Everything about One-Click Trading and How to Activate It in MT4
The built-in one-click trading function in MT4 simplifies the trading process and significantly reduces the amount of time it takes to fulfill trades. You can use it to open and close orders, set stop-loss and take-profit levels, and place pending orders all with the minimum number of clicks.
Is it only about the speed?
The MT4 platform offers various trading and analytical technologies together with additional services for professional traders. The platform also offers algorithmic trading, which allows for trading with the help of automated trading systems. Besides the biggest benefit of being able to trade immediately, one-click trading comes with several other benefits.
- It offers a range of order types that you can customize to suit your trading strategy.
- You can trade directly from the charts
- Once you set parameters like your stop-loss and take-profit orders, you just have to click once and the parameters will automatically become active.
With these benefits in mind, let’s go over how to use one-click trading.
- How to activate in MT4
- In the top menu click on ‘Tools’
- Select ‘Options'
- Mark ‘One-Click Trading’ at the bottom of the screen
- A disclaimer window will pop up requesting your approval to use the feature. Read it and if you’re sure that you want to continue, mark the ‘I Accept these Terms and Conditions’ option and click ‘OK’.
The one-click function will now be on.
- How to open the one-click trading panel
There are three options to open the panel:
- Click the triangle symbol in the upper left corner of the chart.
- Right-click anywhere in the chart window and select ‘One-Click Trading’ from the pop-up menu.
- Select the desired chart and press Alt + T simultaneously.
- The components of the one-click trading panel.
- The components of the one-click trading panel
i. The triangle symbol (the on/off function) which activates or deactivates the panel.
ii. The symbol of the currency pair being traded
iii. The order volume field. You can set order volume from micro-lots to standard lots.
iv. Sell order button.
v. Buy the order button.
vi. Current bid price.
vii.Current ask price.
The panel changes colour to indicate different movements in the platform. A red panel means that the current currency quotation is lower than the previous one.
A blue one means the current currency quotation is higher than the previous one.
The panel also turns grey if there is no change in the currency quotations for at least 15 seconds. Red, blue, and grey are the default colour settings but they are customisable.
- Opening orders
In one-click trading mode, there are four main ways to open a new order:
- Select the ‘New Order’ button on the toolbar.
- Double-click on your desired currency pair in the ‘Market Watch’ window. A new order window will open automatically.
- Right-click on the chart of the currency pair you want to trade. Select ‘Trading’ from the pop-up menu then choose the ‘New Order’ option.
- Select the chart of the currency pair you want to trade and press F9.
- Modifying/Deleting stop-loss and take-profit orders
By default, your predetermined stop-loss and take-profit order settings are applied to your one-click market order. You can modify or delete the orders in the order settings.
- In the ‘Terminal’ window, select the ‘Trade’ tab. You will see all your trades at the bottom of the screen.
- Double-click on an order. This will open a window where you will be able to modify your stop-loss and take-profit orders.
You can also get this window by either:
- Right-clicking an order under the ‘Trade’ tab and selecting the ‘Modify or Delete’ option;
- Double-clicking the currency pair you’re trading in the ‘Market Watch’.
Note: If you disable the default order settings and you don’t add new ones, all your one-click orders will be submitted without any stop-loss or take-profit orders.
- Placing/Modifying pending orders
If you want to open a new position when the current price reaches a specific level, you can place a pending order.
There are four types of pending orders:
- Buy Stop – an order to open a ‘Buy’ position at a price level higher than where the initial order was placed
- Sell Stop – an order to open a ‘Sell’ position at a price level lower than where the initial order was placed.
- Buy Limit – an order to open a ‘Buy’ position at a price level lower than where the initial order was placed.
- Sell Limit – an order to open a ‘Sell’ position at a price level higher than where the initial order was placed.
To place pending orders:
- Right-click anywhere in the chart window, select ‘Trading’ and choose the ‘New Order’ option.
- Select the drop-down option and change from ‘Instant Execution’ to ‘Pending Order’.
- Choose the pending order type.
Note: Select a price level higher than the current price if you want to place ‘Buy Stop’ or ‘Sell Limit’ orders. Conversely, select a price level lower than the current one if you want to place a ‘Buy Limit’ or ‘Sell Stop’ order.
The process of modifying pending orders is similar to the process of modifying or deleting stop-loss and take-profit orders.
- Closing orders
To close an order, go to the ‘Trade’ tab under the ‘Terminal’ window and simply click on the ‘x’ button next to the open order you want to close.
You can also right-click on the trade you want to close under the ‘Trade’ tab. Select ‘Close Order’.
A pop-up window will appear and you can select the option to close the order.
One-click trading is a great tool that will help you trade faster. However, like all tools, it only works well if it’s backed by robust trading experience, a solid strategy, and sound knowledge of the market. Practice using one-click trading in a demo account before risking your capital with live trading.