3 MT4 terminal charting features you may not have known about
In order to trade profitably in the foreign exchange market, it is necessary to be able to work with the price charts of currency pairs. The trading terminal MetaTrader 4 provides the trader not only the ability to display charts in the form of lines, bars or Japanese candlesticks, but also a way to change the charts themselves. Let's talk in detail about what you can do with the price charts in MT4 terminal.
Scaling the chart in MT4
First of all, the trader can change the time interval of the chart. It is necessary for correct analysis of situation and vision of the full picture of the market. Besides, every type of trading provides the trading on different timeframes: scalping and pipsing - on TF from M1 to M15, intraday trading - on TF from M30 to H4, long-term - on one day and older.
To switch the time frame on the toolbar of the terminal there are buttons with the names of time intervals.
By pressing the corresponding button, you can switch the graph to the desired time interval.
Sometimes it happens that there are no such buttons on the toolbar. This is very easy to fix. To do this, go to the "View àToolbar" tab and check the box next to "Schedule period".
In addition, on the same toolbar of the terminal you can increase or decrease the size of the chart. All monitors have different resolutions, so you can use this tool to adjust the graph display to your monitor. It may also be necessary to enlarge a part of the chart to the whole screen.
Changing the distance from the price extremum to the upper or lower limit of the working window
It often happens that the price of the currency pair comes very close to the top or bottom of the chart. Because of this, the trader does not see the levels at which stop-loss or take-profit orders should be set. It is not difficult to correct this situation.
First, you need to move the mouse cursor to the vertical price scale of the chart. If you do everything correctly, you will see a pop-up inscription "Vertical scale".
By holding down the left mouse button and moving the cursor up or down, you can squeeze and stretch the graph until the levels you want appear.
Setting an arbitrary price range
By default, the minimum and maximum of the vertical price scale of the chart adjusts itself to the selected timeframe and increase or decrease of the chart itself. However, the trader can independently specify the minimums and maximums of the price to be displayed.
To do this, right-click on the empty chart space and select the "Properties" tab.
In the window that appears, go to the "General" tab and check the "Fix scale" item. After that in the corresponding fields you should enter the required values of minimum and maximum of the price scale of the chart and click "OK".
Now you won't have any blank spots in the MetaTrader 4 terminal, which means that market analysis will become more accurate and will have a positive impact on your profit.
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