Early March saw the latest version from MetaQuotes, the MetaTrader 5 being launched. MetaTrader is one of the most popular forex trading platform to date and Metaquotes finally completed their beta testing of the MT5 trading platform which is now available to everyone to download. The MetaTrader5 trading platform sees some noticeable improvements from the previous version, MT4. The MetaTrader5 carries a lot more new features include intuitive programming language, rapid execution times, and an improved technical and fundamental analysis. Traders who want to make the move from MT4 to MT5 will find an edge and specially for those that make use of EA’s extensively.
What is MetaTrader 5?
Developed by MetaQuotes, a software development company with over 10 years in existence MetaQuotes has consistently delivered a robust forex trading platform which is presently at its 5th version, known as the MT5 or MetaTrader 5. The MetaTrader platform is independant and can connect to any broker’s server to start trading with (provided you have an account with the forex broker).
MetaTrader is free to use and combine this with the powerful functions that it offers along with the ability to work in tandem with expert advisors, forex robots has made it the most popular forex trading pltform.
The most popular features of the MetaTrader 5 platform include the following:
- Easy Charting – Integrated with one click trading
- Open source programming language
- Free access to historical data
- Free strategy trader
- Access to live price feed
- Available from most forex brokers
- Compatible with third party softwares
- FREE of cost
New features in MetaTrader 5
Since the MT5 trading platform took over five years to develop, there has been a big leap since the last version of MT4 that was released. Some of the most notable features of the MT5 trading platform are as follows:
- Flexibility to trade other markets
- Improvements in analytics and fundamental features
- Improvements in programming language for EA’s and Custom Indicators
- Performance improvement
Flexibility to trade other markets
Initially built to server as a forex trading platform, with the release of MT5, traders can now access not only currency pairs but also Stocks, Bonds, Precious Metals and CFD’s. Hitherto unavailable on the MT4 trading platform.
Improvements in analytics and fundamental features
With the new MT5 trading platform, the improvements bring the markets even more closer to the traders with access to new objects, order types and position management tools which include depth of market, one click trading and market exposure indicators. In total, the new MT5 trading platform brings a whooping 79 analytical tools with 21 time frames and the option to open over 100 charts simultaneously.
Improvements in programming language for EA’s and Custom Indicators
With the release of the MetaTrader 5 trading platform, traders can now get access to a brand new MQL5, an object oriented programing language. The MQL5 comes back with a meta editor, debugging tool, a strategy tester and is a lot more versatile than MQL4. Making use of MQL5 gives programers the advantage to write more sophisticated indicators and EA’s as well the option to create different trading sub systems.
The improvements on the MQL5 however is not compatible with the MQL4 language, so any EA’s must be re-written to comply with the MQL5 programing language. There are many scripts available however that allows programers and traders alike to quickly convert MQL4 to MQL5.
Are you ready to switch to MT5?
The new MetaTrader 5 trading platform comes with a learning curve. The time invested however is well worth the effort. With access to faster execution times, more easy to use automated trading and analytics tools gives the traders the opportunity to make more profitable trades with a click ona button. While not all forex brokers have adopted to MT5, more and more brokerage firms have started offering the MT5 demo trading platforms, with the exception of a few brokers who have already started offering the live trading accounts on MT5. Click here to download MetaTrader5