Options Settings on Tools Menu on MT4 Software
The options button is used for a variety of many different tasks on the MT4. The Options button is listed within the tools menu in MT4 as illustrated below. Shortcut key for this - Ctrl+O.
MT4 Options Settings
These are shown below: the list of various buttons are displayed as tabs as displayed on the image below. As a trader to edit anything on this window just click on any of these button keys and then change the settings.
Server
The server settings for MT4 are shown below. A trader can edit from this tab, but most of the times it is not necessary as these options are automatically preset to the brokers' server settings by the broker and there is no need to re-adjust them. However, just for course purposes, the Server will show the server of your commodity broker and if it is a Demo or a Real Server. The account sign in & password will also be displayed below and as a trader you can change the password from this window for demo commodity accounts, however be careful if you are changing passwords make sure to remember them.
Other options are, enable proxy server, this isn't required, Keep personal data at startup, this is ticked by default, that way the software will automatically remember your login & password so that you do not have to type and key them every time you login to your platform. Enable DDE server isn't required, Enable the news is ticked & you as a trader can use receive real time news data to your MT4 on News options, located in the Terminal window, (Short cut Ctrl+T).
Commodity Chart
following are marked on Charts Options
Show Trade Levels - These lines will show levels where orders were placed, it will also show levels where pending commodity orders are placed. This will also show the Take Profit Commodities Trading Order & Stop Loss Commodity Trading Order areas. These trade levels lines appear as red broken lines marking these trade areas.
If there's no open trade, no level will be illustrated: if many trades have been placed, multiple lines will be displayed for these levels.
Use Alt key to drag trade areas is not a very suitable option to use, because if you place many orders you may change the wrong order, therefore it is better to leave this as it is & not change it (Probability of this one losing you money is there so leave as it is)
Show OHCL - Show Opening, High, Closing and Low Commodities Prices for every candlestick
Show Ask Line - Show the Bid Commodities Price, (no need for this)
Show period separators - a separator will draw a line where the daily chart starts and ends, for example if you trade with 5 minutes, 15 minute or 1 Hour Charts the period separator will draw a vertical line when the commodity market closes for each trading day. (4 H separator is Weekly, for Daily and Weekly separator is Monthly).
Color Print - To print in color and not black white which is set by default, use this option and then next time you print it'll be a colored print and not black and white.
Save deleted charts to reopen - Save all commodities trading charts which are deleted & these can be accessed later at any time within.
Max bars in History, Max bars in Commodities Chart - To save computer resources RAM, Processor Speed and Hard disk Space, these bars stored are limited to a specific number that is optimum, it is best to use the default number selected.
Objects
These are:
Show properties after creation - immediately display commodities trading indicator/line tool settings after it is placed on commodities trading chart to facilitate editing of their properties.
Choose Object after creation - an commodities trading indicator/line tool can be selected by double-clicking on it once it's plotted, to facilitate editing of its properties.
Select object by single mouse click - select an commodities trading indicator/line tool using single mouse click not by double click, double clicking will show properties window of commodities technical indicator/line tool
Magnet Sensitivity - immediately draw a line tool to the nearest low or high that is within 10 pixels of the point selected. This allows for lines drawn to more or less be placed on the levels that they are intended without much editing by aligning these lines to the nearest high or low of commodities trading price.
Trade
These are the default used by the platform to determine what commodity instrument you buy and what amount you buy.
Symbol by Default - Automatically set to the open commodities trading chart which you have open
Size by default - Automatically use the last lot size, or set every trade to be default 1 lot or 2 lots or 1 micro lot or 2 micro lots by choose the default button key and then selecting the number of lots from the drop don list next to this option.
Deviation - Set the allowed number of pips that can move away when executing an commodities trading order for example 2 pips, or zero pips if you want to specify to place trades at the exact level where you click.
One Click commodities trading - Place trades buy or sell with one click. (Do not use this option as it is prone to mistakes and no time to correct, this option can lose you money.)
Expert Advisors
Expert Advisors window is illustrated below:
following options are used:
Enable Expert-Advisors - Allow for commodities trading Expert-Advisor to be placed on commodities trading chart for automated execution purposes
Disable experts when accounts have been changed - sign in to a different account deactivates Commodities Expert Advisors
Disable Experts when profile has been change - When you change profiles the Commodities Expert Advisors setting for allowing commodities trading in the new profile is deactivated until you allow and manually place an Commodities EA on this newly opened commodities trading chart.
Allow Live Commodities Trading - Give Permission to EA to open trades on the live commodities market.
(Ask Manual Confirmation - no needs for this if you are using Commodities Trading Expert-Advisors, leave this one as it is displayed without checking it.)
Allow DLL imports - Dynamic Link Libraries, which are external, unless required this should be left unticked/unchecked. (External which means that these libraries are referenced from sources external and outside your Desktop PC computer, therefore be careful with this one)
Confirm DLL functions calls - Exercise manual permission for each and every function call, either allow it or disallow it depending on your trade parameters.
Allow External Experts imports - This is used to allow your Expert Advisor to reference some data from another EA that is in another place, away from your PC computer, (External means these Expert Advisor Commodity Robots are referenced from an external source outside your computer, so you need to be careful with this option)
Notifications
To receive notification on your mobile phone from your MetaTrader 4 platform, use the notifications option shown below. Not that you're required to have a registration sign up ID, from MetaQuotes to start receiving the notifications that get sent to your phone through text messages.
Check the option, Enable Push Notifications, put your ID, press test & you should get a test notification text message. You require to first register for this ID, to do so, use the following panel on your MT4 & follow the instruction you will get from this Notification window.
Email Settings
Most traders may not really need this, but if you're one of the ones that require, the setting can be placed below.
Lets use this company, that owns this web site, www.tradegoldtrading.com, click & check the button key labeled 'Enable' the respective mail settings are shown below and the SMTP setting is 'SMTP: Port 465', Choose & put these as shown below. Click test & check your inbox to confirm you receive the message.
Events
Events on MetaTrader 4 are notifications, either sound notification, an email or SMS alert. The notifications can be set for different events such as timeout, connect, disconnect, news, Expert Advisor, EA confirmation, commodities trading price level alert & requote alert.
Various types of alerts actions that can be set for any event can be chosen by double clicking on event action, pressing the drop down arrow and then selecting the alert action that you want from the drop down list shown and illustrated below.
MQL5 Commodities Trading Expert-Advisor Bots Forum
The MQL5 community is a forum where traders can find others and Exchange Expert Advisors & Commodity Trading Signals with each other. Commodities traders have to register to this community and can then access services from their platform directly. To get details on how to access and register in this community, login to your MT4 software & go to window shown below & follow the instructions.
Trading Signals
The trading signal settings are provided by MQL5, MQL5 is the owner of MetaTrader Software. Signals service allows traders to adjust the following:
Signal - First Subscribe to a commodities trading signal
Agree to Terms - Agree to the terms of using the commodities trading signal service
Enable Real time commodities trading signal subscription - allow real time transmission of commodities trading signals to your platform.
Use Trusted Execution Token( TET ) - Trusted execution token means you do not have to open your MT4 on your PC Desktop computer to have signals executed, Trusted Execution Token will allow signals to be executed even if your MT4 is not started on your computer Desktop PC.
Copy Stop Loss Commodities Trading Order & Take-Profit Commodity Trading Order Areas - Copy these levels from the commodities trading signal provider automatically.
Use no more than - Option for commodity money management, set an amount of 10% for the aggressive traders & 5% for the non aggressive traders, that way you limit your risk capital in your account.
Stop if equity is less than - Set a percent to calculate this level for example if your equity is $10,000 then use 70%, that is $7,000 and set this amount: if the commodities trading signal makes a loss up to this point the commodities signal execution is stopped.
Deviation/Slippage - you can set a value like 2 so as to give some flexibility in case of slippage of a few pips here and there when executing trades with your broker, especially if your commodity broker is one of those who re-quotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades & avoid these slippages).
