Knowing More About The Built-in Features of MetaTrader 5 (MT5) And How It Is Different From MT4

MetaTrader 5 (MT5) has been around for some time now but it is still not that popular compared to MetaTrader 4 which is its predecessor. You may not know it yet but MetaTrader 5 actually has more features than MT4. It has a couple of benefits that are not present in its predecessor. In fact, it is a trading platform that’s underrated in the trading world.

Improved Features of MT5 Compared to MT4

“If it ain’t broke, don’t fix it” – MetaQuotes Software Corporation might strongly believe this quote. They also believe that improving things that are already present is a must. In this case, check out these improvements found in MetaTrader 5:

Not Just For Forex Traders

MT4 has special features particularly useful for Forex traders. But there are traders who want to venture into other markets and not just focus on Forex trading. That’s the time they find the features of MetaTrader 5 truly beneficial. This trading platform is considered the universal trading platform ideal for traders who want to diversify.

You can’t just trade Forex in MetaTrader 5, but you can also trade futures, stocks, bonds, and options. There are also over 80 exchanges that you can connect with on this trading platform. Some of these exchanges include Dubai Gold and Commodities Exchange (DGCX), Chicago Mercantile Exchange (CME), and Moscow Exchange (MOEX).

Pending Orders

A pending order is very helpful for traders who cannot allocate a lot of time in front of the computer to monitor every movement in the market. It is a set of instructions that you give to your broker pertaining to the entering and exiting of positions. In MT4, there are four pending orders being offered – Buy Limit, Sell Limit, Buy Stop, and Sell Stop. MetaTrader 5 has two additional pending orders, the Sell Stop Limit and the Buy Stop Limit.

This Buy Stop Limit works as a stop order when you place a Buy Limit order. With Buy Stop Limit, by the time the Ask Price in the future reaches the stop level that you indicated, a Buy Limit order will be automatically placed.

A Stop Level, on the other hand, is set at a level above the current Ask Price and the Stop Limit price is located below the stop level. This principle is also applied to the Sell Stop Limit but the Bid price becomes the limit and not the Ask price.

Technical Indicators

There is an extensive number of indicators available in MetaTrader 5 compared to MetaTrader 4. In MT4, there are 30 indicators while in MT5, there are 38 indicators which are divided into five groups – oscillators, Bill Williams, Trend, Volumes, and a custom-made one which you can use to store your customized indicator.

Timeframes

There are a total of 21 timeframes in MetaTrader 5. This gives you more flexible options for your preferred time frame and its intervals.

Strategy Tester

One drawback found in MT4 is that the trading platform only allows the testing of Expert Advisor on a single currency at a time. But with MetaTrader 5, you can test multiple currencies at the same time which will help you save time.

 

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