MT4 has been the go-to trading platform from MetaQuotes for years now and their attempts to bring out a stable MT5 did not go to plan to begin with but the most recent versions of Metatrader 5 have been adopted by a number of brokers recently and its popularity is growing rapidly. Tradeview has been utilizing MT5 for over a year now and the reason for this recent adoption is that many brokers themselves are only just starting to realize the differences and benefits MT5 has to offer as it was created to accommodate FX, Stocks, CFD’s, Futures and Options rather than just FX as Metatrader 4 was initially set up for. Metatrader 5 boasts a host of technological improvements and they have also taken on some of the community feedback that was received to build a more expansive platform, so we have put this article together to give more of an insight into what MT5 can do for you.
Let us look into what MT5 offers above MT4 for us as traders:
- Technical analysis is utilised by most traders and Metatrader 4 is limited in terms of the timeframes you can view, MT5 offers 21 timeframes versus MT4’s 9, so drilling down to a 2-minute chart is now possible.
- Pending orders are available in MT4 and MT5 such as buy stop, sell stop, buy limit and sell limits but MT5 also allows buy stop limits and sell stop limit orders
- There are currently 30 technical indicators in MT4 and 38 technical indicators in MT5
- You can transfer funds between your accounts in MT5 should your broker allow this, which something MT4 is not set up for
- Market Depth or order book view is available on MT5 for all relevant instruments such as stocks. A real benefit to equity traders and one of the biggest technical improvements of MT5 over MT4.
- There is a built-in Economic calendar in MT5 which MT4 does not have so there is no need to click between windows in a rush since it’s all viewable in the same window.
- MT5 utilizes newer technology for connectivity should you wish to use API/Expert advisors
- Additional reporting formats for MT5 such as XML (excel)
- MT4 just offers the fill or kill execution, while MT5 in addition also offers partial order fill capabilities
- MT5 has Improved Strategy tester with multi-thread options and real tick data
“Tradeview also offers ‘On Exchange Equities’ via MT5 utilising a proprietary order book unique to Tradeview”
Therefore, there are a number of additions on MT5 that many may not have been aware of, some of which may improve your trading in a significant way.
Tradeview also offers ‘On Exchange Equities’ via MT5 utilising a proprietary order book unique to Tradeview, so if you have not tried MT5 yet then it is certainly worth downloading our demo and seeing if you are also better off making the transition.
Head of UK