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When you click on the File dialog at the top of Meta Trader, one of the top options is “Open Offline.” Most people have no idea what that option does or why it is useful.
Offline charts offer the ability to display custom time frames, although doing so requires programming a custom script.
Execution will slow down due to the way the script regulates incoming ticks.
(For related reading, see After selecting "Close Order", a window will appear prompting the trader to confirm that the trade should be closed.
This can be accomplished in any of three ways, as illustrated in Figure 11: 1.
Right-clicking on a currency pair in the "Market Watch" window and selecting "New Trade;" 2.
Many traders wish to review historical data in order to backtest trading strategies, or determine how a strategy would have performed in the past.
This historical data can be downloaded through MT4's History Center: Opening and Modifying Orders Once a trader is ready to enter an order into the market, the "Order" window will have to be opened.
Changes can then be made to the prices to achieve the desired stop loss and take profit levels.