To become a trader, you need to understand an asset before jumping to invest in it. The information provided on MT4 helps you know how much the asset is traded, how the transaction fee is, etc. From there, the trader can easily make a buy/sell decision. To find information about an asset on MT4, follow the guide below.
On MT4, you can search for information and data related to an asset: Trade Specification and Chart.
1. Commercial specifications
The Market Watch window displays 3 basic information fields, including Bid Price – Ask Price – and Daily Variation. Where:
- Bid Price – Ask Price (the trader expects the price to go down to make a profit).
- Ask price – Buy price (the trader expects the price to rise to make a profit).
- Daily change – the increase/decrease in price between the opening and closing prices (as a percentage).
In addition, you can view other symbol properties by right-clicking a specific asset in the Market Watch -> window by clicking Specifications.
Then, its detailed information will be shown as follows:
- Spread – the difference between bid and ask prices. If the spread is mobile, the parameter is 0. The spread is different for each forex pair and decided by the broker.
- Digits: The number of decimal places in the asset price.
- Stop level – price channel (in points) from the current price. The trader cannot place Stop Loss, Take Profit and pending orders within this channel. If an order is opened within this range, the server will return the message “Invalid shutdowns” and the order is not accepted.
- Contract size: number of units to run Buy/Sell 1 lot.
- Margin currency: The currency in which the margin is made.
- How to calculate profit: how to calculate profit
- How to calculate the margin: how to calculate the margin
- Margin hedging – margin level (when using a symmetrical order)
- Margin rate – margin rate (when you start opening an order)
- Margin Percentage: Determines what portion of the base margin size value calculated based on the type of symbol is charged.
- Execution – type of execution: Instant, Request or Market
- GTC mode – in which, Waiting for an asset until cancellation: orders valid only during one trading day. With the end of the day, all levels of Stop Loss and Take Profit, as well as pending orders are eliminated. And waiting for an asset to date excluding SL / TP: when a trading day changes, only pending orders are eliminated, Stop Loss and Take Profit levels are preserved.
- Minimum volume: The minimum volume to execute a transaction.
- Maximum volume: The maximum volume to perform a transaction.
- Volume Step – the amount of volume change during the execution of an order.
- Swap type – type of swap calculation (in points, in the base currency, in percentage terms).
- in the margin currency: the amount specified in the margin currency of the symbol.
- Swap Long – swap for buy orders
- Swap Short – overnight commission for sell orders
- 3 swap days – the day of the triple debit swap
- Session quotes – market opening/closing time, in LiteForex Server hours (GMT+3)
- Session Trade – transaction time, in LiteForex Server hours (GMT+3)
A price chart is where you track your price history in real time, from which you can predict the future direction of an asset. This is a critical type of data when looking for information about a currency pair because the price history often tends to repeat itself.
A price chart is an essential tool for trading in the financial markets in general and forex in particular. Based on the chart, traders get a better overview of the market.
In addition, you can also perform technical analysis, set the chart interface as you like by adding indicators, chart tools, etc.
To open an asset’s price chart, click on that asset, hold down your mouse, and drag and drop to the chart tab next to it. Or right-click the asset you want to display in the chart > select Chart Window.
It is a big challenge for several people to make an investment or trading decision, especially for newbies who do not have much experience. However, with the information and tools that MT4 provides to traders, it becomes more convenient to aggregate data and analyze buy/sell opportunities for a financial asset. Also, remember to practice on a Demo account before actually investing with real money. The following article guides you on customizing the MT4 display interface according to your needs.