MetaTrader5 (MT5) provides its users with a wide range of fundamental and technical trading tools to make informed trading decisions. It also incorporates algorithmic trading to enable users to trade with robots. Here are some of MetaTrader5’s top features that make it a popular choice among traders of diverse skill levels.
Wide range of Technical Indicators: Technical indicators are tools used by traders to analyse the market and predict future price movement based on historical patterns of different metrics including price action, trading volume etc. MetaTrader5 incorporates an extensive list of technical indicators (amounting to about 38 technical indicators) which can be used flexibly and interchangeably. For example, traders can apply one technical indicator to another.
MT5 also has about 44 graphic objects which allows traders to make further variations of their analysis on charts. Two categories of technical indicators on MetaTrader5 are trend indicators and oscillators. Listed under these categories are Money Flow Index, Moving Average, Bollinger Bands, Ichimoku Kinko Hyo etc.
A standout feature on MT5 is that it allows the creation of custom indicators. With this, traders can create personalised, user-defined indicators to suit their analysis and trading strategies.
Algorithmic trading: Algorithmic trading powered by AI robots has gained popularity over the years due to its numerous advantages over manual trading initiated by humans. Even the best of traders have embraced trading robots due to their immunity from factors like stress which can negatively impact trading decisions and ultimately, results. MetaTrader5 allows traders to use pre-designed trading robots and the option to create their own ‘Expert Advisor’.
Expert Advisors are custom developed trading robots which traders can modify to implement their own trading strategies. This is made possible through the use of MQL5 (MetaQuotes Language 5); an object-oriented language that facilitates the creation of trading robots and indicators.
Timeframe expansion: In terms of timeframe, MetaTrader5 features a significant improvement on its predecessor. While MetaTrader4 has only nine timeframes, MT5 allows traders gain more insight to the market by offering about 21 timeframes ranging from the one minute to the one month timeframe. Wider timeframes of this nature allows traders to analyse market situations and price action over a longer period, allowing them to make more informed predictions.
MQL5 community chat and Social trading: MetaTrader5 enables users to share ideas and learn from more experienced traders through the MQL5 community chat. In 2018, groups and channels were added to the community to enable brokers to offer technical support to traders.
MetaTrader’s Social trading facilitates copy trading on the platform. Beginner traders can tap from the wealth of experience of other traders to stay profitable by directly copying their traders. They can also subscribe to trading signals from selected traders and providers which will be automatically copied to their accounts.
Supported markets: MetaTrader5’s scope is not limited to just the foreign exchange (forex) market. It allows users to trade stocks, bonds, options, futures and cryptocurrency.
Other interesting features on MetaTrader5 include Depth of Market, fund transfer between accounts, partial order filling policies etc..