How Do You Read the Terminal Window in MT4?
The Terminal window is the multi-tab panel at the bottom of the MetaTrader 4 interface that displays account, trade, and platform information. It is the central place where traders monitor open positions, review trade history, check account balance and equity, and inspect platform messages. Understanding the Terminal’s layout is essential for routine MT4 use, because it brings together information that is otherwise scattered across different parts of the platform. This article explains how to open the Terminal, what each tab contains, how to read the account summary, and how to use the tabs that come up most often in practice.
Opening the Terminal Window
The Terminal window is enabled by default in MT4. If it has been closed, it can be reopened in two ways: through the View menu by selecting Terminal, or through the keyboard shortcut Ctrl+T. The same shortcut toggles the Terminal off again, which is useful when more chart space is needed.
The Terminal appears as a horizontal panel at the bottom of the platform, occupying the lower portion of the screen. Its height can be adjusted by clicking and dragging the divider between the chart area and the Terminal. The default arrangement leaves enough room for a few rows of trades and account information without overwhelming the chart area above.
The Terminal contains multiple tabs along its top, each of which displays a different category of information. The tabs visible by default are Trade, Exposure, History, News, Mailbox, Market, Signals, Code Base, Experts, and Journal. Some installations also show an Alerts tab. Each is accessed by clicking its name.
The Trade Tab
The Trade tab is the most frequently used part of the Terminal. It displays open positions, pending orders, and a summary of the account’s financial status at the bottom of the tab.
Open positions appear in rows, with columns showing Order (a unique ticket number), Time (when the position was opened), Type (buy or sell), Volume (lot size), Symbol (the instrument), Price (the entry price), Stop Loss, Take Profit, the current Price, the Swap charged, and the floating Profit. The floating profit updates in real time as prices change.
Pending orders appear below the open positions, separated by a horizontal dividing row. They show the order type (buy stop, sell stop, buy limit, or sell limit), the trigger price, the current market price, and any stops attached to the pending order.
At the bottom of the Trade tab, a row summarises the account. This row is the most important piece of real-time financial information on the platform and is explained in the next section.
Account Summary Values
The account summary row at the bottom of the Trade tab contains five values that together describe the state of the account at any moment.
Balance is the cash balance of the account, reflecting only closed trades. Equity is the balance plus the floating profit or loss of all open positions. The relationship between balance and equity is fundamental and is described in detail in its own article. Margin is the total amount of cash currently committed as collateral for open positions. Free Margin is equity minus margin and represents the cash available to open new positions or absorb adverse moves. Margin Level is equity divided by margin, expressed as a percentage; it is the value used to trigger margin calls and stop outs.
These values update in real time. When prices move, equity moves with them, which in turn changes free margin and margin level. The balance does not change until a position is closed.
Other Tabs
The remaining tabs in the Terminal handle different aspects of platform activity.
The Exposure tab shows the trader’s net exposure to each currency based on current open positions. For example, a long EUR/USD position creates positive EUR exposure and negative USD exposure. The Exposure tab aggregates these across all open positions, giving an at-a-glance view of which currencies the account is effectively long or short.
The History tab shows closed trades. It includes the same columns as the Trade tab but for completed positions. Right-clicking inside the History tab opens options to filter by period (all history, last three months, last month, custom range) and to save the history as a report. Saved reports are HTML files that can be reviewed outside the platform.
The News tab displays news feed items provided by the broker. Most installations show a simple list of headlines with timestamps. Clicking a headline opens the full text. The depth and quality of the news feed depend on the broker’s data provider.
The Mailbox tab receives messages from the broker, typically administrative notifications, terms updates, or account notices.
The Market tab connects to the MQL5 Market, an online store of paid and free Expert Advisors and indicators. Purchases made through this tab install directly into the platform.
The Signals tab connects to MQL5’s signal service, allowing traders to subscribe to live trade signals from other users. Subscribers’ accounts copy the signal provider’s trades.
The Code Base tab connects to a free library of community-shared scripts, indicators, and Expert Advisors hosted on mql5.com.
The Experts tab is a log of Expert Advisor activity. When an EA is running, its messages and events appear here. This is the first place to look when troubleshooting an EA that does not appear to be working as expected.
The Journal tab is a log of all platform events, including connection status, order submissions, order fills, errors, and disconnections. The Journal is essential for diagnosing problems unrelated to EAs, such as connection drops or rejected orders.
Reading Trade Information in Practice
Two common workflows involve the Terminal. The first is monitoring open positions. With the Trade tab visible, the trader can see floating profit and loss for each open trade and for the account as a whole through the equity field. Right-clicking on an open trade in the Trade tab opens options to close the trade, modify its stops, or partially close it.
The second is reviewing trade performance. The History tab is the starting point. Saving an HTML statement and then importing it into a spreadsheet or trading journal is the standard way to analyse past performance in detail. The History tab does not include analytical tools beyond the basic display, but it provides the raw data.
Customising the Terminal
Each Terminal tab supports right-click options for sorting and filtering. Right-clicking a column header reveals additional column options that can be enabled or hidden. The Terminal’s height can be adjusted by dragging its top edge. The width of individual columns is adjustable by dragging the column boundaries.
Frequently Asked Questions
How do I open the Terminal window in MT4? Open the View menu and select Terminal, or press Ctrl+T. The same shortcut toggles the Terminal off if it is already open. The Terminal appears as a horizontal panel at the bottom of the platform.
What is the difference between Balance and Equity in the Terminal? Balance reflects only closed trades. Equity is balance plus the floating profit or loss of all open positions. When all positions are closed, balance and equity are equal. While positions are open, equity moves with the market.
What does the Margin Level value tell me? Margin Level is equity divided by margin, expressed as a percentage. It is the value used to trigger margin calls and stop outs. As margin level falls, the broker may issue a margin call (often at 100%) and force-close positions at the stop out level (commonly 50%, though broker-specific).
How do I see my closed trades? Click the History tab in the Terminal. Closed trades are displayed in rows with the same columns as the Trade tab. Right-click inside the tab to filter by period or to save the history as an HTML report.
What is the Experts tab used for? The Experts tab logs the activity of any Expert Advisor running on the platform. Messages, events, and errors from EAs appear there. It is the first place to check when troubleshooting an EA that is not behaving as expected.
Why is the Journal tab important? The Journal logs all platform events, including connection status, order submissions, order fills, errors, and disconnections. When something goes wrong on the platform, the Journal usually shows what happened and when.
Can I close the Terminal to free up screen space? Yes. Press Ctrl+T or uncheck Terminal from the View menu to hide the panel. Pressing the same shortcut reopens it. The Terminal’s height can also be adjusted manually by dragging its top edge if you want to keep it visible but smaller.