MetaTrader 4.0 is the up-to-date and the most user friendly solution for EQMarkets online trading.
The key functions of MetaTrader 4.0 are as follows:
- Online trading on EQMarkets
- Different kinds of execution methods: Instant Execution and Request Execution
- Comprehensive technical analysis tools: a variety of indicators, instruments and charts in addition to the possibility to set up different indicators and timeframes according to your positions (from minutes to months)
- Embedded language program MetaQuotes Language 4.0 to create your own trading strategies (Expert Advisors) and the ability to test them on the historical data.
- Multi-language platform interface (English, Russian, Arabic)
- Internal mail
- Database management and import/export facility
- MetaTrader 4.0Mobile for PDA
- Language guidance for MetaTrader 4.0and MetaQuotes Language 4.0.
You can download MetaTrader 4.0 for free.It is better to open demo account in order to practice and find out more about trading platform. For further details please contact our Customer Support.
- MetaTrader 4.0does not operate under Windows 95. Minimum screen resolution is 1024×768.
- You can find MetaTrader 4.0Server IP-addresses in the FAQ.
Expert Advisors in MetaTrader 4.0
The Expert Advisors tool is a trading technology that makes market monitoring for you. The Expert Advisor written in MetaQuotes Language 4.0 (MQL 4) processes current market environment, opens/closes positions and places/edits /removes orders.
Expert Advisors make it possible:
- To avoid daily market monitoring by making the process of trading and monitoring orders automatic;
- To be more logical and technical while taking decisions relating to the trading actions;
- To keep up with the current market developments.
- Apply your trading strategy by using MetaQuotes Language 4.0 to make MetaTrader 4.0to administer your trading account without having to be online 24/5.
MetaQuotes Language 4.0 provides:
- Expert Advisors are technical trading systems that used either for trading notifications or online trading and in order to manage orders (automatically by system, not by you);
- Indicators that you or other users design on MetaTrader 4 client terminal additionally to the embedded technical indicators that are essential part of MetaTrader 4;
- Scripts modules that perform repeated actions;
- Libraries that are often used by user’s
You can use function from the external dll-libraries and get to the file system through the Meta Quotes Language 4.0. It allows you to apply any trading strategies regardless their degree of complexity. The Expert Advisors instrument is based on the past data. It takes a few minutes to test the effectiveness of your trading strategies by using this data. MetaQuotes Language 4.0 is an easy-to-use program even for those who have no/poor experience in using computer programs.
- Home menu (program menu and settings);
- Toolbar (program functions and settings);
- “Market Watch” (real-time quotes for the specified tools);
- “Navigator” (all your accounts, indicators, expert advisors);
- “Terminal” (trading and account history, list of open positions and placed orders, client terminal log-file and internal mailbox).
MetaTrader 4.0 User guide
To activate real-time quotes in the “Market Watch” Window, press the Ctrl+M key combination, or use the options View » Market Watch, or click the right mouse button on the “Market Watch” window to see the context menu:
- New Order option opens/closes a position or places a new pending order;
- Chart option shows the chart with the currency pairs or CFD;
- Tick Chart option represents the tick chart for the chose tool;
- Hide option removes the chose symbol from the list in the “Market Watch”;
- Hide All option removes all symbols from the “Market Watch” that are not used (in case you have open positions or charts, its symbols will not be removed);
- Show All option shows all “Market Watch” available symbols;
- Symbols option activates the window that can hide/show the selected instruments;
- Sets option saves/sets /removes the “Market Watch” custom settings;
- High/Low option shows/hides columns with the highest and lowest price values for each instrument;
- Time option shows a column with the entry time of the recent quote for each instrument;
- Grid option hides/shows “Market Watch” gridlines;
- Popup Prices option opens the pop-up window with the real time quotes for the chose tools.
The MetaTrader 4.0 platform offers charts for any currency pair, timeframe in the real-time mode. MetaTrader 4.0 has the following chart types:
Chart horizontal axis is designed for the different timeframes (minutes, hours, days, months etc.), and vertical axis is for the price. The point on the chart displays the close price, the bid of the last quote, for the certain period. All the consecutive points are linked with the lines: It is better to use this chart type for the short time periods (up to 5 minutes). If you want to switch to the line chart, click the button “Charts” on the toolbar, or choose the Alt+3 combination on the keyboard or use the menu the Charts -> Line Chart.
This type of chart consists of bars. Each bar comprises a high (top), a low (bottom), an opening price (horizontal line on the left) and a closing price (horizontal line on the right) for the certain time period (for instance, an hour): It is better to use this type of chart for the certain periods (5 minutes or more). To switch to the bar chart, just click on the “Charts” on the toolbar, or use the Alt+1 combination on the keyboard, or chose from the menu Charts -> Bar Chart.
Candlestick charts are designed similarly to the bar charts. Due to their vivid graphics candlesticks charts enjoyed their popularity during the 80-90s. At first, candlesticks were designed only for the day period, so that now they are mostly used for the market developments during the daytime. This technical analysis instrument shows interrelation between closing and opening prices during the trading day. As well it shows the closing price of the previous session and the opening price of the next session.
Candlestick charts show different configuration compare to the bar charts. The bar of the candlestick is called the body. The lines above and below the body are known as shadows. Shadows display lows and highs during a certain time period. The real body can be of white (empty) or black color according to the closing and opening price values. We can say that the closing price is higher than the opening one, in case the body appears white. Similarly, if the body is black, it means that the closing price is below the opening level.
If you want to switch to the bar chart, just click “Charts” on the toolbar or use the Alt+1 key combination, or chose the menu with the following sequence Charts -> Bar Chart.
In MetaTrader 4.0 platform maximums of the bar are the top Bid prices for the selected period, the minimum is the bottom Bid price, the closing price is the last quoted Bid, the opening price is the first quoted Bid.
To open a new chart for the required instrument, you should right click the “Market Watch”, and chose the Chart item that you can find in the context menu:
To drag the required currency pair or CFD to any open chart, just do left click.
Chart period is the period displayed in a bar or candle. For instance, in case you set a 15 minute bar chart, it means that each bar will have the price information for the 15 minutes. In MetaTrader 4 you can use the following time periods: 1, 5, 15, 30 minutes (M1, M5, M15, M30 accordinglyly), 1 hour (H1), 4 hours (H4), 1 day (D1), 1 week (W1) and 1 month (MN). If you need to change a time period, chose the “Periodicity” on the toolbar:
To see chart settings through the context menu, just right click anywhere on the chart:
Click Periodicity and chose a period of time from the list;
In case you observe an error or you see so called “gaps” on the chart, select Refresh option. All data gaps will be updated and will be visible on the chart;
You can hide/show gridlines on the chart by pressing Grid;
To hide/show tick volume (the number of quotes of any period time), click Volumes;
Editing chart measures can be done by clicking Zoom in / Zoom out. As well it is possible to press “Charts” toolbar or push the “plus” and “minus” buttons;
Save as picture option saves the chart in the *.gif, or *.bmp formats;
Properties (F8 button) option allows to modify chart settings, e.g. to change the color of any chart component, you should click “Color”.
The Common tab activates the following options:
Offline chart is the chart that does not provide the updated quotes. You can open the offline chart by using the following menu File -> Open offline, and once it is opened, this option becomes automatic;
Chart shift allows to move the chart from the right top of the window. To do this you can also chose the “Charts” option on the toolbar or follow menu the Charts -> Chart;
Chart autoscroll activates/deactivates chart autoscroll to the left when a new quote arrives. Just select option on the “Charts” toolbar or chose the menu the Charts -> Autoscroll.
Open/close a position
There are several ways how to activate “Order”:
- Click the right mouse button on the “Market Watch” or on the “Trade” button of the “Terminal” and chose New order from the context menu;
- Click the F9 button;
- Press the Tools -> New Order menu;
- Right click on the chart window and from the context menu chose the sequence Trading » New Order;
- Double click on the currency pair in the “Market Watch”.
MetaTrader 4 deals can be made by two ways: “Instant Execution” and “Request Execution”.
With Instant Execution there is no need to request quotes, since you can see real-time trading prices in the “Order” and “Market Watch” options. If you take decision to buy or sell at the current price and to open a position, you should click the “Buy” or “Sell” option. Within the “Instant Execution” all quotes in the “Market Watch” are executable, not indicative.
Within the “Request Execution” all quotes in the “Market Watch” are indicative and the “Buy” and “Sell” buttons are inactive. If you aim to make a deal, request the quote from EQMarkets by clicking the “Request”.
When the quote appears, it can be traded only for several seconds:
As soon as you press “Buy” or “Sell” button and EQMarkets makes confirmation of the deal, it means that you just opened your new position: you can find it listed in the Trade option in the Terminal window.
“Instant Execution” method has more benefits than “Request Execution”. By using “Instant Execution” the process of making deal takes a few seconds, unlike “Request Execution” that could lasts 30-40 seconds (note that all transactions on the demo version platform are executed within a few seconds, since quotes on the accounts on the demo version arrive automatically, while on live version you have to make arrangements with the quotes
If you use “Request Execution”, the “Market Watch” provides indicative quotes, that’s why it is possible that they may be different from the quotes provided by the company to make a deal.
Previous to making a deal, you can modify its specifics in the “Order” window:
- Symbol – the selected currency pair or CFD for making a deal.
- Volume – the amount of lots.
- Stop Loss – the Stop Loss order level.
- Take Profit – the Take Profit order level.
- Comment – any additional specifications.
If you want to close a position, mark it in the “Trade” option in the “Terminal” and right-click reviling the context menu. After that click “Close Order”. You can also double click left mouse button the open position in the “Trade” in the “Terminal”. You will see the Order #__ window:
Instruments via the Request Execution require quote requesting prior to closing a position.
When you click the “Request”, EQMarkets provides you with the quote and the “Close position number” activates.
In case you trade with a currency pair or a CFD through the “Instant Execution”, you do not need to request a quote. That is the reason why as soon as the “Order #__ ” is visible, the “Close position number” option activates.
If the situation on the market is stable, normally the deal is executed at the quote offered by EQMarkets. In particular cases, the market tends to have features of volatility and be fluctuating, so that the quote provided a few seconds ago may turn out to be irrelevant (even before those a few seconds, which you can use to take a decision). Provided the quote is cancelled, the “Requote” window with a new quote is available.
Stop Loss and Take Profit Orders
- Stop Loss is an order designed to close the position opened before at a price less beneficial for the trader than the price at the moment of placing the order.
- Take Profit is an order designed to close the position opened before at a price more beneficial for the trader than the price at the moment of placing the order.
When you place one of these orders, it is not necessary for you to be near your computer and wait for the result of the deal. Normally “Take Profit” and “Stop Loss” types of orders are executed automatically once the price is at the order level. Take Profit and Stop Loss orders can be placed at the moment of making a deal completing the field of “Stop Loss” and “Take Profit” in the “Order” window.
After that to edit levels of Stop Loss and Take Profit, just follow the context menu:
Click the right mouse button on the open position or on the pending order in the “Trade” option of the “Terminal” window, then chose “Modify or delete order”. The “Modify order” option makes it possible:
To complete fields of the “Stop Loss” and “Take Profit”. To copy this level into the “Stop Loss” field, just click on the red button. Likewise, to copy this level in the “Take profit” field, click on the blue button. The difference between the order level and the current price is represented by the value in the “Level”. As soon as you complete in the “Stop Loss” and/or “Take profit” fields, click on the “Modify #position number” button. The Contracts Specifications contain information regarding the limits for the lowest range between the order and the current price.
To remove “Stop Loss” or “Take Profit” orders, you should set its level at zero. “Stop Loss” and “Take Profit” orders can be executed in the following circumstances:
- “Take Profit” for an open Buy position can be executed, in case the Bid price in the quotes flow is equal to or higher than the order level.
- “Stop Loss” for an open Buy position can be executed, in case the Bid price in the quotes flow is equal to or lower than the order level.
- “Take Profit” for an open Sell position can be executed, in case the Ask price in the quotes flow is equal to or lower than the order level.
- “Stop Loss” for an open Sell position can be executed, in case the Ask price in the quotes flow is equal to or higher than the order level.
Provided at least one quote in the quotes flow is at the order level, the order can be executed. You should be aware that in MetaTrader 4.0 charts are designed using Bid prices in such a way so:
- Lowest Ask price equals to the lowest bar price (Low) in addition to the spread.
- Highest Ask price equals to the highest bar price (High) in addition to the spread.
- Lowest Bid price equals to the lowest bar price (Low).
- Highest Bid price equals to the highest bar price (High).
Please note: If the market situation is unstable, the order level drops inside the price gap, EQMarkets may execute the order at the first available Bid/Ask price after the gap quote (depending on the type of order).
Trailing Stop is a scheme that enables to control Stop Loss orders.
As soon as you place a trailing stop (for instance, a trailing stop’s value with 15 pips), it implies the following:
- You cannot place Stop Loss order till the moment when the open position is in a profit of at least 15 pips. After that MetaTrader 4 offers an option to place the Stop Loss order at 15 pips up or down the current price level.
- Consequently, when the difference between the levels of current price and the order is more than 15 pips, MetaTrader 4 offers an option to adjust the Stop Loss order to a level of 15 pips up or down the current price level. In this regard, the Stop Loss order level approaches the current price level.
Important: please note that Stop Loss order can be placed until the market moves in your favor. Thus, in order to cut losses, you would better to place a separate Stop Loss by yourself.
In case you want to place a trailing stop, mark the open position in the “Trade” option of the “Terminal” window and right-click in order to reach the context menu.
A Pending order opens a position when the current price is at the order level. It exist four types of pending orders:
- Buy Stop – an order that opens a Buy position when a price is higher than the price at the time of placing the order.
- Sell Stop – an order that opens a Sell position when a price is lower than the price at the time of placing the order.
- Buy Limit – an order that opens a Buy position when a price is lower than the price at the time of placing the order.
- Sell Limit – an order that opens a Sell position when a price is higher than the price at the moment of placing the order.
In case you want to place a Pending Order, you should open the “Order” window and chose the option from the list below:
- Right-click the “Market Watch” or “Trade” option of the “Terminal” window and chose New order from the context menu; or
- Click the F9 button; or
- Follow the Tools -> New order menu; or
- Click the right mouse button on the chart window and chose Trading » New order from the context menu; or
- Double-click on the currency pair in the “Market Watch”.
After that, select the Pending order from the dropdown list.
In this window you can also modify the options as follows:
- Symbol represents currency pair or CFD
- Volume means transaction size in lots
- Stop Loss that is activated as soon as the pending order is executed
- Take Profit that is activated as soon as the pending order is executed
- Comment means your notes for the pending order
- Type is the type of pending order: Buy Stop, Buy Limit, Sell Stop, Sell Limit
- At price means a pending order level
- Expiry – when the box is not checked, the order is in effect up to the moment when you cancel it or when it is executed. If the box is checked the order is in effect up to the time noted in the box
As soon as you click the Place order button, the command goes to the EQMarkets Trading Desk. As soon as EQMarkets makes confirmation as for the order, it becomes visible in the “Trade” option of the “Terminal” window.
In case you want to edit or remove pending order, mark it in the “Terminal”, then right-click to see the context menu: chose “Modify or Delete order”. Click the Modify option or the Delete option based on your choice.
Types of the pending orders are as follows:
- A Buy Limit order – in case the Ask price in the quotes flow equals to or lower than the order level.
- A Sell Limit order – in case the Bid price in the quotes flow equals to or higher than the order level.
- A Buy Stop order – in case the Ask price in the quotes flow equals to or higher than the order level.
- A Sell Stop order – in case the Bid price in the quotes flow equals to or lower than the order level.
EQMarkets offer its clients the industry-leading customer support service, providing professional help in the most convenient and fastest way. We are striving our clients receive qualified, high-profile service 24/7. Our support centre professional staff delivers the information requested in a clear and consistent manner avoiding miscommunication or confusion.
For any further question or clarifications regarding commissions, spreads, costs, Terms and Conditions please refer to our site or contact our customer service. Additionally, all information regarding work with our clients is defined in Terms and Conditions as well as in our Client Agreement.