Perhaps one of the most relevant attributes of the MetaTrader 4 is the “template” and “profiles” saving capability. Imagine that a currency broker gives access to a lot of markets.
There are over twenty currency pairs on top of all the other markets one may trade from the same account (e.g., oil, gold, indices, individual stocks, etc.). Using templates and profiles simplifies the workload and makes a trader’s life easier.
A template comes in handy when opening new charts. For instance, imagine you have a trading strategy that follows the RSI (Relative Strength Index) on the daily timeframe. Let’s say you look for bullish or bearish divergences between the price and the oscillator.
All you have to do is to apply the RSI on a currency pair.
Only once!
For instance, below is the EURAUD daily chart with the RSI(14) attached to it. It shows a bearish divergence that worked like a textbook case.
However, this is just a currency pair and one timeframe. If you multiply the currency pairs in an MT4 platform with the number of timeframes for each pair, the result is staggering.
Adding the oscillator and setting up the chart (candlestick colours and general settings) for every single currency pair and timeframe is time-consuming.
Templates, therefore, come in handy and save you a lot of time!
Just click on the chart, wherever you like to, and choose the Template option. By clicking on it, you have the opportunity to save a template and give it any name you want.
Next time you open a chart and want to use the same template, do the same thing.
However, instead of selecting the save option, choose “load,” to load the template. Just like that, with a few clicks of a mouse, the chart is ready, having all the desired characteristics.