Setting up technical indicators in MetaTrader 4 (MT4) for Stocks

Setting up Trend Lines on Stock Charts

To draw your trend lines in your MetaTrader (MT4) platform, please follow the steps below. 

  1. From the top bar menu, Select “Draw Trend Line” instead of “Draw Horizontal Line”
trend lines
  1. Once you’ve selected this tool, you can start drawing your trendline near the desired point. Don’t worry if it’s not absolutely precise as you can always change the values later on.
  2. Next, right-click anywhere on the trendline and choose “Trendline Properties”.
  3. Lastly,change the values of the “parameters” tab.

You will be asked to enter the values for your trend lines. Remember, both of these values are the same. Once you’ve entered the values, all you need to do is deselect “ray” and you’re ready to start trading with trend lines. 

Setting up Trend Channels on Stock Charts

  1. From the top navigation bar, click Insert, then select channels
  2. From the dropdown menu, select standard deviation
trend channels

3. Next, select where you want the channel to start on your trading chart

4. Move your mouse to the end of the channel and release the button

trend channel

5. And that’s it! Your trend channel is now ready. 

Setting up Fibonacci on Stock Charts

  1. From the top navigation bar, click Insert and move your mouse over Fibonacci.
  2. Select the Retracement option
fibonacci

3. Click and hold on your chart where you want the Fibonacci retracement to start

4. Once you’re happy with where it’s placed, release the mouse

fibonacci stock chart

5. And that’s your Fibonacci retracement levels ready!

Setting up Moving Averages on Stock Charts

  1. From the top bar menu, click Insert and move your mouse over Indicators choose Trend
  2. From the drop down menu, click Moving Average
moving averages

3.  After selecting Moving average from the list above, a new window will pop up. You will see 3 tabs on that window.

In the Parameters tab, you can set your moving average value on the period box (which determines how long the average will be), choose your preferred MA method, and select what this will apply to (e.g.  Close, Open, High, Low).

moving averages options

4. In the Level tab, you can set a channel with the main Moving Average. Click on Add, then double click on Level and put the distance value from your Moving Average. This option is not compulsory. You can avoid this parameter or keep the value 00.

level setup, metatrader 4, mt4

 5. In the ‘Visualization’ tab, you can see the time frame where you can use this moving average. If you select ‘All timeframes’, then you will be able to see your MA on all time frames.

timeframe setup, metatrader 4, mt4

6. And that’s it! Click OK and voila just like that you have a simple moving average on your chart. 

Removing Indicators from MT4

Let’s say you don’t want to use a specific indicator anymore or simply don’t want it visible on your chart. Here’s how to do it.

  1. Right-click anywhere on your chart
  2. From the dropdown menu, select Objects List
removing indicators from MT4

3. Select the indicator you wish to delete (in our case, this is Fibo)

4. Hit the Delete button

removing indicators

5. And that’s it. The indicator will now disappear from your chart. 

clear chart