In the world of Forex trading, MetaTrader represents something of a gold standard and given their history it is truly no question why. Their programs are versatile, powerful, user-friendly and full of options that ensure the experience is tailored to your exact needs.
Of course, for a decision so big as choosing your trading platform, a few buzzwords should not be enough to sell you on a program. That is why today we will be taking an in-depth look at MetaTrader 5 to determine if it is right for you.
For those that need a quick crash course on MetaTrader, it is a program designed to make trades of the foreign exchange market for both veterans and beginners alike as easy as possible. It accomplishes this through a series of features that we will soon examine when we take a look at the pros and cons of this impressive platform.
T address the elephant in the room, however, I can tell you upfront that MetaTrader 5 is free to use for traders and the only guaranteed cost that you will need to face is your initial startup deposit.
For more information on this software, let’s now take a look at the pros and cons.
Things You Might Like
- Superior Timeframes and Charting: With the MT5 you are getting the chance to utilize twenty-one time frames which is competitive both with other similar products and even with other previous iterations of MetaTrader technology. As a point of reference, it is worth noting that MT4 offers only nine timeframes.
- Availability Analysis: MT5 also features a built-in calendar feature that is able to analyze schedules, upcoming or new events, as well as the impact of other elements. The feature is ideal for traders that like to analyze lots of data points in order to make their decision.
- Indicators: The MT4 boasted an impressive thirty indicators but the MT5 has taken things to an entirely different level. This newest program features thirty-eight inbuilt indicators, 22 analytical objects and an expansive 46 graphical objects.
As you can see, in the department of indicators the MT5 offers an impressive improvement upon its predecessor.
Things You Might Not Like
- A Little Challenging to Start: The MT4 was celebrated widely for the fact of its easy to use interface. You are certainly still getting that here but not to the same extent that led to the earlier model being so highly regarded.
The install is going to take a little bit longer and the setup is going to be a little more challenging but once you get the program up and running you shouldn’t have any problems.
- Code Compiling: The MT5 is also considered by many to be slightly inferior in terms of compiling code. This is more a matter of emphasis than it is an actual defect inherit to the MT4. One of the expert advisor features established on the MT4 is to focus on native MQL code language, which naturally gives it the edge over the MT5 which does not share this emphasis.
As you can see there are pros and cons associated with the MetaTrader 5. While some users may benefit more from the MT4 or other similar programs the features associated with this platform are for the most part, of great use to most users.
If you are looking for a platform that embodies or improves upon most of the attributes of a program that was already thought to be the gold standard forex software, then look no further than the Metatrader 5.