Retail trading in the Forex market has received immense popularity over the past years. And because of that, traders are looking for an amazing platform oozing with features that fits their needs and their trading strategy. When it comes to features and tools, MetaTrader 5 is superior to all other trading platforms that we have in the market today. As it succeeds the other successful trading platform, the MetaTrader 4, it proves to show how amazing its new features are and the bundle of new features that it is made of.
Here are the top 4 fascinating features of MT5 that prove to all that using it as a trading platform is still the best choice amidst all the new trading platforms available in the market today.
Variety of Timeframes
For every Forex trader, the timeframe is something deemed essential. Upon entering the market, you will get to know a different world with huge financial institutions and central banks as your competitors. Of course, they have their own edge in the financial market as they have more funds and knowledge compared to regular retail traders.
However, it is important to understand what they do to play in the market and how they trade significant volumes. Starting from their analysis, they spend so much more because they see it as an important aspect of trading. The usage of a higher timeframe associated with their trading strategy was also seen.
This is something that retail traders should learn from big financial institutions. You should take advantage of the variety of timeframes that the MT5 has to offer. It doesn’t necessarily mean that you also need to use higher time frames like the ones being used by those financial institutions. What’s important here is to take advantage of these time frames according to your needs and your trading strategy.
MT5 has 21 timeframes starting from a 1-minute chart up until the 1-month chart.
MetaTrader 4 also has technical indicators but not as many as the ones found in MT5. This trading platform has an amazing 38 built-in technical indicators that are hugely beneficial especially to retail traders. Take note that some of these indicators are only available for MT5 and if you are previously using MT4, there might be some indicators that you cannot find in MT5. Custom indicators are also available for traders who want their own unique indicators.
Another important tool for technical analysis is the Graphical Object. There are a total of 44 graphical objects in MT5 and traders can use it to determine chart patterns. As for chart patterns, they are an important tool to determine price action for traders.
Another great feature of MetaTrader 5 is the Expert Advisors. They are also referred to as auto trading robots mainly due to their role in the market. They are responsible for automation, making the life of every trader totally convenient. You can use the built-in Expert Advisor in the platform or create your own customized trading robot from MQL5 coding as they are known to be more straightforward compared to MQ4 which is previously used by MT4.