MetaTrader 5: Why It’s Better than MT4
Times have changed and so has the trading industry. As of late more and more traders are claiming that MetaTrader 5 (MT5) is better than the MetaTrader 4 (MT4) trading platform. Even though the MT4 platform has been the golden standard for market participants for many years, they are now keener when it comes to alternatives and better options.
Market buyers and sellers are searching for better ways to trade and for a more efficient platform. MT5 platform can make trading easier and more profitable for you and other online trading participants.
MT5’s Purpose in the Markets
Even though the MT5 looks and feels similar to its predecessor, the MT4, it is actually aimed at a different market and includes features that the MT4 did not support.
MT5 Features and Functions
The MT5 platform provides a plethora of features and functions. Now here are the most important ones.
Further, MetaQuotes made it possible to obtain various market statistics on different financial instruments that are traded in exchange execution mode. What this means is that relevant information such as the percentage of price change, total volume, number of buy and sell orders, buy and sell volume, and average-weighed price can be viewed. You just have to open the menu of any symbol through “Market Watch” and the select “Statistics.”
MetaQuotes has also made trading through mobile devices practically easier. Although the changes they made since the release of MT5 may be all Greek to others, they can actually increase the ease-of-use for users. For example, you can now perform trade actions like decreasing, modifying, or increasing the position volume of your trades through your phone. You can also open various charts at the same time with a single tap on a position or pending order.
You may configure symbol parameters. In order to do that, you can copy the parameters of any similar instrument and modify them. You simply have to make sure that the name does not match any of the symbols that the brokers provide to avoid confusion.
Using the MT5 platform, you can also view market depth information on an active chart. That means you wouldn’t have to go through several clicks to just view the market depth data. This module allows investors to analyze, in depth, the quotations (volume of securities offered at a particular price) of the respective securities. This innovation shows an aggregated view of the quotations and the pending orders from the liquidity provider.
Strategy Testing and Optimization
The MT5 also has an optimized “Strategy Tester” that enables better testing of the system and a more detailed presentation of the results, meaning you can find it easy to extract insights from the information without getting confused on the overwhelming amount of figures. This creates a more precise selection of investment strategies when using automated trading.
You can test and optimize strategies using custom symbols and price history via the Strategy Tester feature. You can import the price history via any text file by choosing a symbol and then clicking the “Bars” tab. Then, you can customize the parameters in the import dialog box.