How to use MT5 on pc for Newbies

Similar to MT4, MT5 also provides investors with a platform to trade forex and other assets on the market. However, there are still many people who do not know how to use MT5 on pc. That’s why Learn Forex Trading will share that content below.

What is the MT5 platform?

MT5 is software that helps you trade forex, CFDs, and other asset types such as stocks, cryptocurrencies, commodities, and metals… on the foreign exchange market. MT5 provides investors with a trading platform to easily place buy and sell orders. In addition, it is also a tool for you to analyze prices and predict fluctuating trends.

First launched by MetaQuote Ltd in 2010. But nowadays, MT5 is increasingly popular and it is second only to MT4. If MT4 software is favored by most new investors to experienced investors. MT5 is only commonly used among professional investors. They use MT5 to perform more advanced trades.

Some outstanding features of MT5 software

• Compared to MT4, MT5 increases the number of time frames from 9 to 21.
• There are more than 80 technical indicators and tools to help traders analyze charts, while MT4 has less than 50.
• Provides up to 6 different types of pending orders.
• Built-in economic calendar software.
• The price chart immediately shows the market depth.
• The built-in MQL5 programming language helps coders create custom technical indicators. With EAs or Scripts to support trading.
• Allows trading of traditional stocks without CFDs.

Instructions for downloading MT5 software for computers

To learn how to use MT5 on pc, you first need to download this software. First, you must open an account at a forex exchange. And of course, that exchange must have support for investors trading on this platform. Then download metatrader 5 for pc and install it. The process of downloading, installing, and open mt5 real account is similar to MT4. You can refer to Self-Teach Forex’s article on how to download and install MT4 to use MT5.

See more: Financial trading performance: MT5 platform

How to use MT5 on pc

Similar to MT4, MT5 software includes many features located in the Menu bar. Toolbars include commonly used features such as Markup tools, notes, changing timeframes, drawing trendlines…

The remaining frames show information about products, transactions, and charts. In today’s article, we will guide you on how to use MT5 on pc along with the important features of this software.

To easily grasp the features when using MT5 software. This article will classify features according to the Menu bar such as: File, View, Insert, and Charts. We will also introduce and provide detailed instructions on important features in each of those categories. By the end of the article, you will know how to use MT5 software on your computer easily and effectively.

File

You need to pay attention to the following features:

• Open an Account: Open a Demo or Live account from MT5 software. In addition to opening Demo or Live accounts at exchanges, you can open a live account on MT5.
• Login to Trade Account: Log in to your account by filling in the correct information: ID, Password, and Server in Gmail that you previously registered.

  

View

Before learning about the View feature. Then you need to pay attention to some of the features in the View listed below such as Languages, Market Watch, Navigator, and Toolbox. Now let’s go into the details of each category to see how to use it.

Languages 

Languages, surely everyone understands its meaning as language. There are many different languages ​​here. You can change the language, whatever language you want to use in MT5, change it to that type. Usually, people change it to English if the UK is not available.

Market Watch

Allows investors to view charts of currency pairs and commodities on the market.

Right-click on the Market Watch frame and you will see the following features:

• New Order: directly set Buy and Sell orders. Or pending orders for Buy Limit, Buy Stop, Sell Limit, Sell Stop, and Stop Loss, Take Profit levels at the price you want.

  

• Chart Window: Displays the chart of the commodity, currency pair, or product you are interested in.

• Hide All: Hide all products in MT5.

• Show All: Displays all products.

Navigator

Allows you to add the following technical indicators to the chart:

• Accounts: Displays your login account. Log in to your account or open a trading account by right-clicking on Accounts.

  

Indicators: includes indicators for technical analysis and market trend identification. It can be divided into 3 groups of indicators: Trend determining indicators, oscillating indicators, and currency trading volume indicators. Additionally, you can modify the indicators yourself or create your own. Add an indicator to the chart by right-clicking on the indicator name you need and clicking Attach to the chart.

If you want to remove that indicator or no longer use it. Right-click on the indicator on the graph and click Delete Indicator.

Toolbox

Toolbox is a feature that displays MT5 trading parameters such as Balance, Equity, and Free Margin. In how to use MT5 on pc, Toolbox is an important feature that cannot be ignored. It’s located below the screen. If you don’t know its location, you can see the image below that we provided.

Insert

Insert includes tools for drawing, marking, and writing to support technical indicators. Additionally, you can add technical indicators and delete them similar to Navigator. In Insert, you need to pay attention to the following tools:

• Indicators: It is similar to Indicators in the Navigator framework.

Objects include:

• Line and Channels: used to draw lines and market trends on graphs for analysis.
• Fibonacci: One of the tools in technical analysis used to find effective take profit and stop loss points.
• Shapes and Arrows: On graphs, use geometric shapes and arrows to perform marking and analysis.
• Graphical > Text: write the text you want on the graph.

  

See more: Instructions for registering an Exness account

Chart

You need to pay attention to some of the following features:

• Bar Charts, Candlesticks, and Line Charts are 3 types of graphs that are currently very popular in the financial market. However, you should only care about Candlesticks because this form of candlestick chart is very popular. Intuitive and easy to use when adding it to technical indicators.

  

• Timeframe: Time units on the Candlesticks chart. Each candle corresponds to one unit of time. Typical time frames are: M1, M5, M15, M30, H1, H4, D1, W1 and MN. Corresponds to 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week and 1 month. You can freely change between these time frames by clicking directly on them.

  

• Template: When you have combined the most satisfactory set of indicators. You can save it using “Save Template” to upload it to other product charts easily using Load Template.

  

• Properties: You can edit, choose candle type, color, and a few other customizations.

Above we have shown you a few how to use MT5 on pc. Go through the main features of MT5 on the Menu bar. In addition to the operations on the Menu bar as above. You can directly use other features such as New Order, Timeframes, Template, and Objects on Toolbars.

Epilogue

Above is a very detailed guide on how to use MT5 on pc. Hopefully, the information that Learn Forex Trading shares will help you use it more easily when trading. There is a lot of other useful information we share, please follow and read.