MetaTrader 4 includes several objects that can be drawn on charts, including: Horizontal lines, Vertical lines, Trendlines, Equidistant channel, Text, Text table, Fibonacci retracement and Arrows. Traders can utilize these tools by selecting the object they want to use from the given toolbar and then clicking on the chart. Traders can change the width and location of some items on the chart by simply moving the mouse while clicking.

1. How to use Metatrader4 application as a
beginner in forex trading.
• The goal of this MetaTrader 4 Guide is to walk new forex traders around the
world through the many facets of forex trading and, in particular, how to
utilize MetaTrader 4 as a trading platform.
• MetaTrader 4 is not only one of the most popular forex trading platforms
today, but it is also one of the most user-friendly and adaptable platforms
with a plethora of features. This training is intended for broad usage of the
platform.

2. Terms Guide for MetaTrader 4:
• Before beginning to trade, traders should educate themselves with
MetaTrader 4 Guide words.
• Even though there is an extensive vocabulary, some of the most commonly
used terms include, but are not limited to:

3. Currency pair:
• a pair of two currencies. The base currency is the first in the pair, while the
counter currency is the second.

4. Bid or Ask Price:
• At any one time, there are two prices relevant to a currency pair: the bid
and the ask price.

5. Bid Price:
• the amount of money buyers are willing to pay for a product.
• The price at which sellers are willing to sell is the ask price.
• While most brokers do not charge commissions or fees when a trader places
a trade, there is a bid/ask spread that remains the primary cost for Forex
traders.
• These are only a few of the phrases that traders will encounter; therefore, it
is critical to keep a dictionary handy to ensure that traders comprehend
them.

6. How to Modify the Chart Style:
• When the MetaTrader 4 application is launched, the trader is greeted with a
default chart that may or may not make any sense, but this chart can be
altered.
• Charts in MetaTrader 4 can be seen as candlestick, bar, or line charts, and
this can be changed by selecting the appropriate icon in the top toolbar
between the 'New Order' and zoom in/out icons.
• Traders can easily alter the chart type to what they desire. The candlestick
chart style will be used for this tutorial.

7. How to Change the Color Scheme of the Chart:
• After selecting a candlestick chart, the trader must be able to distinguish
between the candles so that the trader can identify when the price has
moved to the upside or downward.

8. Traders can accomplish this by following the
procedures outlined below:
• Rick, click anywhere on the chart, and then move the mouse arrow down to
'Properties.' (You can also reach 'Properties' by hitting F8 on the keyboard.)
• Choose the 'Colours' tab from the three available options (Common, Show, and
Colours). When you enter this tab, you will see a range of components of the chart
and different colours that can be altered for each. Background, Foreground, Grid,
Bar Up, Bar Down, and other options are available.
• There are many other colours to pick from, but keep in mind that the most
contrasting colours will make the chart simpler to see while also allowing you to
track movement.

9. Gridlines and other alternatives:
• After making modifications to the chart style and colour scheme, the trader
has the option of eliminating the gridlines from the chart.
• The grid lines serve as a reference, but they can also confuse the
appearance and make the chart more difficult to interpret, especially for
new traders.
• The gridlines on the chart can be removed by Right-clicking on the chart and
selecting 'Properties' from the list (or hitting F8 to access Properties), then
selecting 'Show' under 'Properties', deselecting the option to show the grid.

10. How to Use Chart Drawing Tools:
• MetaTrader 4 includes several objects that can be drawn on charts,
including:
• Horizontal lines, Vertical lines, Trendlines, Equidistant channel, Text, Text
table, Fibonacci retracement and Arrows.
•
Traders can utilize these tools by selecting the object they want to use from
the given toolbar and then clicking on the chart. Traders can change the
width and location of some items on the chart by simply moving the mouse
while clicking.

11. Indicators on charts: How to Add and Use Them
• MetaTrader 4 comes with a plethora of pre-installed indicators and the
option to develop new ones and import them into the platform.
• Using the menu bar, indicators can be added to the selected chart.

12. How to set a Price Alert:
• This is readily accomplished by opening the 'Terminal' window and shifting
the cursor to 'Alerts.'
• By right-clicking in this window and selecting 'Create' from the menu, the
trader can enter the 'Alert Editor' window, where they can customize price
alerts.

13. Conclusion:
• MetaTrader 4 not only provides tools, features, and offerings that cater to
sophisticated traders but getting to know the trading platform, as well as
essential functions, is relatively straightforward and painless.