Introduction to MT4 Oil Trading Platform Interface
The following screenshot below shows the main MT4 software interface. As a beginner oil trader trying to learn how to execute oil orders in the online oil market, the main tool for trading the oil market is the MetaTrader 4 software software. This MT4 software is the software that you'll connect to your oil broker with & execute oil trade transactions and monitor your oil account balance from this MetaTrader 4 platform.
The Oil MetaTrader 4 software software is provided for free through the various crude oil trading broker sites. This MetaTrader 4 oil trading software looks like oil example shown below:
The Main Areas of this MetaTrader 4 software as shown above are:
- MetaTrader 4 Navigation Menus
- Toolbars
- MT4 Crude Oil Trading Chart Window
- MT4 Navigator Window Panel
- MetaTrader 4 Market Watch Window Panel
- MT4 Terminal
- MT4 Connection Bars
For this MT4 guide we shall look at a brief introduction for each of these learn oil MT4 platform:
1. Navigation Menus
The MT4 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are the main MT4 navigation menus that can be used to navigate the MT4 oil trading software. As a beginner oil trader you can start by just clicking any of these MT4 navigation menus to familiarize yourself with the various MT4 buttons that are arranged as MT4 sub menus within these MT4 navigation menus.
These MT4 navigation menus will be discussed & covered in details in the next MT4 guides about navigation menus.
2. Tool-Bars
The MT4 tool bars are used to manipulate MT4 oil charts, either by placing MT4 oil indicators, MT4 line studies, change MT4 oil chart time frames and load MT4 template from a list of saved MT4 templates.
These MT4 toolbars will be discussed on other MetaTrader 4 guides that will outline each MetaTrader 4 button on this MT4 toolbar and how to add & customize these MT4 toolbars.
3. Chart Panel
This MT4 oil chart window is the main area where MT4 oil charts are displayed & a oil trader can analyze the oil trend direction of a MT4 oil chart whether up or down, place MT4 oil chart indicators for technical analysis & even place orders from these MT4 crude oil charts.
4. Navigator
MT4 Navigator will contain information about MT4 accounts, whether practice or real, this MT4 window will also have a list of all the MT4 oil indicators as well as MT4 Oil Trading EAs and scripts.
A oil trader can select which MT4 oil account to login by expanding the Accounts menu, choose an MT4 oil indicator by expanding the MT4 oil indicator menu or choose an MT4 Crude Oil Expert-Advisor by expanding the Expert Advisor menu.
5. Market Watch
MT4 Market watch is used to show streaming crude crude oil trading price quotes for MT4 oil instruments. This can list as many quotes provided by your MT4 oil broker or a few selected by a oil trader. To save internet bandwidth, right click inside the MT4 market watch window and select "Hide All", so as to hide the MT4 symbols that you are not transacting on this MT4 platform and save on internet bandwidth.
6. Terminal
This is the MT4 window that is like the bank account transaction area for your MT4 oil trade transactions, on this MT4 window you can view your trading account balance, profit and losses statement, equity, margin used also retrieve a copy of all your MetaTrader 4 oil trade transactions history.
This MetaTrader 4 window will also list all open oil trade transactions & calculate all the profit & loss in real-time as the crude oil charts move up or down.
7. Connection Bar
MetaTrader 4 connection bars – Red bars are for no connection, green bars show that there is connection to the servers and MetaTrader 4 oil trade transaction orders can be placed. These MT4 connection bars should always be green when one logged into their MetaTrader 4 practice oil account or MetaTrader 4 live account.
These MT4 software main areas form the MT4 software interface & will be the main areas to be covered in detail in the next learn MetaTrader 4 guides. For now it is best to download MT4 platform software & familiarize yourself with MT4 platform interface.
Why Oil Software is Required for Placing Oil Transactions with Crude Oil Trading Brokers
oil platform is software that's used to access the oil market & analyze these crude crude oil trading price movements using oil charts and oil technical analysis tools. There are various reasons why a oil trader requires to use a good oil platform. A good oil platform can determine if a as a oil trader you make a profit or not.
So why does a Oil trader need a good Crude Oil platform:
To connect to the Oil Trading Broker Server:
To place a oil trade order one needs to use a oil platform that will connect to the trading servers of their oil broker and this will allow them to open and close oil trade orders. Good oil platforms will connect with ease to the oil brokers' servers & allow crude oil traders to place oil orders at any time from PC desktop computer.
To analyze oil charts using crude oil technical analysis tools
To place a buy or sell oil order one needs to first analyze the direction of a oil instrument using oil charts. This is why all good oil platforms provide oil technical tools such as crude crude oil trading price charts, oil technical indicators & various different oil chart timeframes from which trader can analyze crude crude oil trading price moves using the crude oil chart time-frames of their choice.
From the above oil platform interface, summary of all information required by a oil trader is provided on this MT4 software interface
- Connection – connection to the oil broker servers
- Charts -price graphs that display crude oil prices
- Tool bars – toolbars to add tools and technical analysis indicators on crude crude oil charts
- Market Watch - for displaying available financial instruments on MT4 software
- Data window panel - provides MetaTrader 4 oil account information and other technical indicator data
- Exchange rates - shows current market crude crude oil trading price on a crude oil chart
- Menu bar – Shows all menu items on the MetaTrader 4 software
