1. Intermediate Guide To MetaTrader 4 - Introduction
  2. Intermediate Guide To MetaTrader 4 - Charts And Settings
  3. Intermediate Guide To MetaTrader 4 - Graphical Objects And Technical Indicators
  4. Intermediate Guide To MetaTrader 4 - Alerts
  5. Intermediate Guide To MetaTrader 4 - Order Types
  6. Intermediate Guide To MetaTrader 4 - Placing Orders

Traders can draw a variety of graphical objects or attach technical indicators to any active price chart.

Graphical Objects
Traders can use a variety of drawing tools to enhance their market analysis. Graphical objects, such as the equidistant channel shown in Figure 11, can be drawn on any price chart. Each drawing tool has its own icon located in the toolbar (hover the mouse over an icon to reveal its function). Additional drawing tools, such as Gann lines, can be found by clicking "Insert" on the top toolbar and selecting from a variety of tools.


Figure 11 - Graphical objects can be drawn on any price chart. This chart shows an equidistant channel.


Graphical objects include:
  • Line Studies - lines and various geometrical shapes such as support/resistance lines and trendlines.
  • Shapes - geometrical shapes that allow traders to mark various areas in the price chart.
  • Arrows - to identify significant points in the chart.
  • Text - to add comments to a chart.
  • Text Label - to add comments that remain anchored to the chart window coordinates (the text label does not move when the chart is scrolled).
To apply a graphical object to a chart:

  • Click to activate the appropriate price chart.
  • Select the desired drawing tool from the toolbar or Insert menu.
  • Click on the desired location on the price chart to attach the drawing object.
  • Certain objects, such as trendlines, require an additional click to determine the end or angle of the object.
Each object has specific properties that can be customized. To customize an object, in the Main Menu click Charts > Objects > Objects Lists, or right-click on the appropriate chart and select "Objects List." This opens the Objects window with Common, Parameters and Visualization tabs:

  • Common tab - to customize Name, Description, Style and "Draw object as background."
  • Parameters tab - to customize the coordinates of the object.
  • Visualization tab - to select on which timeframes the object will appear.
To remove an object, open the Objects window, click to select the object to be removed, and click "Delete." Traders can also remove an object by double-clicking the object to select it, right-clicking and selecting "Delete." To move an object to a new location, double-click to select the object and drag it to a new location. Releasing the mouse will anchor the object to the new location.

Technical Indicators
Technical indicators are tools that can offer traders a unique perspective on market activity. An indicator can either be overlaid on an existing price chart or displayed on its own, typically below the main price chart, as shown in Figure 12. Most technical indicators are based on price action over a specified time period (or look back period) and use some type of mathematical calculation or formula to determine a value.

SEE: Basics of Technical Analysis: Introduction

Figure 12 - Technical indicators applied to a price chart. A moving average appears overlaid on the price chart; a stochastic oscillator appears in the pane just below the price chart.


There are several ways to add technical indicators to a price chart in MT4:

  • Navigator Window - Click on the appropriate price chart to activate it, and then select an indicator from the Navigator Window. To apply the indicator, either double-click using the left mouse button, right-click and select "Attach to a chart" (see Figure 13) or click and drag the indicator to the price chart. Any of these actions will produce a window specific to the indicator that allows the trader to customize the appearance and performance of the indicator. Make any desired changes to the default settings and click "OK" to attach the indicator to the price chart.
Figure 13 - Right-click an indicator in the Navigator Window and select "Attach to a chart" to apply a particular indicator to an active price chart.


  • Insert Menu - Indicators can be added to an active price chart by selecting in the Main Menu Insert > Indicators > [indicator] (see Figure 14). An indicator specific window appears that allows traders to customize the appearance and performance of the indicator. Make any desired changes to the default settings and click "OK" to attach the indicator to the price chart.
Figure 14 - In the Main Menu, select Insert > Indicators > [indicator] to add an indicator to a price chart.


  • Indicators icon - Indicators can be added to an active price chart by clicking the Indicator icon in the main toolbar and choosing the desired indicator, as shown in Figure 15. An indicator specific window appears that allows traders to customize the appearance and performance of the indicator. Make any desired changes to the default settings and click "OK" to attach the indicator to the price chart.

Figure 15 - Click the Indicators icon to select a technical indicator to apply to an active price chart.


Intermediate Guide To MetaTrader 4 - Alerts

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