MetaTrader 5 was first launched in 2010 after its predecessor’s great success and gain in popularity amongst traders and brokers alike.
MetaTrader 5 offers the same basic functions and features that MetaTrader 4 contains, but with added features and functions that more comprehensively caters for the needs, expectations and demands of traders who use it and brokers who offer it.
MetaTrader 5 is a platform that allows for trade not only in Forex, but also in stocks and futures and through the platform, brokers are able to provide trade in more financial instruments made possible due to MetaTrader 5’s multi-asset capabilities.
MetaTrader 5 is an immensely versatile and powerful trading system in addition to being highly customizable and user-friendly to both beginner traders and professionals.
It has an array of features that form the basis of its comprehensive, advanced, and uniquely integrated offering ensuring that traders can meet every trading need that they might have.
Trading Platforms – what they need to offer
There is a vast number of trading platforms that are offered by software companies and by brokers as well through in-house proprietary trading platforms.
When traders evaluate brokers, there are a few things they need to consider before registering an account with a particular broker. The same applies when traders are looking at which trading platform would better suit their trading needs.
A few things that traders need to keep in mind when evaluating and comparing trading platforms include, but is not limited to:
- Trading platforms need to be reliable, licensed, and user-friendly in addition to having transparent fees and charges
- They should provide an adequate amount of charting tools at the disposal of traders
- The trading platform must be easy to read and interpret
- There should be an adequate amount of technical indicators
- Executing trades should be a process that is straight-forward, and execution speeds need to be decent
- There should be a minimal amount of issues, bugs, and crashes – important issues need to be sorted out in the quickest amount of time
- There should be ample support in addition to the provision of guidelines and user guides to aid beginner traders
These are only but a few of the requirements that make up a good trading platform and when comparing the list to what MetaTrader 5 has to offer, MetaQuotes caters more than sufficiently in all listed requirements in addition to offering more.
Since its launch in 2010, MetaTrader 5 has seen a lot of adaptions and improvements to cater for brokers and traders by providing software updates that target not only desktop versions of the platform, but mobile versions as well.
The rate at which technology associated with devices such as computers, phones and tablets is growing may seem problematic for some developers to keep up with, but MetaQuotes has risen above merely keeping up.
When compared to the offering of other software developers in the area pertaining to trading systems, MetaQuotes has upped the ante with MetaTrader 5 by ensuring that any and every need that a broker or trader may have is catered for in a comprehensive manner.
When considering the improvements and updates that MetaTrader 5 has seen since its inception along with the ventures that MetaQuotes has undertaken to draw in more brokers in offering the services of MetaTrader 5, very few others can compete.
This is one of the many factors that need to be considered should MetaTrader 6 ever be released – that it delivers the same quality of service in addition to functions and features that provide traders with the ultimate trading experience.
Brokers who offer MetaTrader 5 and traders who utilize the trading platform will hold MetaQuotes to the standards that have been put in place and upheld in the many years of operation and the carrying over of such to future versions of the trading platform.
MetaTrader 5’s offering
Multi-market assets
The first difference that traders are able to notice between MetaTrader 4 and MetaTrader 5 is that MetaTrader 5 makes trade in other markets possible where MetaTrader 4 was mainly a Forex Trading Platform.
MetaTrader 5 provides traders with access to trade not only in Forex, but also in the exchange market which comprises of an aggregation of both sellers and buyers of securities.
To be able to gain access to this, traders merely need a trading account, whether it is a demo or a live account, to gain access to these markets. Although, a demo account is merely a practice account which is offered by brokers and even MetaQuotes itself.
When using a live account and utilizing MetaTrader 5 as the trading platform, traders are able to buy and sell stocks, futures, bonds, options, and Forex through MetaTrader 5 and their trading account.
Traders have access to some of the most successful companies from a variety of sectors in the economy, depending on their broker and the offering that they choose to accept from the particular broker.
One of MetaTrader 5’s advantages is that traders have access to the trading platform and its rich functionality not only from their desktop, but also on mobile devices.
This provides them with access to their trading account from anywhere in the world, in the palm of their hand.
Flexible Trading
Traders have access to account information that is up to date 24/7 by just accessing the MetaTrader 5 platform either on desktops or on mobile devices. MetaTrader 5 also offers traders with Market Depth in addition to the following:
- Netting mode – which can be used by traders when trading in exchange markets
- Hedging mode – which is predominantly used in the Forex Market
When executing trades, traders can make use of order types which include market, pending and stop orders in addition to trailing stop. Along with these, traders can also use order execution modes such as instant, request, market, and exchange execution.
While market orders are used during instant execution, pending orders can be formed instantly while executed at a later stage and stop orders serve the purpose of locking the trader’s obtained profits while minimizing their losses.
MetaTrader 5 also allows for the modification of orders once they have been placed and although not all options can be changed or reverted, traders can set the stop loss and take profit levels on these orders.
Charting capabilities
Both MetaTrader 4 and 5 are known for their highly customizable charts and no less will be expected should MetaQuotes release MetaTrader 6.
Where MetaTrader 5 provides a significant amount of technical indicators and analytical tools which are built into the trading platform with the option of downloading more, MetaTrader 6 will be expected to improve on this.
Charts are used when traders conduct a technical analysis and the more comprehensive the offering of technical indicators and analytical tools, the more details the technical analysis can be and the better it can serve traders in making predictions and trading decisions.
The charts offered with MetaTrader 5 can be customized in every conceivable way according to the needs and preferences of the trader.
MetaTrader 5 features three different chart styles namely bar, line and candlestick and traders can easily change between either of the three easily. In addition, chart colour schemes can also be changed to better represent data on the charts.
Traders can choose between 21 timeframes in which to view charts in addition to applying more than 80 of the most popular analytical tools which include technical indicators and graphical objects.
Traders have access to the Code Base, the Market and the Freelance Service which provides them with ample opportunity to obtain and utilize more than just the standard built in analytical tools.
Technical Analysis
By using the functions and features made available with charting, traders are able to conduct comprehensive and detailed technical analysis to assist them with decisions made with regards to trading.
Traders can also test their trading strategies using MetaTrader 5 in conjunction with either a broker’s demo account or the MetaQuotes demo account in a risk free environment without risking the capital of traders.
Using MetaTrader 5 to conduct technical analysis allows traders to adequately identify various symbol trends, define both support and/or resistance levels, forecast price dynamics and more.
Fundamental Analysis
A lot of traders may either use technical analysis or fundamental analysis, but there are traders who rely on a combination of the two to guide them in making trading decisions.
MetaTrader 5 makes provision for traders to conduct a fundamental analysis without having to exit the platform. There are built-in tools on the platform to conduct fundamental analysis which provide access to
- Financial News
- Daily broadcasts of newsletters
- Influencing quotes of stocks as well as currencies
MetaTrader 5 also provides traders with a built-in economic calendar which can be utilized to stay up to date with occurrences in financial news and markets.
Trade Alerts
Traders do not always have the ability to manually identify significant events as they occur and with trade alerts that are offered by MetaTrader 5, traders can stay up to date to ensure that traders do not miss any trading opportunities.
MetaTrader 5’s trade alerts can be setup according to the trader’s needs and preferences. According to these preferences, traders will be notified either through sounds within the platform, an email, or a push notification on a mobile device.
Virtual Hosting or VPS
A Virtual Private Server, or VPS, provides a trading platform with 24/7 operation regardless of whether the trader’s computer is turned off. By having access to VPS, traders can run both EAs and trading signal subscriptions uninterrupted and with minimal latency.
EAs and the Strategy Tester
Automated trading is also known as algorithmic trading and is made possible by MetaTrader 5 through the provision of Expert Advisors, or EAs, that are trading robots which execute trades on behalf of the trader.
EAs operate according to sets of commands and parameters predetermined by traders according to their trading needs, allowing traders more freedom than having to execute trades manually.
EAs can be downloaded for free from the Code Base, downloaded or purchased from the Market or ordered from independent developers through the Freelance Service.
By using MQL5, traders can also develop their own EAs and using these EAs on the trading platform merely require that they be imported to the trading platform.
Traders who would like to develop their own EAs but lack the programming skill to do so, can make use of the MQL5 Wizard to generate a simple trading robot which can be used on the trading platform.
Traders who use the algorithmic trading strategy to execute trades can make use of the strategy tester which offers support for not only visual testing and optimization, but also genetic algorithms through a distributed network of testing agents.
Trading Signals and Copy Trading
MetaTrader 5 offers traders with the ability to automatically copy real-time trading operations of signal providers (who are professional traders) from one trading account to another.
Trades can choose from hundreds of trading signal providers depending on their preferences and parameters, allowing traders to either subscribe to signals for free or to pay for subscription to some trading signals.
Mobile Trading
MetaTrader 5 is available on a variety of devices, which makes it possible for traders to have access to their trading accounts at any time of the day from anywhere in the world.
The mobile trading applications perfectly mirror the rich functionality of the desktop version in offering access to most functions and features.
MetaTrader 5 is available for download and utilization on the following:
- Smartphones and tablets that run Android, and
- iPhones and iPads that run on iOS
Traders who have Android devices and who are unable to access Google Play to download the MetaTrader 5 APK, can download the APK from the MetaTrader 5 website.
When using the mobile versions of MetaTrader 5, traders need to take note that provision is not made for either VPS or Trading Signals/Copy trading when using smartphones. These features are however available to Android tablet and iPad users.
Conclusion
MetaTrader 5 is comprehensive in what it offers traders pertaining to its various functions and features in addition to MetaQuotes still developing the platform further by improving what is already provided by the trading platform.
Should MetaQuotes release MetaTrader 6, the features and functions already provided in MetaTrader 5 will need to be made available, with given improvements where necessary, in order for it to gain popularity amongst brokers and traders alike.
A lot of brokers are now offering MetaTrader 5 alongside Metatrader 4, or in the place of MetaTrader 4 and MetaTrader 6 will need to be aligned to the needs, requirements and expectations of brokers and traders.
MetaQuotes makes use of the input from both brokers and traders while developing software as the success of its platforms are based on how it is received and used by its clientele.
MetaQuotes is not merely only focussed on making profits from its trading platforms, but it is customer orientated and aims to provide reliable, reputable, and quality service through its products.
Should development of MetaTrader 6 be underway, or should the focus purely be on further developing and improving MetaTrader 5 through frequent updates, brokers and traders have the assurance that MetaQuotes’ trading platform will cater for their needs.
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