MetaTrader 5, also known as MT5, is one of the most versatile trading platforms on the market, equipped with various features to improve your trading experience.
Here are the top features you need to know.
Launched in 2010, MT5 has been specifically designed with the retail trader and the smaller institutional traders in mind. It gained huge traction in the market very quickly, primarily due to its true multi-asset capabilities. It allows traders to trade derivative instruments (including CFDs) on forex, stocks and stock indices, cryptocurrencies, and exchange-traded commodities.
Its multi-device operability, user-friendly interface, and robust tools for fundamental and technical analysis have also significantly contributed to its popularity.
In fact, the key features of MT5 are what set it apart from other platforms and take the trading experience to the next level. Here’s what the platform has to offer.
Algorithmic trading and backtesting capabilities
MT5 is built on MQL5, a high performance and object-oriented programming language. With this, traders get improved backtesting capabilities, including multiple pair backtesting. The language can also be used for developing trading robots and algorithms.
Algorithmic trading on the MT5 platform has freed up traders’ time and energy for more important activities, such as monitoring the markets and identifying opportunities. Now, all they need to do is set up the parameters for entering and exiting trades, and the platform takes care of the rest. Traders get notifications when positions are opened and closed so that they can stay in touch with their trading, even on the go.
This versatile programming language also lets traders create technical indicators with special characteristics. Access to a wide range of free indicators is provided by the MQL5 codebase, while the Marketplace allows traders to shop for their preferred indicators and Expert Advisors (EAs). So, traders don’t need to be programming experts to capitalise on these functionalities.
Wide range of technical indicators
With the MT5 platform, traders can access 44 analytical objects, 38 technical indicators, and numerous charts in 21 timeframes. These tools can be customised according to the trading strategy in terms of settings and analytical parameters. There is also the option of adding indicators to the chart itself or a separate sub-window. Plus, traders can choose to add one indicator over another.
There are also choices for variations in timeframes, allowing traders to study market volume and price momentum from different angles. Traders also have access to both tick volume data, and real volume traded data.
Traders have a highly flexible trading experience on the MT5 platform with the help of market orders, 6 different types of pending order, and also stop-loss and take-profit orders.
In addition, it offers the “one-click trading” option, which reduces trade execution time. With this feature, traders can complete many different operations, including modifying orders, entering positions, and setting stop loss levels with just a single click. The feature can be used across all execution modes.
The MT5 platform allows traders to gain real-time insights into financial developments posted by reputed international news agencies. Traders can access multiple newsletters about global events and analysts’ predictions daily. Additionally, the platform has a built-in economic calendar, which offers the time, date, description, and degree of importance of macroeconomic data releases. These help traders evaluate underlying market trends and predict the price movements of assets.
Robust security measures are vital for any trading platform, and MT5’s security features are among the best available.
- The data exchanged between the server and the trading platform is compressed and encrypted using a 128-bit system.
- The platform has an extended authentication mode as well. It can be enabled on the server and provides added protection against unauthorised access.
- In the authentication process, the identity of clients is not the only thing that is verified. The trade server also has to undergo authentication. This ensures that the server is the one it is claiming to be.
- All configuration files with server configuration accounts and settings are encrypted. This ensures that it is almost impossible to connect to a trade server with configuration files copied from the /config folder of a different platform.
MT5 is a truly versatile platform suitable for both new and more experienced traders. Create a free Deriv MT5 demo account and try it for yourself. It is loaded with 10,000 USD of virtual money that lets you test out the platform risk free, for as long as you want.