5 Underrated MT5 Features that will Rock Your World
Amazing and innovative individuals at MetaQuotes Ltd. showcased MetaTrader 5, a trading platform that includes sophisticated features that make the MT4 quite envious. This is following the success of the MT4 platform utilised worldwide.
When juxtaposing MetaTrader 4 vs MetaTrader 5, a great deal of MT4 users are unaware of these features that MT5 users are capitalising on. The five MT5 features will be discussed below.
It is common knowledge that prominent central banks and financing institutes run the Forex market. Ergo, the moves of powerful and huge players must be understood. A salient element for a forex trader is the timeframe. The bigger institutes shell out a tonne of money trading in forex in big volumes adding analysis to the mix. Employing a higher timeframe in their stratagem is paramount to their success. On the other hand, small time traders cannot keep up with the big players as they lack the amount of money and patience. As a result, smaller time frames are what they use to compensate.
38 technical indicators were built in the MT5 platform for traders to use. These pose a beneficial gain for traders as a result. A number of indicators are only available in the MT5 platform. This is to separate it from the indicators included in the MT4 platform. Additionally, multiple custom indicators are supported by MT5 if ever the trader fancies using them. Creating custom indicators is quite intuitive in the MT5 platform.
When ascertaining chart patterns, a trader can choose from 44 graphical objects. This is most notably used by price action traders.
Expert Advisors are nothing more than a preset algorithm. An expert advisor or auto trading robot can be created through the MQL5. The said creations can be calibrated to any complexity or sophistication the trader wishes. MetaTrader Market and Code Base are places where traders can acquire their expert advisor.
Real Volume Data
The MT5 platform allows real volume-traded data to be accessed along with tick volume data. The option will reveal itself by right clicking the chart.
In comparison, the MT4 platform does not include this data.
Taking everything into account, it is still incumbent on you to ascertain the most suitable platform for your use. Could switching to MetaTrader 5 be the answer? One parameter to look at is if the market you are in is struggling to turn a profit despite being in it for an extended period or you are a novice in the forex trading industry. You may shift to the more advanced platform, MT5 once you are accustomed to the workings of MT4. However, MT5 has a leg up on MT4 when it comes to AI-based trading.