Options Setting Panel 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 the MetaTrader 4 as shown below. The Shortcut keys 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 buttons & 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 tutorial purposes, the Server will explain the server of your xauusd trading broker and if it is a Demo or a Real Server. The account login & password will also be displayed below and as a trader you can change the password from this window for demo xauusd trading accounts, however be careful if you are changing passwords make sure to remember them.
Other options are, enable proxy server, this is not required, Keep personal data at startup, this is checked by default, that way the software will automatically remember your sign in and password so that you don't have to type them every time you sign in to your platform. Enable DDE server isn't required, Enable news is checked and you as a trader can use receive real time news data reports to your MT4 on the News options, located in Terminal window, (Shortcut Key Ctrl+T).
XAUUSD Trading Chart
following are marked on the Charts Options
Show Trade Levels - These lines will explain levels where orders were placed, it will also explain levels where pending gold orders are placed. This will also show the Take Profit Gold Order & Stop Loss Gold Order levels. These trade levels lines appear as red broken lines marking these trade areas.
If there is no open trade, no level will be shown: if many trades have been placed, multiple lines will be displayed for these zones.
Use the Alt key to drag trade areas is not a very suitable option to use, because if you place many orders you might change wrong order, therefore it's better to leave this as it's and not change it (Probability of this one losing you money is there so leave as it is)
Show OHCL - Show Opening, High, Closing & Low Gold Prices for every candle
Show Ask Line - Show the Bid Gold Price, (no need for this)
Show period separators - a separator will draw a line where the daily chart starts & ends, for example if you trade with 5 minutes, 15 minute or 1 H charts the period separator will draw a vertical line when the xauusd market closes for each trading day. (4 Hour separator is Weekly, for Daily & Weekly separator is Monthly).
Color Print - To print in color and not black white which is set by default, use this option & then the next time you print it will be a colored print & not black & white.
Save deleted charts to reopen - Save all charts which are deleted & these can be accessed later at any time within.
Max bars in History, Max bars in Chart - To save computer resources RAM, Processor Speed & Hard disk Space, these bars stored are limited to a specific number that is optimum, it is better to use the default number selected.
Objects
These are:
Show properties after creation - immediately display indicator/line tool settings after it is placed on chart to facilitate editing of their properties.
Choose Object after creation - an technical indicator/line tool can be selected by double-clicking on it once it's drawn, to facilitate editing of its properties.
Select object by single mouse click - select an indicator/line tool using single mouse click not by double clicking, double clicking will explain the properties window of indicator/line tool
Magnet Sensitivity - immediately draw a line tool to the nearest low or high that's 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 xauusd trading price.
Trade
These are the default used by the platform to determine what instrument you buy and what amount you buy.
Symbol by Default - Automatically set to the open chart which you've open
Size by default - Automatically use last lot size, or set every trade to be default of 1 lot or 2 lots or 1 micro lot or 2 micro lots by select the default button key & 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 order for examples 2 pips, or zero pips if you want to specify to place trades at the exact level where you click.
One Click trading - Place trades buy or sell with one click. (don't use this option as it is prone to mistakes & no time to correct, this option can lose you money.)
Expert Advisors
Expert Advisors window is shown below:
The following options are used:
Enable Expert-Advisors - Allow for Expert Advisor to be placed on chart for automated execution purposes
Disable experts when accounts have been changed - log in to a different account deactivates Expert-Advisors
Disable Experts when profile has been change - When you change profiles the Expert Advisors setting for allowing trading in new profile is deactivated until you allow & manually place an Expert-Advisor on this new opened chart.
Allow Live Trading - Give Permission to Expert Advisor to open trades on the live xauusd market.
(Ask Manual Confirmation - no needs for this if you are using Expert Advisors, leave this as it's displayed without checking it.)
Allow DLL imports - Dynamic Link Libraries, which are external, unless required this should be left unchecked/unticked. (External means that these are libraries that are referenced from external sources outside your PC computer, therefore you should be careful with this one)
Confirm DLL functions calls - Exercise manual permission for 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's in another place, away from your PC computer, (External means these Expert-Advisor Gold Trading Bots are referenced from external sources outside your computer, so you need to be careful with this option)
Notifications
To receive notification to your mobile phone from your MT4 platform, use the notifications option shown below. Not that you require to have a registration ID, from Metaquotes to start receiving these notifications sent to your mobile phone via 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 MetaTrader 4 and follow the instruction you will get from this Notification window.
Email Settings
Most traders might not need this, but if you are 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 and check the button key labeled "Enable" the respective mail settings are shown below & the SMTP setting is "SMTP: Port 465", Select & put these as shown below. Click test & check your inbox to confirm you receive the message.
Events
Events in MT4 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, xauusd price level alert & requote alert.
Various types of alert actions which can be set for any event can be chosen by double-clicking on event action, pressing the drop-down arrow & then selecting the alert action you want from the dropdown list shown below.
MQL5 Gold Trading Expert-Advisor Bots Community
The MQL5 community is a forum where traders can find others and Exchange Expert Advisors & Gold Trading Signals with each other. Gold 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 & navigate to window shown below and follow the instructions.
MQL5 Trading Signals
Trading signal settings are provided by MQL5, MQL5 is the owner of MetaTrader Software. The Signals service allows traders to adjust the following:
Signal - First Subscribe to a signal
Agree to Terms - Agree to terms of using the trading signal service
Enable Real time tading signal subscription - allow realtime transmission of signals to your platform.
Use Trusted Execution Token( TET ) - Trusted execution token means you do not have to open your MetaTrader 4 on your PC Desktop computer to have signals executed, Trusted Execution Token will allow signals to be executed even if your MetaTrader 4 isn't started on your PC Desktop computer.
Copy Stop Loss Gold Order & Take Profit Gold Order Areas - Copy these levels from the signal provider automatically.
Use no more than - Option for gold money management, set an amount of 10% for aggressive traders and 5% for 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 examples if your equity is $10,000 then use 70%, that's $7,000 & set this amount: if the signal makes a loss upto this point the 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 gold broker is one of those who requotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades & avoid these slippages).
