MetaTrader 5 is revised and a multi-asset trading platform released by MetaQuotes Software Company. This trading platform was released to the public in 2010 with an aim to replace the MetaTrader 4 which is the older version of the platform. There was even a time when MetaQuotes planned to abandon the previous version by stopping the sale of licenses just to promote MT5. But it seems like traders are holding more tightly on MT4 that MT5 didn’t become so successful even after the series of updates and upgrades. Then, MetaQuotes decided to keep both trading platforms running.
It is undeniably that MetaTrader 4 is the most popular trading platform. But it is said that the interface and the features are not for experienced traders who want to venture into other markets other than Forex. MT5 is still the more advanced version, boosting with features, trading tools and so much more.
Benefits of MetaTrader 5
There are a couple of benefits offered by MT5 that can’t be seen in MetaTrader 4. These benefits are offered for the convenience of the traders.
Depth of Market (DOM)
The Depth of Market is not usually used and not very useful in MetaTrader 4. But the situation is different with MT5. DOM is used as a real trading tool in MT5. The developers of MT5 added certain volumes that are useful in trading stocks. This trading tool displays important information regarding the seller and buyer’s orders. The changes in the price and the volume of orders are also specified in quotes.
Order Accounting System
A netting system is added in MT5. This is not found in MT4 since it only has hedging on hand. This chart only has one order displayed. It consists of all the open positions in a single asset. This proves to be convenient for traders since you won’t have to track a lot of trading transactions.
This is another great function of MT5. This has been added in MT5 and the backtesting statistics were even expanded. Because of this feature, the results of optimization on an indicator or EA and the tests are more accurate than ever. The testing that took 20 minutes in MT4 now only costs 5 minutes of your time in MT5.
In MT4, you have to go through the hassle of installing additional scripts if you want to analyze non-standard timeframes. But in MT5, includes a couple of non-standard time frames for you to readily use.
There are built-in technical indicators in MT4 but not as much as MT5. If you want to add more indicators in MT4, you will have to manually add them. But MT5 has more built-in indicators and two extra pending orders – Sell Stop Limit and Buy Stop Limit.
If you compare MT4 from MT5, these two possess huge differences. But somehow, a lot of traders still prefer the use of MT4 because it is simple and hassle-free. With MetaTrader 5, it is more advanced and experienced traders would want to utilize it as they venture into more markets in one trading platform. In the end, the best trading platform depends on the type of trader and the tools and features that you need to accomplish your trades.
When it comes to the indicators in this software, it greatly helps traders in doing a quick research of the price movement that has recently happened. It also helps in detecting patterns in trends and even tries to predict occurrences. There are a lot of indicators that are already pre-installed in MetaTrader 5 (MT5) and there are also others that can be downloaded from the internet.