CHARTING

Charting with Monex Trader

In taking a decision and managing transaction, Monex Trader is an online platform provided for by Monex Investindo Futures to fulfill your trading needs.

This program was created by MetaQuotes Corp, and is now one of the most vastly used trading platforms in the world today. You can view and analyze real time charts in one screen for a variety of instruments including forex, index, commodities and other money market instruments for any timeframe you desire.

Key features of Monex Trader 4.0

1. Online trading of Forex and stock indices within a single platform
2. Execution of various types of orders including limit and stop orders
3. Complete technical analysis tool package from indicators, graphical tools, variable time frames and also construction of auto trading (expert advisor)
4. Multilingual platform – caters to both English as well as Bahasa Indonesia speakers
5. Real-time data than can be exported to, and imported from other programs as well as a history management center
6. Has an email box facility
7. Can be used mobile phones as well as PDAs running the Windows mobile 2003 platform

Monex Trader can be used for various operating systems, windows 98/ME/2000/XP/2003 or even Windows Vista and runs at an optimal resolution of 1024x768. Monex Trader can be downloaded free of charge from the link www.mifx.com/download.html.

You can open a demo account to conduct paper trading and get more accustomed to trading as well as our trading platform without involving any risk.

Using Expert Advisor in Monex Trader

Expert Advisor (EA) is an automatic trading program that can be built, tested and used directly from the Monex Trader platform. Using it can free yourself from the routine of manually trading (for those who consider it tedious).

By using the Expert Advisor, you can be more disciplined and less biased when making trading decisions.

MetaQuotes Language 4

The MetaQuotes Language (MQL) 4 is available when you install Monex Trader and is used primarily for:

1. Expert advisor: To create and test a system that can be adjusted according to your whoms and fancies. It can be used to simply generate a signal or make a decision and place a trade for you
2. Custom indicators: To create your own indicators or to modify existing indicators

User Interface of MonexTrader 4

Types of charts available in MT4

Line Chart

The chart style is simply a line that connects the close of one trading session with another. For example: For the first day, the trade ends at 100, second day it ends at 200, and the third day at 150, as seen in the figure below. Then a straight line can be drawn from 100 through 200 and 150, from left to right.

Line chart does not provide information regarding the high, low, open and close. Hence the fluctuation for that period cannot be monitored. However the graph is more smooth and simple to read than the others.

To use this chart, click the button Line chart that is located in the left section of the chart window or use the shortcut key alt+3, alternatively click Menu – Chart – Line chart

Bar Chart

A bar chart consists of a bar that has a handle on both left and right side. A bar chart has more comprehensive information compared to a line chart as it has high, low, open and close.

Open price is on the left handle, and close price on the right handle. The ends of the bar represent the high and low of that session.

To use this chart, click on the Bar Chart button, on the top of the chart, or use the shortcut alt+1, alternatively click Menu – Chart – Bar chart.

Candlestick Chart

This chart is one of the most ancient charts using by technical analysts. The Japanese were believed to have used this for rice trading since the 17h century. Though according to Steve Nison, the first candlestick was used in 1950 and from then on it has evolved to the candlestick we use today.

The candlestick has similarities to a bar chart; It has the elements, open, high, low and close price. The difference is in the shape where a candlestick represents exactly that, a candle stick.

Body is black or red for a price decline. For a price increase, body is usually green or white. Besides functioning like a bar chart, a candlestick also has its own mode of analysis which is used by traders all around the world.

To use this chart, click on the Candlesticks Chart button, on the top of the chart, or use the shortcut alt+2, alternatively click Menu – Chart – Candlesticks.

Though price is displayed in a standardized format, each chart has its own unique characteristics and different benefits. A breakout signal for instance is found in a bar chart, but not in a line chart. To analyze the chart in whatever form it may be, one must find the pattern that fits, study and apply it consistently to eventually reach success.

For both the bar as well as candlestick chart, all the data are relevant to that timeframe. For instance for an hourly chart, the open, close, high and low are all for that timeframe (that hour).

Displaying Chart

To display the chart windows for an instrument, right click on the relevant symbol in the Marketwatch box. Then click Chart window.

Charts can also be displayed by drag and drop. Place your cursor on the relevant symbol, then drag the symbol onto the chart window, and the chart for that particular symbol is displayed.

Time Period

Chart period is a timeframe that is displayed. For instance if you wish to see a chart with timeframe of 5 minutes, then each component (be it a bar or a candle) is the data for that 5 minutes. You can change the timeframe according to what you wish. Using Monex trader, you can use a timeframe of 1, 5, 15, or 30 minutes (M1, M5, M15, and M30), 1, 4 hours (H1, H4) or daily (D1) , weekly (W1) or monthly(MN).

To change the time period, you do one of the following:

• Select the periodicity from the Chart or right click on the chart window, then click periodicity.
• Press Enter, and when the time period field appears, fill it with the field code that you desire, for instance 5 minutes (, M5,)

Menu For the Chart Window

When you right click on any section of the chart window, the following menu opens.

• Trading = To place a market, limit or stop order
• Expert Advisor = To use the auto trading facility
• Periodicity = To choose the timeframe you desire
• Template = To choose how you wish to view the chart window
• Refresh = Refresh the display
• Auto Arrange = Automatic arrangement of chart window
• Grid = This function will toggle the grid
• Volume = This option will toggle the volume
• Zoom in = Zooms into the current chart
• Zoom out = Zooms out from the current view
• Save as picture = Save the current chart iin the form of a picture, .gif or bitmap (.bmp). The entire view can be saved as a picture including the workspace and symbols
• Print and preview = To print the workspace or view it before printing
• Properties = An option to configure the behavior of the chart including the colors and view of the lines. There are two tabs in the properties

# Color scheme, Here you can change everything that is related to the color of the charts

# Common, You can change the behavior and components of the chart

► If you change the setting to offline, the chart will not be able to display updated live prices until you uncheck this option

► You can make a little more room, on the right by clicking Chart shift

► Chart auto scroll allows the chart to return back to its original configuration to the present date (right most corner), if you require it.

► Chart shift and auto scroll can also be done by clicking on the respective icons near the menu

► If in the chart there are indicators or other miscellaneous objects, the options for these objects will be in this menu.

Indicator

Technical indicators are the result of a mathematical calculation, whose input is based on two parameters, price and volume. An indicator can be constructed by taking into account the price, volume or combination of the two.

Indicators in Monex Trader are of three types:

1. Trend indicators that are used to identify or measure trend strength,
2. Oscillator are types of indicators that have certain limits, usually are between 0 to 100, or use 0 as a center and range from negative (-) to positive (+)
3. Volume, are indicators that derive that value from volume

Besides the three indicators, there are also custom indicators that are a combination of indicators that can be used in Monex Trader.

To display the graphic indicators, click on Menu – Indicator OR Click directly on the symbol that is on the top of the charting, and add the indicator you require.

Lines

Lines are the most easy to use charting tools to predict trend, support, and resistance. Monex Trader can display trend lines, channels, Gann, Fibonacci, Andrew Pitchfork as well as cyclical lines
To display on the charts, click on the menu Insert, then choose a line of your interest Or you can directly click on the line button in the icons at the top
To use one of the lines in the chart window, click on the relevant line and drag into the chart window.