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RichardCox

Trading Features in Meta Trader 5

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On March 1st of this year, MetaTrader finished its beta testing for the newest version of its trading platform and released MetaTrader5 to the public. Given that this is the most popular trading platform in forex trading and there are some software significant improvements in terms of execution and efficiency, a look at some of the platform features could be useful for traders looking to make the transition. The software uses a newer programming language that is more intuitive, as well as superior tools for charting and fundamental analysis.

 

MetaTrader5 Basics

 

MetaTrader was designed by the software development company MetaQuotes, which offers its independent trading platform to investors in a wide variety of markets. MetaTrader has become increasingly user-friendly in each of its previous incarnations and its free analytical tools can be used across a wide variety of brokerage accounts. This is perhaps one of the best overall features of the software, as all of your analysis setting can be maintained even if you plan to switch your forex broker.

 

Custom indicators and Expert Advisers are some of the features preferred by more advanced traders, as these flexibility tools allow for more in-depth strategies that can not be implemented with platform tools that are less sophisticated. This is one of the primary reasons many traders choose some brokers over others, as some of the chart offerings from some of the industry leaders lack in these areas.

 

Features Seen in MetaTrader5

 

Some of the criticism directed at MetaTrader5 has come from the last that it has taken so long to be released. But during the 5-year development period, some key advancements have been added, not the least of which is the increased market access to a wider variety of trading instruments. In addition to this, the programming language was expanded to improve the performance of automated systems. With roughly 80 analytical tools and 21 time frames accessible (only 8 were available previously) in each trading instrument, traders also have the ability to open 100 charts at a given time, which is another large expansion.

 

The “Depth of Market” feature is another interesting aspect, as the platform makes it easier to identify trading volumes in the more thinly traded instruments. But looking at the order types, there are some more features traders will find useful, and these include the “request” and “exchange” order options. Changes to the pending orders options include the Buy Stop Limit and the Sell Stop Limit. The Buy Stop Limit order combines a stop order with a Buy Limit order while a Sell Stop is a Stop order for a Sell Limit.

 

Traders who are looking for more control over the number of clicks involved in placing trades, it should be noted that single click trade is now can be accomplished and trades can be altered directly from the charts once they are opened. For fundamentally based strategies, MT5 allows for quick access to an economic calendar so that all of the relevant macro data can be found in a single source.

 

Renewed Focus on EA Trading

 

But with all of these changes, it remains clear that most of the focus was placed on expanding the efficiency of EA trading. This has been another area of interest of many traders calling for additional EA support, and MetaTrader has met this demand by allowing for enhanced functionality in complicated Expert Advisers that are capable of producing increasingly accurate backtesting results.

 

Comparisons to MT4

 

Traders looking for reasons to make the transition from MT4 to MT5 should note the stability improvements that are present in the new software. MT5 is much more object-oriented than its predecessor, it is faster and more efficient and also allows for the creation of more complicated Expert Advisers. These factors, along with the enhanced charting flexibility features will likely be enough for most traders to want to make the transition to the newer software.

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metatrader 5 is what mt4 was supposed to be the first time around, but things happen for a reason. one positive thing about metatrader is the consistency it brought to forex and financial market. The first time an entire community got behind a trading platform. it was free and had programming capability. all these years futures and stocks have been around.....trading platforms have been fragmented and kept in-house.

 

the trading platform is a self-directed trader's primary connection point to the market. By becoming a de-facto trading platform for retail forex, metaquotes removed the "what trading platform should i use?" syndrome. it allowed traders to "dive right in" and not have to re-learn new platform if they want to switch brokers.

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