The Foreign Exchange Market, known as Forex, is a global currency trading market.
Some of the major currencies exchanged include the United States Dollar (USD), the Japanese Yen (JPY), and the Euro (EUR).
If you are interested in trading on this foreign market exchange, you can create your own MetaTrader Forex signals chart.
MetaTrader 4 is one of the most widely used trading platforms among traders.
While it boasts many features, the main one we will be focusing on is creating your own signals chart so you can get on your path toward success.
If you are looking for the easiest way to track your trades, you can create a MetaTrader Forex signals chart in a few quick, easy steps!
Setting up your MetaTrader forex signals chart
Setting up your MetaTrader forex signals chart is a quick and easy process once you have familiarized yourself with the software.
Open a chart
First, you will need to open your chart.
There are three ways you can open a new chart – in the file menu, the new chart icon, or by right-clicking on the window and choosing “new chart.”
Set chart properties
Next, you will need to set your chart properties so you can easily view your chart. This can be done by right clicking on the chart window and choose “properties.”
Here you can choose the following properties:
- Color scheme
- Grid functions
- Volume functions
You can easily add moving averages and other analysis to your chart as well.
The easiest way to do this is by selecting the indicators icon at the top of the chart, and select “trend” and then “moving average.”
You can set the period to either 8 or 21, depending on the exponential moving average (EMA) you are entering. You can also save these options as a template.
Other analysis tools include:
- Horizontal line tool
- Fibonacci tool
Save as template
Saving your chart as a template for other forex signal charts is simple.
Once you have modified your chart to your liking, click on the template icon on the toolbar and select “save template.”
Open different markets
Once you have created your chart and set your properties as a template, you can easily pull different markets into the chart by clicking on the FX market you want and dragging it over to the chart. Voila!
The great thing about MetaTrader 4 is you can have multiple markets open at once with several charts.
You can quickly scroll through the tabs at the bottom of the page and adjust each chart as you choose.
You are now aware of the basics of setting up a proper MetaTrader forex signals chart!
There are plenty of other tools you can play around with in this interface, but these are just the basics.
Now you are on your way to successful trading in the forex market.
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