24 July 2020 | AtoZ Markets - MetaTrader 5 platform is the solid alternative of the world-famous MetaTrader 4 that created chances to have advanced trading experience. It is multi-lingual, and it has an extensive scope of analytical instruments and indicators. Besides, it allows us to trade not only forex pairs but also stocks and futures. The diversification of the financial instruments is one of the core benefits of MetaTrader 5. In MetaTrader 5, you can make your expert advisor based on your analysis. Besides, you can utilize previously existing robots from the Library.
What Is the MetaTrader 5 Platform?
MetaTrader 5 (MT5) is the most up to date trading platform from MetaQuotes. It came after the immensely well-known Metatrader 4 (MT4). MetaTrader 4 was functioned to trade forex, while MetaTrader 5 is designed to accommodate more resource classes. Besides, MetaTrader 5 is presently the perfect multi-resource stage for the cutting edge trader. Therefore, it allows us to upgrade their trading experience utilizing a decision of powerful and efficient indicators, tools, and resources.
How to Trade Forex Using MetaTrader 5 Platform
Forex traders love to utilize the multi-resource MetaTrader 5 platform. Without a doubt, it's the quickest, productive, and financially savvy trading platform in the world. Besides, MT5 permits them to exchange the best trading conditions. Therefore, once you open the platform, you'll see all the principal components of the straightforward. Besides, the easy to understand interface will encourage your everyday trading schedule.
Download MetaTrader 5
- You can download the MetaTrader 5 from your preferred broker's page, or visit MetaQuotes website to download it
- Fill up your login details
- The download will start automatically
However, depending upon whether you're downloading from a work station or a cell phone. This page will offer you the adaptation you need: Android, Apple iOS, Mac, or Windows. After installing the MetaTrader 5 platform the interface will appear like this:
However, all orders are available from the primary menu bar of the MetaTrader 5 platform. Therefore, you can incorporate the accompanying tabs: files, view, insert, option, charts, and help. Moreover, these operations of the MetaTrader 5 platform will help you to settle your chart with indicators, analytical tools, and different platform settings. In this way, you will be able to make your own customized forex trading condition.
How to Login
To login into your forex broker MT5 trading account:
- Go to the navigator bar, then you can see the "Accounts" option
- Right-click on the "Accounts", you can see open an account option
- Chose your preferred broker and enter accounts details, done.
Open a Trade Using MetaTrader 5 Platform
- To open a trade using MetaTrader 5 platform, open market watch window and right-click on the forex pair of your choice and select "New Order" option.
- Select the order type: instant execution, pending order, or market order.
Apart from this, if you choose instant execution, you have to know what will be your lot size. Besides, where you will put your stop-loss level and take-profit level.
After that, depending on your preferred price action, click on "Buy" or "Sell". Therefore, it will execute your orders at the available price. Finally, the executed order will appear on the MT5 platform interface.
Pending Order
If you are willing to select pending order, you have to follow the steps:
- Order types you want to execute: Sell Limit, Buy Limit, Buy Stop, Sell Stop. MetaTrader 5 platform latest option: Buy Stop Limit, Sell Stop Limit.
- The expected price that you want your order to be executed.
- Position size or volume
- Stop Loss-level and Take-Profit level.
After that, Place your order. When your order has been executed, it will show up at the base of your MetaTrader 5 platform interface.
Indicators
You can add the default indicators of your choice. It may help you to find the best entries in forex pairs. Besides, MetaTrader provides lots of trading indicators and some of them are very famous among forex traders. For instance, Moving Average, RSI, Ichimoku, MACD, Stochastic Oscillator, Bollinger Bands, Volumes and Pivots. These indicators may help you to increase your trading probabilities and give you decent profit ratios.
MetaTrader 5 Platform Advantages
MetaTrader 4 and MetaTrader 5 platforms are the world's most famous trading platforms. However, the MetaTrader 5 platform has lots of Advantages and some exceptional features. MetaTrader 5 platform Advantages are:
- Less complex, simpler to utilize, and have the most advanced interface.
- The latest, customizable sectors of time and assessment accessible.
- An economic calendar coordinated in the platform.
- A short history of automated trade orders visible straightforwardly on an index chart.
- Faster, increasingly stable association with servers.
- More noteworthy platform security than MT4.
- Quicker and progressively exact order execution.
- Hedging permitted to cover positions.
- Accessible on PC, Mac OS and iOS, Android, and by every supported web browser.
- The historical backdrop of the market like an order book.
MetaTrader 4 vs MetaTrader 5
The latest and updated interpretation of the MetaTrader 5 platform plume expresses the quality features including options for hedging. On the other hand, MetaTrader 4 is somewhat not so much progressed but more fit to traders who are new to the trading sectors.
| Features | Description | MetaTrader 5 | MetaTrader 4 |
| Execution Types | Number of execution types | 4 | 3 |
| Partial Order Filling Policies | Partial edit choice where a trade that is currently accessible with the greatest volume is executed. So they don't have to surpass the volume mentioned in the order, and unfilled volume is dropped. | Yes | No |
| Order Fill Policy | Excessive order execution policies in MetaTrader 5 platform and MetaTrader 4 platform | Fill or kill immediate or cancel return | Fill or Kill |
| Types of Pending Orders | Types of pending orders mentioning an intermediary. Therefore, you can buy or sell financial assets under pre-characterized conditions later on. | 6 | 4 |
| Netting | Having a single trade of financial security only | Yes | No |
| Hedging | Having multiple trades of financial security, both in the same and opposite direction | Yes | Yes |
| Market Depth | Bids and offers for an instrument at various prices depending on the trade size | Yes | No |
| Indicators | Technical indicators are utilized to detect patterns of the instruments automatically | 38 | 30 |
| Graphical Objects | Analysis instruments help to identify assets price trends, Therefore, you can identify support and resistance levels | 44 | 31 |
| Timeframes | Group quotes of assets in time intervals. | 21 | 9 |
| Economic Calendar | A fundamental analysis instrument which features macroeconomic reports from various countries that may affect asset prices | Yes | No |
| Emailing Method | Default email service | Yes | Yes |
| Strategy Tester | EA tester and optimization modes in MetaTrader 5 platform and MetaTrader 4 platform | Multi-threaded + Multi-currency + Real Ticks | Single thread |
| Chat With MQL5.community | Chat with other traders from the platform | Yes | No |
Summary
Most of the forex traders prefer the MetaTrader 5 trading platform because it is free and easy to use. Metatrader 5 platform is perfect for Forex traders who wish to take advanced and fast trading decisions. Moreover, MT5 traders execution is so fast that helps the forex trader to trade on their desired price without losing any pips. Besides, MetaTrader 5 provides lots of default forex indicators that are very compatible, when you going to trade any currency pairs.
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