Would you like to know how to drag and drop stop loss and take profit levels in MetaTrader 4 (MT4)? In the past, you needed to use EAs to do this, but today, you can simply use the built-in drag-n-drop features of MT4.
Metaquotes (creators of MT4) have also added a built-in script to create custom time frames in MT4. However, the script has to be re-applied to your charts every time you restart MT4, so I’ve written an article about how to permanently create custom time frames in MT4.
As much as the community has begged for them, we still don’t have tick charts as a built-in feature of MT4. Luckily, our helpful community of coders have found ways around this limitation. I’ve written an article on how to create tick charts in MT4 as well.
Although we’re still waiting for the addition of certain features, the built-in drag-n-drop feature in MT4 is perfect. In this article, I’m going to show you how to drag and drop your stop loss and take profit levels in MT4. I’ll also show you a simple setting that I use to make this feature more practical and useful.
Drag and Drop Stop Loss and Take Profit Levels in MT4
The first thing you need to do in order to drag and drop your stop loss and take profit levels in MT4 is make sure that your levels are showing up on your charts. In MT4, go to your Options (Ctrl+O or Tools > Options). Under the “Charts” tab, make sure “Show trade levels” is checked (see the image below).
At this point, you may also want to check “Use ‘Alt’ key to drag trade levels” as well (see the image above). If you don’t check this box, you could accidentally move your stop loss or take profit levels when you are trying to move other objects on your chart, such as trend lines or horizontal support and resistance levels.
You also need to make sure that you’re using a color for your trade levels that is visible against the background of your chart. Go to your chart Properties (F8, Charts > Properties, or Right-click > Properties). Under the “Colors” tab, make sure that your “Stop levels” color is visible against your chart background (see the image below).
Note: Make sure to re-save your template after making any changes to your chart Properties.
Now you’re ready to drag and drop your stop loss and take profit levels in MT4! Doing so easy. If you checked “Use ‘Alt’ key to drag trade levels” from the step above, simply hold the “Alt” key while hovering your cursor over your trade level. Click, drag, and release to reposition your level.
If you haven’t already manually entered your stop loss and take profit levels, you can also use this feature to create them on-the-fly. Simply hold the “Alt” key, click on your entry level, and drag to create your stop loss or take profit level. Repeat to create your remaining trade level (see the video above for more detail).
It appears that Metaquotes actually listens to its users. They’ve added added several features that we asked for, although we’re still waiting on a few features that are common among premium trading platforms. The ability to drag and drop stop loss and take profit levels in MT4 is a nice addition. What feature would you like to see in MT4? Leave a comment below.