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Metatrader 4 quesiton

  • #1
  • First Post: May 7, 2006 11:02pm May 7, 2006 11:02pm
I recently started browsing this forum and noticed that this is the prevalent platform used. I currently use GFT and am happy with it but saw that Metrader 4 is said to be free. I wanted to use it to research the Vegas indicators and others I have read about like it. What do I need to download just the client terminal? anything else? Is the charting service free for a certain period of time? For now I want to use it to set off the indicators and use my GFT account for the actual trades and if Metatrader works out I can go to it. Any help is appreciated.
  • #2
  • May 7, 2006 11:09pm May 7, 2006 11:09pm
Hi migamb,

Welcome the Factory!

Anyway, if you're going to test the vegas indicators, I suggest checking this thread I created:
http://www.forexfactory.com/forexfor...ead.php?t=4497

As for downloading the MT4 platform, you can either download it directly from its creator (and yes you only need to download the client terminal):
http://www.metaquotes.net/terminal

OR from any available brokers who are using MT4 as their charting platform.
A list of available brokers can be seen here:
http://www.forexfactory.com/forexfor...78&postcount=7

Depending on the broker, the demo account may expire. If you want an account that does not expire, I suggest going with the platform from StrategybuilderFx here (the one I'm currently using. Demo account application can be done in the client terminal):
http://www.strategybuilderfx.com/platform.php/

Hope this helps.

Regards,
East
  • #3
  • May 8, 2006 1:11am May 8, 2006 1:11am
Thanks for the reply. I use GFT as my broker already, is there a way I can use the charting service without signing up with another broker? or is this a requirement? Thanks again for the quick reply.
  • #4
  • May 8, 2006 1:16am May 8, 2006 1:16am
Quoting migamb
Thanks for the reply. I use GFT as my broker already, is there a way I can use the charting service without signing up with another broker? or is this a requirement? Thanks again for the quick reply.
Nope, you don't have to signup with another broker.
Just download the client terminal from any site of your preference and you're good to go.

There's just a very simple demo account application (you can input anything you want) when you start the terminal (after installation of course ).

Anyway, try installing the platform. If you have any problem from there, just post again.

Regards,
East
  • #5
  • May 8, 2006 1:34am May 8, 2006 1:34am
Thanks for your help.
  • #6
  • May 8, 2006 1:51am May 8, 2006 1:51am
Does anyone know how to add certain pairs to the list that is traded on MT4?
JOHN 3:16
  • #7
  • May 8, 2006 2:04am May 8, 2006 2:04am
Quoting migamb
Thanks for your help.
No prob.

Quoting renasdad
Does anyone know how to add certain pairs to the list that is traded on MT4?
Hi rens,

I think (meaning I'm not sure) the pairs that can be traded in MT4 depends on your data feed server.
Not sure if this post will answer your question but I'll just try:
http://www.forexfactory.com/forexfor...1&postcount=13

Hope this somehow helps.

Regards,
East
  • #8
  • May 8, 2006 2:17am May 8, 2006 2:17am
East you da man!! Exactly what I was looking for. You are on top of everything aren't you?
JOHN 3:16
  • #9
  • May 8, 2006 2:33am May 8, 2006 2:33am
Quoting renasdad
East you da man!! Exactly what I was looking for. You are on top of everything aren't you?
LOL.. very funny... I'm not falling for dejavus... :
  • #10
  • May 8, 2006 6:48am May 8, 2006 6:48am
I had a couple of questions. On the Vegas 4hr when it asks you to set MA's do we need to set them at close? I know one of them said to set it at the close price but the others did not.

I downloaded the Aphid team knife indicator, were can I find an explanation on how it works? For example which risk model to use and how do you use the MA's line (Might be Fib lines not sure) in the model to find out a trade signal. Thanks again for the help.
  • #11
  • May 8, 2006 6:52am May 8, 2006 6:52am
http://www.forexfactory.com/forexfor...9&page=2&pp=15

try this once. post #27
JOHN 3:16
  • #12
  • May 8, 2006 7:04am May 8, 2006 7:04am
That link didn't work.
  • #13
  • May 8, 2006 7:20am May 8, 2006 7:20am
Quoting migamb
I had a couple of questions. On the Vegas 4hr when it asks you to set MA's do we need to set them at close? I know one of them said to set it at the close price but the others did not.

I downloaded the Aphid team knife indicator, were can I find an explanation on how it works? For example which risk model to use and how do you use the MA's line (Might be Fib lines not sure) in the model to find out a trade signal. Thanks again for the help.
Hi migamb,

The knife is a modified (by the genius Diallist) vegas 4Hr channel. More information can be found in this public thread:
http://www.forexfactory.com/forexfor...ead.php?t=3422

It's a long read though, but worth it.

Hope that helps.

Regards,
East
  • #14
  • May 8, 2006 7:21am May 8, 2006 7:21am
good call east.
JOHN 3:16
  • #15
  • Edited May 10, 2006 12:08am May 9, 2006 11:57pm | Edited May 10, 2006 12:08am
Hi migamb,

Here's my reply:

Quoting migamb
Thanks for answering my questions, I read through the thread you recommended but I did not find what I was looking for. I wanted to know some detaisl on the Knife indicator.
No prob. Anyway, will try to answer your questions.
Quoting migamb
I see the two SMA's lines and 4 fib lines. Which risk model do I select?
The risk model to apply is dependent on the volatility of a pair. The more volatile the pair, the higher risk model to use.
As a general rule of thumb, choose the risk model whose second fib line is mostly touched/hit during strong trends.
(These are all coming from the top of my head based on the teachings of Dial)

An example would be (and the current ones I'm using):
USD/JPY - Risk Model #1
AUD/USD - Risk Model #1
EUR/JPY - Risk Model #2
GBP/USD - Risk Model #2

You also don't have to add any other indicator to setup the knife. The indicator (FF Tunnel chart) itself will setup all the needed lines, etc.
Quoting migamb
I kept getting alarms saying it's ok to trade, any details on this?
The visual and audio alerts can be set on/off in the Inputs tab of the indicator. Please refer to attached image. If you do not want to receive alerts, just set the values to false.
Quoting migamb
Another question when trading using this model do you always wait for the crossover before initiating a trade? I noticed that most of the USD pairs have not crossed over in days due to the dollar bearish sentiment does this mean during this time frame no trades are initiated?
I'm assuming you downloaded the indicator in this post and that you're applying it on the 4Hr charts:
http://www.forexfactory.com/forexfor...25&postcount=2

Nope, the crossover is not needed since this is not a MA crossover system.
I'm not sure if I'm getting you correct here, but you take trades based on the slope change of the 8 SMA (*1). Your position size is also dependent on the position of the 8 SMA relative to the 55 EMA. This post may help:
http://www.forexfactory.com/forexfor...&postcount=329

One final note, okay this may be an endorsement so please decide if you'll heed it or not.
If you really want to learn more about this system (and plus other great stuff like price action, Money Management, and Trading Psychology), I do suggest checking out the James16 Group here:
http://www.james16group.com/

Dial's tutorial is just one of the great stuffs (for me) there.

Hope this answers your questions, if not, just post again.

Regards,
East

Footnote:
*1 - A slope change (based on the calculation of Genius Dial) occurs when the price crosses the Neutral Line (NL). The value of the NL is the close of the bar 9 bars starting from the current bar. You can also refer to this post:
http://www.forexfactory.com/forexfor...9&postcount=25
Attached Image
  • #16
  • May 10, 2006 7:44am May 10, 2006 7:44am
Thanks for the reply, that helps out. Is the slope line in the model used? I know we look for slope but I see there are other metohds for testing slope, how is the slope line in the model used?
  • #17
  • May 10, 2006 9:24am May 10, 2006 9:24am
Quoting migamb
Thanks for the reply, that helps out. Is the slope line in the model used? I know we look for slope but I see there are other metohds for testing slope, how is the slope line in the model used?
Hi migamb,

By model, I understand that you're referring to the vegas 4Hr tunnel right?

Anyway, the Knife is a modified version of the vegas 4Hr Tunnel.
And one of the additions in the Knife is the slope line or more commonly known as the Neutral Line.

So in regards to your question, no, the slope line does not exist or is not used in the 4Hr vegas tunnel..

I also am not familiar with what you're referring to as "other methods" for testing slope since once price crosses the NL in the knife, a slope change occurs.

Hope that answers your Q and not confuse you.

Regards,
East
  • #18
  • May 10, 2006 2:29pm May 10, 2006 2:29pm
Your answer is exactly what I was looking for. I did not know if the slope line in the knife indicator was literally a slope change i.e. if the line changed down the slope changed down which of course would be too confusing which is why I aksed what its purpose was, now that you say this is the neutral line and we are looking for price to move through the slope line to consider a slope change it clears up what the indicator's purpose is. All of these questions was just trying to figure out how to utilize the knife indicator since I just downloaded it but could not find a tutorial for it. thanks.
  • #19
  • May 10, 2006 2:37pm May 10, 2006 2:37pm
Quoting migamb
Thanks for the reply. I use GFT as my broker already, is there a way I can use the charting service without signing up with another broker? or is this a requirement? Thanks again for the quick reply.
Let me caution you. I currently have two accounts, one with GFT and another with IBFX, which uses MetaTrader. After using MetaTrader for a month or so, I'm moving to trade predominantly with IBFX because I LOVE the MT4 platform. So, be careful, you may get hooked!
  • #20
  • May 10, 2006 2:53pm May 10, 2006 2:53pm
Quoting migamb
Your answer is exactly what I was looking for. I did not know if the slope line in the knife indicator was literally a slope change i.e. if the line changed down the slope changed down which of course would be too confusing which is why I aksed what its purpose was, now that you say this is the neutral line and we are looking for price to move through the slope line to consider a slope change it clears up what the indicator's purpose is. All of these questions was just trying to figure out how to utilize the knife indicator since I just downloaded it but could not find a tutorial for it. thanks.
Hi migamb,

You really didn't have to explain yourself dude...
You just want to learn and that's a good sign..

Anyway, if you have any other questions, ask away and I'll try to answer them when time permits.

Best regards and happy trading,
East
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