MetaTrader 4 was released in 2005 and is still offered by many brokers, but its developer stopped issuing new MT4 licences years ago and now steers the industry to MetaTrader 5. If you are choosing a platform for the first time, start with MT5. This guide covers MT4 for traders whose broker still provides it.
Getting Started
Downloading MT4
Options:
- From your broker's website (recommended)
- From MetaQuotes (developer)
- Mobile apps from app stores
Why From Broker: Pre-configured with their servers and settings.
Installation
Windows:
- Download installer
- Run setup file
- Accept terms
- Choose install location
- Complete installation
Mac:
- Requires Wine or similar
- Some brokers offer Mac versions
- Or use web terminal
First Login
You'll Need:
- Server name (from broker)
- Login/account number
- Password
Find Your Server:
- List appears at login
- Search for broker name
- Confirm correct server
Platform Layout
Main Areas
Menu Bar: Top of screen, all main functions
Toolbars: Quick access to common tools
Market Watch: Currency pairs and prices (left panel)
Navigator: Accounts, indicators, EAs (left panel)
Chart Window: Main trading area (center)
Terminal: Account info, trade management (bottom)
Customizing Layout
Move Panels:
- Drag and dock panels
- Resize as needed
- Hide/show panels via View menu
Save Layout:
- Profiles save your setup
- Create multiple profiles
- Switch between setups
Market Watch Panel
Using Market Watch
Shows:
- Available instruments
- Bid and ask prices
- Daily changes
Right-Click Options:
- New order
- Chart window
- Tick chart
- Depth of market
- Specification (contract details)
Managing Symbols
Show/Hide Pairs:
- Right-click → Hide/Show All
- Symbols → Select from list
- Remove unused pairs
Organizing:
- Custom symbol sets
- Keep frequently traded visible
- Remove clutter
Charts
Opening Charts
Methods:
- Drag pair from Market Watch to chart area
- Right-click pair → Chart Window
- File → New Chart
Chart Types
Line Chart:
- Closing prices only
- Cleanest view
- Less detail
Bar Chart (OHLC):
- Open, High, Low, Close
- Traditional Western style
- More detail than line
Candlestick:
- Most popular
- Visual representation
- Clear patterns
Timeframes
Available:
- M1 (1 minute)
- M5 (5 minutes)
- M15 (15 minutes)
- M30 (30 minutes)
- H1 (1 hour)
- H4 (4 hours)
- D1 (Daily)
- W1 (Weekly)
- MN (Monthly)
Changing Timeframe:
- Toolbar buttons
- Right-click → Timeframes
- Keyboard shortcuts
Chart Properties
Customize:
- Colors (background, candles)
- Grid on/off
- Price scale
- Autoscroll
- Chart shift
Access: Right-click chart → Properties (F8)
Placing Trades
New Order Window
Access:
- F9 key
- Right-click chart → Trading → New Order
- Double-click pair in Market Watch
Order Types
Market Execution:
- Buy/Sell at current price
- Immediate execution
- Accept current spread
Pending Orders:
- Buy Limit: Buy below current price
- Sell Limit: Sell above current price
- Buy Stop: Buy above current price
- Sell Stop: Sell below current price
Order Parameters
Set:
- Volume (lot size)
- Stop Loss
- Take Profit
- Comment (optional)
One-Click Trading
Enable:
- Tools → Options → Trade tab
- Check "One Click Trading"
Use:
- Small panel on chart
- Click Buy/Sell instantly
- Preset volume
Managing Trades
Terminal Window
Trade Tab Shows:
- Open positions
- Pending orders
- Balance, equity, margin
Modifying Orders
To Modify:
- Right-click position → Modify
- Change SL/TP
- Drag SL/TP lines on chart
Closing Positions
Methods:
- Double-click position → Close
- Right-click → Close Order
- Click X on position (if enabled)
Partial Close
How To:
- Double-click position
- Change volume to partial amount
- Click Close
- Remaining position stays open
Technical Analysis
Adding Indicators
Built-In Indicators:
- Insert → Indicators
- Or Navigator → Indicators
Categories:
- Trend (MA, Bollinger, etc.)
- Oscillators (RSI, MACD, etc.)
- Volumes
- Bill Williams
- Custom
Drawing Tools
Access:
- Insert menu
- Toolbar buttons
- Keyboard shortcuts
Common Tools:
- Trend lines
- Horizontal lines
- Fibonacci retracement
- Rectangles
- Text
Templates
Save Template:
- Configure chart perfectly
- Right-click → Template → Save Template
- Name it
Apply Template:
- Right-click → Template → Load Template
- Apply to any chart
- Instant consistent setup
Expert Advisors (EAs)
What Are EAs?
Automated trading programs:
- Execute trades automatically
- Follow programmed rules
- Run continuously
Using EAs
Install:
- Download EA file (.ex4 or .mq4)
- File → Open Data Folder
- Place in MQL4/Experts
- Restart MT4
Attach to Chart:
- Find in Navigator
- Drag to chart
- Configure settings
- Enable AutoTrading
AutoTrading Button
Enable/Disable:
- Toolbar button (green play/red stop)
- Must be enabled for EAs to work
- Controls all automation
Useful Features
Alerts
Set Price Alerts:
- Terminal → Alerts tab
- Right-click → Create
- Set conditions
Trading History
View:
- Terminal → Account History
- Filter by date range
- Right-click for options
Journal
Shows:
- Platform events
- Connection info
- Error messages
- Useful for troubleshooting
MT4 Mobile
Features
Available:
- Full trading capability
- Basic charting
- Account monitoring
- Push notifications
Limitations
- Fewer indicators
- Smaller screen
- No EAs
- Limited customization
Best Use
- Monitoring on-the-go
- Emergency trade management
- Quick checks
Key Takeaways
- MT4 is still widely offered, but new traders should start on MT5
- Learn Market Watch, Charts, and Terminal
- Use templates for consistent chart setups
- One-click trading speeds up execution
- EAs enable automated trading
- Customize layout to your preference
- Mobile app good for monitoring
- Practice on demo to learn all features
What's Next?
Learn about MetaTrader 5 (MT5) and its differences from MT4.
This article is for educational purposes only and does not constitute financial advice.