The MT5 (MetaTrader 5) platform is becoming more popular and has many outstanding features compared to the previous version, MT4. This helps traders to make transactions more conveniently. However, fully understanding the features of MT5 is not always easy. In this article, Learn Forex Trading will provide detailed information about MetaTrader 5. To ensure you have the most comprehensive view. Let’s follow along!
Why is MT5 becoming more and more popular?
MT5 (MetaTrader 5) is becoming increasingly popular for many reasons. First, it offers many more outstanding features than its predecessor, MT4, including support for a wide range of trading assets not just limited to forex.
MT5 also has the ability to execute transactions on the stock and commodity markets. Opening up more diverse investment opportunities for traders. In addition, this platform also provides powerful technical analysis tools. Along with that is the ability to test users’ trading strategies.
What is the MT5 platform?
Metatrader 5, is a trading platform developed by MetaQuote Ltd. It was launched in 2010. MT5 not only allows traders to trade forex and CFDs, but also allows trading in other assets such as metals, cryptocurrencies, and stocks.
In fact, MT5 is developed based on the MetaTrader 4 (MT4) trading platform, along with improving and adding many new features. This platform solves some of the limitations of MT4 and integrates many indicator analysis tools. As well as exclusive indicator notifications. This gives traders a more in-depth trading experience.
Who can use MetaTrader 5?
Metatrader 5 can be used by a wide range of audiences within the trading community. These include:
- Beginner Traders: MT5 offers an easy-to-use interface and simple analytical tools. To help beginners make trades easily.
- Professional and Self-Employed Investors: Experienced traders can also take advantage of Metatrader 5’s advanced features. Including advanced technical analysis tools and high customization capabilities. In order to develop complex trading strategies.
- Brokers and brokerage firms: Metatrader 5 offers flexible and photometric solutions for brokerage firms. To help them manage and provide trading services to their clients efficiently.
In short, MT5 is a versatile and flexible platform. It is suitable for all types of traders. From beginners to top trading experts.
Key features MT5 traders should know
Metatrader 5’s key features include:
- Powerful Trading System: MetaTrader 5 allows users to open up to 100 charts. In order to monitor all financial instruments conveniently.
- Multiple Time Frames: The platform offers a charting system with 21 time frames, from one minute to one month. It helps users have a multi-dimensional view of the market.
- Diverse technical indicators: MetaTrader 5 provides more than 80 technical indicators and objects for the most detailed price analysis. To support users in making trading decisions.
- Easy Trading: The platform supports a simple one-click trading feature. This helps traders save time and increase trading efficiency.
- Multi-platform support: MetaTrader 5 is compatible with all operating systems on devices. From computers to mobile phones and tablets.
- Uses MQL5 programming language: All trading applications for MetaTrader 5 are written in MQL5. It opens up many opportunities for creating custom trading strategies and applications.
What are the disadvantages of MT4 that MT5 has overcome?
MT5 has overcome some of the disadvantages of MT4. Including:
- Limitations on the number of charts and time frames: MT4 limits the number of charts a user can open at the same time. As well as the number of time frames available on each chart. Meanwhile, Metatrader 5 allows up to 100 charts to be opened simultaneously. It offers 21 time frames for analysis, eliminating this limitation of MT4.
- Diversification of trading assets: MT4 is mainly used for forex trading. While Metatrader 5 expands the trading range by supporting a wide range of markets. Such as stocks, commodities, and cryptocurrencies. This allows MetaTrader 5 users to experience a wide range of assets. At the same time, it provides more diverse investment opportunities.
- Advanced Programming Language and Features: MetaTrader 5 uses the MQL5 programming language. It has greater processing power and is more complex than MT4’s MQL4 language. This allows for the development of more complex trading robots and the integration of more advanced trading strategies.
- “Market Depth” Feature: MT5 provides a “Market Depth” feature that helps users to see deeper into the market structure. It helps to display the price levels and trading volume at each price level. This helps to improve trading decisions and market analysis for users.
Get familiar with the tools displayed on the MT5 PC interface
To get acquainted with the tools displayed on the MetaTrader 5 interface on PC, you can follow the following content:
Market Watch tool area on Metatrader 5
In the area displaying tradable products, the Symbol column displays the symbols of the products or currency pairs. The buying price is displayed as Ask, and the selling price as Bid.
When you install the software on your computer, only a few products are displayed in this area. To see all of them, you need to right-click on any currency pair. Then click “Show All”.
In this dialog box, you need to pay attention to the following items:
- New Order: Place a new order.
- Depth Of Market: View a graph showing the market depth for each currency pair.
- Specification: Displays the trading conditions of the product. For example, minimum, maximum volume, contract size, swap fee, etc.
- Columns: When you click on the screen, it will display information such as volume, open/close price, spread, and low/high price. They will be displayed to the right of the Ask column. To delete a column, you need to select any product. Then right-click, select “Columns”, and uncheck the information you want to delete.
See more: Instructions for registering an Exness account
Learn about the functions of the MT5 Toolbox
- Trade: Used to display information about the forex trading account and all running orders. Includes Equity, Margin, Balance, and Free margin.
- History: Used to display forex transaction history. Includes deposit and withdrawal transactions and closed buy and sell orders.
- New: Provides daily political and economic news around the world.
- Calendar: Displays the economic calendar. This is a new outstanding feature of MT5 compared to MT4. Allows you to view directly without going through another platform or tool.
- Alerts: Provides real-time trading alerts.
- Codebase, VPS, Experts: These are programming services, VPS services, as well as custom indicators or Expert Advisors (EAs). They are directly linked to the MQL5 community (visit mql5.com). Here, traders can exchange, buy, and sell services that support forex trading on the market.
What can the Metatrader 5 Navigator area be used for?
The Navigator area in MetaTrader 5 can be used to perform the following functions:
- Accounts: This is where all your MT5 accounts are displayed.
- Indicators: This section allows you to insert technical indicators into the chart.
- Expert Advisors: This is the section that allows you to insert automated trading systems into the price chart.
- Scripts: These are time-saving tools that provide faster and more convenient transaction support functions.
Are price charts on MT5 PC important?
When you open the MT5 software, you will always see 4 price charts of 4 random products. To enlarge the chart, you need to click on the square button on the top right corner of that graph. Conversely, to zoom out, you can click on the “-” or “x” sign.
In the Market Watch area, to open a product’s graph, you can click and hold the left mouse button. Then drag the product to the graph area and release the mouse button.
Here are some important operations in price charts:
- To do one-click trading or open the depth of the market graph, you need to click on the 2 buttons as described. Then right-click and select “One-click trading” or “Depth of Markets”.
- If you want to reset the colors, right-click on the graph and select “Properties”.
- In the “Common” section you can choose the type of price chart.
- In the “Show” section, you can choose whether or not to display parameters or values on the chart.
In the “Colors” section, you can choose colors for the chart.
Instructions for performing some basic operations on MT5
Below are instructions for performing some basic operations on the MetaTrader 5 trading platform:
MT5 Account Registration for Newbies
Registering a MetaTrader account is a relatively simple process. Here are the basic steps you need to follow to register a new MT5 account :
- Choose a broker: First, you need to choose a reputable broker that suits your trading needs. There are many brokers on the market that provide trading services on the MetaTrader 5 platform. The best brokers today include Exness, ICMartkets, XTB, XM,…
- Visit the exchange website: Once you have chosen an exchange, visit their website.
- Create a new account: Find and select the “Open an account” or “Register” option on the exchange’s website. You will be asked to fill in basic personal information accurately. For example, your name, email address, and phone number, and may need to provide identification documents to verify your identity.
- Select account type and trading platform: Select the type of account you want to open (e.g. demo account or real account), as well as the trading platform MT5.
- Confirm and complete registration: After filling in all the information and selecting the appropriate options, you need to confirm and complete the registration process. The exchange will send a confirmation email to the email address you provided.
- Download and install Metatrader 5 software: Once your account has been opened, you need to download and install the MT5 software from the broker’s website or the official MetaQuotes website.
How to open and close trading orders on MT5 PC?
To open a new order, you can follow these steps:
Click on “Tools” and select “New Order”, or double left-click on the product you want to trade. You can also click on the “New Order” icon on the toolbar.
In the New Order dialog box, update the following information for the order:
- Symbol: Trading product
- Type: Order type (buy or sell)
- Volume: Transaction volume
- Stop Loss: Stop loss price
- Take Profit: Profit-taking price
- Fill Policies: Order matching policies
After completing the information update, click the “Sell” or “Buy” button to open the order.
There are two simple ways to close an order:
- Method 1: Click the “x” at the end of each running command.
- Method 2: Right-click on each running command and select “Close Position”.
How to use MT5 Templates, Periods, and Button Indicators
After completing the MT5 software installation, you will notice that the main screen lacks controls for Indicators, Periods, and Templates. Therefore, to use them in future trading operations, you need to enable them.
To enable controls, you can right-click on the toolbar and select the “Available buttons” tab. Then, select the “Insert” button and move the control you want to enable onto the toolbar. Finally, press the “Close” button to close the dialog box and complete the process of enabling controls.
How to download MT5 software quickly
Download MetaTrader 5 to your phone to trade:
For the iOS operating system:
- Open the app available from the App Store on your phone.
- Press to search for the application with the keyword: MetaTrader 5.
- Click “Get” and enter your Apple ID password to download the app.
For Android phones:
- Open the Google Play store available on your phone.
- Type in the search term for the application: MetaTrader 5.
- Click “Install” to download.
Download MT5 for PC:
- Step 1: You need to access the main address of the platform: https://www.metatrader5.com/.
- Step 2: Click on “Download MetaTrader 5 for PC and open a demo account” to download it to suit your computer configuration. Then you need to wait a few seconds for the system to download this software to your computer.
- Step 3: Open the downloaded file and proceed to install the MT5 platform on your PC. To run the installation command for your computer, click “Run” -> “Yes” -> “Next”. Then you need to wait for the installation process to complete.
- Step 4: After successful installation, you can access the MT5 icon on the desktop and launch the application.
Does it cost anything to download MT5?
No, there is no cost to download MT5. The MetaTrader 5 software is available for download. You can install it for free from official app stores such as the App Store (for iOS) and Google Play Store (for Android). As well as from the official website of MetaQuotes or forex brokers.
However, trading on MetaTrader 5 may be associated with other costs. For example, spreads, transaction fees, or account maintenance fees from the broker.
Why can’t I download MetaTrader 5?
There are several reasons why you may encounter problems loading MetaTrader 5:
- Incompatible Devices: Sometimes, the latest MT5 versions require a specific operating system version or certain hardware requirements. If your device does not meet these requirements, you may encounter problems loading MT5.
- Internet connection issues: If your internet connection is unstable or has problems, downloading MetaTrader 5 may be difficult.
- MT5 version no longer supported: If you are trying to download Metatrader 5 from an unofficial or untrusted source. The version you are trying to download may be out of date or no longer supported.
- Insufficient Storage Space: Sometimes, your device may not have enough storage space to download and install MT5.
Is MT5 a scam?
Metatrader 5 is a reputable forex trading platform and is widely used by millions of investors around the world. However, like any system, there can be cases of MetaTrader 5 being used as a scam. Here are some points that traders should consider carefully about this platform:
Why is there information that MT5 is a scam?
MT5 is not a scam platform. However, scammers can take advantage of the platform’s reputation. To commit fraud and scams.
Information about Metatrader 5 being associated with fraudulent trading cases or fake websites may lead to rumors about the connection between Metatrader 5 and fraudulent activities.
How do scammers use MetaTrader 5 to commit fraud?
Fraudsters may create fake MT5 websites. Or there may be fake exchanges to scam users.
They can create fake trading strategies. Create fake information to scam users.
Signs to recognize MT5 scams
Signs of MT5 scams can be discussed and shared on forexfactory or similar forums.
- Websites or exchanges that ask users to provide sensitive personal information or bank account information.
- The promise of fixed income or high returns without trading knowledge or experience.
- The exchange is not registered or regulated.
What to do when you discover a scam on MT5?
- Immediately report any fraudulent or deceptive activity to the appropriate regulatory or law enforcement authorities.
- Stop trading and withdraw funds from your account if possible.
- Clarify with legitimate brokers or exchanges about detected issues.
- Strengthen information verification and ensure only trusted and regulated exchanges are used.
Conclude
MT5 is considered the most optimal trading platform. Suitable for investors who want to perform and analyze deeply. Above is some of the latest information about Metatrader 5 software that Learn Forex Trading has compiled. Hopefully, you can benefit from this platform in all transactions in the Forex market.
Frequently Asked Questions
What is the difference between MT5 and MT4?
MT5 is an upgraded version of MT4 (MetaTrader 4), with many new features and improvements. Metatrader 5 allows trading on more markets. Including Forex, stocks, commodities, and cryptocurrencies. It also can perform batch trading and multi-layer charts. Supports more powerful MQL5 programming language.
Does MT5 have any usage fees?
There are no fees for using Metatrader 5 to trade. However, you may have to pay for some additional services. Such as using trading signals or renting a virtual server (VPS) to run automated trading robots.
Is trading experience required to use MT5?
Although Metatrader 5 offers many complex features, it is still possible for beginners to use the platform. However, understanding the markets and trading concepts will help you get the most out of MetaTrader 5’s features.
