MetaTrader 5 is an updated version of MetaTrader 4 with new features and benefits. MetaTrader 5 helps traders to make greater profits. Although they are similar, both Forex Time brokers and traders can benefit from their different features.
Introduction
MetaTrader (MT) can be used as a Forex platform by Forex dealers and traders. This Forex Trading Platform is specifically designed for Online Forex Trading. In particular, MetaTrader is the most popular Forex trading platform worldwide. MetaQuotes developed MetaTrader, a Russian platform in the year 2002. Forex traders are attracted to its ease of use and support. MetaTrader’s own in-built programming language is called MQL. MetaTrader 4 and MetaTrader 5 are the most widely used MetaTrader platforms. MT5 has been upgraded from the original MT4 edition.
The User Interface and Charting
Both MT4 MT5 share a fairly similar account and charting interface. MT4 does look a little bulkier compared to MT5, but that’s the only difference. In the new version MT5, icons are designed to be more spacious and feature large buttons. As a result, the newer version has fewer icons and larger buttons. But it is a disadvantage that this takes up so much precious space. The chart is wasted. Fibonacci Retracement in MT4 is superior to this latest version.
Hedging
Each Forex trader has a concern about the hedging option. MT5 has a poor hedging feature compared to its predecessor. MT5 allows traders to trade two systems simultaneously, say the swing system as well as scalping. With hedging and a small number of pips, you could make some quick cash through scalping. With MT5, this seems to be impossible. Forex brokers could facilitate hedging with MT5 by using plug ins.
Computer Space And Other Resources
This new software version requires a great deal of disk space. MT5 is more than 3 times the size of MT4. However, this depends on the type of computer. The latest version has more resources and is therefore preferred, even if it occupies more PC space. MT5 was designed with more advanced features that are undoubtedly useful.
There are indicators as well as EAs
The greatest feature of MT5 has to be the introduction of Folders, particularly in Navigator Windows. The folders feature is designed to allow traders to quickly organize indicators, expert advisors and trading signals. In its default configuration, MT5 creates four folders under the section of indicators for Oscillators. Volumes. Trend. And Bill Williams. The trader will be able to easily select an appropriate indicator by opening any one of the four folders. You can even create your custom folders. But the bad news is, MT4OEs’ Expert Advisors and Indicators cannot be used with MT5 platform.