front of the computer to get out manually. Thanks

[dcantin]

Hi Jim,
Do you have to open an account to access the metatrader
training at the site you posted?
Thanks

[JimSwarts]

Hi Denise,

No, you can download to your desktop and load into which ever Meta trader4 you are using. There's a webinar or PDF file that explains how to do this.

Jim eur.usd gbp/usd

[JimSwarts]

Denise,

On double checking I see that I log onto stellarforex with a password. I've been using it so long I forget how I received the login info. Check with them. I'm sure it's easy but you may need to open an account. Sorry, but it can be done.

[Marcio]

Hi Sunil,

I'm wondering if exist a way to automate an order entry setting up the TP1, TP2 and BE+1 in MT4.
I can't be in front of a computer all day long, and to overcome this I set an entry order with trailling stop. It is not perfect but it's the best I can do with my broker.

Exemple of what I do:
Entry price Buy 1.3000
Stop 1.2950
TP1 1.3025
TP2 1.3075
BE+1 = 1.3001

What I do is place 3 orders like that:
Order 1: Entry Buy 1.3000
Stop 1.2950
TP1 1.3025
Order 2: Entry Buy 1.3000
Stop 1.2950
TP2 1.3075
Trailling Stop 26 PIPs
Order 3: Entry Buy 1.3000
Stop 1.2950
Trailling Stop 26 PIPs

The reason I put a trailling stop of 26 PIPs is to be sure that when the TP1 is reached I would move my stops.
The problem is that my original stop is 50 PIPs I didn't realy move the stops to BE+1.

Marcio EURUSD

[the boxer]

Hello Sunil,

I am getting better at using MT4 with your help.
Here is the picture we discussed on the webinar 29Apr09 session
9
Triangles on H4
10
No triangle appear on H1 with show on all ticked on visualization tab on traingle properties
11
No triangle appear on M15 with show on all ticked on visualization tab on traingle properties
Hope that helps you to see what I am talking about.
Let me know what I need to do to have them appear on all timeframes.

Cheers,
Lionel W

[Joel A]

Hi Michael,
Each Fibonacci ratio has different levels and I am enclosing the levels that I use for the following -
Fibonacci Expansion -
FE 50.0
FE 78.6
FE 100.0
FE 127.2
FE 161.8

Fibonacci Fans -
38.2
50.0
61.8
76.4
88.6

Sunil.

Sunil,

I was watching your class today and wondering how you get your fibonacci expansions to show the exact price it's on? For example FE 50 @ 1.2456. I can't figure out how to do that? Thanks

[Sunil]

Sunil,

I was watching your class today and wondering how you get your fibonacci expansions to show the exact price it's on? For example FE 50 @ 1.2456. I can't figure out how to do that? Thanks

Hello Joel,
I am enclosing the procedure to input the price values on the Fib ratios -

Following is the procedure for Fibonacci Retracements (and Projections) and the same will apply to the other fib ratios.
Procedure -
Go to the menu tab on the right hand top corner of the charts.
Choose "Insert" - Fibonacci - Retracement.
Once you plot it on the chart, you have the standard levels of 38.2, 50.0, 61.8 etc.
When the fibs are plotted on the charts, right click anywhere on the chart & you will get a pop up menu.
Select "Object list" from that & you will see the “Fibos” showing in the list of objects. Select that & click on the "Edit" button in this window.
You will get another popup window with 4 menu tabs.
Chose the "Fibo levels” tab, in which you have the "Level", "Description" and the 'Add" "Delete" & “Default” buttons.
In the “Description” Column, you have the Fibonacci values showing.
You can show the price values on whichever fib ratios that you select
For example we chose the Fib level 38.2 in the description column.
Input these values –
38.2 (space) @ (space) %$
And on the chart, the price value will show next to the 38.2 fib level.
Sunil

[Joel A]

Sunil,

I know you went over this before, but I can't remember and I can't find my notes...on the metatrader 4 platform if I'm drawing a trendline is there a way to duplicate it and drag it upwards so I can create an uptrend channel? Is it the same when trying to duplicate a horizontal line? Thanks

Joel

[Joel A]

Sunil,

On the alerts, under condition one of the drop down choices is Time= . Just wondering what that means and when you would use it? Thanks

Joel

[roger down]

Sunil can we set up a time to have alive forum for people on this side of the world, just like Joe does for the USA.
I really want to join in such agroup of more advanced students to improve myself.
YOu Fib talks have been terrific
Thanks
Rogerr Down EUR/CHF/GBP

[w1234m]

just like to know if OUFX still uses PFG Best direct or is there another broker to use

[roger down]

Can we have the MT4 custom program to paint the harmonics that you use, please.
I love harmonicsbut want to be able to use them like you do
Many thanks, your talks are superb
roger

[roger down]

Can you please have asession on this so we understand it. I find it frustrating when you keep talking about it but do not tell us the nitty gritty to racognise this. Help would be appreciated.
Many thanks

[Marcio]

Hi Sunil and everybody,
I'm re-posting here the question I've put in another thread to see if you can help me.

Like me, I think some students are trying to find out how to easily put TP1/TP/Gravy/BE+1 orders on Meta Trade 4.

Specially for those that can't stay in front of the computer during the day, it's necessary to automate the stop move from de original stop to BE+1.
If you don't automate and move to BE+1, you will loose some pips when reaching TP1 and be stopped out just after (say 50 pips).
Yet, if you don't move o BE+1, you will be afraid to let the Gravy Train run and consequently loose potential extra pips.

So I'm starting this thread to exchange with other students how to automate this in MT4.

If you have an MT4 Expert Advisor to do that task, PLEASE SHARE IT WITH US.

If you're developing an Expert Advisor to do so, even if not completed, PLEASE SHARE PART OF YOUR CODE WITH US.

I myself am trying to write an Expert Advisor, but since I'm new in this stuffy, it take some time. As soon as I have a draft of code, I WILL SHARE WITH YOU.

Thanks in advance and, let's participate.

Marcio - EURUSD

[Cipanymn]

you can see all the pages a visitor looks at when browsing the visitors and clicking the look for the last page and thats the last page they browsed, is that what you mean?

[SanAmsterdam]

Look for an EA called SwissArmy. You can find it on the TSD forum.

The EA will allow you to manage trades like this automatically.

[Webster]

Hi Sunil,

Could you explain how to apply profit targets with the Fib projection tool
once a Gartley butterfly formation has setup?

Also I am pretty sure you have one or more archived video on this...do you happen to know which one?(date)

Webster
E$P$

[roorkRex73]

Im looking for an email list of MT4 users not a forum. Is there a popular list, with many active users, exchange info about MetaTrader software?

[D.Lerty]

Im looking for an email list of MT4 users not a forum. Is there a popular list, with many active users, exchange info about MetaTrader software?