The developer of MetaQuotes Software Corp. , The author of the world's most widespread forex platform MetaTrader 4, in mid-2009 published plans to release a new version of its program under version 5.0. The new software was supposed to be released in early 2010, but MetaTrader 5 appeared with a delay - on June 1, 2010.
The new version promised to expand the functionality. This meant working not only on currency pairs, but also on stocks and derivative financial instruments. Unfortunately, by the time the program was released, the developer had not yet implemented this function. MetaQuotes Software Corp. promises to add this feature in future updates. Until now, the terminal has not received wide distribution, and many brokers work with it in test mode, remaining on the fourth version. Recently, many brokers have begun to provide platforms to choose from - the fourth or MetaTrader 5.
For traders familiar with MT 4, the fifth version will seem very familiar, due to the fact that the program interface has not changed at all. If you want to learn the basics of MetaTrader 5 , feel free to read the article on MetaTrader 4 . In the same article, we will talk about the differences and additional features of MetaTrader 5 as an addition to the previous version.
Differences Meta Trade 5 from MT4
Despite the non-obviousness of the innovations, the developer has really improved many aspects of trading through his platform.
Lack of locks
Counter positions have been removed. This is probably what causes disappointment and bewilderment among clients accustomed to this method of trading. Those traders who are used to trading without locks will not experience any inconvenience.
In Meta Trader 4, it was possible to open an unlimited number of orders for one pair and in one movement at different price levels and work with each of them. This will not be available in Meta Trader 5 . Despite the fact that a trader can send several orders in one direction, they will all be formed in one position and only one order will be displayed on the price chart. The following innovations are no longer so controversial and bring exclusively positive differences to trade.
New time frames
The developer has added a much larger number of time frames and now the ruler looks like this (new ones are marked in bold capital letters):
M1 M2 M3 M4 M5 M6 M10 M12 M15 M20 M30 H1 H2 H3 H4 H6 H8 H12 D1 W1 MN1
Depth of prices
Now the glass is an integral part of the terminal and its availability does not depend on the conditions of the broker's provision of the program.
Stop Loss and Take Profit
You can control SL and TP using the cursor. By grasping the line of the order marked on the chart, you can pull it up to the desired level, while not making any additional manipulations.
Additional opportunities for one-click trading.
In the " Market Watch" window , you can now go to the " Trade " module and create orders in one click. New technical analysis tools Some instruments were partially changed and new ones were added, such as Elliott waves and Fibonacci levels. Now the number of indicators does not fit on one screen.
The built-in strategy tester has been redesigned. Now it works more stable and can analyze even more different strategies. The rest of the changes are mainly related to minor technical improvements.
Basic trading functions
Now let's go directly to the description of the terminal. After passing the authorization procedure, the main terminal screen with basic settings will open.
The main distinguishing feature of the terminal is the multiple windows that allow you to control the program. All of these windows can be easily customized to your taste. In practice, this can be done in the " Window " tab in the upper right corner of the terminal. In this menu, the trader can change the location of the current windows, select one of the already open windows and create a new one. By clicking on one of the proposed forms, " Cascade ", for example, the program will immediately reshuffle the windows with the selected method.
A trader can perform technical analysis on the constructed price charts of traded instruments. Initially, MetaTrader 5 generates a chart quite easily for perception. From the left edge, at the top, it is displayed:
the name of the rendered tool;
period of candles or bars;
minimum price and closing price;
one-click trading table (this functionality makes it possible to conduct transactions instantly).
In addition to the classic price chart, this window has a timeline located at the bottom. The price scale is displayed on the right edge. The bars themselves, or candles, can be superimposed on many indicators and values, which will be discussed in detail below. In this case, individual indicators are placed in special mini-windows, since they cannot be specifically superimposed on the base price chart due to their specifics.
Those charts that the user has already opened are displayed in convenient tabs. The trader can switch between them and open the chart the user needs. You can change the time interval by clicking on the icon with the clock shown on the top panel of the interface. All the necessary intervals are present there, including the day, minute and month. The chart itself is drawn in bars, Japanese candlesticks and other types.
An important factor in trading is technical analysis, which is based on mathematical indicators. To add any of the indicators, click on the " Charts " button , and then select " Indicators List " in the tree-like menu .
Similarly, you can refer to the " Navigator " window located in the " View " tab . Having selected the required indicator, you need to click the right on it and in the menu that opens, click on the " Attach to chart " value . After these manipulations, the indicator settings window will first open. After selecting the desired settings and clicking on the " Ok " button , the indicator will be drawn on the price chart. You can open orders and make deals in the " Market Watch" window . It reflects the major currency pairs that a trader can trade. To open all pairs provided by the broker, right-click on this window and click on the " Show all symbols " parameter . Client orders are also placed through the " Market Watch" window . To do this, right-click on the selected instrument and click on the " New order " value . The " Order " window will appear .
It displays supply and demand for a stock or currency, expressed in the ask and bid mini-chart. You can configure the stop loss and take profit parameters, the volume of the position to be opened, the name of the instrument, and two buttons “ Buy ” and “ Sell ”. By changing the type from market to limited order, the client has the opportunity to place an order at a specific price and select the date until which the order will be valid. Already placed orders, executed or canceled, can be tracked in the " Tools " window in the " Trade " tab located at the very bottom of all windows. The "Tools" window has many tabs that greatly assist the trader in their daily trading.
"Trade". It reflects the client's own money, the level of the initial and maximum margins, completed transactions, financial results and financial instruments.
"Assets". It reflects the composition of the trader's portfolio and the share of instruments in it
"Account history". Shows the flow of funds on the client's account.
"News". Important macroeconomic news that the broker sends to its clients.
"Alerts". Reflects the key moments in the price movement, which were set either by the trader himself or by his trading advisor.
"Post office". Here are reflected the letters sent to the client by the broker.
"Market". This window provides a trader with the opportunity to buy specialized literature on stock trading, trading advisors, and algorithmic robots.
"Library", "Journal" and "Experts". These sections show signals from trading advisors, changes in order statuses and make it possible to use combined indicators from the terminal manufacturer's website.
Created graphical and indicator settings can be saved in a separate file to run on other terminals. This file will be saved as .cvs and will be available to all versions of the program 4.0 and 5.0.
Meta Trader 5 uses special small programs inside the terminal - advisors . They are able to help a trader to close their trades in a plus. You can buy such advisors in the built-in MetaTrade store - in the " Market " tab . Third-party developers also offer interesting solutions in terms of advisors for MT 5. All advisors for a trader are visible in the " Navigator " module , the " Advisors " item . They are added to the price chart in the same way as simple indicators by clicking on the " Attach " button .
After that, in the lower window " Terminal ", in the " Experts " tab , trading signals will start to appear. To a certain extent, an advisor can replace a full-fledged robot. However, this requires high qualifications of the client, not only as a trader, but also as a programmer.
If the Expert Advisor is configured correctly, the name of this Expert Advisor and a smiling smile will glow on the chart. If it is necessary to turn off the adviser for a while, open the tab " Tools> Options ", the " Advisors " - and remove the checkbox next to " Enable Expert Advisors ". When the EA turns off, the smiley will be replaced with a cross.
Ultimately, Meta Trader 5 opens up the broadest functionality for the professional trader. It is not something completely new, or revolutionary, but more like a good work on mistakes. The developer added interesting features and solved a few problems of the previous version of the terminal.