There are a few trading platforms available online. One such tool is the MetaTrader 4. However, the industry is gradually but steadily shifting away from MetaTrader 4 and toward MetaTrader 5. For retail traders, MT5 is primarily regarded as the trading platform of the future. Learn more about what distinguishes this freshly renovated platform:
- Hedging is permitted.
- There is no FIFO rule.
- The fundamental calendar has been implemented.
- Integration of Business Processes
- Charting and time frames have been improved.
- Indicators of first-class exclusivity
- Ability to place multiple market orders
- Integration of the MetaTrader 5 Supreme Edition plugin
MetaTrader 5 Has a Lot of Benefits
- Ability to develop your own indicators: When trading on the MetaTrader 5 platform, traders are not confined to using the platform’s built-in analytical tools, such as MetaTrader 5 tables, indicators, and graphs. It is one of the platform’s most significant advantages. MQL5, an object-oriented and high-performance programming language that allows traders to construct their indicators, enables developing your own technical indicators.
- Ability to create trading robots: It is predicted that the coding would be much easier than in MQ4, allowing traders to create trading robots, often known as Expert Advisors (EA). Trading robots may execute numerous trading strategies based on several inputs. Traders will have access to thorough market evaluations and estimates due to this partnership.
- Hedging capabilities: Beginning with Beta Build 1281, MetaTrader 5 added hedging capabilities previously accessible exclusively in MT4. As opposed to standard netting, Hedging permits traders to perform several transactions in the same symbol, even in the opposite direction of the prior trade. Trades in exchange instruments and currency hedging are now enabled via the MetaTrader 5 institutional trading platform, supporting netting.
- Enhanced order management tools: MetaTrader 5’s order management tools have also been enhanced. When a trader conducts a new transaction while holding an open position at a symbol, they are opening a new position. This is, in essence, the core notion of the MetaTrader 5 hedging system. Stop-loss and take-profit levels may be used to safeguard trades, and the trader can also monitor the profit level for each position.
- Volume data in real-time: MetaTrader 5 provides traders with real-time volume-traded data rather than tick volume data, helping them make better trading decisions. Tick volume refers to the number of price changes that occurred throughout the bar. You do not know the exact volume (number of contracts or lots) of trades that have happened while using MT4.
- From the drop-down option, choose History Download: You can obtain and study the tick history supplied to you by your broker in MT5. In MT4, you can only manually save tick data, which has several downsides and limitations. You must keep your platform running 24 hours a day, seven days a week, and you will never collect all of the ticks. Since it is difficult to forecast, the most-traded price or cluster in the provided range will never be displayed in MT4.
The requirement to estimate using just M1 bars in MT4 is a huge disadvantage when compared to the broker’s natural tick history, which is especially true when backtesting. What does this have to do with anything? A considerable percentage of traders utilise tools like “Market Profile,” “Delta Volume,” and other tools (such absolute POC/ VWAP/ Profile levels) to make trading choices.
- Trading order ladders made simple: This technology enables exceptional precision in opening and managing transactions in a short period. Traders will be able to place both pending and market orders due to the establishment of an order ladder. The risk and reward of orders will be calculated on the fly, and they are simple to set up and manage.
Author: Alison Lurie