Metatrader 4 is the most popular Forex trading platform on the market and has become a helfpul tool for the binary options community as well. With a small background in Forex I find myself taking advantage of this trading platform constantly. It also helps that when I trade binary options my focus is generally still pairs and not commodities or indices.
I use MT4 in conjunction with my free trade assistant and binary options software to get strong signals that I can trust.
With that said, I figured today I would introduce you to metatrader 4 if you haven’t used it and point out some of the basics you should probably know if you’re going to be using this platform. First things first, you will want to go on Google and search for MT4 and then your area. So I would search for something like MT4 New York, or northeast to make sure that I get a platform close to my location. This will ensure that the price feed is fast and reliable because there won’t be as far for the data to travel.
After finding the best platform for you the next step is to download and install. This is a very simple process if you don’t get in your own way and confuse yourself you’ll have no problems at all. Just leave it in the default folder and you won’t run into any issues.
As soon as you get into MT4 you will have to create an account with the broker associated with MT4. You will never have to deposit funds with this broker it is purely a demo account that you can utilize and test with.
My Binary Options MT4 Tradestation
This is a video I did in my first income report of 2015. I show how I use MT4 and what role it plays in my binary options trading.
Organizing Metatrader 4 For Binary Options
The next steps I take after setting up my metatrader 4 to use the charts for binary options are organizational. You will see there are a handful of options that the top left of the page (File, View, Insert, Charts, Tools, Windows, Help). It’s always a good idea to spend some time going through these options to see if there’s anything you would like to change. First thing I will do is set up my charts. So I will click view at the top left and then click on market watch. Then I will wait click inside the market watch window and click show all. This isn’t something that you have to do, if you see the pairs you want to use already in the market watch then just start to click on them and drag them into the open area in the middle (it’s grey).
After I pulled all the charts that I want into the grey area I will start taking the time frames I want each chart to be. So I will click view at the top left, then go to toolbars and click on periodicity (if it doesn’t have a checkmark on it). Once this bar is available I will start to click on each separate chart and then click the desired timeframe, for the systems I use and the analysis I use in the binary options market I generally focus on the H1 and M5 timeframes.
The last organizational step I like to take in getting my metatrader 4 set up for binary options is clicking on window at the top left and then clicking tile Windows. This will automatically organize your charts and square them up perfectly in the middle of your screen.
MT4 Binary Options Settings
After finally organizing my charts the next thing I do is go into tools at the top left and click on options. The first tab I will look at is the MT4 Events tab because I want to make sure that I’m getting pop-up alerts and notifications. This is because I use a lot of binary options trading signal software and I want to know via sound alerts whenever a signal comes my way. So I will go into the MT4 Events tab and just click enable.
Still in the options tab area I will move to the expert advisors tab and click allow DLL imports because all of the binary options trading systems I use that require MT4 use DLL imports to provide updated signals. You will see there is a warning that says this is potentially dangerous but I only use it with trusted application so this is not a concern to me.
Any options tab there are two other helpful tabs, the notifications tab which you can enable if you want the Forex or binary options software to send push notifications(SMS) to your cell phone. Similar to that is the email tab where you can get signals delivered right to your email inbox. I haven’t tested the push notifications but I have been reading some articles online and it looks like it’s a pretty simple process. I might write up a method on this in the future.
Extra MT4 Binary Options Tips
If you want to change the look of the chart you can right-click on the chart and click properties. Right at the top here in MT4 you will notice that there are predefined color schemes that you can use or you can select the exact colors you prefer. There are also 3 different types of charts you can use, line charts, bar charts in the most popular candlestick charts. You can easily change this and metatrader 4 by clicking on the charts option at the top and then clicking candlesticks. If you really want to see the candlesticks up close then right-click on the chart again and click Zoom in.
I hope that you learn some helpful information about metatrader 4 and this article provided you with enough information to get started with this platform and begin using it in your binary options trading.