08 June 2020 | AtoZ Markets - MetaTrader is a software that can connect to several trading platforms. It allows traders to trade with a computer or smartphone. This software mostly used by the Forex traders who have an opportunity to select any broker which they wish to trade. MetaTrader functions as a pool that allows the trader to trade with the broker of their choice on the same platform. Currently, MetaTrader has two versions:
- MetaTrader 4
- MetaTrader 5
These versions were created by the MetaQuotes Software Corporation in 2005 (MT4) and 2010 (MT5). This company is based in Russia, and they are a leader in the financial software market.
Why Should You Use MetaTrader Trading Platform?
MetaTrader trading platform is free and most lightweight software, which can be download directly from its official website. It allows traders to accomplish actions quickly, which can be a great advantage while trading in volatile markets. It also allows traders to configure stop loss, market, pending orders and trailing stop orders to maximize profits. Besides, traders can use customize expert advisor (EA) to automate their trading strategies. In addition, traders can also check their trading history and the opened position, which can help traders produce more efficient strategies for future trading. Furthermore, with both MetaTrader versions, traders can trade stock, commodities, bonds, metals, indexes, or other financial derivatives like CFDs, Futures, Options, etc.
What Is MetaTrader 4?
MetaTrader 4 has stood as the most popular trading platform among forex traders over a decade. Its easy accessibility, multiple futures, and security have made it the most reliable and users friendly software among the professional traders in the market. Moreover, MetaQuotes Language (MQL) is the first version as use. MQL is a series of commands that organize into the platform to perform appointed return strategies, simplify automatic trading, and analyze data.
In additionally, the MQL4 has various functions such as:
Expert advisors are automated trading systems, also known as robots. It analyzes the market data and makes the overtures in the system on a real-time basis or preceding planned event. With the help of the Expert Advisors, a trader can create their own applications, use them, upload them to code storage and also sell them in the MQL market.
MetaTrader platform allows the trader to create their own trading indicators with MetaEditor. Already there are 30 indicators studded in the software. You can use them to analyze the market's commercial situations and to gain profit.
At the starting of an event, Scripts are subject to handling activities. Though, it is necessary to remember that it doesn't offer any other contemporary activity. Apart from this, these scripts can favour you for not only measuring probable risks but also manage activities, export-import data and generate orders in closed markets.
What Is MetaTrader 5?
MetaTrader 5, also known as MT5, is very popular mostly among the successful traders around the world. They prefer the MT5 multi-asset platform for Forex trading, interchange instruments, and futures. This platform grants advanced financial functions of trading, such as excellent tools for fundamental and technical analysis. Besides, MT5 able to trade automatically through trading signals and trading robots. The platform is available on the web for being accessible from any device, which includes the desktop and mobile versions of Mt5.
In addition, the MetaTrader 5 trading platform contains advanced Market Depth feature, an individual accounting of orders and trades. It also allows all types of a trading order and executant modes support. MetaTrader 5 provides two order accounting modes:
- The netting mode
- The hedging method
The netting mode has accepted on interchange markets while hedging method can use for forex trading. Moreover, you can buy sell forex pairs, equities, commodities, and futures with just one click by One-click trading function and the Market Depth option.
Specialities of MT5:
- Hedging friendly
- No FIFO rule
- News Calendar
- Commerce Integration
- Advance Chartings and time frames
- Exclusive indicators
- Multimarket order ability
- MT5 Supreme Edition plugin integration
MetaTrader 5 is a multimarket platform. It allows you to trade both in centralized and non-centralized markets.
Real Data Volume
MetaTrader 5 allows the trader to access not only tick volume data but also real volume traded data. The number of price changes happens in the course of the bar is referred by the tick volume. By MT4, you can not get the real volume (Lot's), what has been traded.
Download Access of Tick History
Metatrader 5 allows users to download and recommend tick history from the broker, while MT4 does not allow it to download and restricted many limitations. By turning on the trading platform 24 hours and still, you can not get all ticks. In the MT4 you never allow seeing what the most trader price or a bunch within the marked range was.
MetaTrader 4 vs MetaTrader 5
MetaTrader 5, which has launched recently in 2010, is not so much different from MetaTrader 4. Despite that, it proclaimed as authentically more advanced. They have upgraded the charting system and added more advanced analytical tools. Though MetaTrader 5 has launched, traders are more comfortable with the MT4 trading platform and satisfied with its abilities. Below chart will show you the key differences between MT4 and MT5:
In this 21st century, MetaTrader has become one of the leading trading software to trade in stocks, equities, bonds, futures, and mostly forex. Users are very satisfied with MetaTrader trading platform ability and its easy access. MQL has made this platform so easy that beginners who do not know anything about this trading platform, they can also use it very easily. Moreover, MetaTrader trade executions are faster than any other trading platform, which takes just a few milliseconds to place an order, and while closing the order, it may happen just blink of your eyes. So, for beginners, it is the best trading platform to learn and gather knowledge for a future trading career.
Think we have missed something? Let us know in the comment section below.