MetaTrader 5 - the future of trading or is it better to stay on MT4?
Hello friends forex traders! As you probably heard, the market leader Alpari recently introduced trading in Metatrader 5 on real accounts. Will this contribute to the popularity of MT5? Will the terminal, which has been at the forefront for a long time, become the new standard for Forex trading?
Let's figure it out. Let's look at the current version of Metatrader 5, we will analyze its pros and cons. We will reveal the differences from the usual Metatrader 4 and decide whether to upgrade to the fifth version or stay in the fourth.
To begin with, I would like to note that Mt5 and Mt4 differ about the same from each other, as well as versions of Windows. As you know, very few.
Initially, the Mt5 terminal was designed for stock markets. For example, the Dubai Stock Exchange plans to work with him. Consequently, the initial sharpening of the terminal for exchanges imposes a number of restrictions on it, which is why not everyone liked Mt5, but more on that later.
Download the platform from your broker website. Find and run the installation file. To install the terminal in any other folder (not the default), click "Tinctures" and indicate the desired file storage path. In the course of installation, we agree to the terms of service.
Feel free to uncheck “Open the MQL5.community Website”. We don’t need it. Push "Further".
We are waiting for the installation results and click "Done."
The installation process is complete. Next, we get to the terminal window, where we are invited to open a real or demo account. Push "Further".
We are invited to open "New real account" and "New demo account". "New real account" It is recommended to register through your personal account on the broker's website. This is not recommended through the platform. We are trying to open a demo account.
Fill in the required fields in accordance with the requirements indicated by the red marker. Fortunately, as in Mt4, it’s enough for us to enter the required number of characters, but try to enter something more conscious, combining not only consonants, but also vowels. Green highlighting means compliance with the rules of the data you enter.
If necessary, save the access keys of the demo account to our terminal and click "Done."
Next we get to our terminal. And what do we see? The interface has become more fun. Something rings, something shines brighter than usual. In general, we see the same windows as in the fourth version, only in a slightly different design.
Now what was previously called "Terminal"is called "Instruments" .
Let's start, perhaps, with the most important thing, with opening and closing orders and find out if there are significant differences from Mt4.
In the upper left corner we can see all the same panel for quick execution of orders by default.
Work with orders and a glass of prices
Let's sort the button “Glass of prices” , in the panel for quick execution of orders. The tool allows you to place limit (pending) or stop orders, depending on the type or direction of the desired order. That is, if in the stock market, in the price glass, you see participants' applications for buying or selling with known volume, then in the forex market, in Mt 5, in the glass we see just a tool for placing pending orders. For us, forex traders, this function does not cause any interest, but we still try to parse it.
Functions of the glass top panel:
- Increase / decrease tick chart;
- Drawing a table of all deals it is not available to us, as this tool is intended for the stock market;
- Drawing bid / ask graph (leave);
- Show / hide spread;
- Displaying a glass of prices in advanced mode;
- Tick chart display .
Functions of the bottom of the glass:
- Settings stop-loss / take-profit;
- Order to close the transaction;
- Shopping Settingslot;
- Trading Orders sell / buy.
Cup Sidebar Features:
Highlighting pending orders before order execution
- buy stop;
- sell limit;
- buy limit;
- sell stop.
By choosing any of the desired (pending) orders, we can observe its display in the side panel of the glass until its execution at market value. After its execution, the button becomes available to us Close order.
The graduation of the glass is very close to the current price, so our orders will be executed almost instantly. As previously mentioned, a glass does not represent any practical value for us.
Opening orders is also available through the top panel of the section "New order."We do not observe any particular changes, everything here is similar to Mt4.
We are trying to make a deal to sell on the example of a pair UCD / CHF.
Find its display in the panel "Instruments". By double-clicking on the current transaction, the settings for its changes become available to us. Set stop-loss and take-profit. Limit settings are set a little differently, unlike Mt4, but are generally intuitive. After setting the restrictions, as you can see, we have a cross not only opposite the position itself, but also opposite T / P and S / L, which cannot but rejoice.
You can also open positions by moving the cursor to the desired place on the price chart. Command - right mouse button.
Stop Limit Orders
Who does not know, a new type of orders has been added to MetaTrader 5 - a stop limit. Sell Stop Limit and Buy Stop Limit are stop orders for setting a limit order. That is, a stop order is set, which activates the limiter. Stop limit orders are essentially the same limit orders, but which are set for breakdown. When the price reaches a certain level after the breakdown, the price usually rolls back to the level where we place the limit order. Thus, you can enter at a very competitive price.
To place an order in the terminal, open the window to open a new order with the button on the toolbar or through the "Tools" menu.
1. In the drop-down list, select "Pending Order".
2. Type of order - Sell Stop Limit, to place a sell order or Buy Stop Limit, to place a buy order.
3. Set the price of the stop order and limit order.
4. Click “Install” to send the order to the server.
Two lines should appear on the chart: a Sell Limit order and a Sell Stop Limit order.
This type of order should be used when confirmation of reaching a certain level is necessary to enter a position. We wait until the price reaches the level of the stop limit order, after which the limit order is activated, set at the rollback level.
File-New Chart -opening a new schedule. The chart opens by default;
File-Open Remote recovers closed or deleted charts;
File Profiles the ability to open a whole set of graphs. Saving, deleting, transitions between profiles, desktop template in a sense.
Allows you to trade various strategies by moving across different profiles of this window;
We try to choose a standard profileBritish pound. What do we see? We see four pairs of graphs. GBP / USD on different timeframes with additional indicators by default;
File Close (Ctrl + F4) closing the current chart;
File-Save (Ctrl+S) the ability to save the current history of quotes;
File-Save As Picture saving a screenshot of the chart;
File-Open Data Directory (terminal) is required to install additional templates, indicators, various auxiliary utilities and advisers;
File-Print (Ctrl + P) printing an existing schedule;
File-Open Account open a new demo account. We have already considered this procedure earlier;
File-Connect to a trading account entering data keys;
File-Log in at MQL5.community in case of using the services of this resource;
File Exit platform closure.
View-Languages allows you to select a language;
View Toolbar use of tools in the form of separate buttons:
- Graphic tools;
- Chart period (timeframe);
View-Status Bar call / cancel the panel at the bottom of the terminal, which displays the current connection of the terminal, the amount of data received, etc.
View-Panel switching graphs call / cancel quick navigation on work schedules;
View Symbols allows you to add / remove the desired character in (from) the window "Market Review". To add / hide the desired character, click on it 2 times, then "Show" or "Hide". Immediately we see the display of our actions in the window "Market Review". It is also possible to add characters by specifying a print search in the window "Market Review";
View-Glass of prices imprisoned for exchange activities;
View Market Overview (Ctrl + M);
Data View (Ctrl + D);
Navigator View (Ctrl + N);
View Tools (Ctrl + T);
View Strategy Tester (Ctrl + R);
View-Full Screen (F11);
Insert Indicators - overlay on the chart of any of the standard set of indicators with its sub-settings. The nomenclature of choice is slightly larger than in Mt4. We are trying to put the Volumes indicator on the chart. We set the desired parameters and find its instant display on the chart;
List of available indicators:
- Bill Williams
Insert Objects the ability to select graphical analysis tools: a vertical line, a horizontal line, a trend line, a trend line in an angle, cyclic lines, and much more. We cannot but rejoice at the appearance of icons for marking take profit and stop loss in the section "Insert", Arrows which allows you to place marks on the chart for keeping a diary, printing screenshots, or demonstrating them. Otherwise, this section is similar to Mt4;
Insert Experts the ability to select trading advisors from the list;
Insert Scripts The script is a one-time action algorithm, unlike trading advisors. Trying to set AccountInfoSample from the proposed list and immediately find its display on the chart;
And here we have nothing new either. Everything is similar to right clicking on a chart in MT4
Service New Order (F9) allows you to open a new order;
Service Agent Testing Agents (F5) possibility of paid use of computing power of computers of other community users MQL5 created by the developers of the Mt5 terminal to accelerate the optimization of their own advisers. This feature will be very useful for programmers writing advisers;
Service Editor MetaQuotesLanguage (F4) for those who know the programming language. This function is also useful for programmers writing advisers for this terminal;
Functions Global variables (F3) and MetaQuotesLanguage Library (F2) also designed for an audience of programmers;
Service Settings (Ctrl + O) settings have not changed much. Turn on Trading Advisersticking off the necessary places for this in the picture below;
This menu allows you to select the necessary (convenient) location of the chart windows in the terminal. for example Mosaic (Alt + R).
All buttons below Toolbars arranged in a clear sequence. The panel buttons are concentrated inside the red marker from the image below.
Button- Create a new chart one of the currency pairs available for the current type of account;
Button-Profile Management is similar Menu File Profiles;
Button-Display a list of characters (Ctrl + U) is similar Menu View-Symbols;
Button-MetaQuotesLanguage Editor (F4) is similar Service menu. For those who know the programming language. This feature is useful for programmers writing trading advisors. Opens in a window separate from the terminal;
Button-Auto-Trading allows / disables trading advisers. The button function is considered active after pressing it (the button is green) and deactivated after pressing (the button is red);
Button-New Order is similar Menu Service-New order (F9);
Next are the buttons responsible for the appearance of the graph:
- Bars (Alt + 1);
- Japanese candles (Alt + 2);
- Lines (Alt + 3).
+/- buttons zoom in / out the chart. This action can also be performed using the buttons. +/- on the keyboard of your computer;
Button - Arrangement of mosaic chart windows (Alt + R) is similar Window menu;
Auto-scroll button to the end of the chart with the arrival of new ticks (returns to the original price tick) and Indentation graphics from the right the borders (for the convenience of using technical tools, auxiliary indicators, designation of goals;
Cursor Button - mouse cursor;
Crosshair Button It is necessary for measuring distances in points on the chart, or for data interesting in your opinion. A single use of this button returns the crosshair to the familiar cursor;
A group of buttons for graphical analysis and manual layout. Similar to Insert menu.
- Drawing a vertical line;
- Drawing a horizontal line;
- Drawing a trend line;
- Drawing an equidistant channel;
- Fibonacci line drawing;
- Drawing text;
- Arrow drawing.
This window displays the current data on candles and other instruments superimposed on the chart. Mouse Direction Displays ALL its values in the data window. It is possible to conveniently scale windows throughout the terminal. Additional call command Menu View-Data Window (Ctrl + D).
Here we display the Bid / Ask prices of the selected symbols. Double-clicking allows you to open an order. Right-clicking gives us much more opportunities to use the desired character. Consider some of them below. Additional call command Market Review - Menu View-Market Watch (Ctrl + M).
Consider the team "Specification". This command contains a list of characteristics of the selected character.
Another interesting team "Quotation window." With the right mouse button, its sub-settings become available. Fast transition to quick trading is available through the tab "Trade"in the window "Market Review".
The window allows you to select any of the available accounts (on different servers), indicators, advisers, scripts. To overlay on the chart, just drag the object by holding the left mouse button. We try to use the help of an adviser ExpertMACD. Configure the sub-settings and incoming parameters after transferring it to the chart. Immediately we observe the display of the adviser in the upper right corner of our terminal. It is possible to deactivate the consent to trade through the adviser after pressing the button "Auto-Trading" at"Toolbars." As in Mt4, you can add only one Expert Advisor per chart. Additional call command Navigator -View-Navigator menu (Ctrl + N).
We do not observe any special changes, except that only the section has appeared "The calendar" news events. Insanely convenient and interesting innovation. Calendar events are scheduled for a week.
We pass to the schedule itself. Everything looks pretty familiar here, as in Mt4. Of the new, it is worth noting the color (digital) tags displaying the time of news release. Label colors are colored depending on the importance of the news.
The menu (right-click on the chart) allows you to:
- open pending orders at the price of the directional cursor;
- alert sound alerts;
- open a new order;
- on / off glass of prices;
- on / off one click trading;
- list of indicators present on the current schedule, objectat, of experts;
- graph view;
- chart period. Now you can set unusual timeframes. This function is necessary for specific strategies that involve the use of unusual timing. In Mt4, this function is implemented using separate scripts;
- Patterns allows you to open a previously saved template on the chart (the necessary list of indicators, advisers, oscillators, etc.);
- Update data from the server, in case of detection of holes in the graph at startup;
- Grid (Cttl + G) to help with distance measurement;
- Auto scroll and indent from the border with the price;
- Volumes intended for stock market trading;
- Tick volumes for the Forex market;
- Increase decrease schedule;
- Delete indicator window;
- Step by Step (F12) chart advancement on one unit of price measurement;
- Saving a screenshot;
- The properties chart display options and its settings.
Team (Ctrl + r) A strategy tester is needed to test advisors, indicators, strategies on the history of the chart. Let us devote, perhaps, to the analysis of the strategy tester a separate lesson.
Differences between Metatrader 5 and Metatrader 4
- The appearance of additional timeframes;
- New types of orders;
- The strategy tester is more functional than in Mt4. Allows you to test strategies in different currencies at the same time and much more;
- MQL5 is more advanced than MQL4. This is another plus for the audience of programmers;
- Minor differences in the set of indicators;
- Ability to remove stops directly from the tool window;
- The emergence of a calendar of news events;
- The appearance of a glass of prices and other exchange tools;
- The ability to use the computing power of other traders to accelerate the optimization of advisers.
What to use, Mt4 or Mt5?
I think if:
- developers of indicators and advisers will provide massive support for Mt5;
- Mt5 platform will be actively implemented by brokers on real accounts.
And only in this case, Mt5 has every chance for popularization and widespread use of forex traders.
I think that Mt5 will be of interest primarily to exchange traders and programmers, since there are much more opportunities for experimentation than in Mt4. A more powerful filling of the Mt5 program allows you to use all the capabilities of your computer to the maximum. At the moment, I consider Mt4 to be the optimal choice for a trader. Thank you for attention.