MetaQuotes Ltd. The leader in the creation of day-retail forex trading platforms. The company rose to fame after creating the most used MT4 platform in the world. Anyone who is attuned to innovative technology. Therefore, the company launched a sophisticated MT5 trading platform.
Between MT5 and MT4, MT5 contains many features that most MT4 users are unaware of. In the next section, we will see five amazing features of MT5 that traders should know
#1 Time Frame Changes
A time frame is an essential element for forex traders. As we all know, the foreign exchange market is operated by well-known financial institutions and central banks. Therefore, it is necessary to understand what the big players in the market are doing. Larger institutions trade more FX volumes. They spend a lot of money on analysis and use higher time frames in their trading strategies. Most big players use the daily time frame.
However, it is sometimes difficult for retail traders to trade on larger time frames as everyone requires a lot of capital and patience. Therefore, many zone traders use smaller timeframes in their trading strategies and follow the higher timeframes to see how one of the big players is doing.
Changes in time allow traders to see the market from a different perspective. This is how the time frame becomes a consideration.
MetaTrader 5 has 21 different timeframes ranging from 1 minute charts to 1 month, of which MT4 has only nine timeframes.
In MT5, 38 built-in technical indicators work in the trader's favor. While most indicators are available in MT5, some indicators are only available on the MT5 platform. Additionally, MT5 supports many custom indicators that traders can use. Creating custom indicators for the MT5 platform is very simple.
On the other hand, traders can use a large number of free and paid indicators from MQL5.com.
#3 Graphics Objects
Graphical objects are an essential tool for technical analysts used by most Forex traders. In MT5, traders can use nearly 44 graphical objects to determine chart patterns.
Since chart patterns are an essential tool for price action traders, the more graphical objects there are, the more chart pattern changes a trader should be aware of.
#4 Expert Advisor
An Expert Advisor is a predetermined algorithm. MQL5 allows the creation of Expert Advisors or automated trading robots of any complexity. Traders can use EAs from the built-in app store "MetaTrader Market" and the free library "Codebase".
In MT5, traders have unlimited access to built-in analytical resources. MQL5 encoding is more straightforward than MQ4. So traders can create their own trading robots or Expert Advisors.
#6 True Volume Data
In the MT4 platform, traders cannot see the real trading volume such as contracts or lots. They can only evaluate scale data. The tick is the number of times the price changes on a particular candlestick bar.
In MT5, traders have access to real volume data, not just tick-by-tick volume data. This option appears after pressing the right mouse button on the chart.
We have discussed 5 amazing features of MT5 in this article. However, it is your responsibility to choose the right platform for you.
Do you want to transfer your trading activity in MT5?
If you are new to the forex trading industry, or you have been in the market for a long time but struggle to make a profit, you can stick with MT4.
Later, after gaining some MT4 experience, you can move to the advanced platform MT5.
However, for AI based trading, MT5 is the best compared to MT4.