The MT5 is the latest instalment of the metatrader platform, a platform that is renowned for its popularity and cutting edge technology. Just like the metatrader 4 forex charts, traders using the MT5 platform can trade the forex, futures, equity and CFD markets. This latest instalment incorporates all the latest developments in the forex market and is also in line with all the regulatory changes made, especially in the area of position management and hedging. Traders can enter positions on more than one financial market, even stock exchange trades are allowed.
Some of the major improvements of the MT5 forex charts
- The MT5 platform provides the trader with a high performance platform and one that has outstanding speed execution.
- The MT5 platform generally provides 3 forex chart types, 70 indicators and tools for analysis and up to 21 timeframes for the use of the forex trader
- On the trading front, the platform provides traders with 5 order types and 4 execution methods.
- The integration of the forex, options, futures and stocks markets is seamless in the new MT5 platform.
- On this new platform, the trader is able to get better in-built report of all trading activities.
- The MQL5 language is easier to deal with for most developers and it is equally very easy to transfer C++ source codes into MQL5 and this improves the execution speed of expert advisors.
- With the MT platform, traders can only open and hold one position on a particular trading instrument or currency pair. This is line with the recent trends in position handling.
- The MT5 allows traders to monitor the market and do all technical analysis from any mobile device. Presently, the IOS and Android OS are fully supported.
Comparing the MT4 forex charts s against the MT5?
- The MT5 has 21 frames for analysis but the MT4 has only 8
- The MT5 has 38 inbuilt indicators, the MT4 has 28
- There are also thirty nine multipurpose tools on the MT5 as against the 18 found on the MT4
- The trader using the MT5 also gets to enjoy 17 indicator-styled displays but the same can’t be found on the MT4.
- On an MT4 account, the trader can only log into one trading account at a time but the MT5 allows managing of multiple accounts and this increases efficiency on the part of the trader.
Of course, all the whistles and bells may not be of too much importance to most traders and this explains the inability of the MT5 to gain prominence amongst traders. Almost all traders using the MT4 has continued trading with it. The key is determining what works best for you. If you are conversant with looking at MT4 forex charts then there is no need making the switch as the two platforms are still supported fully by most brokers. In fact, years after release, most brokers do not have a metatrader 5
Get a free Forex PDF PLUS:
- 14 Video Lessons
- Free One-on-One Training
- A 5000$ Training Account
- In-House Daily Analysis
- Get FULL ACCESS