MetaTrader 5 has revolutionised online trading, and for the right reasons. Developed by the MetaQuotes Software Corp., MT5 offers more than just buy and sell options. It expands upon the capabilities of its predecessor, MetaTrader 4, offering enhanced features.
MT5 is designed to cater to the needs of both novice and expert traders. Here’s a brief breakdown of some advanced MT5 features that can streamline your trading experience:
Multi-Asset Trading
The most prominent feature of MT5 is its ability to handle multiple assets. Unlike MT4, which primarily focuses on forex and Contracts for Difference (CFDs), MT5 can facilitate the trading of numerous asset classes, including:
- Forex
- Bonds
- Stocks
- Commodities
- Derivatives
- Futures
- Options
- Indices
- Cryptocurrencies
Multi-asset trading allows traders to maintain a certain level of risk and reduce the overall volatility of their portfolios. Moreover, traders can increase their profit potential, aiming to materialise long-term goals.
Programming Language
MT5 features the MetaQuotes Language 5 (MQL5), a built-in object-oriented programming language. The advanced features of MQL5 surpass many of MT4’s qualities. For instance, MQL5 offers some specialised elements of C++, which makes room for automated trading. Here’s a brief breakdown of four features brought by MQL5:
Expert Advisors (EAs)
Expert Advisors (EAs) can automatically execute trades based on predefined strategies. This can be especially beneficial for trades where risk management is of critical importance. Traders no longer have to perform all the tasks manually.
Custom Indicators
Analysing market data and news using unique indicators can take your profit potential to the next level. You can jump on competitive trading opportunities more quickly.
Scripts
MQL5 also enables the creation of scripts that can be used to automate critical trading tasks such as opening and closing positions. MT5’s programming language can also facilitate multi-threaded operations, making complex tasks like backtesting a breeze.
Built-in Economic Calendars
MetaTrader 5 now features a built-in economic calendar so you can keep up with the latest market news and updates without checking external news sites. Traders can now experience seamless and interruption-free sessions, with all the relevant information in front of their eyes.
The calendar also features descriptions, release schedules, and relevant updates about macroeconomic indicators. You can also select specific events to display on the calendar for maximum convenience. Lastly, the economic calendar can be integrated with previous scripts or Expert Advisors (EAs), so everything around you works in unison, facilitating your trading journey.
Sophisticated Indicators
Market analysis is critical to yield favourable trading results. MetaTrader 5 features sophisticated built-in indicators, which can be divided into several sections. For instance, built-in mathematical indicators include:
- Fibonacci Retracement tools
- Gann Analysis components
- Elliott Wave calculators
- Pivot Point indicators
On the other hand, statistical tools include:
- Standard Deviation
- Linear Regression
- Moving Average variants
- Bollinger Bands
MetaQuote Software has also increased the number of indicators for MT5. For instance, the number of time frames has gone from 9 to 21. Whereas, graphical objects have gone from 24 to 44. In MT5, two new order types (buy-stop limits and sell-stop limits) have also been introduced.
