MetaTrader 5 - the future of trading or is it better to stay on MT4?

Hello, fellow Forex traders! As you have probably heard, the market leader, Alpari, recently introduced trading in MetaTrader 5 on live accounts. Will this contribute to the growing popularity of MT5? Will the terminal, which has long been at the forefront, be able to become the new standard for trading on Forex?

Let us figure it out. We will look at the current version of MetaTrader 5, examine its pros and cons. We will identify the differences from the familiar MetaTrader 4 and decide whether it is worth switching to the fifth version or staying with the fourth.

To begin with, I would like to note that MT5 and MT4 differ from each other roughly the same way different versions of Windows do. As you understand, not by much at all.

Initially, the MT5 terminal was developed for exchange markets. For example, the Dubai exchange plans to work with it. Consequently, the terminal's original focus on exchanges imposes a number of limitations on it, which is why not everyone came to like MT5, but more on that a bit later.

Download the platform from your broker's website. Find and run the installation file. To install the terminal in any other folder (not the default one), click the "Settings" button and specify the desired file storage path. During installation, agree to the terms of service.

Feel free to uncheck "Open the MQL5.community website". We will not need it. Click "Next".

Wait for the installation results and click "Finish".

The installation process is complete. Next, we arrive at the terminal window, where we are offered to open a live or demo account. Click "Next".

We are offered to open a "New live account" and a "New demo account". It is recommended to register a "New live account" through the personal cabinet on the broker's website. It is not recommended to do this through the platform. Let us try opening a demo account.

Fill in the required fields according to the requirements indicated by the red marker. Fortunately, just as in MT4, it is enough for us to enter the required number of symbols, but it is better to type something more meaningful, combining not only consonants but vowels as well. The green highlight means compliance with the rules for the data you enter.

If necessary, save the access keys for the demo account to our terminal and click "Finish".

Next, we arrive in our terminal. And what do we see? The interface has become more cheerful. Something is chiming, something is glowing more brightly than usual. Overall, we see the same windows as in the fourth version, only with a somewhat different design.

Now what used to be called "Terminal" is called "Toolbox".

Let us begin, perhaps, with the most important thing, with opening and closing orders, and find out whether there are any significant differences from MT4.

In the upper left corner, we can see the same default quick order execution panel.

Functions of the lower Depth of Market panel:

• Stop-loss/take-profit settings;
• Instruction to close the trade;
• Trading lot settings;
• Sell/buy trading instructions.

Functions of the side Depth of Market panel:

Highlighting of pending orders before execution of the instruction

• buy stop;
• sell limit;
• buy limit;
• sell stop.

The gradation of the Depth of Market is very close to the current price, so our orders will be executed almost instantly. As mentioned earlier, the depth of market has no practical value for us.

Opening orders is also available through the upper panel of the "New Order"  section. We do not observe any special changes; everything here is similar to MT4.

Let us try to make a sell trade using the UCD/CHF pair as an example.

We find its display in the "Instruments" panel. By double-clicking the current trade, its modification settings become available to us. Let us set stop-loss and take-profit. The restriction settings are placed a little differently than in MT4, but overall they are intuitive. After setting the restrictions, as you can see, a cross has appeared not only next to the position itself, but also next to T/P and S/L, which is good news.

Positions can also be opened by pointing the cursor at the desired price location on the chart. The command is the right mouse button.

For those who do not know, a new order type was added in MetaTrader 5: the stop-limit order. Sell Stop Limit and Buy Stop Limit are stop orders for placing a limit order. That is, a stop order is placed which activates a limit order. Stop-limit orders are essentially the same limit orders, but they are placed on a breakout. When the price reaches a certain level after a breakout, the price usually pulls back to the level where we place the limit order. In this way, you can enter at a very favorable price.

To place an order in the terminal, open the new order window using the button on the toolbar or through the "Service" menu.

1. In the drop-down list, select "Pending Order".
2. Order type: Sell Stop Limit, to place a sell order, or Buy Stop Limit, to place a buy order.
3. Set the stop order price and the limit order price.
4. Click "Place" to send the order to the server.

Two lines should appear on the chart: the Sell Limit order and the Sell Stop Limit order.

This order type should be used when confirmation of reaching a certain level is needed to enter a position. We wait until the price reaches the stop-limit order level, after which the limit order set at the pullback level is activated.

File-New Chart - opening a new chart. The chart opens by default;

File-Open Remote restores closed or deleted charts;
File-Profiles the ability to open a whole set of charts. Saving, deleting, switching between profiles, a kind of desktop template.
Allows you to trade various strategies by moving through different profiles of this window;

Let us try selecting the standard profile British Pound. What do we see? We see four chart pairs of GBP/USD on different timeframes with additional indicators by default;

File-Close (Ctrl+F4) closes the current chart;
File-Save (Ctrl+S) the ability to save the current quote history;

File-Save as Picture saves a screenshot of the chart;
File-Open Data Folder (of the terminal) is needed to install additional templates, indicators, various auxiliary utilities, and expert advisors;

File-Print (Ctrl+P) prints the existing chart;
             Preview;
             Print settings;

File-Open an Account opens a new demo account. We already reviewed this procedure earlier above;
File-Connect to Trade Account enter the data keys;

File-Log in to MQL5.community if you use the services of this resource;
File-Exit closes the platform.

View-Languages allows you to choose the language;
View-Toolbars use of tools in the form of separate buttons:

View-Status Bar call/cancel the panel at the bottom of the terminal, which shows the current terminal connection, the amount of data received, etc.;
View-Chart Bar call/cancel quick navigation through working charts;

View-Symbols allows you to add/remove the desired symbol to/from the "Market Watch" window. To add/hide the desired symbol, click on it 2 times, then "Show" or "Hide". Right there we can observe the display of our actions in the "Market Watch" window. It is also possible to add symbols by entering a typed search in the "Market Watch" window;

View-Depth of Market is tailored for exchange trading activity;
View-Market Watch (Ctrl+M);
View-Data Window (Ctrl+D);
View-Navigator (Ctrl+N);
View-Toolbox (Ctrl+T);
View-Strategy Tester (Ctrl+R);
View-Full Screen (F11);

Insert-Indicators - overlaying on the chart any indicator from the standard set with its sub-settings. The range of choices is slightly larger than in MT4. Let us try applying the Volumes indicator to the chart. We set the desired parameters and find its instant display on the chart;

List of available indicators:

Insert-Objects the ability to choose graphical analysis tools: vertical line, horizontal line, trend line, trend line by angle, cycle lines, and much more. The appearance of icons for marking take-profit and stop-loss in the "Insert", "Arrows" section is also pleasing, which allows placing marks on the chart for keeping a journal, printing screenshots, or demonstrating them. Otherwise, this section is analogous to MT4;

Insert-Experts the ability to choose trading advisors from the list;
Insert-Scripts A script is a one-time algorithm of actions, unlike trading advisors. We try placing AccountInfoSample from the proposed list and immediately find its display on the chart;

And here we also have nothing new. Everything is analogous to right-clicking on the chart in MT4

Service-New Order (F9) allows opening a new order;
Service-Testing Agents Manager (F5) the possibility of paid use of the computing power of other users' computers in the MQL5 community, created by the developers of the MT5 terminal, to speed up the optimization of your own advisors. This function will be very useful for programmers writing advisors;
Service-MetaQuotesLanguage Editor (F4) for those who know the programming language. This function is also useful for programmers writing advisors for this terminal;
The functions Global Variables (F3) and MetaQuotesLanguage Library (F2) are also intended for a programming audience;
Service-Settings (Ctrl+O) the settings have not changed much. Let us enable "Expert Advisor Trading" by checking the necessary places in the picture below;

This menu allows you to choose the necessary (convenient) arrangement of chart windows in the terminal. For example, "Tile" (Alt+R).

All the buttons of the Toolbar discussed below are arranged in a clear sequence. The panel buttons are concentrated inside the red marker in the picture below.

Button-Creating a new chart of one of the currency pairs available for the current account type;

Button-Profile management is analogous to Menu File-Profiles;
Button-Displaying the list of symbols (Ctrl+U) is analogous to Menu View-Symbols;
Button-MetaQuotesLanguage Editor (F4) is analogous to Menu Service. For those who know the programming language. This function is useful for programmers writing trading advisors. It opens in a separate window from the terminal;

Button-Auto Trading allows/prohibits trading by advisors. The button function is considered active after pressing it (the button is green) and deactivated after releasing it (the button is red);
Button-New Order is analogous to Menu Service-New Order (F9);
Next come the buttons responsible for the chart view:

The +/- buttons zoom the chart in/out. This action can also be performed with the +/- keys on your computer keyboard;
Button-Tiled arrangement of chart windows (Alt+R) is analogous to the Window Menu;
Button-Auto-scroll chart to the end as new ticks arrive (returns to the original price tick) and Shift of the chart from the right border (for convenience when using technical tools, auxiliary indicators, marking targets;

Button-Cursor - the mouse cursor;

Button-Crosshair is necessary for measuring distances in points on the chart, or data that seem interesting to you. A one-time use of this button returns the crosshair to the usual cursor;

A group of buttons for graphical analysis and manual markup. Analogous to the Insert Menu.

This window displays current data on candles and other tools overlaid on the chart. The direction of the mouse cursor displays ALL of its values in the data window. There is an option for convenient scaling of windows throughout the terminal. Additional command call View Menu-Data Window (Ctrl+D).

Here we see the Bid/Ask prices of the selected symbols. A double-click of the mouse allows you to open an order. A right-click, however, gives us many more possibilities for using the desired symbol. Let us consider some of them below. Additional command call Market Watch - View Menu-Market Watch (Ctrl+M).

Let us consider the "Specification". This command contains a list of characteristics of the selected symbol.

.

Another interesting command is the "Quotes Window". Its sub-settings become available with the right mouse button. A quick transition to one-click trading is available through the "Trading" tab in the "Market Watch" window.

The window allows you to choose any of the available accounts (on different servers), indicators, expert advisors, and scripts. To place it on the chart, it is enough to drag the object while holding down the left mouse button. Let us try using the help of the ExpertMACD advisor. We configure the sub-settings and input parameters after moving it onto the chart. Right here we can also observe the display of the advisor in the upper right corner of our terminal. It is possible to deactivate permission to trade through the advisor after releasing the "Auto-Trading" button in the "Toolbar". As in Mt4, only one advisor can be added to one chart. Additional command call Navigator -View Menu-Navigator (Ctrl+N).

We do not observe any special changes, except that the "Calendar" section for news events has appeared. An insanely convenient and interesting innovation. Calendar events are scheduled for a week ahead.

Let us move on to the chart itself. Everything here looks quite familiar, just like in Mt4. Among the new features, it is worth noting  the colored (numbered) marks displaying the time of news releases. The colors of the labels are painted depending on the degree of importance of the news.

The menu (right-click on the chart) allows you to:

The (Ctrl+R) Strategy Tester command is necessary for testing advisors, indicators, and strategies on chart history. Let us perhaps devote a separate lesson to analyzing the strategy tester.

I think that if:

And only in that case does Mt5 have every chance for popularization and widespread use by Forex traders.

I think Mt5 will be interesting first of all to exchange traders and programmers, since there are far more opportunities for experiments here than in Mt4. The more powerful internals of the Mt5 program make it possible to use all the capabilities of your computer to the maximum. At the moment, I still consider Mt4 to remain the optimal choice for a trader. Thank you for your attention.

Forum topic

Sincerely, Pavel Vlasov
TradeLikeaPro.ru