Recently, retail trading gained a lot of traction. As a result, traders are on the prowl for a cutting-edge trading platform jam-packed with features tailored to their specific requirements and trading style. MetaTrader 5 has more features and tools than any other trading platform now on the market. With the MetaTrader 4 as a predecessor, it demonstrates just how impressive its new features are and what a powerful package it is.
Here are the top four reasons why MT5 is still the greatest trading platform in the market today, despite all of the other options out there.
Multiple Timeframes
The timeframe is an important factor for any Forex trader. A new world of financial institutions and central banks awaits you as soon as you enter the market. Because they have more money and information, they have a distinct advantage in the financial market.
However, it’s critical to know how they operate in the market and how they handle large quantities of trading. They begin with their analysis and invest significantly more because they regard it as a critical component of trading. A longer horizon was also used in conjunction with their trading approach.
Big financial organizations have a lot to teach small-time traders. The MT5 provides a wide range of timeframes for your trading convenience. Even if the financial institutions are using longer time horizons, it doesn’t imply you have to. Use these time periods wisely and in accordance with your trading goals and plan.
From a 1-minute chart to a 1-month chart, MT5 has 21 different periods to choose from.
Technical Indicators
There are some technical indicators in MetaTrader 4, but they aren’t as numerous as those in MT5. The 38 built-in technical indicators in this trading platform are extremely useful, especially for retail traders. Some of these indicators can only be found in MT5, so you may not find some of the ones you’re looking for if you’re coming from an earlier version. Traders who desire their own unique indicators can also order custom indicators.
Graphical Object
The Graphical Object is an additional useful tool for performing technical analysis. MT5 has a total of 44 graphical components that can be used to identify chart patterns. For traders, chart patterns are a useful tool for gauging the direction of price movement.
Expert Advisors
The use of Expert Advisors in MetaTrader 5 is another excellent feature. Auto trading robots are another name for them, owing to their prominence in the market. They are the ones who have made the lives of every trader so much easier by automating everything. It’s possible to use the platform’s built-in Expert Advisor or to construct your own trading robot using MQL5 coding, which is easier to understand than the MQ4 coding formerly used by MT4.
