MetaTrader 4 (MT4) is a trading platform developed by MetaQuotes in 2005. Although it’s most commonly associated with forex trading, MetaTrader 4 can be used to trade a range of markets including forex, indices and commodities, via CFDs.
MT4 is popular for two reasons. The first is that it’s highly customisable to your individual trading needs and preferences. The second is that it can automate your trading by implementing algorithms that open and close positions according to pre-set parameters.
How do you use MT4?
Create an account and download MT4
Open a position using the order window
Monitor and close your positions and pending orders
Modify stops and Create an account
To use our MT4 offering, you’ll first need to create a live account. Once you’ve done that, you can set up an MT4 account from your My IG dashboard.
If you already have an MT4 account, but you’d like to trade with us as your MT4 broker, it’s easy:
Create a live IG account
After account activation, log in to MY IG to fund your account
Log in to MY IG and click on “Add an account”
Log in to the MT4 platform* with MT4 ID and password and choose IG-Live server to start trading on a live MT4 account, keeping all your chart data and analysis
*Or, get a step-by-step breakdown of how to download MT4 in our platform.
Open a position using the order window
When you’re ready to place a trade, go to ‘tools’ and click ‘new order’. This will bring up the ‘order’ window. Alternatively, you can press F9 on your keyboard.
Symbol – this drop-down menu allows you to select which market you would like to trade
Volume – This is the number of contracts you would like to trade.
Stop loss – if you want to use a stop to close the trade if it moves against you, enter your desired level here. Stops on MT4 are equivalent to basic stops on our own trading platform.
Take profit – if you want to use a limit to lock in profits, enter your desired level here
Comment – a small space to leave a comment about a particular trade; or for more advanced trade-management purposes
Type – choose ‘instant execution’ if you want to place your trade the moment you select either ‘buy’ or ‘sell’. Select ‘pending order’ if you want to choose the level at which your trade opens.
Depending on what type of trade you choose – instant execution or pending order – you’ll then be presented with further options:
To monitor your open positions and pending orders open the ‘terminal’ window by pressing Ctrl + T, or by clicking ‘view’ in the toolbar and selecting ‘terminal’. Then navigate to the ‘trade’ tab. You can close a position or delete a pending order by clicking the small ‘x’ on the far right of the profit column.
Monitor your positions in MetaTrader 4
Modify stops and limits on open positions
To modify stops or limits on open positions and pending orders, open the ‘terminal’ window (Ctrl + T) and navigate to the ‘trade’ tab. Right click on the position or pending order you’d like to edit, then select ‘modify or delete order’ to bring up the order window.
You will have the option to modify or add stops and limits to your position. When you’re finished, click the red ‘modify’ button to confirm your changes.
MT4 offers a range of tools you can use to customise charts. Here’s how to draw on charts, add indicators and change your timeframes.
To draw, simply select the object you want from the toolbar and click on the chart. The width and positioning of some objects is adjusted by moving your mouse as you click on the chart, while others open a separate window for customisation.
To edit or remove an object, right click on the chart then select ‘objects list’ from the menu. This will open a window that displays a list of all the active objects shown on the chart. Select your chosen object from the list then click ‘edit’ to customise the object settings or ‘delete’ to remove.
You can also add indicators to a selected price chart using the menu bar. Click ‘insert’, then ‘indicators’, and choose your chosen indicator from the drop-down menu.
To edit or remove an indicator that’s displaying on a chart, right click within the chart window, and then select ‘indicators list’ from the menu. This will open a window that displays a list of all the active indicators shown on the chart. Select your chosen indicator from the list, then click ‘edit’ to customise the indicator settings or ‘delete’ to remove.
To set up a price alert, open the ‘terminal’ window then navigate to the ‘alerts’ tab. Right click within this window and select ‘create’ from the menu. This will bring up the ‘alert editor’ window, where you can customise your price alert.
To view your trade history, open the ‘terminal’ window and navigate to the ‘account history’ tab. You can change the date range by right clicking within the window and selecting one of the following options:
To produce a trade report, open the ‘terminal’ window and navigate to the ‘account history’ tab again. Right click within the window then select one of the following options:
Both options will produce a report detailing individual trades (closed transactions, open trades and working orders) plus an account summary. The detailed report includes additional metrics such as drawdown and profit factor.
Choose from thousands of MT4 indicators and add-ons
Add-ons and indicators are a major benefit to using MT4.
Indicators are technical analysis tools designed to help you make informed decisions when trading. With our MT4 account, you’ll have access to pivot points, order history and the Renko indicator – among many others
Add-ons, on the other hand, are designed to help you customise the MT4 platform to better suit your individual trading style and goals. The add-ons we provide for free include mini terminal, stealth orders and alarm manager
In addition to the indicators and add-ons available in MT4, there are also programs like Expert Advisors. These enable you to automate your trading on the platform.
Wishing you all the best for good trading.
MT4 is popular for two reasons. The first is that it’s highly customisable to your individual trading needs and preferences. The second is that it can automate your trading by implementing algorithms that open and close positions according to pre-set parameters.
How do you use MT4?
Create an account and download MT4
Open a position using the order window
Monitor and close your positions and pending orders
Modify stops and Create an account
To use our MT4 offering, you’ll first need to create a live account. Once you’ve done that, you can set up an MT4 account from your My IG dashboard.
If you already have an MT4 account, but you’d like to trade with us as your MT4 broker, it’s easy:
Create a live IG account
After account activation, log in to MY IG to fund your account
Log in to MY IG and click on “Add an account”
Log in to the MT4 platform* with MT4 ID and password and choose IG-Live server to start trading on a live MT4 account, keeping all your chart data and analysis
*Or, get a step-by-step breakdown of how to download MT4 in our platform.
Open a position using the order window
When you’re ready to place a trade, go to ‘tools’ and click ‘new order’. This will bring up the ‘order’ window. Alternatively, you can press F9 on your keyboard.
Symbol – this drop-down menu allows you to select which market you would like to trade
Volume – This is the number of contracts you would like to trade.
Stop loss – if you want to use a stop to close the trade if it moves against you, enter your desired level here. Stops on MT4 are equivalent to basic stops on our own trading platform.
Take profit – if you want to use a limit to lock in profits, enter your desired level here
Comment – a small space to leave a comment about a particular trade; or for more advanced trade-management purposes
Type – choose ‘instant execution’ if you want to place your trade the moment you select either ‘buy’ or ‘sell’. Select ‘pending order’ if you want to choose the level at which your trade opens.
Depending on what type of trade you choose – instant execution or pending order – you’ll then be presented with further options:
To monitor your open positions and pending orders open the ‘terminal’ window by pressing Ctrl + T, or by clicking ‘view’ in the toolbar and selecting ‘terminal’. Then navigate to the ‘trade’ tab. You can close a position or delete a pending order by clicking the small ‘x’ on the far right of the profit column.
Monitor your positions in MetaTrader 4
Modify stops and limits on open positions
To modify stops or limits on open positions and pending orders, open the ‘terminal’ window (Ctrl + T) and navigate to the ‘trade’ tab. Right click on the position or pending order you’d like to edit, then select ‘modify or delete order’ to bring up the order window.
You will have the option to modify or add stops and limits to your position. When you’re finished, click the red ‘modify’ button to confirm your changes.
MT4 offers a range of tools you can use to customise charts. Here’s how to draw on charts, add indicators and change your timeframes.
To draw, simply select the object you want from the toolbar and click on the chart. The width and positioning of some objects is adjusted by moving your mouse as you click on the chart, while others open a separate window for customisation.
To edit or remove an object, right click on the chart then select ‘objects list’ from the menu. This will open a window that displays a list of all the active objects shown on the chart. Select your chosen object from the list then click ‘edit’ to customise the object settings or ‘delete’ to remove.
You can also add indicators to a selected price chart using the menu bar. Click ‘insert’, then ‘indicators’, and choose your chosen indicator from the drop-down menu.
To edit or remove an indicator that’s displaying on a chart, right click within the chart window, and then select ‘indicators list’ from the menu. This will open a window that displays a list of all the active indicators shown on the chart. Select your chosen indicator from the list, then click ‘edit’ to customise the indicator settings or ‘delete’ to remove.
To set up a price alert, open the ‘terminal’ window then navigate to the ‘alerts’ tab. Right click within this window and select ‘create’ from the menu. This will bring up the ‘alert editor’ window, where you can customise your price alert.
To view your trade history, open the ‘terminal’ window and navigate to the ‘account history’ tab. You can change the date range by right clicking within the window and selecting one of the following options:
To produce a trade report, open the ‘terminal’ window and navigate to the ‘account history’ tab again. Right click within the window then select one of the following options:
Both options will produce a report detailing individual trades (closed transactions, open trades and working orders) plus an account summary. The detailed report includes additional metrics such as drawdown and profit factor.
Choose from thousands of MT4 indicators and add-ons
Add-ons and indicators are a major benefit to using MT4.
Indicators are technical analysis tools designed to help you make informed decisions when trading. With our MT4 account, you’ll have access to pivot points, order history and the Renko indicator – among many others
Add-ons, on the other hand, are designed to help you customise the MT4 platform to better suit your individual trading style and goals. The add-ons we provide for free include mini terminal, stealth orders and alarm manager
In addition to the indicators and add-ons available in MT4, there are also programs like Expert Advisors. These enable you to automate your trading on the platform.
Wishing you all the best for good trading.
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