Part 15 Meta Trader 4 Show – Basic program settings

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Posts Tagged: meta trader 4

Part 16: Meta Trader 4 Show – Installing MT4 on Mac

Recently, we have seen a mounting number of questions from Apple users. People are asking: “How to install Meta Trader 4 on Mac?” or “The installation of MT4 doesn’t work….

Part 15: Meta Trader 4 Show – Basic program settings

Although there are loads of trading platforms, some elements are identical in all of them. As an example, let’s talk about the most popular platform used by all of us,…

Part 14: Meta Trader 4 Show – How to download a functional program

People keep asking me where they can download a truly functional program Meta Trader 4. Although spent some time on this issue in the previous parts of this series it…

News: Trading Binary options directly in the program MT4

SpotOption finally allows us to trade binary options directly from the application Meta Trader. You will no longer need to log into the broker platform. Your trades are now realized…

Part 13: Meta Trader 4 Show – Strategy Tester (+Video)

I’m sure this must have happened to you at some point. You’ve downloaded a Strategy for Binary Options into Meta Trader 4 and everything looked great. If you’ve gone back…

Part 10: Meta Trader 4 Show – Creating templates

Not too long ago I’ve received a question about Meta Trader 4. Well, the reader needed an advice on the following problem: When I open a new graph, it always…

Part 8: Meta Trader 4 Show – Working with graphics in MT4

Ever since I started publishing articles discussing trend lines(Using trend line, Trend lines, Examples of using Trend lines), I’ve started to receive a lot of questions, such as how to…

Part 7: Meta Trader 4 Show – Symbols

I’ve heard that some of you are having trouble finding symbols in MT4. That’s why I’ve decided to put together and publish a table with symbols that can be found…

Part 6: Meta Trader 4 Show – Repainting indicators

If you are looking for different binary options trading strategies on the internet, I am sure, you’ve come across quite a few different indicators. Undoubtedly, you’ve already heard of repainting,…

Part 5: Technical Analysis – Using the Fibonacci Line

Hello, and welcome to another episode of technical analysis show for trading binary options. Today I will show you detailed examples of trading while using one of the most basic…

MetaTrader 4

The best Forex trading platform

MetaTrader 4 offers the leading trading and analytical technologies, as well as additional services. It has everything you need for Forex trading.

Analyze quotes of financial instruments using interactive charts and technical indicators

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Flexible trading system and support for all order types allow you to implement any strategy

Examine currency quotes from various perspectives with more than 65 built-in technical indicators and analytical objects

Copy deals of successful traders directly in the platform using the Trading Signals service (social trading)

Trading alerts will notify you of favorable market conditions

Visit the Market — the biggest online store of trading robots and technical indicators

Test any trading robot in the Market before purchasing it

Purchase or rent a Market product the way you like

Read the product description in the Market before purchasing it

Thousands of free robots and indicators are published in the Code Base and ready to be downloaded

Maintain total control of your assets

Trading robots and indicators are developed using the specialized MetaEditor tool

Customize the chart appearance

Order the virtual hosting at a reasonable price directly from the platform

Test robots in visual mode to better understand their trading algorithms

A trading robot test report will show you how good it is

Browse through the quotes of any currency pair from one minute to one month in the History Center

Your MetaTrader 4 desktop platform is integrated with the MetaTrader 4 mobile application for Android and iOS. Specify your MetaQuotes ID to receive push notifications from launched trading robots and scripts directly to your smartphone

Join the largest community of traders directly via your platform!

Receive useful information and hints from the MetaTrader 4 developers in Mailbox section

The MetaTrader 4 trading system

The powerful MetaTrader 4 trading system allows you to implement strategies of any complexity.

The Market and pending orders, Instant Execution and trading from a chart, stop orders and trailing stop, a tick chart and trading history — all these tools are at your disposal.

With MetaTrader 4, trading becomes flexible and convenient.

  • 3 execution modes
  • 2 market orders
  • 4 pending orders
  • 2 stop orders and a trailing stop

The MetaTrader 4 analytics

Analytical functions are one of the MetaTrader 4 platform’s strongest points.

Online quotes and interactive charts with 9 periods allow you to examine quotes in all the details quickly responding to any price changes.

23 analytical objects and 30 built-in technical indicators greatly simplify this task. However, they are only the tip of the iceberg.

The free Code Base and built-in Market provide thousands of additional indicators rising the amount of analytical options up to the sky. If there is a movement in the market, you have the analytical tools to detect it and react in a timely manner.

  • Interactive charts
  • 9 timeframes
  • 23 analytical objects
  • 30 technical indicators

Trading signals and copy trading

No time for trading? That is not a problem, since MetaTrader 4 can automatically copy deals of other traders. Select your provider, subscribe to a signal and let your terminal copy the provider’s trades.

Thousands of free and paid signals with various profitability and risk levels working on demo and real accounts are at your fingertips.

Make your choice, and MetaTrader 4 will trade for you.

  • Thousands of providers
  • Thousands of trading strategies
  • Any trading conditions

The MetaTrader Market

The built-in Market is the best place to find an Expert Advisor or a newest technical indicator.

Buy any of the hundreds of trading robots or indicators and launch them without leaving the platform. The purchase is simple, transparent and secure.

  • the widest selection of trading applications in the world
  • 1 700+ trading robots and 2 100+ technical indicators
  • free and commercial products

Algorithmic trading

Almost any trading strategy can be formalized and implemented as an Expert Advisor, so that it automatically does all the work for you. A trading robot can control both trading and analytics freeing you from the routine market analysis.

MetaTrader 4 provides the full-fledged environment for the development, testing and optimizing algorithmic/automated trading programs.

You can use your own application in trading, post it in the free code library or sell in the Market.

  • The MQL4 language of trading strategies
  • MetaEditor
  • Strategy tester
  • Library of free trading robots

Mobile trading

Smartphones and tablets are indispensable in trading when you are away from your computer.

Use the mobile versions of MetaTrader 4 on your iPhone/iPad and Android devices to trade in the financial markets.

You will certainly appreciate the functionality of the mobile trading platforms that include the full support for the trading functions, broad analytical capabilities with technical indicators and other graphical objects. Of course, all these features are available from anywhere in the world 24 hours a day.

  • Support for iOS and Android OS
  • Full set of trading orders
  • Analytics and technical indicators

Alerts and financial news

The latest financial news allows you to prepare for unexpected price movements and make the right trading decisions.

Alerts inform you about certain events, so that you can take appropriate measures.

  • Current financial information
  • Timely notification
  • Different market conditions

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Reading time: 11 minutes

This article will provide traders with a detailed explanation of what Keltner channels are, how to trade with Keltner channels, a guide for how to download the Keltner Channel Indicator in MetaTrader 4, how to edit settings in the Admiral Keltner indicator, a scalping trading strategy that can be used with the Admiral Keltner Indicator, and much more!

You’ll find that a lot of popular trading strategies revolve around dynamic channel indicators. Dynamic bands – also known as channels or envelopes – are a great example of such dynamic trading indicators. The core idea is simple. Even better, it’s effective. Before we delve deeper into the subject, let us explain the basic premise behind Keltner Channels.

What is the Keltner Channel?

The Keltner Channel indicator, named by Chester W. Keltner, is a volatility based envelope that measures price movements in relation to lower and upper moving average bands. Chester Keltner was a commodity trader, who first outlined the theory in the 1960s. A volatility channel, or envelope, places the bands in such a way that it also serves as a measure of a Forex currency pair or stock volatility. Keltner Channels are a combination of a Exponential Moving Average and the Average True Range indicator.

The theory behind the Keltner Channel in a nutshell is that:

  • We need to plot the bands a certain distance away from the average of the market price
  • The bands are far enough away from each other that they represent a significant market move
  • If the market moves through those bands, there is an above-average chance that we may see prices continue to trend in that direction

Variations tend to revolve around the specifics of where you place the bands. The basic calculation is:

  • Middle Line: 20-day Exponential Moving Average
  • Upper Channel Line: 20-day EMA + (2 x ATR(10))
  • Lower Channel Line: 20-day EMA – (2 x ATR(10)

Keltner Channels are less known than Bollinger Bands®, but they were conceived much earlier. In fact, Keltner Channels work just as effectively as any other volatility channel.

Trading with Forex Keltner Channels

We can very broadly divide traders into two camps: trend followers and counter-trenders. Basically, both parties want to know if the market is stuck in a range or if it is trending. Usually, the price will either break out and form a new trend, or it will fail to break out and bounce back from where it came.

This means that you can use the Keltner Channel indicator to easily see levels offering good trading opportunities. For that reason, the indicator shows three channel lines – the upper, the lower, and the central. The upper and lower lines help us eyeball potential breakouts, while the centreline serves as a median point.

Downloading the Keltner Channel Indicator with MetaTrader 4

MetaTrader 4 (MT4) comes with a comprehensive selection of built-in indicators, but this is just the tip of an iceberg. There a huge number of custom indicators that you can potentially use, which are developed by users within the vast MT4 community. The Admiral Keltner indicator is an improved version over the existing, standard Keltner indicator. You can download it easily as it is a part of the award-winning MT4 Supreme Edition plugin. Once you download the indicator, the GIF below demonstrates how you place it on any chart you want:

Depicted: MetaTrader 4 – GBP/USD Hourly Chart – Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

The Keltner Channel download will appear in your indicator list the next time you restart MetaTrader 4.

Admiral Keltner Settings

Source: MetaTrader 4 – Admiral Keltner Indicator

The screenshot above shows the default Keltner Channel settings. The moving average type is a EMA, and the rest of the available settings here are what makes the Admiral Keltner differ from other Keltner Channels indicators available in the market. For most of the volatility band strategies, you should be using the formulation that features the Average True Range indicator (ATR); also, the centreline is the 20-period EMA, which quite a few Keltner indicators fail to show.

The EMA period can be set to anything you need. For day trading, usually a 15 to 40 EMA is typical. The multiplier can be adjusted based on the market you are trading. While 2.0 is a common setting, you may find that a 1.6 or a 2.4 provides you with better information for the exact market you trade. Bear in mind that the higher the multiplier, the wider the channel, and vice versa. The smaller the multiplier, the narrower the channel.

Depicted: MetaTrader 4 – GBP/USD Hourly Chart – Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

Basic Trading with Admiral Keltner Channels

Breakout strategies use volatility channels in a very simple manner. This tends to play out with: buy breakouts being above the upper volatility channel, while sell breakouts are below the lower volatility channel. The middle band is used as the stop-loss. Profit targets are defined by the Admiral Pivot, which should be set to a H1 or a D1 time frame. In addition, breakouts are usually traded on a M15 timeframe.

Source: MetaTrader 4 – Admiral Keltner Indicator

The chart below displays possible entries based on a candle close above or below the Admiral Keltner indicator. Due to potential false breakouts, the best option is to use breakouts with additional filters, such as the Stochastic, the MACD, the CCI, or the RSI.

Depicted: MetaTrader 4 – GBP/USD M15 Chart – Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

Scalping Trading Strategy with the Admiral Keltner Indicator

Let’s now have a look at a advanced Forex scalping strategy that should be traded on 1-minute timeframes. The strategy is suitable for extreme scalpers, and for professional traders who enjoy the excitement of day trading volatility on extremely short-time frames. Here are all the details you need:

Indicators:Admiral Keltner (22,10,1.0)

  1. Admiral Pivot (M15)
  2. EMA 445 set on close (Red)
  3. EMA 89 set on close (Green)
  4. MACD (5,34,5) and MACD (25,170,25)

Depicted: MetaTrader 4 – GBP/USD M1 Chart – Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

  1. Green EMA above the Red EMA
  2. Both MACDs above the 0 line (histograms are pointed up)
  3. The candle needs to touch or come very close to either the Green or the Red EMA, and then bounce
  4. The price needs to close above the Keltner Channel

Depicted: MetaTrader 4 – EUR/JPY M1 Chart – Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

  1. Green EMA below the Red EMA
  2. Both MACDs below the 0 line (histograms are pointed down)
  3. The candle needs to touch or come very close to either the Green or the Red EMA, and then bounce
  4. The price needs to close below the Keltner Channel

Depicted: MetaTrader 4 – AUD/USD M1 Chart – Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

Stop-Loss and Targets: The stop-loss is placed 15 pips + the spread. The target is between 5-15 pips, and the Admiral Pivot should be set to M15.

Depicted: MetaTrader 4 – GBP/JPY M1 Chart – Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance.

Tips for Using Keltner Channels

  • Use a backup or confirming indicator in order to avoid false signals
  • Use one leading indicator and one lagging indicator
  • They should agree with each other no matter what
  • Don’t use Keltner Channels with another volatility breakout indicator, except for with Bollinger Bands ®
  • The Bollinger Bands ® with Admiral Keltner Breakout Strategy is another good strategy to consider
  • Start by experimenting with the combination that works best for you on a Demo Trading Account for this purpose

Other Volatility Based Indicators

Other similar indicators to Keltner Channels include:

  • The Average True Range (ATR Indicator) is another excellent tool for price range projections
  • The Bollinger Band ® is one of the better-known volatility channel methods
  • The Donchian Channel indicator is worth considering as well

If you would like to learn more about Forex indicators that you can use in your trading, make sure to check out our article on the Most Important Forex Indicators All Forex Traders Should Know

Risk Free Trading With A Demo Account

Professional traders that choose Admiral Markets will be pleased to know that they can trade completely risk-free with a FREE demo trading account. Instead of heading straight to the live markets and putting your capital at risk, you can avoid the risk altogether and simply practice until you are ready to transition to live trading. Take control of your trading experience, click the banner below to open your FREE demo account today!

About Admiral Markets

Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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