How to Create A MetaTrader Forex Signals Chart

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How to Create A MetaTrader Forex Signals Chart

The Foreign Exchange Market, known as Forex, is a global currency trading market.

Some of the major currencies exchanged include the United States Dollar (USD), the Japanese Yen (JPY), and the Euro (EUR).

If you are interested in trading on this foreign market exchange, you can create your own MetaTrader Forex signals chart.

MetaTrader 4 is one of the most widely used trading platforms among traders.

While it boasts many features, the main one we will be focusing on is creating your own signals chart so you can get on your path toward success.

If you are looking for the easiest way to track your trades, you can create a MetaTrader Forex signals chart in a few quick, easy steps!

Setting up your MetaTrader forex signals chart

Setting up your MetaTrader forex signals chart is a quick and easy process once you have familiarized yourself with the software.

Open a chart

First, you will need to open your chart.

There are three ways you can open a new chart – in the file menu, the new chart icon, or by right-clicking on the window and choosing “new chart.”

Set chart properties

Next, you will need to set your chart properties so you can easily view your chart. This can be done by right clicking on the chart window and choose “properties.”

Here you can choose the following properties:

  • Color scheme
  • Grid functions
  • Volume functions

Add analysis

You can easily add moving averages and other analysis to your chart as well.

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The easiest way to do this is by selecting the indicators icon at the top of the chart, and select “trend” and then “moving average.”

You can set the period to either 8 or 21, depending on the exponential moving average (EMA) you are entering. You can also save these options as a template.

Other analysis tools include:

  • Horizontal line tool
  • Fibonacci tool

Save as template

Saving your chart as a template for other forex signal charts is simple.

Once you have modified your chart to your liking, click on the template icon on the toolbar and select “save template.”

Open different markets

Once you have created your chart and set your properties as a template, you can easily pull different markets into the chart by clicking on the FX market you want and dragging it over to the chart. Voila!

The great thing about MetaTrader 4 is you can have multiple markets open at once with several charts.

You can quickly scroll through the tabs at the bottom of the page and adjust each chart as you choose.

Conclusion

You are now aware of the basics of setting up a proper MetaTrader forex signals chart!

There are plenty of other tools you can play around with in this interface, but these are just the basics.

Now you are on your way to successful trading in the forex market.

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Creation

To create custom indicators, one has to use MetaQuotes Language 4 (MQL4) and MetaEditor. To launch the editor, one has to execute the “Create” command of the “Navigator – Custom Indicators” window context menu, or the “Tools – MetaQuotes Language Editor” menu command, or press F4 or the button of the “Standard” toolbar. At creation of the MQL4 program, the Experts Wizard that allows to create new MQL4 programs will open automatically. “Custom Indicator” must be selected in it as the object to be created,

and the necessary fields must be filled out:

  • Name – indicator name;
  • Developer – developer’s name;
  • Link – the developer’s web site;
  • Inputs – the list of indicator inputs. To add a new parameter, one has to press the “Add” button, and for deletion, one has to press the “Delete”.

Then it is necessary to decide whether the new indicator will be created in a separate sub-window and what range it will have. Besides, it is necessary to define the amount and parameters of the indicator arrays. Values of their elements are used to draw lines in the chart. In other words, when indicator arrays are defined, the lines of the future indicator are defined, too. After that, the window of the new indicator with the defined settings will open. A file with the source code (*.MQ4) of the indicator will be placed into the /EXPERTS/INDICATORS folder of the client terminal automatically. From this point onwards, one can start to write the text of the custom indicator.

After the indicator has been developed, it must be compiled. To do so, one has to execute the “File – Compile” editor menu command, press F9 or the button of the toolbar. After the indicator has been successfully compiled, an executable program file with *.EX4 extension will be created to be automatically placed into the /EXPERTS/INDICATORS folder. The list of custom indicators can be viewed in the “Navigator – Custom Indicators” window of the client terminal.

Modifying of Custom Indicators

To start modifying of the existing indicator from terminal, one has to execute the “Modify” command of the “Navigator – Custom Indicator” window context menu. At that, the MetaEditor will open where the selected indicator source code has already been downloaded. After this code has been changed, one will have to recompile it and get a new executable EX4 file. Otherwise, the previous, non-modified version of the indicator will be used in the terminal.

Attention: If the indicator has been compiled with errors, it is impossible to attach it to the chart. At that, the indicator properties window will not appear, and a record about impossibility to open a file with an executable code will appear in the experts journal.

Charts in MetaTrader 5

Analyze financial security quotes

MetaTrader 5 charts visualize changes in currency, stock and other security quotes. Charts enable technical analysis and operation of trading robots. Charts allow traders to visually monitor quotes of financial instruments in real time and respond instantly to any changes in the market.

Charts offer a variety of different settings, so that traders can customize and adapt these settings to their personal needs. MetaTrader 5 supports three types of charts: broken line, sequence of bars and Japanese Candlesticks. You can set a separate color for any item in the chart and create the most comfortable workplace for long-term work.

MetaTrader 5 charting system includes:

  • 21 timeframes for any financial instrument
  • dozens of analytical tools
  • color schemes
  • templates and profiles
  • manual scaling

MetaTrader 5 provides the use of various chart templates and profiles . With these templates you can save color schemes and analytical objects applied on a chart, while all the open chart templates can be saved on one profile. By using these templates and profiles, you can easily and quickly restore the working area of your platform whenever such automation is considered necessary.

MetaTrader 5 gives the availability of 21 timeframes, from one-minute to one-month, so that traders can easily choose the type of quote visualization that best suits their trading system. Moreover, it is also possible to set up visualization of additional information (tick volumes, last price, OHLC and others). As a result, this will help you trade and analyze quotes more efficiently.

The tools provided by MetaTrader 5 charts can be widely used for all the analytical purposes. The platform offers more than 80 of the most popular analytical tools: technical indicators and graphical objects.

The analytical objects can be added directly to a symbol price chart or in its separate sub-windows. An unlimited number of analytical tools can be also applied to the chart for the analysis of the price dynamics from various perspectives.

Finally, it is possible to construct charts based on other indicators’ data. For example, traders may apply the Bulls Power indicator together with Bears Power and smooth the data by using the Moving Average.

In summary, MetaTrader 5 charts provide all tools needed for convenient and comprehensive technical analysis. You can customize charts based on your choice and analyze quotes using technical indicators and objects — with the MetaTrader 5 this could not be easier!

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