MetaTrader 5 Overview
Following the world’s most popular trading platform, MetaTrader 4, MetaTrader 5 was developed by MetaQuotes Software Corp. and launched in 2010.
MetaTrader 5 was built on the same principles with the same basic functions, but has an array more features than MetaTrader 4, in addition to allowing traders access to more financial instruments that they can trade through MetaTrader 5.
Why is MetaTrader 5 the best choice?
MetaTrader 5 is a comprehensive, highly customizable, and user-friendly trading platform that stands out amongst its peers by sheer performance and offering. The features on this trading platform cater for traders of varying levels of experience.
Beginner traders can easily start their journey towards becoming more advanced traders by opening a demo account with MetaQuotes or managing an existing demo account from a broker through MetaTrader 5.
MetaTrader 5 provides the perfect hands-on trading environment in which beginner traders can improve their knowledge, skill, and experience in a risk free manner before they attempt to open a live account with a broker.
More advanced traders have the freedom of using a wide variety of analytical tools and objects with which to conduct technical analysis in addition to having the required sources needed for fundamental analysis, and so much more.
Variety of markets
Where MetaTrader 4 provided traders with access to Forex markets, MetaTrader 5 can be used to trade in not only Forex, but also Stocks and Futures markets, and it comes prepped with the necessary tools for:
- Financial trading
- Technical and fundamental analysis
- Algorithmic trading
- Copy trading
- The development of both technical indicators and trading robots, also known as Expert Advisors, or EAs.
MetaTrader 5 is ideal to use not only on desktop computers when trading in these markets, but it can also be utilised on mobile devices that run either Android or iOS operating systems.
One of the benefits of using both the desktop and mobile version of MetaTrader 5 is that accounts and trading are inter-linked and integrated, so what the trader does on one version, will automatically reflect on the other.
Flexible trading
MetaTrader 5 provides traders with everything that they will need for successful trading including account information that is always up to date and Market Depth along with the separate accounting pertaining to orders and trades.
These two accounting modes include the following:
- Netting mode – which can be used in exchange modes and allows the trader one open position per financial instrument at a given time, and
- Hedging mode – which can be used specifically for Forex Trading were any new deal on a financial instrument opens a new position, every new position’s stop loss and take profit levels can be adjusted.
MetaTrader 5 supports all types of trading orders and execution modes on all versions of the trading platform. These orders include:
- Market
- Pending order
- Stop order, and
- Trailing stop
In addition to the orders, the four execution modes supported by MetaTrader 5 include instant, request, market, and exchange.
Charting options
MetaTrader 5’s charting options are advanced and comprehensive in addition to it being highly customizable to the need, preference and liking of the trader depending on the information that they would like to see displayed in great detail.
The charts provided in Metatrader 5 enable traders to conduct a technical analysis in addition to making use of EAs. Chats are used by traders to visually monitor the quotes on financial instruments and allow them to respond instantly to market changes.
MetaTrader 5 charts can be viewed in three different styles namely bar, line, and candlestick. The colours of data representations can also be changed along with the use of the crosshair to show precise information when hovering over charts.
Charts can be customized not only by changing the styles and colour schemes, but traders have the following additional options:
- 21 different time zones in which to view charts
- Having up to 100 chart windows open simultaneously
- Access to over 80 analytical tools such as technical indicators and graphical objects which are built in along with the option of downloading more from the Code Base, the Market or ordering more by using the Freelance Service
- The ability to create, save and load templates
Algorithmic Trading, or EAs
One of MetaTrader 5’s strongest suits is that it offers advanced algorithmic trading, otherwise known as automated trading through the use of Expert Advisors.
Expert Advisors, or EAs, are trading robots used by traders to trade on their behalf by operating according to a set of commands and parameters set by the trader.
Traders can obtain EAs either by downloading them from the Market or the Code Base or traders can develop their own by using MQL5 programming language and uploading them onto the trading platform for use.
Traders also have the option of making use of the MQL5 Freelance Service to order and obtain EAs developed by independent developers.
Trading Signals and Copy Trading
MetaTrader 5 provides traders with the option of subscribing to the trading signals of professional and successful traders and having their trades or deals copied to the trader’s accounts automatically.
There is an extensive list of Signal Providers available on the MQL5 Showcase and while subscription to some providers is free, there are some that are paid subscriptions.
Alerts
A lot of traders may not have the privilege or luxury to be able to constantly monitor their trades and any price movements or wait for the perfect trading opportunity and MetaTrader 5 caters specifically for this with the alert system.
Trade alerts can be set up in the trading platform to alert traders of any desired event to alert the trader by using either email notifications or push notifications on mobile devices.
This way, traders can rest assured that they will immediately be notified of any events which occur in the financial markets, based on their alert parameters and trade alert triggers.
VPS
MetaTrader 5 allows traders to rent a virtual server right from the platform to ensure that traders have uninterrupted trading operations with regards to EAs and signal subscription. VPS is however not a free service and there is a fee charged when utilizing it.
Brokers and MetaTrader 5
There are hundreds of brokers who offer various products and services to traders, depending on what the trader’s needs and objectives are.
A lot of brokers offer a variety of trading platforms which can be used by traders while others only offer the use of their own in-house proprietary trading platforms, but if traders are looking for brokers that specifically include MetaTrader 5, here are a few:
- Markets.com
- Admiral Markets
- Naga
- FpMarkets
- FBS
- OctaFX
- XM
- Exness
- Forex.com
- Pepperstone
Installing MetaTrader 5 on Mac OS – Step by Step
MetaTrader 5 can be installed on any computers that run Mac OS in addition to using Wine.
Wine is not only free but also an open source application which allows users of Mac OS computers to run applications on Unix-like operating systems, or OS, which were originally designed for Microsoft Windows.
Users should note that Wine is not entirely stable, and this may result in application functions refusing to work, or for them to run improperly.
To install MetaTrader 5 on a computer running on Mac OS, it is necessary that users use PlayOnMac as it provides the easy installation and use of Windows applications on Mac OS.
To download and install PlayOnMac, users can visit the official website and navigate to the download page. The software is free to download, users just need to ensure that they are downloading the latest and updated version.
From the downloads section of the system, the user can run the DMG package which has been downloaded. After clicking on the relevant icon for PlayOnMac (4-coloured four leaf clover icon) the first launch window for the software will open.
The user can click ‘Next’ in the window and this will allow the installer to start its check of the various required components necessary for installation and will allow it to download and extract the necessary components.
XQuartz
One of the first components necessary to use the X Windows System on the Mac OS is XQuartz and the installation wizard for PlayOnMac will provide the following options with regards to downloading XQuartz:
- Automatic downloading of XQuartz by PlayOnMac
- Selecting that the user has already downloaded the XQuartz file prior to installation of PlayOnMac, and
- The request that PlayOnMac does not install XQuartz right away
If the user has not yet downloaded XQuartz, it is recommended that the user select the option for PlayOnMac to download it during this installation process.
The installation of XQuartz occurs in several different stages which will appear in the first window once installation starts and can be broken down as follows:
- Introduction
- Read Me
- License
- Destination Selection
- Installation Type
- Installation
- Summary
Before XQuartz is installed on the user’s computer, the Mac OS Security System will prompt the user to enter their Mac OS username and password to authorize the installation. After verifying credentials, the installation will complete.
As soon as the user has completed the installation, it is imperative for the user to restart their computer so that changes can take effect.
PlayOnMac
As soon as the user’s computer has restarted and the user has logged into their computer, the PlayOnMac setup file can be launched from downloads once more.
The first window will appear once again and the user will be offered an installation of Microsoft Windows fonts which are required for the proper operation of the software the user will install, in this case the MetaTrader 5 trading platform.
As soon as the user has accepted the agreement terms and conditions, the installation will complete and PlayOnMac can be used.
Wine
The version of Wine that comes pre-installed along with PlayOnMac is v. 1.4 which is a very unstable version of the software and will require immediate update to Wine 1.4.1 as it is the latest and most stable version.
Users also have access to downloading the latest beta version of Wine, which is 1.5.2.1 and this version contains a significant amount of improvements.
Users can update Wine to the latest version by following the next few steps:
- Open PlayOnMac
- Hover over/Click on ‘Tools’ and select ‘Manage Wine Versions’
- When the window containing the Wine versions opens, the user will see two sections namely ‘Available Wine Versions’ and ‘Installed Wine Versions’. Select the latest version (1.5.21).
- Drag the version to the right hand side window labelled ‘Installed Wine Versions’ and the installation process will begin.
- After the latest version has been installed, it will appear on the left pane of PlayOnMac Wine versions’ manager and the user can then close the window
Installing MetaTrader 5
To install MetaTrader 5 onto the user’s computer, the user must first download the platform, this can be done by opening Safari and typing ‘MetaTrader 5’ in the search bar.
The user can then navigate to the MetaTrader 5 website and proceed to the download page from where the file can be downloaded.
To install MetaTrader 5, the user can navigate to their downloads and select ‘mt5setup.exe’. As soon as the user selects the file, it will automatically be opened by PlayOnMac and the user will be taken to the standard installation process window.
The user can follow the installation prompts and as soon as installation has been completed, PlayOnMac will prompt the user to create shortcuts for the platform components which include:
- MetaTrader 5 trading platform – The trading platform itself
- MetaEditor – Access to MQL5
- MetaTester – The MetaTrader 5 strategy tester used to test Expert Advisors when using the algorithmic trading strategy
Once the user has opted for the shortcuts to be created, the process will finish, and the user can start utilizing MetaTrader 5. The platform is run through PlayOnMac and the user can double-click on MetaTrader 5 in the PlayOnMac window to launch the terminal.
Traders should note that Wine is not a very stable software and there are existing issues with functions in MetaTrader 5 that may not work properly, currently the issues are concerning the MQL5 market which is unavailable to Mac OS users.
Conclusion
MetaTrader 5 is an advanced and comprehensive trading platform that caters for any of the needs that modern traders might have, in addition to offering the trading platform to an array of devices that run on different operating systems.
The installation on Mac OS may be quite tedious and extensive due to MetaTrader being intended for Microsoft Windows operated systems, but provision is made to run the program on Mac OS devices as seamlessly as the rest.
Through the use of PlayOnMac, traders who own Mac OS computers can utilize MetaTrader 5 as effortlessly as the rest and traders have the advantage of also installing MetaTrader 5 to their iPhones and iPads and enjoying the full-integration of accounts between devices.
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