MT4 Binary option trading is top topic of talk among binary traders. MetaTrader4 (MT4) is a charting package that you can download for free once you open a demo account with a Forex broker that provides it (some Forex brokers offer proprietary charting packages, other than MT4). It was developed by MetaQuotes Software and first released in 2005. Prior versions were released starting in 2002, but MetaTrader 4 was the most enhanced in terms of functionality and reliability. You can also find MetaTrader charting package on some Binary Options Brokers.
MT4 Binary option trading
We all know that Binary Options are closely related to their underlying instrument, being derivatives by definition. So for us to better determine if we will choose Call or Put, we must analyze the underlying instrumentand MT4 is the tool to use. If you want to trade Binary Options on currencies, open a MT4 chart for your selected currency, deploy your strategy of choice and when a good signal occurs, switch to your Binary platform and choose Call or Put accordingly. Of course, for MT4 or any other charting software to be useful to you, you need to be proficient in technical analysis and I won’t go into that as it’s a much too complex subject to be covered in one article. Instead, I will focus on how to plot a tool on MT4, as this will help you in the future with all your chosen strategies, because almost all of them use tools/indicators to help us determine future market direction.
Use of MT4 for Binary Options Trading
Metatrader 4 is the most popular Forex trading platform on the market and has become a helfpul tool for the binary optionscommunity 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.
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.
Binary Options MT4 Installation Instructions
The following instructions will explain how to install the Binary Options for MetaTrader 4 platform.
- To start trading binary options you need to download and install the MetaTrader 4 platform from your broker.
If you use more than one MetaTrader 4 terminal, at the first run all the versions will be searched and displayed.
Choose terminal AL Trade 4. Fix your choice by checking the box “Remember my choice and do not show this window in the future».
Select the trading tools
- AL Trade terminal opens after filling the account data in Binary Options for MT4.
- Select “Market Watch”.
- Right-click, select “Show all”.
- The assets of binary options trade include ending «bo» (EURUSDbo, USDJPYbo).
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.
Read ‘Help’ instructions
Be sure to read the instructions (help) about the program. It does not take much time; however, it will remove most of the questions about working with Metatrader terminal. To do this, press the “F1” key on your keyboard or click the “Help” link in the top menu of the terminal.
Menu and workspace setup
There is a picture below in which the menus and windows of the program are given to one of the species, which is convenient for most of the traders. You can configure the terminal to a convenient form for you. We will explain how to do it gradually.
All windows and panels in Metatrader 4 can be dragged by the mouse and placed in the correct location. By pulling on a corner or edge of the window you can resize it. You can adjust the color of the field, lines, candles, etc. You can customize the workspace and save it to your profile. Thus, it is easy to create several different views, for example, by the number of tools, and then set the desired profile by pressing a single button. To learn more or to change the settings of a field, right-click and you will see a new menu.
The “Market Watch” space and creating the list of financial instruments.
In order to speed up the terminal and reduce Internet traffic, some trade instruments must be removed from the list of extra tools. To do this, please right-click the mouse on the field “Market Watch”, see Figure 2. This is an indicative list of tools, each broker has its own and it may differ from what you see in the figures.
Hide all symbols in MetaTrader4
From the menu bar select “Hide all” symbols and click on it with the left button. A long list of most of the symbols will disappear, leaving only those which have open charts. You can now turn to the list of the required tools. To do this, click on “Symbols” in Fig. 2.
Creating a list of tools in MetaTrader 4
A new window appears with groups of instruments:
Groups of financial instruments in MetaTrader 4
Let’s continue to create the list of tools.
If you click the mouse on a cross in front of a group of financial instruments, it will open and we will see a list of tools that group includes.
List of management tools (selection, saving and deleting) is going by already familiar to us through the menu in Fig. 3. To do this, select the line “Set”, then “Save As” or “Delete” or select the right set of tools from the list.
Charting, setting the display format
Let’s look again at Fig. 3. If you click on the menu item “Chart Window”, this will generate a chart of the tool selected in the “Market Watch”. The appearance of the charts will be such as specified in the standard template. To customize the appearance of the graph according to your preference, right-click the mouse on the panel space and select “Properties” – the bottom line of the menu or press the “F8” button on the keyboard. A panel opens by means of which you can select the preferred color scheme and customize the color of each element of the chart: background, candle and some of its elements, the color of the lines. Making settings are very easy, as you will immediately see the results of your changes. So you can customize each box with space individually, and if you want to save the settings for the new charts automatically, it opens the way you like it. How to do this?
Right, click on the field box to space then we will see the menu (see Fig. 6.). Select the line “Template”.
Select, save or delete the template chart window in MetaTrader 4
In an additional menu to the right, select “Save Template” and save the template under a new name. Later you can select the template to any chart, and thus give it all preconfigured properties. On the right, we see a list of menu templates, and you can choose one of them and see how the chart changes. Maybe some of these patterns will be useful for you.
MT4 Binary option trading 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.