MetaTrader 5 Features Every Trader Should Know

By: Russell_Fenton

MetaTrader 5 is an advanced trading platform that features a wide range of asset classes, including cryptocurrencies. It is a multiple asset platform for modern traders considering taking their trading experience to the next level with practical and robust features. Read on to understand these features.

 Unique MetaTrader 5 Features

MetaQuotes LTD is the developer of MT5. Their rise to fame began after the launch of Metatrader 4, the most popular trading platform globally. Following the success of MT4, the developers decided to release MT5, an advanced and more sophisticated version. 

MetaTrader 5 comes with numerous features that MT4 users may not know about. Before traders download MetaTrader 5 platform, here are some of the most compelling features they should beware of. 

Timeframe Variations

The timeframe is a critical component for forex traders. It's worth mentioning that famous financial institutions run the foreign exchange market. As a result, traders should be conversant with the strategies that big players in the market are using.

More significant institutions trade huge volumes and invest colossal amounts in their analysis. They also leverage a longer time span in their trading plan, with many using the daily timeframe. Often, retail traders have difficulty trading in higher time spans because they require lots of patience and money.

As a result, many regional traders choose a trading strategy with shorter periods while following the more extensive time spans to understand the techniques of the more prominent players. Timespan variation enables traders to view the market from different perspectives. MT5 comes with 21-time spans ranging from the one minute to the one month chart. 

Graphical Objects

Graphical objects is a crucial tool ideal for technical analysts. The MT5 platform features nearly 44 graphical objects that traders can leverage to determine chart patterns. Chart patterns are essential components for traders specializing in trade action. 

Technical Indicators

MetaTrader 5 features 38 inbuilt technical indicators that traders can leverage to succeed in the market. Some of these features are available on the MT4 platform, while others are exclusive to the MT5 platform. MT5 also supports a wide range of custom indicators. 

Real Volume Data

In MetaTrader 4 trading platform, traders can view the actual trading volumes like lots or contracts. However, they can only analyze the mark volume data. The mark volume defines total price changes on a specific candlestick bar. In the MT5 platform, traders can access the actual volume traded information and the mark volume data. The volume data disappears with a single click. 

Expert Advisors (Improved Strategy Tester for EAs)

MetaTrader 5 comes with a multiple threaded plan tester that facilitates fast execution speeds when analyzing scheduled trading strategies. Further, it comes with an Agent manager that allows remote optimization. The MetaTrader 5 plan tester facilitates simultaneous multiple currency match back-testing. 

Depth of Market (DOM)

What traders need to check DOM is to press the ALT and B buttons. Depth of market demonstrates asks and bids for a specific instrument at the best prevailing prices. DOM varies on the over-the-counter and exchange markets, as seen below.

• Suppose a tradable asset is traded over the counter, DOM can be created depending on the broker's quotes. The broker may offer varying prices based on the sell or buy volume. Assuming the broker doesn't offer volumes, the depth of the market window operates as a scalping component.

The component enables the placement of pending and market orders with one click. Here, the DOM demonstrates price levels computed depending on the ask and bid prices through the price change plan. 

• Suppose a tradable asset is traded in an exchange market where similar trading operations are discharged to an external trading system. The depth of market features order volumes and actual prices from market players.

Finally

MetaTrader 5 has impressive features that traders can leverage to take their trading activities to the next level. MT5 is a safe platform that leverages data encryption and prolonged authentication to safeguard trader's data from cybercriminals. Still, traders should understand that trading is risky regardless of the platform they use. Only risk what you can afford to lose.

By Russell Fenton

© 2021 Copyright Russell Fenton - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods

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