How to use MT5: Platform Guide

MetaTrader 5 (MT5) is a powerful update to MT4, the most popular online trading platform for trading forex and CFDs. Get to know it with this quick How To guide.

With its intuitive interface, comprehensive charting package, advanced order types, automated strategies, and more, MT5 is one of the most popular forex platforms used by traders around the world. In this guide, we will explore all you need to know to start using MT5 and make the most out of its features.

MetaTrader 5 Vs MetaTrader 4

MetaTrader 5 (MT5) is the latest version of the popular trading platform from MetaQuotes Software Corp, which also developed its predecessor, MetaTrader 4 (MT4). Both platforms have advantages and disadvantages but MT5 has several additional features that make it more attractive for certain types of traders.

The main difference between MT4 and MT5 is that MT5 offers more time frames, more instruments (including Forex, stocks, indices, commodities, and even cryptocurrencies), and better charting options. Like MT4, it also allows traders to run automated strategies using its built-in Expert Advisors but these are programmed using the updated programming language MQL5 rather than MQL4.

In general, MT5 is a superior platform but it is essentially an upgrade of MT4. However, many retail traders still prefer MT4 because of its familiarity and ease of use and because many older trading robots were programmed in MQL4.

How to Download and Install MetaTrader 5

The first step in getting started with MT5 is to download the software onto your computer. To do this, first sign up for a Key To Markets account and the download link for MT5 will be sent to you via email.

To install the MetaTrader 5 (MT5) software on Windows, follow the steps below:

1. Double-click on the MT5 file to open it within your download directory.

2. You will be presented with a window requesting that you select an installation directory or click “Next” if you wish to keep the default.

3. After agreeing to the End User License Agreement, the setup process should be completed without issue, followed by a prompt displaying a “Finish” button which will automatically launch the MT5 application upon clicking it.

4. To log in for the first time, you need to type in the username and password sent to you by email by Key To Markets.

How to Login to MT5

So far, we have discussed how to download and install MT5 on your computer.

To start trading, you will be required to log in to your MT5 account. To do this, open the platform and click File > Login to Trade Account. Input the username, password, and your broker’s server to complete the integration.

In case you need to switch between accounts, go back to File > Login to Trade Account and enter the respective credentials. Once done, you have the option of going back and forth between accounts without having to re-login each time.

How to Use MT5

The MetaTrader 5 platform is equipped with a versatile set of tools to enhance trading performance.

The ‘file’ menu provides options for traders to add or remove their accounts, add charts to the screen, and switch between accounts seamlessly. It also offers the option to save or print charts by clicking on the ‘save’ or ‘print’ options.

The ‘view’ menu has a toolbar section that provides quick shortcuts for frequently used commands such as managing charts and technical indicators. It features three different toolbars – Standard, Line Studies, and Timeframes – enabling traders to easily navigate through their analysis.

The ‘insert’ menu allows you to add indicators and objects to the charts you’re currently analysing. There are several indicators and objects available to facilitate technical analysis and these include oscillators, volume, moving averages, the Fibonacci retracement, and more.

The ‘Charts’ window displays the prices of the selected assets with up to 100 charts being available at the same time. Traders can also trade directly from their charts as well as apply any indicators or drawing tools.

The Market Watch window contains a list of trading instruments, alongside Bid and Ask prices. The Navigator window provides easy access to Live and Demo accounts, indicators, Expert Advisors, scripts, markets, signals, and VPS.

Finally, the Terminal window allows for the management of trade positions including opening/closing/modifying them as well as those related to news feeds, calendar events, account history, and alerts.

How to Place a Trade on MT5

To place a trade on MT5, click on the ‘New Order’ window. This brings up different options for the trade and you have to input them accordingly.

• Symbol: The symbol is the name of the asset to be traded. This can be a currency pair, crypto, or CFD.
• Type: The type refers to the order type to be executed. There are two categories; market execution and pending orders. A market execution order is executed at the current market price while a pending order would be executed at a price you choose.
• Stop loss: The stop loss is the price point at which your trade would be closed by the broker.
• Take profit: The take profit is the price point at which your trade would be closed by the broker – after you’ve made some profit.
• Fill policy: You can choose a fill policy for the trade execution and this can be ‘fill or kill’ (executed only in the specified volume) or ‘immediate or cancel’ (executed at the maximum volume available in the market within that indicated in the order).
• Comment: The comment is any information you’d like to add to the trade. This can relate to any aspect of your trading but in most cases, it helps outline the risk management strategy.

How to Close a Position on MT5

To close a position in MT5, open the Trade tab in the Terminal window located at the bottom of the screen. Right-click on the open position that you wish to close and select ‘Close Position’ from the menu that appears. Doing so will terminate your current position and any profits or losses will be accounted for.

How to Trade Stocks on MT5

Trading stocks on MT5 is quite similar to trading other assets. The only difference is that you need to select the stock you wish to trade from the ‘symbol’ drop-down menu.

Step 1: Click on the ‘new order’ menu at the top of the trading terminal

Step 2: Click on the ‘symbols’ drop-down and select the stock that you wish to trade

Step 3: Select the order type – market or pending

Step 4: Input the stop-loss and take-profit levels

Step 5: Choose a fill policy ( Fill or Kill / Immediate or Cancelled)

Step 6: Click on ‘Buy’ or ‘Sell’ and your trade will be executed.

Which Platform is Better – MT4 or MT5?

Both platforms have their own unique advantages and disadvantages. Ultimately, it depends on your own preferences, requirements, and what you are looking to achieve with the platform.

Usually, those who are already familiar with MT4 or who are using a robot created in MQL4 will stick to Metatrader 4. However new traders and those designing their own indicators or EAs will often choose MetaTrader 5 because of the extra features and more advanced programming language.

In short, both platforms provide traders with efficient and effective means of analysing markets and executing trades in a secure environment but which one you use is entirely up to you.

FAQs

1 Is MetaTrader 5 free?

Yes, MetaTrader 5 is a free platform and can be downloaded from the official website.

2 Can I trade crypto in MetaTrader 5?

Yes, you can trade cryptocurrencies with MT5 as it supports most of the major ones such as Bitcoin, Ethereum, Litecoin, and more.

3 Can I trade stocks in MetaTrader 5?

Yes, you can trade stocks on MT5 since it offers access to different markets including the stock market.

4 What types of orders are supported by MT5?

MT5 supports both market execution and pending orders such as limit orders. It also has multiple fill policies that allow you to specify how your order should be executed.