MT5 Trading Platform: What You Need to Know
Launched in 2010 by MetaQuotes Software Corp., MT5, or MetaTrader 5, is a multi-asset online trading platform boasting enhanced real-time charting capabilities and a wide range of additional functionalities. Also, unlike MT4 (MQL4), the MT5 trading platform uses MQL5, a brand new programming language.
MT5’s platform offers a number of benefits that can benefit the activity of both seasoned and rookie market participants.
Advantages of MT5
Forex traders love this software for numerous analytical features together with other technical improvements, which you will find below:
- A set of powerful analytical trading tools, including 38 technical indicators, allows you to display up to 100 currencies and stock charts simultaneously.
- 21 timeframes are available, which allows for deep analysis of small price fluctuations (price dynamics).
- 80 technical analysis and analytics tools are available, including graphical objects.
- MT 5 includes integrated tools for complete fundamental analysis, including the economic calendar. The site provides direct access to financial news from the world’s leading news organizations.
- The Depth of Market (DOM) feature which displays active offers.
- As with MT4, MT5 users are not limited to built-in tools. Many free tools can also be purchased. If you have programming experience, you can create your own personalized tools.
- There are four different ways to execute orders: Immediate, Request, Market, and Exchange. In addition, the platform supports various types of trading orders: “Market,” “Pending,” “Stop Orders,” and “Trailing Stop Orders.”
- MT5 has an integrated development environment that allows traders to quickly and easily create and improve their trading strategy with the help of robots.
- With the powerful MQL5 programming language, traders can evaluate quotes and make trades based on a basic algorithm. You can choose from many pre-configured trading programs if you are not a programmer.
- The MT5 mobile platform allows traders to trade Forex, stocks, and futures anytime, anywhere.
- MT5 for iOS, iPhone, and Android allows you to be aware of the financial markets and trade 24 hours a day.
The list of advantages can be long since the software is really good. However, some disadvantages should be mentioned.
Drawbacks
Probably the worst disadvantage of MT5 is that hedging is disabled, and therefore spreads are expected to widen as most liquidity providers generally allow hedging. This could be a big gap in working towards a great risk management approach.
You should also be aware that if you wish to use the mobile version of this software, this is only possible on iOS and Android devices, excluding Windows Mobile.
Also, remember that MT5 was written from scratch (not based on MT4), meaning there will be bugs. But so far MetaQuotes devs have eliminated them so quickly that the users’ funds were safe.
Summary
In general, traders are happy with the most recent MT platform, and there haven’t been any complaints regarding any functional problems. Indeed, the software has an impressive analytical arsenal, allowing you to use different and more complex strategies.
It won’t disappoint you during market hours, so you can close positions at the right time. It is convenient and understandable for both beginners and experienced traders.
MT5 has a lot of advantages over its counterparts, so check it out for yourself and make the most of it.
Get all the necessary trading tools at hand, save your time, and make the most of the financial market.
