MetaTrader 5 Setup and Installation Guide for Beginners

 

Overview

MetaTrader 5 is an electronic platform which was Developed by MetaQuotes Software Corp and released in 2010 as the updated and upgraded version of the popular MetaTrader 4. MetaTrader 5 is not merely just a trading platform, but one which is complete, comprehensive, and highly preferred, allowing traders access to trade financial markets around the globe. The interface featured in MetaTrader 5 is accessible, user-friendly, straight-forward, intuitive and provides rich functionality, all of which some trading platforms simply cannot compete with. Not only does MetaTrader 5 provide traders with multiple trading instruments but they also have the freedom to enjoy and utilize the platform from desktops, smartphones, and tablets.  

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Why is MetaTrader 5 the best option?

Due to the benefits and features offered, MetaTrader 5 has become more widely accepted by broker firms and traders alike. Not only does it cater for beginner traders who are just starting out, but it also caters for more advanced traders. Everything can be done on the platform without having to exit, whether it is to access market news, or purchasing a trading order. Everything that a trader could need is wrapped up into one trading platform, and that is MetaTrader 5. MetaTrader 5 is known for its user-friendly and highly customizable interface in addition to being able to access the platform from any device. It is powerful, comprehensive and offers everything a modern trader needs.  

What to expect when using MetaTrader 5

MetaTrader 5 has a vast variety of features and functions that can be used to meet any and every need of traders’ needs. Traders have access to highly customizable charts with 21 different time zones to choose from and a wide variety of technical indicators and analytical tools. Traders can have up to 100 chart windows open simultaneously and each of them can be customized according to the trader’s needs and preferences.  

Trading Indicators

Technical indicators are some of the most important tools that traders use when conducting a technical analysis. They are used to help traders identify various patterns that may present themselves with regards to the price dynamics of currencies, shares, and other financial instruments. The information that technical indicators present when traders conduct a technical analysis aids trader in making assumptions, or being able to forecast or predict, any price movements that may present themselves in future. The technical analysis and the information that traders can gather, allows them to adjust or modify their trading strategies accordingly. The appearance of these indicators can easily be adjusted through the analytical parameters and settings on each indicator.  

Fundamental Analysis

This analysis is conducted through the use of market news and events along with indicators to aid traders in understanding why prices may move in either direction, either up or down. MetaTrader 5 makes provision for traders to conduct this analysis from within the platform, without having to consult outside sources. Real-time data is provided through international news updates in addition to the economic calendar available on the platform.  

Strategy Tester

This technology allows traders to test the quality of the written algorithm by using the tester which comes built into the platform. Through this, traders can determine their efficiency and through that enable them to choose what the best input parameter will be before they run an advisor during a trade. There are multiple testing modes available within the MetaTrader 5 trading platform and this allows traders to choose the optimum ration of speed and/or quality test with which to test algorithms. The strategy tester provided by MetaTrader 5 also gives traders the advantage of being able to see the illustration which shows trade advisor test results. This shows the trader how much the algorithm earned during the testing phase.  

Copy Trading and Signals

MetaTrader 5 allows traders access to an extensive list of Signal Providers, who are successful traders, from which they can choose to subscribe to the signal provided. As soon as the trader has overviewed and evaluated the provider’s signal and it is within the trader’s preferred parameters, they can subscribe to the provider. This will automatically reproduce, or copy, the provider’s trades onto the account of the trader.  

Alerts

MetaTrader 5 stands out amongst its peers with the fast and efficient way that notifications are sent regarding important trading events. Updated alerts are fundamental to traders to allow them to conduct fundamental analysis based on market news as events occur. Traders can set alarms according to their favourable trading times along with alerts to indicate when there is movement in stock quotes and currencies. Alerts can be set up to any preference or need that traders may have.  

Algorithmic Trading

Algorithmic trading, also known as Expert Advisors, or EAs, allows traders to allow for automatic trading on their behalf, based on strict commands and parameters that they set for these EAs. Traders are not limited to the EAs that can either be downloaded from the Code Base, Market or obtained from Freelance Service, but traders can develop their own EAs by using MQL5 and importing them to the MetaTrader 5 trading platform.  

MetaTrader 5 download and installation

MetaTrader 5 can be downloaded in a few ways depending on whether the trader is utilizing the trading platform on their desktop or their mobile devices. MetaTrader 5 can be downloaded in the following ways:

1. After registering either a demo account or a live account with a broker, the trader will be redirected to a download link from the broker’s site
2. Traders can visit the MetaTrader 5 website and navigate to the download page. There is no need to look for the version compatible with the trader’s operating system as the website automatically recognizes what the desktop is running.
3. Traders can also download the MetaTrader 5 mobile application by visiting Google Play or the App Store depending on their mobile device OS and Android users can also download the APK from the MetaTrader 5 website or another reliable website.

  The installation process only takes a mere couple of minutes and seeing that it is a trusted, verified installation, there should not be any issues with antivirus programmes or any other related programmes that ensure security on devices. As soon as installation has completed, the user can simply follow the prompts on their browser to install the trading platform, or they can navigate to where downloads are stored on the desktop and install the trading platform from there. Users can simply follow the instructions as they show on the screen and launch the trading platform once it has been completed. In most cases, after installation, MetaTrader 5 will open automatically. MetaTrader 5 is easy to navigate, even for beginner traders, but it is advisable that beginner traders start with a demo account before attempting live trading to ensure that they do not incur avoidable losses. Demo accounts can be opened either through a broker, or they can be opened through the MetaTrader 5 trading platform. Beginner traders can either select a broker’s demo account from the account options, or they can start by using the MetaQuotes demo account. For the purpose of this article, the focus will be on navigating and setting up the desktop version of MetaTrader 5 as the mobile versions of the platform work on the same principles and navigating the application is a lot easier than the desktop version. Mobile device users have the same access pertaining to customizability, functions, and features, with the exception that EAs and Copy Trading are not supported on mobile devices apart from iPads and Android Tablets. The guide provided can be applied on mobile devices as well in the same manner, but having gone through the desktop guide, the mobile platform may be a lot easier to understand and navigate especially for beginner traders.  

Navigating the MetaTrader 5 Trading Platform

The user has to open MetaTrader 5 from the shortcut added onto their desktop. When opening the trading platform for the first time, users will be met with the interface along with the various sections into which it is divided. It is fundamental to explore the platform and for beginners to familiarize themselves with the layout along with the different functions and actions that can be performed when using the trading platform.   The different sections into which the interface is divided to includes:

1. Main Menu – which includes File, View, Charts, Tools, Windows, and Help. In this area, all the commands and functions can be found.
2. Toolbar – Found just below the Main Menu and contains charting options, profile options, the symbol list, Access to MQL5 and VPS, options to start or stop Auto Trading, the option to open a new order, chart styles, and more.
3. To the left of the Chart Window, users will see the Market Watch window which contains the financial instruments with their live bid/ask prices. Users can opt for a more advanced view to show spreads in addition to other information.
4. Below Market Watch users will see the Navigator window. Here users can manage and add accounts, access subscriptions, indicators, EAs, Scripts and other services.
5. A large portion of the interface is dedicated to Chart Window. Charts can be customized in a variety of ways and users can open up to 100 chart windows that run simultaneously.
6. Below Navigator and the Chart Window, users will find the Chart Switch Bar which provides quick access to opening chart windows.
7. The very bottom of the interface holds the Toolbox. When opening MetaTrader 5, the interface is by default set to ‘Trade’, but users can switch between Exposure, History, News, Mailbox and more at any point.

  The interface is highly customizable, and users can opt to remove Market Watch and Navigator to view other windows such as Depth of Market and Data instead.  

Opening a Demo Account on the MetaTrader 5 trading platform

A demo account can be created by either clicking on ‘File’ in the Main Menu and selecting ‘Open an Account’, or the user can use the ‘Accounts’ section in the Navigator window to open a demo account.   Regardless of the way in which the user chooses, the process to opening a demo account, will be the same. Once the user has selected ‘Open an Account’ the following steps can be followed to complete the process:

1. After a new window has opened, the user will be presented with a search bar in which they can search for their preferred broker with whom they want to open a demo account, or they can select the default MetaQuotes demo account provided.
2. Once the user has either located their preferred broker and selected it, or they have selected the MetaQuotes demo account, they can click ‘Next’
3. The next window offers the user a choice between opening a demo account, opening a live account, or entering the logging details for an existing account should the user already have completed the registration for an account with a broker beforehand.
4. Once the user has made their selection, the ‘Next’ button can be clicked, and the user will be taken to the next window.
5. The next window will require that the user enters information such as first and second name, email address and telephone number. In addition, the user must choose the server type, account type, deposit, and leverage.
6. Once the user has completed the information and made their selections along with agreeing with the terms and conditions, ‘Next’ can be clicked.
7. The next window verifies the information the user entered along with the selections made. Provision is made for a status bar which shows the account has been created and below that the user will find their login credentials.

  Users can complete the process and return to the interface; they will now be logged into their new demo account and they can proceed to practice trading and familiarize themselves with the trading platform.  

How to set up and customize Charts

Charts in MetaTrader 5 can be set up and customized according to the trader’s needs and preferences. Users can also choose which charts they wish to see in addition to having up to 100 chart windows open at the same time. Chart styles can be changed either in the Main Menu by clicking on ‘Charts’ or by right-clicking on a chart and choosing a chart style from the window that opens. Additionally, users can use the chart style shortcut on the toolbar to change the style.   Charts can also be customized by changing the colour scheme. This can be done by following these steps:

1. Clicking on ‘Charts’ in the Main Menu, or right-clicking on a chart to open the options window and navigating towards ‘Properties’ at the very bottom. Alternatively, users can also press F8 to access ‘Properties’
2. Selecting ‘Colours’ from the new window that opens.
3. Overview the different aspects of the chart and choosing different colours in which they are represented on the chart.

  By using the same method as changing colours, users can also add or remove the gridlines which are present in the chart background and which serve as a guide. Beginners may find this very confusing and removing it at first may prove helpful until such a time that beginners feel more comfortable in being able to read the charts and different data represented on it in which case gridlines will become significantly useful Once users have customized and adjusted their charts, they can be saved to a folder of the users choosing under a specified name by right-clicking on the relevant chart, selecting ‘Templates’ and then ‘Save Template’. To load a template, users can right-click on the chart area, select ‘Templates’ and ‘Load Template’. The user can now navigate to the location where templates are saved, select the one they wish to use and upload it for use.  

Chart Timeframe

Users can choose between 21 different timeframes in which to view charts, depending on the user’s needs and preferences. Charts can be viewed from 1 to 30 minutes, 1 to 12 hours, daily weekly or monthly. The timeframe can either be changed in the Main Menu under ‘Charts’ or users can simply right-click on a chart and navigate to ‘Timeframes’ to change the timeframe of the chart.  

Using the Crosshair on Charts

To improve agility and information precision, users can choose to make use of the crosshair instead of the cursor when scrolling over charts. The option to use the crosshair can be accessed from the Main Menu. By default, the cursor icon will be highlighted, indicating that it is in use and users can simply click on the crosshair icon to change this. The crosshair is only visible when scrolling over charts.  

Drawing tools and technical indicators

Users can make use of several drawing tools which they can add to charts which includes vertical lines, horizontal lines, trendlines and more. These can be accessed from the Main Menu or can be viewed and accessed by clicking ‘Insert’ and selecting ‘Objects’. MetaTrader 5 offers a wide variety of technical indicators which can be used, with the option of downloading more from the Code Base, the Market or by using the Freelance Service. Indicators on the MetaTrader 5 trading platform can be accessed either by selecting ‘Indicators’ from the Navigator window, or from the Main Menu by selecting ‘Insert’ and navigating to ‘Indicators’.  

How to trade on MetaTrader 5

A new order can be opened in a variety of ways either from the Main Menu under ‘Tools’, from Market Watch by selecting a financial instrument, right-clicking on it and selecting ‘New Order’ or by selecting the ‘New Order’ option in the Toolbar.   After the user has opened a new order, a new window will open, and the user can adjust information pertaining to the following:

• Symbol
• Volume
• Stop Loss
• Take Profit
• Order Type

  Users have the option between using either market, pending or stop orders along with trailing stop. Users can also choose between instant, request, market, and exchange execution modes. Should the user wish to modify an order, the order can be double-clicked and the execution along with the stop loss and take profit values can be modified. Orders can be closed by following the same process, but by selecting for the order to be closed instead of modified.  

Conclusion

MetaTrader 5 is a comprehensive, all-inclusive trading platform that will leave very view traders wanting. It caters for beginner traders who are just starting out in addition to advanced traders who know what they want and need from a trading platform. One of the most important things that make MetaTrader 5 stand out amidst its peers is the fact that it is highly customizable according to what traders need in addition to providing an array of tools which can be utilized in a variety of ways.

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