As you are undoubtedly aware, the industry is slowly but gradually transitioning away from MetaTrader 4 and towards MetaTrader 5. MT5 is widely considered to be the trading platform of the future for retail traders. Learn more about what makes this newly redesigned platform so unique:
- 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
When trading on the MetaTrader 5 platform, traders are not limited to utilizing the built-in analytical tools, such as MetaTrader 5 tables and indicators or graphs. It is one of the most significant advantages of the platform. The ability to develop one’s technical indicators is enabled by MQL5, an object-oriented and high-performance programming language that allows traders to design their indicators.
It is expected that the coding would be significantly easier than MQ4, allowing traders even to develop trading robots, often known as Expert Advisors (EA). Trading robots (also known as expert advisors or EAs) can automatically implement various trading strategies depending on a variety of inputs. Due to this arrangement, traders will have access to detailed market analyses and projections.
Beginning with the Beta Build 1281, MetaTrader 5 included hedging capabilities that were previously only available with MT4. As opposed to the traditional netting technique, hedging allows traders to make several transactions in the same symbol, even in the opposite direction of the previous trade. Trades in exchange instruments and hedging for currency trading are now possible via the MetaTrader 5 institutional trading platform, supporting the netting model.
The order management features of MetaTrader 5 have also been improved. Opening a new position occurs when a trader makes a new transaction while holding an open position at a symbol. In essence, this is the underlying concept of the MetaTrader 5 hedging system. Trades may be protected by stop-loss and take-profit levels, and the trader can also monitor the profit level for each position.
Multimarket Platform is a term used to describe a platform that allows many markets to coexist.
Remember that MetaTrader 5 is a multimarket platform, which means that you may trade in both centralized and non-centralized markets using the same platform.
MetaTrader 5 allows traders to access real-time volume-traded data rather than just tick volume data, allowing them to make better trading decisions. When we talk about tick volume, we’re talking about the number of price changes that have happened throughout the bar. With MT4, you do not know the actual volume (number of contracts or lots) of trades that have occurred.
In MT5, you may download and examine the tick history sent to you by your broker. In MT4, you can only manually store tick data, which has several drawbacks and restrictions. You must maintain your platform operational 24 hours a day, seven days a week, and you will never be able to collect all of the ticks. The most-traded price or cluster in the given range will never be shown in MT4 since it is impossible to predict.
The fact that you must estimate using just M1 bars is a significant disadvantage compared to the broker’s actual tick history, which is particularly true if you are backtesting. What is the significance of this? It is because there are a large number of traders who make use of tools such as “Market Profile,” “Delta Volume,” and other tools (such as actual POC/ VWAP/ Profile levels) to make trading decisions.
This technology provides unprecedented precision in opening and managing trades in a short period. Because of the addition of an order ladder, traders will be able to place both pending and market orders. Orders’ risk and reward will be assessed on the fly, and they are simple to set up and maintain.
Using the blue ladder, you may establish a pending buy order by clicking on it at the desired price and moving the mouse up or down to set a take-profit or stop-loss. Similarly, hold down the ‘SHIFT’ key on your keyboard while hovering your mouse over the ladder to place a market order.
Simply by clicking on one button, the MT5SE plugin allows you to transform your Mini Terminal into a fully-featured control panel for your real trading account. You should be able to open and handle orders more simply and acquire vital information about the trading symbol you have chosen.
Author name: Sylvia James