Manually Add Delete Pair
Generally you will be selecting and then adding currency pairs to your Calculator from an MT4 (learn more). Here are ideas for minimizing the use of MT4 or avoiding it altogether by manually adding or delete currency pairs to the Calculator.
Minimizing MT4 Use
If you normally don’t use MT4 but are willing to use it a little bit for the benefit it lends to the Calculator – here’s an idea to keep its use to a minimum:
- Open MT4 as a free demo account.
- Either just keep it running in the background (once it is set up it never needs to be visible to you), or
- Begin your trading day by opening an MT4 platform with ‘DDE enabled’ clicked on; open your Calculator, make sure all rates are set to LIVE and let it read in today’s current values; close the MT4 platform and carry on. The Calculator will give you a red status message that MT4 is not open, but don’t worry. The all-important pip values will be up to date for today at least. If prices have not significantly changed from day to day you could even reduce this step to a couple times a week.
Add a Pair
Go to the Settings menu and choose DDE, then click the fourth tab CUSTOM.
When you add a pair in this way, you then must go to the Currency Rates tab and manually enter its bid and ask prices. These prices will not be automatically updated, because you have not used DDE from an MT4 as the source for the pair, but the pair will be available throughout the Calculator for position sizing calculations. Remember to periodically update the prices.
Seven Character Pairs
The Calculator is designed to work exclusively with 6 character symbols, such as the EURUSD, etc. If you have a 7 character pair you want to work with, you must set it up as a custom pair, as shown above, and manually input the bid and ask prices for it. Here are shortcuts for some of the more common 7 character pairs:
- Use DAS for DASH
- Use IOT for IOTA
- Use QTM for QTUM
Delete a Pair
Any pair may be deleted, whether it was added from your MT4 or added manually, by clicking its row on the Currency Rates tab. A dialog box pops up where you normally add the bid and ask prices and also a button ‘Delete’.
If this pair was part of what you brought over from your MT4 DDE feed, it will be re-imported if you ever do another scan. If you don’t want it to be included in the scan, turn it off within your MT4 platform before scanning.