Metatrader copy chart – brief and informative tutorial
Have you ever wondered what a Meta Trader copy chart is all about and why it’s crucial to know how to use it? What are the benefits of knowing this platform, and in which cases is it most often used nowadays?
Whether you are a total beginner in the field of trading or your previous experience is rich, you must have used or at least heard of concepts such as MetaTrader, MT4, MT5, indicators, customization, timeframes, etc.
One of the most frequently mentioned and used today is the Metatrader copy chart. What makes it so special, and why should ambitious traders worldwide take advantage of learning and knowing it? Let’s get all the information from the basics, as we need, shall we?
What is a MetaTrader, exactly?
MetaTrader usually refers to an MT4 platform that remains one of the most utilized trading terminals among ambitious traders on a global scale. Numerous brokers offer access to this platform despite possessing their proprietary platform.
For that reason, numerous platforms for copying trades cooperate with MT4. Copy trade is possible on MT4 from the official Traders Union MQL5 functioning with other MT platforms, so numerous brokers provide entry to it, even though they have proprietary platforms.
The user interface of MetaTrader 4
Here is what the MT4 user interface includes:
- Common window heading
- Main menu
- Toolbars
- Market Watch
- Depth of market
- Data window
- Navigator
- Terminal
- Tester
- Tick charts
- Status bar
- Fast navigation tools.
MT5 – brief definition
MT5 refers to an “upgraded version” of MT4. It’s a multi-asset trading platform that’s been developed by MetaQuotes. The main reason why the MT5 platform is built is to assist stock and Forex traders in automating trading utilizing the three crucial things:
- Signals
- Trading robots
- Fundamental analysis.
One of the crucial features of the MT5 includes the following:
- Professional technical analysis
- Web trading
- Algorithmic trading
- Mobile trading.
So, what is the MetaTrader copy chart all about? What essential features must you be aware of before using it? But before we dive deeper into the Metatrader copy chart properties and get to know all its benefits more closely, let’s explain the term “copy trading”.
What does copy trading represent?
Copy trading was introduced in 2010 when the first social platform emerged on the volatile Foreign exchange market. The main reason behind the creation of this kind of platform was the high-speed growth of social media. Professional developers of it wanted to create something similar in finance.
Also, the idea was simple and innovative, such as uniting expert traders and total beginners in the Forex market in one platform, such as a copy trading platform.
What do copy trading platforms include?
If you are into knowing additional things about the Metatrader copy chart, it’s crucial to comprehend that numerous copy trading platforms include a huge set of functions nowadays. These are, for example, looking for a reputable manager and managing risk management.
Here are the most important features you need to know about:
- Analytics of the trading results of a trader
- A variety of functions for interaction and communication inside the network
- It is possible to allocate equity among multiple traders with distinct strategies and trading instruments under their supervision.
- A feature to halt the replication process at any desired point.
- An ability to establish the maximum risk threshold for each investment.
What are the main pros of copy trading?
Some of the main pros of copy trading include the following:
- A low barrier to entry.
- A huge possibility to participate in the market without extensive trading expertise.
- The potential to earn returns in comparison to those of successful traders.
- Flexible risk management settings and trader search options.
What is essential to know regarding the MetaTrader copy chart?
MQL5 refers to the leading service of MT4. It represents the official trading community that is functioning with the MetaTrader terminals. Regarding that, in this copy chart, there are a huge number of tools for these trading terminals.
There’s an app store for MetaTrader, and also the following:
- An observation of trading instrument quotes
- VPS for trading
- Economic calendar
So, now that you’ve got the basics of it, let’s find out more about copying metatrader chart settings that will also be useful for you.
What are the MT4 and MT5 Copy Chart Settings?
In numerous cases, you must copy all your MetaTrader chart settings to another computer or save them once you’ve decided to reinstall Windows on your current computer. It could also be when you’re transitioning from one broker to another and must download the broker’s platform.
Even though it may sound complicated, you must keep at least one chart open.
However, if multiple charts are open, such as over ten of them, it’s necessary to do some custom settings rather than set them on an entirely new platform by hand. It’s possible to do it custom by utilizing the Profiles feature in MetaTrader.
To do so, we’ve prepared a brief Metatrader copy chart tutorial that will enable you to move each of your charts settings from one platform to another when there’s a certain platform migration:
How do you transfer charts from one MT to another?
If you want to transfer your chart settings from one MetaTrader instance to another, follow these simple steps:
- Save your current charts as a new profile in your platform.
- Give your profile a unique name.
- Access your platform’s folder by going to File > Open Data Folder.
- For MT4 users, open the profiles subfolder. For MT5 users, go to the /MQL5/Profiles/Charts/ subfolder.
- Find your saved profile’s subfolder and copy it to transfer your chart settings.
- Open the data folder of your new MetaTrader instance by going to File > Open Data Folder.
- Go to the profiles subfolder (or /MQL5/Profiles/Charts/ for MT5 profiles).
- Paste your copied profile into this subfolder.
- Finally, restart your new MetaTrader instance and select your saved profile from the Profiles menu.
That’s all there is to it! Moving your chart settings to another MetaTrader installation is easy and will take up little time. So, now that you’ve got the basics of it, let’s find out more about copying metatrader chart settings that will also be useful for you.
Templates and profiles tools in MetaTrader
Templates and profiles are powerful tools in MetaTrader that allow you to apply a set of chart window parameters to other charts. A template can store the following parameters:
- Chart types and color
- Color diagram
- Chart scale
- OHLC line visibility
- Attached are expert advisors and their parameters
- Custom and technical indicators with their settings
- Line styles studies
- Day separators
When you apply a template to a chart, the stored settings are automatically attached to the security and period of the chart. For example, you can create a template that includes MACD, RSI, and Moving Average indicators and apply it to different charts. This way, your charts will have the same view for different symbols and periods.
Templates are stored as TPL files in the /TEMPLATES directory and can be used an unlimited amount of times once created. The terminal automatically creates a basic template called DEFAULT.TPL during installation, which is applied to any new chart window. You can change the default template by using the active chart window properties.
How to successfully save Profile and Templates in MT4?
If you’re interested in saving settings and loading settings of Profile and Templates in MT4, here is what you need to do:
- After you have arranged your chart to your liking, navigate to Charts – Template – Save Template in order to store the template.
- Specify a name for the template and then click on the save button to save it.
MQL5 copy trading – brief information you need to know
One thousand fifty signal providers are included in the MQL5 copy trading. To learn more about them, it’s crucial to visit the “Signals section” that you may find in the platform’s upper menu.
In addition to these signals, the MQL5 enables huge amounts of info regarding strategy providers. To be more specific, there are eight criteria for picking the right trader:
- Initial deposit
- Current balance
- Profits
- Withdrawals
- Reliability
- The total amount of subscribers
- Replenishment
- A total number of weeks of the active account.
All this is enabled in the following forms:
- Infographics
- Figure
- Charts
Thus, it’s possible to acquire all the data about the trader. But, those individuals who want to learn more about the Metatrader copy chart should learn how to copy trading with the MQL5.
How do copy trade with MQL5?
As someone heavily interested in Metatrader copy charts, it’s crucial to know that the connection is directly done via copy trading service for a variety of brokers functioning with MQL5. Once you’ve logged in and gone to the copy trading page, picking a trader is crucial.
Even though detailed statistics are provided in the accounts of its signal providers, once you’re on the platform, you’ll get to look at a brief overview of it. Here is the data that you’ll get to see:
- Profitability curve
- Signal security
- Number of subscribers
- Percentage of the algorithmic trading utilization
- Percentage return.
To modify your research, you can utilize different filters and categories. Once you’ve found a great strategy provider, following his profile is crucial. You’re able to find the Copy button on the top panel. You’ll see the subscription price displayed on the button if these signals are paid.
Once the button is clicked, a confirmation window will appear on MQL5, including a summary of the signal provider’s performance statistics.
Subscribing to signals with the trading terminal
It’s crucial to comprehend regarding the MetaTrader copy chart that there are brokers who subscribe to signals using a trading terminal. If you opt to connect in this way, entering the trading terminal is crucial once you’ve registered in the MQL5.
- The following step would be to go to the Toolbox menu and click “Signals”, showing you all available options, such as signal providers. The next step is to go to the Tools menu and find the “Options” button.
- Click the Community item and create an MQL5 account. Once you’ve completed the authorization, it’s crucial to pick the trader to copy within the list you’ll see after selecting “Signals”.
- Pick the nickname and then Subscribe. This step will lead you to arrange the MetaTrader copy trading.
What will MetaTrader 4 prompt you?
In this case, after you’ve completed all the previous steps, the MQ5L platform will prompt you to identify some of these parameters:
- Copy the signal provider’s Take Profit and Stop Loss settings.
- Synchronize positions without confirmation unless you manually confirm each trade by clearing a checkbox.
- Set a deposit threshold for closing trades if the balance falls below a specified amount.
- Define the acceptable limit of spreads for trade execution.
Once configured, click OK to activate the signal copying process within your MetaTrader 4 terminal.
FAQ
What is a MetaTrader?
MetaTrader usually refers to an MT4 platform that remains one of the most utilized trading terminals among ambitious traders on a global scale. Numerous brokers offer access to this platform despite possessing their proprietary platform.
For that reason, numerous platforms for copying trades cooperate with MT4. Copy trade is possible on MT4 from the official Traders Union MQL5 functioning with other MT platforms, so numerous brokers provide entry to it, even though they have proprietary platforms.
What does copy trading represent?
Copy trading was introduced in 2010 when the first social platform emerged on the volatile Foreign exchange market. The main reason behind the creation of this kind of platform was the high-speed growth of social media. Professional developers of it wanted to create something similar in finance.
Also, the idea was simple and innovative, such as uniting expert traders and total beginners in the Forex market in one platform, such as a copy trading platform.
How do you transfer charts from one MetaTrader to another?
If you want to transfer your chart settings from one MetaTrader instance to another, follow these simple steps:
- Save your current charts as a new profile in your platform.
- Give your profile a unique name.
- Access your platform’s folder by going to File > Open Data Folder.
- For MT4 users, open the profiles subfolder. For MT5 users, go to the /MQL5/Profiles/Charts/ subfolder.
- Find your saved profile’s subfolder and copy it to transfer your chart settings.
- Open the data folder of your new MetaTrader instance by going to File > Open Data Folder.
- Go to the profiles subfolder (or /MQL5/Profiles/Charts/ for MT5 profiles).
- Paste your copied profile into this subfolder.
- Finally, restart your new MetaTrader instance and select your saved profile from the Profiles menu.
How to successfully save Profile and Templates in MT4?
If you’re interested in saving settings and loading settings of Profile and Templates in MT4, here is what you need to do:
- After you have arranged your chart to your liking, navigate to Charts – Template – Save Template in order to store the template.
- Specify a name for the template and then click on the save button to save it.
