MT4 trading templates are used mostly when you are using a third-party trading strategy.
However, the trading templates with the Metatrader 4 platform allows traders to do more than that. From customizing the charts to being able to create your own trading strategies, the MT4 template file is one of the great convenience tools for traders.
In this article, we cover how beginners can use the MT4 template files to create their custom chart templates and indicators.
The template allows you to also save the indicator settings. This makes it easy for investors and traders alike to load their charts easily.
You do not need to have any technical knowledge in creating these trading templates. So if you are just getting started with forex trading, or the Metatrader 4 trading platform, this is a must read article for you.
How to create and export your own MT4 template?
To create your own MT4 chart template file, the first step is to open the chart. Following this, you can then go to customize the chart itself.
You can change the background and foreground colors as well as change the color of the candlesticks themselves.
After you are satisfied with the chart outlook, the next step is to load the trading indicators that you want to use.
Let’s say you want to use the Bollinger band with an unconventional setting of 17 and 3. You also want to add the RSI 8 to this setting.
You can load these indicators onto the MT4 chart directly and input the settings. You can view the below gif as an example for creating a template.
Finally, be sure to select the time frame to load as well. Once you are satisfied with the colors, indicators and the time frame, you can right click on the MT4 chart.
This opens the window. Click on Save template and give it a name
By default, the Metatrader template saves into your MT4 installation folder under the templates sub folder.
You can access the Metatrader 4 template files via the File > Open Data Folder from the main menu in your forex trading platform.
Creating a default template in MT4
You can also create a template that will automatically load when you open a new chart. To do this, you simply need to create the template file of your choice. Once done, simply name it as Default and save it to the templates folder.
Once done, you can load up any new chart and your trading platform will pick up the default template.
Understanding the .tpl file and what it contains
While the .tpl file is simple enough to load, have you ever wondered what went into the code itself to render the charts and the indicators?
To do this, you can navigate to the Data folder where the template is saved. Right click and open the .tpl file with notepad or notepad++. This will then open the application and you can view the code in more detail.
The below picture shows a screenshot of the code behind the Metatrader 4 template file.
The first part deals with the chart settings. Here, you can see all the information about the chart such as the color of the candlesticks and the bar chart or the line chart.
The chart function allows you to change the chart type directly.
The second section of the code deals with the indicators. Here, all the trading indicators that are used in the forex template can be seen. It also includes the settings for the indicators in the templates files.
5 reasons why you should start using MT4 templates
If you are still wondering whether or not you should use the templates in MT4 platform, here are five reason why you should.
1. Easy access to indicators and settings
Using the MT4 template, you can set up your charts including the indicators. You can also save your custom settings for the indicators that you will be using.
This ensures that the next time you load a new chart, you can access the MT4 template file with just two clicks. No further action needed as the template file automatically contains all the settings you have saved.
Whether you have trading buddies or active in a forex trading community, traders love to look at charts. If you want to explain your concepts, then using the MT4 template file will save you hours of time.
Simply save the .tpl file and export or share it with your friends. They do not need to add anything extra and they will get to see what you see on your charts.
3. Customize the chart look and feel
In the standard Metatrader 4 platform, you can access multiple instruments. This include forex, commodities, stocks and even cryptos.
Since each of these instruments behave differently, you can create custom MT4 templates on your Metatrader 4 platform. This way, when you open a particular instrument, you can directly load its corresponding template file.
And when you throw in some indicators with custom settings, it will not require any additional work from your time.
4. Use the same template file on multiple MT4 installations
You only need to copy/paste the .tpl files from one MT4 installation to the other. Once you have done this, simply power up your Metatrader terminal and load the templates.
It is as simple as that. The saved .tpl files will remain the same (as long as the indicators that you are using are also consistent).
But even in the event that you are using a custom indicator in your original Metatrader template file, worry not. The MT4 template will load minus the custom indicator.
5. A great productivity hack for busy traders
The chart templates from Metatrader is a great productivity hack if you are using multiple terminals and accounts. This quick but simple way to save the chart and the indicator settings can save you loads of time.
It will also help to keep your trading a bit more organized.
Best MT4 chart templates and resources
The best MT4 chart templates are those that you do not get tired looking at. Trading is boring and stressful. Hence, traders should take some time to create a custom trading template for themselves. When creating a chart template, make sure that the color combination does not stress the eye. If you are short of ideas, start here to learn more about the psychology behind colors.
It will help you understand how the different colors have a psychological effect on you.
In some cases, you may come across a trading template on the web. You may feel like you want to use that same colors. However, in many cases, the colors are coded in Hex whereas the Metatrader 4 template uses the RGB color code. You can use this link to convert from hexcode to RGB.
Last but not the least, learn to have fun when trading 🙂