Friday, October 29, 2010

MetaTrader Just Got Better


‘Competition in the Forex retail market is very strong. It is quite natural that brokers want to please traders and provide them with as much service as possible. Some brokers asked for the opportunity to simultaneously work on multiple markets.” --- Alexander Saidullin (Head of trading platforms in Metaquotes)


Trading has always been a fantastic way of life, and Metatrader is one of the best trading software for retail Forex. Unlike some leading charting software, it can be used free of charge, even with free access to historical data. Its strength is and remains automated trading.

At the first glance, it seems there are no noticeable differences between MT4 and MT5. However, taking a closer look shows that the two versions aren’t similar fundamentally. MT4 is really a great trading platform, but it allows only the possibility of trading foreign exchange and CFDs – trading on the stock markets wasn’t intended. This is one reason why Metaquotes understandably developed the new version. MT5 was initially created for various financial markets, meaning that using it gives traders the possibility of trading shares, futures, options (in addition to Forex and CFDs). A whole new world is opened to the MetaTrader users indeed! There are also a number of new timeframes – 21 altogether. In the MT4 terminal, there are only 4 types of pending orders, but in this new one, there are 6 types of such orders. They are:
Buy Limit
Buy Stop
Sell Limit
Sell Stop
Buy Stop Limit
Sell Stop Limit

Compared to the MetaTrader 4, the analytical features of the new terminal have been widened. New technical indicators and analytical tools are present in the new terminal. A user now can use a redesigned management system of graphical objects. There are new capabilities that enable a sophisticated individual graphic surface to be prepared. There are new graphic objects with the possibility of including your own. The combination of new opportunities regarding graphical objects offers no limits anymore, and this isn’t applicable only to the development of indicators. If you can’t find an indicator among the 38 that are made available, then there’s no need to wait long. Looking at the indicators that the resourceful developers have made available in the old version, we can look forward to seeing more such exciting developments very soon.

It’s however agreed upon that the main innovation of the MetaTrader 5 terminal is the new development environment of EAs: MetaQuotes Language (MQL5). This is another reason why the MT5 had to be developed; to extend the MQL programming language. MQL4 was purely intended for structured programming, and that’s perhaps why some developers called it ‘spaghetti code.’ MQL5 at last makes the model of object-oriented programming (OO programming) enter the Metatrader world: a feature which had been on the wish list especially for advanced programmers for a long time. The capabilities of the MQL5 language have remarkably increased – a trader can create their own applications in MT5. High efficiency and performance allow you to create state-of-the-art trading robots with a great deal of computation. These types of auto traders are able to generate detailed signals. There is a good intention from the manufacturer that the new MQL5 language would increase the speed of orders execution by a factor of 4 to 20. Isn’t that a noteworthy progress in the use of EAs?

What about mobile trading? Manufacturers have promised to make a few MT5 terminals on popular platforms, such as iPhone, Android and Blackberry. They’ll do this, according to them. But they say business is getting worse and worse with Windows Mobile, and it’s most likely that they won’t support the Microsoft platform.

You have much to gain, and very little to lose by familiarizing yourself with the new MT5. Why don’t you download a version of MT5 free from the MetaQuotes’s website or from a broker that currently offers it – all for free? Then you’ll do well to create a demo account and start practicing with it. I remember the year my broker announced they’d no longer support MetaTrader Version 3.0.
Although the MT4 is still very much used widely, it’ll eventually be phased out by the MT5 in the foreseeable future.

Yes the MT5 will blow away much competition!
Your questions and opinions are highly welcome.

Thank you.

With best regards,

Azeez Mustapha
Forex Signals Strategist, Funds Manager &Coach

Senior Analyst
FX Instructor, LLC

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NB: There is risk of loss in trading, but it is possible to be a successful trader.

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