MetaTrader 5 is the most modern version of the platform. This version gives traders more options than MT4. Before switching to the 5th version of the terminal, it is advisable to understand the basic functionality and find out how it differs from the previous version of the software.
MT5 outperforms MT4 in terms of architecture, it matters to brokers. For traders, a multi-currency tester, a larger number of timeframes, Depth of Market support, and the ability to work not only on Forex, but also on the stock market are important. According to these parameters, the 5th version of the terminal looks more preferable.
The main constraint that slowed down the transition from MetaTrader4 to the latest version is the abundance of indicators / advisors created for MT4. The problem is that the MQL4 and MQL5 languages are incompatible and had to be rewritten for the new version of the platform.
Another past drawback of MT5 was the impossibility of hedging – it was impossible to open multidirectional transactions for one instrument. This omission was later corrected.
How to work in MetaTrader 5?
MT5 has good options for customizing the appearance. Frequently used tools can be displayed on the quick access panel, and unnecessary menus can be deleted. The location of the key elements is the same as in the case of MT4. This facilitates the transition to an updated version of the software, navigation and the principle of working with MetaTrader does not change when switching to the latest version.
Working with indicators and graphical analysis tools
Technically, making a deal is the simplest task, the trader only needs to set the parameters and choose the direction of trading. The main difficulty lies in the selection of the entry point.
MT5 gives traders:
- dozens of pre-installed indicators;
- many analysis tools.
Also, a trader can independently install any tools written in MQL5.
Deal closing and follow up
This can be done in one click. The transaction does not require confirmation, in the upper left corner there are Buy, Sell buttons, just set the volume and click on one of them. This option is not recommended for beginners. In general, this method is used less often, it saves a few seconds, this is important only for manual trading in a highly volatile market, for example, after a news release.
Tips for novice MT5 users
Templates allow you not to set up each graph separately. Profiles allow you to save the settings of all open charts, they can be saved to a USB flash drive and used, for example, on another PC.
Multicurrency testing should be provided in the code of the trading advisor itself. This must be taken into account at the stage of writing a robot. Regular Expert Advisors cannot be tested in multi-currency mode.
If the strategy uses custom indicators/scripts/experts, then before switching to MT5, you need to check the availability of the same tools in the new version of the terminal. If they are not there, then it is better to postpone the transition to MetaTrader 5.