MetaTrader 5 promises to be a more advanced version of MT4. It has many new features that can help you trade better and allow you to do things with your charts that weren’t possible in MT4. Here’s a rundown of some of the most significant MT5 features.
New order types
The Meta Trader 5 terminal provides various order types to help you make your trades. In addition to the standard market and limit orders, there are also some specialized options. These include:
- Stop loss order: This is an order that opens a trade at a specified price and closes it when the price hits another specified level (the stop). The trader takes losses if prices fall below this level and gains if they rise above it.
- Stop limit order: This works similarly to a stop loss order but instead specifies the limit at which trading should be closed out by entering into an opposite position or cancelling itself entirely depending on whether or not there has been any movement in prices since it was entered into its current status; whereas with typical ‘market’ trades, these would always result in either buying or selling shares irrespective of what happens after entering them onto your MT5
- Market order: Buy/sell stock at the current market price; no matter what, this means losing money if you bought low but now want to sell high because there aren’t enough buyers willing to pay higher prices yet!
New execution models and more pending orders
MetaTrader 5 offers more execution models and pending orders:
- The new MetaTrader 5 platform allows you to trade using multiple order types, such as limit, market, stop loss and take profit.
- In addition to the traditional price bar charts, you can view your positions in a list or market depth format with a button.
- In addition to daily timeframes (1 minute through 1 year), you also have access to hourly and 5-minute time frames when setting up an account on MT5.
- Additionally, metatrader5 supports over 30 built-in indicators, including stochastics oscillators and moving averages.
Depth of the Market
To provide users with a more flexible and powerful trading platform, metatrader5 has introduced several new features available in its desktop version.
- More depth levels: Users can now trade down to 1/10th of a pip (0.0001).
- More order types: These have been added to enable users to enter multiple orders at once or submit them instantly. The new varieties include one-cancels-other (OCO) and fill or kill (FOK) orders, which allow you to select two or three orders at once and then see only one executed if they cannot all be fulfilled in full; this makes it possible for you to set up conditional trades based on price movements without having to be present when those moves occur.
- More pending orders: This enables traders who want their orders filled immediately but don’t want their positions held overnight in case changes occur during a session. For example, to specify how many times an order should be filled before cancelling its remainder so that it doesn’t remain open indefinitely if the market moves against them until cancelled manually by an administrator or client-side script.
The new timeframes are M1, M5, M15, M30, H1, H4, D1 and W1. This means you can use the same timeframe (M1) for one instrument and a different one (D3) for another. The data is available on the same screen as before, so you can see the longer-term trends by scrolling through them.
MQL5 also allows users to add additional instruments not previously available in MQL4. These include cryptocurrencies, indices, commodities and derivatives that will enable traders to speculate on their value without buying those assets.
The MT5 platform is a great tool to help you manage your trading and succeed.