MetaTrader 5 Review
MetaTrader 5 is a popular research and trading platform that can be integrated with multiple brokers. The platform is packed with features, but is it worth the money? Read this review to find out.
MetaTrader 5 (www.metatrader5.com) is a popular multi-asset research and trading software platform that can be used standalone or connected to a compatible online broker. From performing fundamental and qualitative to technical and quantitative analysis, the platform feature deep in-depth functionality with numerous add-ons through its huge marketplace of third-party services. MetaTrader has literally emerged as the epicenter for algorithmic trading development with millions of users worldwide.
MetaQuotes Software Corp. launched FX Charts in 2000 and went on to develop MetaQuotes which enabled trading application development using the MQL programming language. In 2003, the MetaTrader brand was launched to high praise in the development community and MetaTrader 4 and MetaTrader 5 followed suit. While it would be logical to assume MetaTrader 5 (MT5) is an upgrade to MetaTrader 4 (MT4), this isn’t the case. MT5 was launched in 2010 to also accommodate non-forex markets notably stocks, futures and commodities which are centralized trading exchanges. MT4 was launched 2005 mainly for trading forex markets which are decentralized. To avoid confusion, MT5 is not necessarily an upgrade of MT4 since they address different end-users, markets, use different programming languages (MQL5 versus MQL4) and are not backwards compatible. MT5 is also better suited for U.S. markets as it accommodates U.S. regulations. Both platforms have massive followings worldwide with hundreds of brokers offering the platforms to customers.
The unique feature is the MetaQuotes Language (MQL) that is a favorite amongst programmers and quants engaged in developing algorithmic/automated trading systems. MT5 is the preferred platform for algorithmic, high-frequency, black box and automated trading programs with its improved high-level object oriented MQL5 logic framework and smoother back-testing functionality. MQL5 comes with wider analytical functionalities to simplify and improve algorithmic trading program development. This spawned a vast MT5 marketplace with thousands of plug-in programs including trading robots and indicators for purchase.
The MT5 base software is free to download. However, at a minimum, data feeds (quotes and news) are required to truly utilize the platform. These can be ordered directly from MetaQuotes. If you have any interest in creating or using ‘Trading Robots’ also known as algorithms, then you can test, buy and/or rent them seamlessly through the marketplace.
MT5 can be accessed via downloaded standalone for desktop trading. MT5 Web terminal platform can be accessed via browser for immediate access to forex, exchange and futures trading. The MT5 Mobile app can also be used on Android and iOS, provided your broker supports it.
The MT5 base platform comes with over 38 technical indicators, 44 analytical objects, 21 times frames 1-minute history and unlimited charts. Data feeds are needed to utilize them in real-time. Keep in mind these are the basic platform features. Additional indicators and features can be added-on to enhance the platform through the marketplace.
The MT5 base platform provides candlestick, line and bar charts with time frames ranging from a tick window to 1-minute to monthly. Users can have multiple time charts linked by symbol to get the full panoramic view of the price action.
Traders can find indicators through the Navigator window which categorizes them by trend or oscillation There are over 38 technical indicators ranging from basic price/trend-based indicators like moving averages and bollinger bands to oscillation/momentum-based indicators RSI and MACD. Some of the more exotic indicators include Fractal Adaptive Moving Averages, Ichimoku Kinko Hyo, Parabolic Sar and Variable Index Dynamic Moving Average. Also included are Bill Williams’ indicators like Alligator, Market Facilitation Index and the Awesome Oscillator which are publicized in his books. Users can also draw trend/channel lines, shapes to Fibonacci, Elliott and Gan indicators.
Users can subscribe to various news sources to stream headlines and filter news in real-time.
The base MT5 platform doesn’t provide a scanner per se, but users can create watchlists with filters to act like a quasi-scanner. Traders in need of a real-time stock scanner have plenty of choices to pick from in the MT5 marketplace.
The depth-of-market (DOM) screen is the universal order entry for forex, stocks and futures. There is one-click trade activation available as well. Trade orders can also be placed directly on a chart to execute when price/indicator conditions trigger.
Trading Signals also known as the copy trading service, enables users to copy/mirror trades by top performing traders within the network for a fee. Users can opt to auto trade the signals directly through the MT5 platform. There are thousands of traders to select from through various categories and screens including Maximum Profit, Reliability, Under $50 USD, Profitable within a month to Using Robots. Each trader/service shows the growth percentage since inceptions, Reliability score, Algo trading and reviews with the option to “Copy” their trades for set price. It goes without saying, do your research as discretion is highly advised. The profits swings can vary dramatically. If your own performance is remarkable, you can also opt to create signal become a signal provider as well. This is the evolution of “social” trading MetaTrader has been pioneering since 2013.
MQLS Freelance allows users to procure developers (over 650 available) to create specific trading robots and algorithms as needed for a fee. MetaTrader acts as the middleman connecting the customer with the selected developer(s) to ensure product is delivered and payment is secured. Customers simply post their requirements in the Freelance marketplace with specific Categories and Popular Skills also pricing
What Type of Trader is MetaTrader 5 Best For?
MT5 is an exceptionally deep platform that can accommodate the most sophisticated seasoned systemic and discretionary traders and developers. Experienced traders will gain the most from this platform, especially those with a penchant for developing algorithmic trading programs and robot. Tech-savvy traders interested in algorithmic trading are best suited for MT5.
For newbies, it will seem a bit clunky compared to the more popular retail online brokerage platforms (IE: having to manually connect charts and indicators to data feeds). There is a bit of a steep learning curve. The platform itself literally looks like an Excel spreadsheet, but the depth of functionality is vast. The MetaTrader Market provides so many improvements to the platform that can enhance results for newbies.
- Powerful in-depth platform free to download
- Top platform for algorithmic trading program development
- Massive marketplace for add-on trading robots and develops
- Trade Alerts copy trade service showcases an array of top talent
- Vast community of users to share ideas
- MQL wizard simplifies creating your own robot
- Interface can feel clunky and outdated
- Steep learning curve