There’s another version of the popular trading platform MetaTrader 4 now, called MetaTrader 5. This post will explain how MT5 differs from MT4, the ideal use cases of the two platforms, and why some traders will be better off with one.
MT5 is not just an upgraded version with better features
The features include high-quality charting tools, advanced trading functions and analytical tools. The most apparent difference between MT4 and MT5 is that it has a different user interface that makes it easier to use than the older version. In addition, the user interface on MetaTrader 5 has been updated to provide more information in less space than its predecessor, enabling traders to see different types of data simultaneously without having to navigate away from their trading screens.
MetaTrader 5 offers analytical tools such as pattern recognition software (PRS), which allows traders to identify trends using technical analysis indicators like moving averages, crossover points or Fibonacci retracement levels. Then, after other users have created them within the same session or over periods you’ve specified, you can also apply them to your charts for free!
Wide range of analytical tools.
MT5 has a range of analytical tools that can help you make intelligent trading decisions. The platform offers over 100 indicators and studies, including a stochastic oscillator, MACD and RSI. You can also create custom indicators to suit your trading style.
The real-time market data on MT5 is available in different formats, such as candlestick charts (with or without shadows), line charts (with or without lines) and Japanese candlesticks with reversals.
Forex traders prefer MT5.
Multitasking is the key to success in forex trading. You need to be able to see multiple charts, news feeds, and mail at the same time. Metatrader 5 allows you to have multiple charts open at once. It also allows you to open multiple windows on a single chart (i.e., one window showing price action while another shows volume).
You can even use MT5 on more than one monitor! This is especially helpful if you’re trading with divergent time zones or across different markets where different events occur at different times of day or night.
But it does not support partial trade filling. This means that you cannot place an order to buy ten lots of EUR/USD and then add more orders in the same instrument with different lot sizes.
MQL5 is also available on MT5.
MQL5, a high-level programming language with many capabilities and benefits, is available on MetaTrader 5. With MQL5, you can create your trading strategies and indicators without needing to write code in another programming language first.
Let’s take a look at what makes MQL5 stand out from other programming languages:
- It’s an object-oriented language that uses objects to store data and manipulate them to perform tasks or calculations on that data. This makes it easier for developers working with MQL5 because they don’t have to worry about organizing their code into different files or sections of code based on what they are trying to accomplish; everything is contained within one object (or class).
- It has built-in libraries for tasks like graphics rendering, database interaction, file operations, user input/outputs etc. So, users needn’t worry about the things working in the background. They are already included without any additional work required by developers with the environment before starting any new project using this platform (unlike C++, where all these things must be programmed independently).
Whether you choose MT5 or another platform is up to you, but believe that if you have any interest in forex trading, then MT5 should be considered one of the top options available.
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