Among the popular mechanical forex trading system another type of trading software the latest version is MetaTrader 5 which was recently released in beta version. This latest version software is similar in the interface and design with previous version. The ease in handling and flexibility in using make MetaTrader 4 popular. Same is with the latest version of forex MetaTrader trading software.
On June 1st, 2010, MetaQuotes Software Corporation released their newest trading platform called MetaTrader 5. MT5 has a couple of outstanding advantages over not only the MT4 but also the other trading terminals.
Trading has been simplified even more by providing the overall result for every currency in one position. Furthermore, getting rid of the position locking has minimized traders’ expenditure of entering or leaving the market. Additionally MT5 supports four kinds of order executions; Exchange, Market, Request and Instant. Apart from the Buy and Sell orders of the market, it also supports 6 more kinds of pending orders; Buy Stop, Buy Limit, Sell Stop, Sell Limit, Sell Stop Limit and Buy Stop Limit.
Another new useful functionality introduced in MT5 terminal is that the quotations’ history is saved in only the minute timeframe and all the charts are developed on that basis. This idea allows for an increase in the number of timeframes till 21 providing all periods for any quotation’s analysis that maybe within minute or even month timeframes. This method of saving quotation history in MT5 is very economic.
Yet another signification feature of this new MT5 trading platform is that it provides a new environment for development called MQL5 which is an object oriented programming language. It comprises of the MQL5 (MetaQuotes Language 5), MetaEditor 5, MetaTrader 5 Strategy Tester and the client terminal MetaTrader 5 in which the expert advisors run. The MQL5 provides a high execution performance similar to that of the C++ programming language. In contrast to MQL4, it is 4 to 20 times faster. This high execution feature simplifies the development of the complex expert advisors too. For the developers of expert advisors, the MetaTrader 5 Strategy Tester is a very useful tool. Using this tool the results for working of an expert advisor can be acquired before actually using it for trade purposes. Thorough reports on the trading systems allows for traders to assess the expert advisors, come across their weakness if any and also helps in comparing them with the other similar systems.
MT5 Review video:
Indicators of forex trading
Though there is much similarity with the software of MetaTrader 5 with those of the previous software some extra features are available in MetaTrader 5. Many new additional indicators are added to the latest version such as forex indicator is divided into four types of categories such as “Oscillators”, “Trend”, “Bill Williams” and “Volumes”.
Traders can also store all the imported and developed items and it is the fifth category that is available in MetaTrader 5. All these indicators help in accessing analytical tools faster and easier.
Some of the indicators that are new include the Fractal Adaptive MA, Variable Index Dynamic Average, the Adaptive MA and the Double and Triple Exponential Moving Averages.
Moving averages are calculated so as to know the trends of trading in an easy and simple way. In this the Double Exponential Moving Average (DEMA) calculates the n-period of EMA that has greater accuracy and less lag. Also the Triple Exponential Moving Average (TEMA) calculates EMA and its n-period. The TEMA is taken more accurate than the DEMA. But these different moving averages are used in analyzing different market trends.
Triple Exponential Average is another new addition feature among oscillators. TEMA experiences a TRIX feature that oscillates at 0 in the around the centerline. The greatest advantage of triple exponential average is the efficient filtering of market noise.
Market Facilitation Index has been added by the “Bill Williams” indicators and its new category. This type of indicator helps in interacting with price, volume and even with indicator itself.
There are seven indicators in total but among these seven indicators only five indicators really works with great priority and help traders to observe the trend of market.
Among the features added in the MetaTrader toolbox, the Double- and Triple Exponential Moving Averages where you can analyze risk and continue trading. This feature is one of the most promising changes in the field of trading.
MetaTrader 5 and its interface
MetaTrader 5 allows you to manage the movement of accounts and the orders easily. This is more helpful and easy if multiple accounts are available so that you can move quickly the order of different traders with different strategies in separate accounts without much delay or without any trouble.
Creating two types of accounts such as one to carry trade and another for scalping will not be an easy thing to respond quickly to the market. But those investors that want long-term trading relationship ill be happy with this type of system that saves time and traders that are regular and active in trading will also love to have this type of system.
The window act as the main focus where multiple graphs on forex price action is displayed. This also makes you to focus on a single theme that makes easy in trading your preferred pair. But some features that are found in MT4 are not available in MT5. But you need not worry the software features will be implemented soon as it is based on beta version.
Metratrader 5 interface overview video:
MT5 and its additional features
MT5 will be of great importance and trading software to those traders who prefer automated trading system. This automated software comes with powerful advisor system and trading script. This new version of automated software checks errors and previous bugs with the strongest script ever. This software comes in a user-friendly system with improved language and efficient form. The feature available in MT5 makes traders to observe and study the chart more carefully. This helps in testing all the technical strategies in-depth analysis by using the Advanced Expert Advisor.
All the features of MT5 are more or less the same with the features of MT4 only few additional features have been set up in the latest version. Else MT4 have the best features of automated trading systems with the software giving the best quality and efficiency while using. But with the addition of some features it has led to another new development of trading software with keeping all the simple and orderly features of MT4.
Therefore there is no fact to criticize on the releasing of MT5, automated trading software.
Both the indicators namely the TEMA and TRIX make traders to learn and study about the clarity in potential trades to incredible degree. This feature also helps in evaluating the market action with more emphasis in its objectives than before. TRIX is the indicator of oscillations that is followed by the TEMA for further oscillations in the trade.