In 2010, MetaQuotes Software Corp. released an upgrade on its famous MetaTrader 4 (MT4) known as MetaTrader 5 (MT5). Since its release, the MetaTrader 5 has gone on to become one of the leading Forex trading platforms currently in the forex market.
However, some maintain that MT4 still remains the undisputed king of forex trading platforms. In fact, most of them claim that they haven’t noticed any great improvement over the MT4 platform. That said, if you take a closer look at the MetaTrader 5 trading platform, you’ll realize that this platform is tailor-made for the modern trader’s needs. In this detailed guide, we’ll take you through some of the features that make MT5 one of the leading platforms in online trading.
To begin with, it will cost you virtually nothing to download MT5 base software - (https://www.metatrader5.com/en). There is a minimum amount of data feeds (quotes and news) that is however required to effectively utilize the platform. But do not panic because you can order these data feeds directly from MetaQuotes.
Another reason as to why you should be using MT5 as your favorite trading platform is because you’re not limited to only utilize the inbuilt analytical resources. Analytical resources such as graphs, market indicators and MT5 tables can be created easily thanks to MQL5 – a high performance programming language. In fact, if you’re good at coding, you can even create your own EA (Expert Advisor) or trading robots which you can execute at any time in the marketplace.
Additionally, you can access the 38+ technical indicators, 46 graphical objects and 22 analytical objects via the navigator window. These technical indicators are categorized according to oscillation or trend. You can either choose the basic price/trend-based indicators such as the bollinger bands and moving averages or the momentum-based indicators/oscillation such as MACD and RSI. Other available indicator is the Bill Williams’ indicators such as Aligator, Awesome Oscillator and the Market Facilitation Index.
Moreover, if you compare the amount of timeframes you’ll get access to in MT5 to those of MT4, you’ll be surprised. With MT5 you have access to a whopping 21 timeframes as opposed to just 9 in MT4. Also, you’re allowed 2 market orders, 2 stop orders as well as 6 pending orders. On the other hand, MT4 just allows 4 pending orders and 2 market orders.
Another very important feature available in MetaTrader 5 trading platform is the copy trading service, better known as trading signals. This service enables merchants copy other top performing traders’ techniques.
However, these traders must be within the network and a small fee is charged. You can choose from an array of traders available who are categorized according to Reliability, Maximum Profit and Under $50 USD. If you’re performing remarkably well, you can also go ahead and create your own signal as well and become a provider.
Moreover, it goes without saying that MT5 will be the last version of MetaTrader platforms that supports Microsoft Windows Vista/2003/XP. This is because these are outdated operating systems, with Microsoft notably ending its support for the XP version 3 years ago. However, you can comfortably use Windows 7 or later and Mac OS. You can also use your Andoid or iOS devices to download and access MT5 for mobile platform.
The summing up
In short, automated online trading is continuing to evolve gradually and gaining a lot of popularity. This aside, MetaTrader 5 trading platform is the perfect example of a platform that allows traders take advantage of the latest online trading technologies.
What makes MT5 stand out against the MT4 and MT3 is the availability of revolutionary new trading tools enabling merchants analyze and executes trades effectively.