To start online trading, you will need an easy-to-use platform with the right software and tools. MetaTrader 5 (MT5) is renowned for its stability and is the most popular trading platform, by crypto, forex, CFD brokers and traders.

Even though the fundamental outlook of MetaTrader 4 (MT4) & MT5 is almost the same, MT5has proven to have some strong features that a trader should be aware of. After all, MT5 is an upgraded version of MT4 with many improvements.

The MT5 trading platform is a more sophisticated platform that includes a large selection of indicators, oscillators and Expert Advisors (EA) as well as other technical tools. The Overbit MetaTrader 5 is available for the following operating systems - Mac, Windows, Android and iPhone apps.

Here are 5 reasons why you should use MT5:

1. Technical Trading Indicators

In MT5, traders can find 38 different types of built-in technical indicators which they can utilise to trade as compared to MT4 which only offers 30 trading indicators. Some of the popular indicators that traders can choose from are Bollinger Band Stochastic MT5 Custom Indicator, Fibonacci Bar MT5 Indicator and more.

MT5 is simple to use and straightforward and traders can create their own custom indicators for the MT5 platform. MT5 offers an unlimited number of charts for traders to use from the platform.

2. Expert Advisors (EAs) that can help you trade in any complexity

Expert Advisors (EAs) are predetermined programs (bots) that run on the MT5 platform, used to monitor and trade financial markets using algorithms. EAs will find opportunities according to your pre-set parameters and when a position is opened, you will receive a notification. From there an EA can add close conditions like trailing stop, stop and limits.

Metatrader 5 platform allows the creation of an EA to trade in any complexity. The coding in MT5 is easier than in MT4 and so traders can design their own trading bots to trade. In addition, in MT5, traders are not restricted from using the built-in analytical resources and Traders can use EA’s that are available from the built-in app store MetaTrader Market and the free library Code Base.

3. MT5 supports two times more of MT4’s traditional time frames

MetaTrader 5 has 21 different timeframes from the 1-minute chart to 1 month as compared to MT4 which offers 9 timeframes. Having more variations in a given time frame is an important aspect for traders regardless if it's on crypto or a forex market.

The variations in time allow traders to see the market from different angles because the time frame becomes an important matter of consideration for traders to take note of and plan. We know that markets are run by prominent financial institutions and market conditions.

Therefore it is necessary to understand what the big boys are doing in the market and who are trading with more significant volumes. As we know the majority of the big players use the daily timeframe.

However, for retail traders, they might not have the resources to trade in bigger timeframes and often would use smaller time frames in their strategies while following the higher timeframe to see what one of the bigger players are doing.

4. 44 Analytical Graphical Object

MT5 offers 44 Analytical Graphical tools/objects instead of just 24 which MT4 offers.

Graphical objects are an essential tool for most traders to use in determining chart patterns.

The pattern on a chart is a very important tool to help indicate a price action and formation of a price for traders. Traders will look at graphical objects to make decisions for their strategies. The more graphical objects that are present, the more helpful it can be as it provides more variations for a trader to note and know.

5. Real Volume Data

In the MT5 platform, traders can see the real trading volumes by contracts and more which the MT4 platform is unable to deliver. In MT5, traders will be able to click on the tick volume and have access to real volume-traded data and see price changes on a particular candlestick bar.

Summary:

The above 5 reasons show that it is obvious MT5 can support your trading. Now is the time to start using MT5 as your trading tool with its ease and convenience.

Did this answer your question?