In the forex market, retail trading has become very famous day by day. Therefore, it has become compulsory to find a forex trading platform with amazing features. Hence, MT4 and MT5 is the most straightforward and user-friendly platform for retail traders. However, the looks between MT4 & MT5 are almost the same, but MT5 has amazing features that are not included in the MT4.
In this article, we will see the top 5 amazing features of MT5. Before proceeding further, we need to know how the forex trading platform is an integral part of retail trading.
image credit: MetaTrader 5
Retail Traders in Forex Market
Forex market is a place to trade currencies and make money from the changing prices of different currencies. The forex trading happens electronically over-the-counter (OTC), via computer networks between traders and financial institutions around the world.
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The global foreign exchange market makes the daily transaction of approximately $5.3 trillion, which holds liability to the increasing number of institutional trades.
The global economy became slow after the financial crisis of 2008. The forex market has grown at that time. Corporate investors started to exchange their currencies to avoid bankruptcy, and retail traders got themselves involved in the forex market.
The technological improvement increases the number of retail traders in the forex market much more than before. Traders can easily buy and sell currencies to make a profit from in front of a computer screen.
Forex Trading Platforms
The trading platforms are available for retail traders & institutional traders. The activity of institutional traders is very complicated and costly. The retail trading software industry is dominated by Metaquotes Corp, the creator of MetaTrader 4 & MetaTrader 5 platform.
The most used trading platforms are mentioned below:
- NinjaTrader- This trading platform was created in 2004. It was designed for active forex, stock market, and futures traders. This trading platform offers advanced charting tools, trade simulation, and strategy building. Anyone who wishes to execute trades from their platform must buy a lifetime license or lease the platform on a timely basis.
- cTrader- Spotware develops this trading platform as a competing platform for traders. This trading platform offers advanced charting tools, features, and the structure that is similar to the MetaTrader platform. It is also available in a web browser, Android and iOS devices, which is preferable for most of the traders.
- ProRealTime- This trading platform is a technical analysis software, which is developed in France by IT-Finance. This is a web-based software, which is backed up by a cloud network. A wide range of charting and analytical tools are built with software that can create manual market scanners and profitable trading strategies.
- MetaTrader 4- MetaTrader 4 is the most common Forex trading platform among the retail traders, which is primarily a forex trading platform. However, the retail forex is new in the industry, so it did not have other reliable software except the MetaTrader 4.
- MetaTrader 5- Metatrader 5 is similar to the MetaTrader 4 platform, which is the best Forex trading platform ever. MetaTrader 4 & MetaTrader 5 is very handy. Therefore, it is possible to increase the uses of those in the coming periods. It also comes with a more significant amount of indicators and has some other features.
5 Amazing Features of MT5
MetaQuotes Ltd.The leader of the day retail forex trading platform creation. This company started to be famous after creating the world’s most used MT4 platform. People of any congenial innovation and technology. Therefore the company presented a sophisticated MT5 trading platform.
In MT5 vs MT4, MT5 consists of a lot of features That most of those MT4 users do not know. In the following section, we will see the five amazing features of MT5 that a trader should know.
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Variations in Timeframe
The timeframe is an essential element for a forex trader. As we know, the Forex market is run by prominent financing institutes and central banks. Therefore, it is necessary to understand what big players are doing in the market. The larger institutes trade forex with more significant volumes. They spent a lot of money in their analysis, And they use a higher timeframe in their trading strategy. Most of the big players use the daily timeframe. However, it is sometimes hard for retail traders to trade in bigger timeframes, As each requires a lot of money and patience. Therefore many region traders use smaller time frames in the trading strategy and follow the higher timeframe to see one of the big players are doing.
The variations in time allow traders to see the market from different angles. This is how the timeframe becomes a matter of consideration.
MetaTrader 5 has 21 different timeframes from the 1-minute chart to 1 month wherein MT4 there were only nine timeframes.
Technical Indicators
In MT5, 38 built-in technical indicators are beneficial for traders. Although most of the indicators are available in the MT5, some indicators are exclusive to the MT5 platform only. Moreover, MT5 supports a lot of custom indicators that traders can use. It is straightforward to create custom indicators for the MT5 platform.
On the other hand, traders can use an extensive range of free and paid indicators from the MQL5.com.
Graphical Object
Graphical object is an essential tool for the technical analyst that most forex traders use. In MT5, there are almost 44 graphical objects that A trader can use for determining chart patterns.
As the chart pattern is an essential tool for price action traders, the more graphical objects can provide more variation in the chart patterns that a trader should know.
Expert Advisors
Expert Advisors are a predetermined algorithm. The MQL5 allows the creation of an Expert advisor or auto trading robot of any complexity. Traders can use EA’s from the built-in app store ‘MetaTrader Market’ and the free library ‘Code Base.’
In MT5, traders are not restricted from using the built-in analytical resources. The MQL5 coding is more straightforward than MQ4. So traders can create their own trading robots or Expert Advisors.
Real Volume Data
In the MT4 platform, traders are unable to see the real trading volumes such as contracts or lots. They are allowed to assess the tick volume data only. The tick volume is the number of price changes on a particular candlestick bar.
In MT5, traders have access to real volume-traded data, and not only tick volume data. After pressing the right click of the mouse from the chart, this option will appear.
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Conclusion
We had discussions about 5 amazing features of MT5 in this article. However, it is your duty to choose the right platform for you.
Do you want to shift your trading activity in MT5?
If you are new in the forex trading industry or you are in the market for a long time but struggling to make a profit, you can stick to the MT4.
Later on, after getting some experience in MT4, you can shift to the advanced platform, MT5.
However, for AI-based trading, MT5 is the best compared to the MT4.
Should you use trade with these MT5 features on your own at all?
Before you start trading with MT5, you'll want to read this.
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