How to Read the MT4 Terminal Window

The Terminal window in MetaTrader 4 is the panel at the bottom of the platform that shows your open positions, pending orders, account metrics, trading history, and the platform's system logs. Knowing what each tab does and what each column means is essential to monitoring your account and reviewing trade activity.

This guide covers what the MT4 Terminal window is, how to open it, what each tab shows, how to read the account summary, and the practical considerations that affect how the Terminal is used day to day.

What Is the MT4 Terminal Window?

The Terminal window is one of the core MT4 interface elements. It sits at the bottom of the platform by default and is organised into a series of tabs. Each tab focuses on a specific category of information: live positions and orders, exposure by symbol, closed trade history, news and alerts, internal messages, market data, EA logs, and platform logs.

Whenever you need to check what trades you have open, how much margin is in use, what your closed trade history looks like, or whether the platform is reporting any errors, the Terminal is where you go.

How to Open the Terminal Window

To open the Terminal window in MT4, press Ctrl+T. You can also open it from the top menu by selecting View > Terminal. The same shortcut and menu option toggle the Terminal off if you want to free up screen space.

If the Terminal is open but you cannot see certain tabs, the tab strip may have scrolled. Click the small arrows at the right of the tab strip to scroll through additional tabs.

The Trade Tab

The Trade tab is the default view and the one most traders use constantly. It lists every open position and every pending order on your account.

For each open position, the columns typically show: the order ticket number, the time the position was opened, the position type (buy or sell), volume in lots, the symbol, the open price, stop loss, take profit, the current market price, commission, swap, and floating profit or loss in account currency.

Pending orders are listed below open positions and show the order ticket, the time the order was placed, the order type (Buy Limit, Sell Limit, Buy Stop, Sell Stop), volume, symbol, the trigger price, stop loss, take profit, and the current price.

Right-clicking a row opens a context menu with options to modify, close (for positions), or delete (for pending orders).

Account Summary at the Bottom of the Trade Tab

At the bottom of the Trade tab, MT4 shows a one-line summary of your account state. Five values appear: Balance, Equity, Margin, Free Margin, and Margin Level.

Balance is the realised cash value of the account, reflecting only settled transactions. It does not include the unrealised profit or loss of any open position.

Equity is Balance plus floating profit or loss from open positions. As prices move and your open positions go into profit or loss, Equity changes in real time while Balance stays still.

Margin is the amount of equity currently held as collateral for your open positions. Different instruments require different margin percentages: most major and minor forex pairs use 1%, Swiss franc crosses such as USDCHF, EURCHF, GBPCHF, AUDCHF, CADCHF, CHFJPY, and NZDCHF use 5%, and USDCNH and USDHKD use 10%.

Free Margin is Equity minus Margin. It represents the funds available to open new positions or absorb additional drawdown on existing ones.

Margin Level is the ratio of Equity to Margin, expressed as a percentage. The formula is (Equity / Margin) × 100. At TIOmarkets the margin call is set at 100% margin level and the stop-out is set at 30% margin level (40% on accounts using 1:2000 leverage). These levels are subject to change depending on market conditions and applicable regulatory requirements.

Other Terminal Tabs

The Trade tab is the main view, but several other tabs in the Terminal window perform specific functions worth knowing.

Exposure

The Exposure tab shows your net exposure across all open positions, broken down by symbol or by currency. It is useful for understanding your overall risk profile when running multiple positions on related instruments.

Account History

The Account History tab lists closed positions, deposit and withdrawal records, and any other balance operations. Right-clicking in the tab area lets you filter by date range (today, last week, last month, custom period). Each closed trade row shows the open and close times, the type, volume, symbol, open and close prices, commission, swap, and final profit or loss.

Alerts

The Alerts tab lets you create price alerts and other notifications. Right-click in the tab area and select Create to set up an alert with a condition (for example, a symbol's bid price reaching a specific level) and an action (sound, email, or notification).

Mailbox

The Mailbox tab contains internal messages sent through the platform. This is where MetaQuotes notifications and any in-platform messages appear.

Experts and Journal

The Experts tab is a log of Expert Advisor activity, recording every action your EAs take and any errors they encounter. The Journal tab logs platform-wide events: connection status, trade requests, errors, server messages, and other system activity. Both tabs are useful for diagnosing issues with EAs or the platform itself.

Practical Considerations

The Terminal window can be detached from its default position at the bottom of the screen. Drag the title bar of the Terminal to undock it, then resize and reposition it as you prefer. To redock, drag it back near the bottom edge of the platform.

Closing the Terminal window does not affect open positions, pending orders, or EAs. They continue to operate normally. The Terminal is a display tool, not a control plane.

If a tab appears empty when you expect data, check the filter settings (especially on Account History) and ensure your platform is connected to the trading server. The status bar at the bottom right corner of MT4 shows the connection state along with the ping in milliseconds.

Orders are executed at the best available market price, which may result in positive or negative slippage. Demo accounts often execute instantly and may not fully replicate live slippage conditions. Spreads are variable and are typically higher than minimum figures shown.

Trading at TIOmarkets

TIOmarkets offers MetaTrader 4 and MetaTrader 5 on desktop, web, and mobile, across four account types. The Standard account is created automatically on registration with a minimum deposit of $20 or currency equivalent. The Raw and VIP Black accounts are opened separately through the client area. The Nano account is MT5 only with a $20 minimum deposit, USD only. Hedging is supported on all accounts. A swap-free Islamic account is available; contact TIOmarkets for eligibility and instrument requirements. Copy trading is available on both MT4 and MT5.

Orders are executed at the best available market price, which may result in positive or negative slippage. Demo accounts often execute instantly and may not fully replicate live slippage conditions. Spreads are variable and are typically higher than minimum figures shown. Leverage on each instrument is subject to change depending on market conditions and applicable regulatory requirements. You can review the full list of account types on the TIOmarkets accounts page.