MetaTrader 5

Editor's Score 4.9
Pros
  • Mobile friendly features to enable traders to access the platform via Android, Windows and IOS gadgets.
  • Increased number of pending orders to ensure that traders have more control over positions.
  • An economic calendar that indicates all the upcoming events, economic data and their organization in terms hours days and weeks.
Cons
  • The lack of OSX support
  • The implementation of a new coding language the MQL5 that means traders must learn to use the tool afresh.
  • Hedging is disabled on this platform making it a very risky platform to use.
O/S Compatibility
Windows, IOS, Android
Charting & Tools
EA's
Signals
Social Trading
Features
  • MetaTrader 5 Help
  • Technical Analysis
  • Web Hosting
  • Demo Account

Review

Introduction

Metatrader 5 is a trading platform that offers exceptional technical analysis tools as well as automated trading systems and offers trading possibilities. The platform is an all-inclusive trading tool for forex, stocks and futures. The platform also allows users to monitor the fluctuations of forex, futures and stocks. The MT5 is the successor to the MT4 platform. It was introduced by MetaQuotes Corporation in 2010, the same organization that was responsible for the introduction of the MT4. The MT5 platform was an upgrade to the MT4 platform. Before the introduction of the MT5 the larger percentage of the trading community had already grown fond of the MT4 and its introduction came to the dismay of the public. The trading community saw the MT4 as the ideal tool for the analysis of the trades and markets. Due to this view, the MT5 was slowly integrated into the trading sector by the traders. The MT4 and the MT5 are two different tools but the MT5 is a more advanced tool in terms of indicators and features.

Ease Of Use

The one click-trading feature is a new introduction and it enables users to open a position with just one prompt. The feature encompasses buy and sell quotations that are coupled with a volume of transactions. This new feature enables users to be able to determine the number of transactions before hand and to be able to sign a number of deals at a go just by the click of a button.

The platform is able to place 8 different pending orders whereas in the previous platform, only six pending orders could be placed. The orders that can be placed include take profit, stop loss, sell stop limit, buy stop limit, sell stop, sell limit, buy stop, and buy limit. The introduction of these orders ensures that the user has more control over the positions and that flexible strategies can be implemented.

Performance

The performance of MT5 is affected by the features of the computer in use. The RAM of the computer seems to have an effect because a small Ram size renders the platform slow. The best way to improve the platform performance on your computer is to increase the maximum bars in the history and chart by going to the settings.

Range Of Markets

The MetaTrader platform offers more than a hundred forex markets for trading. It is one of the widest ranging markets trading platform. MT5 also gives you access to Stocks and Futures trading in addition to just FX and commodities. This is what sets it apart from the MT4. In terms of market range, there is no need to look for another trading platform if you are looking for a trading platform that has such a large variety of markets.

Charting

Technical analysis is the use of graphs to try and predict future movements in the various markets. The Metatrader 5 platform ensures that traders have an arsenal of analytical tools to make the most out of charts and graphs. 100 charts can be opened at a go on this platform to ensure that all the financial instruments can be easily monitored. The platform also ensures that up to 21 time frames can be opened at a go. The diversity that is shown by this platform in terms of time frames ensures that fluctuations of price in the short term and in the long term will be examined more accurately. The platform also has in built technical indicators that make the most detailed of price analysis seem much easier. Using the technical analysis tools available on the MetaTrader platform forecasting of any market changes has been made much easier.

Available Tools

The platform has the ability to use fundamental analysis. The platform has financial news as well as an economic calendar that can be used to forecast the dynamics of price over a given time period. You can be able to analyze different economic indicators as well as reports from international news agencies and try to forecast the most likely trends in terms of stocks and currency. Different people have different techniques of making sure that they succeed in the forex market and fundamental analysis is one of them. This platform will ensure that those that engage in this type of analysis have access to the information that they require at any given time. The MetaTrader 5 platform is a very powerful trading system that incorporates a market depth feature. It offers a separate account of orders and trades as well as the ability to execute all types of orders and techniques. The one click trading function makes it possible for the users to buy and sell different currency pairs as well as equities with just the click of a button. The stop loss, as well as the take profit limits are put in place to ensure that profits are maximized while losses are minimized.

Automated Trading

MetaTrader 5 offers automated trading solutions such as the Expert Advisor, signals, MQL5, strategy tester, robots, pivot point indicators, buy and sell indicators and time zone indicators.

Support Resources

Customer support is a key feature of this platform. The process is straightforward and brokers offer technical assistance through live chat and through phone. One can also engage the trading communities to ensure that they get the best support on a global perspective.

Compatibility

The MT5 provides access to markets through smart phones. The platform is installed on the phone through an application where the user can trade on their phone without having the need to have access to a computer. The platform on the phone is quite easy and quick to use but still has all the features of the computer version.

Conclusion

The MetaTrader is an outstanding tool that was introduced back in 2010 as an upgrade to the MT4. The MT5 has seen a significant increase in the number of features geared towards the simplifying of the users experience. The platform is ideal for both experienced and inexperienced traders. The fundamental and technical analysis tools available make it easier to use and forecast. The platform is also compatible with various operating systems making it easily accessible.

Comparison

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