Options Settings on Tools Menu in MetaTrader 4 Oil Trading Software
The options button key is used for a variety of many different tasks on the MT4. Option button key is listed within tools menu in the MetaTrader 4 as shown below. Short-cut keys for this - Ctrl+O.
MT4 Options Settings
These are&& shown below: list of various button keys are shown & displayed as tabs as shown on the image below. To edit anything on this panel click on any of these button keys and then change 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 oil broker and there is no need to re-adjust them. However, just for tutorial purposes, Server will show the server of your oil broker and if it is a Demo or a Real Server. The account sign in and password will also be displayed below and as a oil trader you can change the password from this window for demo oil 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 platform will automatically remember your log in and password so that you don't have to type & key them every time you sign in to your trading platform. Enable DDE server is not required, Enable news is checked & you as a trader can use receive real time news data to your MetaTrader 4 on the News options, located in Terminal window panel, (Short cut Ctrl+T).
Crude Oil Trading Chart
The following are marked on the Charts Options
Show Trade Levels - These lines will show levels where orders were placed, it will also show levels where pending oil orders are placed. This will also show the Take Profit Crude Oil Trading Order & Stop Loss Oil Order levels. These trade levels lines appear as red broken lines marking these trade levels.
If there is no open transaction, no level will be shown: if many trades have been placed, multiple lines will be displayed for these levels.
Use Alt key to drag trade levels isn't a very suitable option to use, because if you place many orders you might change the wrong order, therefore it is best 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 & Low Oil Prices for every candle
Show Ask Line - Show the Bid Oil 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 oil market closes for each trading day. (4 H separator is Weekly, for Daily & Weekly separator is Monthly).
Color Print - To print in color & 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 oil charts that are deleted & these can be accessed later at any time within.
Max bars in History, Max bars in Oil Trading Chart - To save computer resources RAM, Processor Speed & Hard disk Space, these bars stored are limited to a specific number that's optimum, it is best to use the default number selected.
Objects
These are:
Show properties after creation - immediately display oil trading indicator/line tool settings after it is placed on oil chart to facilitate editing of their properties.
Select Object after creation - an oil technical indicator/line tool can be selected by double-clicking on it once it is drawn, to facilitate editing of its properties.
Select object by single mouse click - select an oil trading indicator/line tool using single mouse click not by double click, double clicking will show properties window of oil 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 crude crude oil trading price.
Trade
These are the default used by the platform to determine what oil instrument you buy and what amount you buy.
Symbol by Default - Automatically set to the open oil chart which you've open
Size by default – Automatically use last lot size, or set every trade to be default 1 lot or 2 lots or 1 micro lot or 2 micro lots by select the default button & 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 oil 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 oil 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 panel is illustrated below:
The following options are used:
Enable Expert Advisors - Allow for Oil Expert-Advisor to be placed on oil chart for automated execution purposes
Disable experts when accounts have been changed - login to a different account deactivates Oil Trading Expert Advisors
Disable Experts when profile has been change - When you change profiles the Oil Trading Expert-Advisors setting for allowing oil trading in the new profile is deactivated until you allow and manually place an Oil Expert Advisor on this newly opened oil trading chart.
Allow Live Oil Trading - Give Permission to EA to open trades on the live crude oil market.
(Ask Manual Confirmation - no needs for this if you are using Oil Expert-Advisors, leave this one as it's shown 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 & 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 Expert Advisor that is in another place, away from your PC computer, (External means these Expert Advisor Oil Robots are referenced from an external source outside your Desktop computer PC, so you need to be careful with this option)
Notifications
To receive notification on your phone from your MT4 platform, use the notifications option shown below. Not that you're required to have a registration sign up ID, from MetaQuotes to begin receiving the notifications that get sent to your phone through text messages.
Check the option, Enable Push Notifications, put your ID, press test and you should get a test notification text message. You require to first sign up for this ID, to do so, use the following window panel on your MT4 & follow the instruction you'll get from this Notification window panel.
Email Settings
Most traders may not really need this, but if you are one of the ones that require, setting can be placed below.
Lets use this company, that owns this website, www.tradegoldtrading.com, click and check the button labeled "Enable" the respective mail settings are shown below and the SMTP setting is "SMTP: Port 465", Select and 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, crude crude oil price level alert and requote alert.
The various types of alert actions that can be set for any event can be selected by double-clicking on event action, pressing the dropdown arrow & then selecting the alert action you want from the dropdown list shown below.
MQL5 Oil Expert-Advisor Robots Forum
The MQL5 forum is a community where traders can find others & Exchange Expert Advisors and Oil Trading Signals with each other. Oil 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 and navigate to the window panel shown below & follow the instructions.
MQL5 Crude Oil Trading Signals
The 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 oil trading signal
Agree to Terms - Agree to the terms of using the oil trading signal service
Enable Real time oil trading signal subscription - allow real time transmission of oil signals to your trading 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 computer Desktop PC.
Copy Stop Loss Oil Order and TakeProfit Oil Trading Order Levels - Copy these levels from the oil signal provider automatically.
Use no more than - Option for oil 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 trading 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 oil signal makes a loss upto this point the oil trading 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 & there when executing trades with your broker, especially if your oil broker is one of those that requotes you. (Get an STP Broker with No-Requotes Policy to guarantee execution of your trades and avoid these slippages).
