MetaTrader 5 was launched as a multi-asset trading platform that can be used to execute complex strategies. But primarily the platform is an improved and updated version of the traditional MetaTrader 4 platform with a lot of new features and advanced set of trading tools. Even though MT4 is still the most popular trading platform used by traders around the world, MT5 is also climbing up the popularity ladder due to the bug fixes and improvements. If you are an MT4 user transitioning to MT5 or a first time trader planning to start off the trading journey with MT5, then you must have an idea about the added features and tools that you will be accessing with the powerful MT5 platform. In this article, we will explore some of the added features and tools of MT5 that enhance the trading experience.
The first notable feature of MT5 is its expanded asset classes. Unlike its predecessor, MetaTrader 4, which was always popular as a forex trading platform, MT5 supports trading in a wide range of financial instruments, including forex, stocks, commodities, indices, and cryptocurrencies. This allows traders to diversify their portfolios and take advantage of various market opportunities without the need for multiple platforms. Another valuable addition to MT5 is the built-in economic calendar. This tool provides traders with real-time information about important economic events, such as central bank announcements, economic indicators, and political developments. By staying updated on these events, traders can make informed decisions and adjust their trading strategies accordingly.
Furthermore, MT5 offers an improved and enhanced charting package. Traders can now access a variety of chart types, timeframes, and technical indicators to analyse market trends and patterns more effectively. The platform also allows for the customization of charts, making it easier for traders to personalise their trading environment and adapt it to their specific needs and preferences. Additionally, MT5 also added hedging features, which was only available in MT4 earlier. Hedging allows traders to open multiple positions in the same instrument, both long and short, simultaneously. This feature is particularly useful for those who employ advanced trading strategies, such as grid or scalping, as it provides greater flexibility in managing and mitigating risks.
Moreover, MT5 includes an integrated economic news feed. This feature aggregates news from various reputable sources and delivers them directly to the platform. Traders can receive real-time updates on market-moving news, such as corporate earnings releases or geopolitical developments, without the need to switch between different applications or websites. This streamlines the information flow and ensures that traders have access to the latest news that may impact their trading decisions.
In conclusion, MetaTrader 5 can be considered as a complete package due to the added tools and features. Needless to mention the fact that MT5 is way more stable and faster than MT4 due to the advanced technology being used. We also recommend newbie traders and first time users of MT5 to open a demo account first for practice.