After gaining world-wide recognition for its wildly popular MT4 (Metatrader 4) client terminal, MetaQuotes has chosen to capitalize off of this success with the next generation of its trading software: MT5. Weighing its options carefully, MetaQuotes decided that it made more sense to develop a completely new platform rather than continuing to push updates through the existing MT4 software. With the release of MT5, both brokers and traders are asking themselves how the MT5 client terminal be different. In this article I’ll address this question by highlighting some of the major feature changes in MT5.
Single Click Trading – This feature was not possible in MT4 unless one uses a plug-in (check out Tripeak’s solution here); in MT5 traders can easily exit or enter a position with a single mouse click.
Depth of Market – One of the greatest improvements MT5 has to offer over MT4 is the flexibility for traders to speculate not just on FX, but also stocks, options, and futures. In order to appeal to this broader range of traders, MT5 has a depth of market feature that functions for stocks and FX alike.
Markets Tab – Purchasing an EA has never been easier in MT5. MetaQuotes has made it possible to get your hands on a new EA or custom script directly within the platform via the Markets tab. In addition, those who register as members of the MT5 code base forum gain access to hundreds of free EAs, indicators and scripts. The link to this forum is: http://www.mql5.com/en
iphone & iPad Support – MT5 users on the go can easily look up their positions or view a chart on either their iPhones and iPads.
Indicators Galore – MT5 comes loaded with over 300 custom indicators, broken down by type: Trend, Oscillators, Volumes, and Bull Williams. Such a wide range of analytical tools make this new version of the MetaTrader platform appealing to both amateur and expert trades alike.
More Time Frames – Traders in MT4 were limited to 9 time frames for analyzing charts and running EAs; MT5 has expanded the available time frames to over 25. These expanded time frames should meet the needs of traders looking for very specific back testing options. As an example, hourly charts are now viewable in the following time frames: 2,3,4,6,8,12.
Additional Data – Due to an updated backend infrastructure, MT5 can support an infinite amount of historical data. Should a broker require more data, a new server can easily be added to the existing system making it possible for traders to perform much more in depth back testing than MT4 ever allowed.
MQL5 Wizard – The MQL5 Wizard makes it possible for a wider range of EA enthusiasts to code their own systems. Using the Wizard, traders with limited coding expertise are now able to develop and backtest systems that would have required a deeper breadth of knowledge in MT4.
If you’d like to test out MT5 for yourself, you can get a demo for free at the following link: http://files.metaquotes.net/liquidity.connection/mt5/lc5setup.exe