MetaTrader 5 and its features
Developed by software company MetaQuotes, MetaTrader 5 (MT5) is a unique trading platform that allows traders and investors to buy or sell a variety of assets on the forex market. The software is available for retail traders and investors in the Forex and CFD markets, on a variety of devices including desktop, mobile and web browsers and is used by millions of people around the world. Among other features, the platform also offers advanced analytics and reporting, different order types (including an automatic stop-loss option), custom lists and customizable charts.
Ability to trade different assets
Through MT5, traders can create multiple accounts, perform in-depth technical analysis and trade multiple asset classes such as currency pairs, commodities, securities and cryptocurrencies. In addition, this platform has provided special features for traders who are interested in using automated robots in their trading, while also providing an almost complete library of technical indicators and oscillators.
Back test
This platform has a powerful back test system to test trading strategies that allows traders to simulate and test different trading strategies in a wide range of market scenarios (uptrends, side markets and downtrends).
Programming tools
The platform has built-in programming tools that enable traders to build, customize and test their own trading strategies. In addition to its powerful trading tools, MT5 also supports several social networks where people can interact with other traders and discuss strategies that focus on technical and fundamental analysis.
A wide range of advanced features
Through the integrated MQL5 programming language, 21 timeframes and nearly 40
pre-installed technical indicators, traders can implement their trading strategies and test in MT5. The platform also provides extensive news about trading assets as well as market analysis allowing traders to maximize potential profit from their trading decisions.
In general, MT5 is a platform that enables traders and investors to manage their trading operations and provides them with the necessary information and tools to analyze and monitor trades.
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Step by step installation of Metatrader 5 on different operating systems
Due to the widespread use of MT5 on Windows and Android, installation this platform on these two operating systems is described.
Install on Windows
First, download the Metatrader 5 software from your broker’s website. For example, as shown in the picture, on the ePlanet broker website, select and download Metrtrader 5.
Next run the downloaded file and complete the steps according to the guide.
After completing the installation process, run the software and enter your demo or real account user name and password in “file/open an account”.
Install on Android
In order to download the Android application, you must go to your broker’s website and download the desired app. By selecting the relevant section, the system is automatically transferred to the Play Store and you can install it.
After the installation process, you should search for your broker’s name in the accounts section and enter your account details after finding the broker’s name.
Creating a trading account in Metatrader 5
To have a trading account in Metatrader 5, you must first go through the steps of opening an account on your broker’s website. For example, in Broker ePlanet, as in the picture, you should enter your name, email and contact number.
In the next step, go to the MT5 platform and search for the details of your broker in the “file/open an account” section and after finding the broker, enter your account details and password. Note that the server name is on the correct option.
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How to add assets and currency pairs to Metatrader 5 ?
When you install the MetaTrader 5, by default, the trading assets panel appears under the title Market Watch, which contains some trading symbols. By right-clicking on this panel, you can select “show all” to display all trading symbols in the forex market. There is another option called symbols that you can choose.
By selecting this option, a window will open in which the trading symbols are displayed grouped under the headings of Forex assets including currency pairs, commodities, indices and custom symbols. You can select each of these categories, manage their icons and keep any you want in your watch list panel and delete the rest.
Note that the removal of these symbols from the relevant category is temporary and until you allow it to reappear in your watch list in the future. To do this, you can right-click on the watch list and select the “Symbol” tab and the desired symbol that was previously removed from the watch list with the “Hide Symbol”, and add again to your watchlist with “Show Symbol”.
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Using tools and objects in Metatrader 5
Metatrader 5 has more graphic features than version 4. You can choose Objects in the Insert menu to access the drawing and analysis features of this platform. As can be seen in the picture, there are several options as follows, each of which can meet part of the trader’s needs to perform technical analysis:
- Types of straight lines including vertical lines, horizontal lines, trend lines, trend lines with an angle and arrow lines.
- Types of channels including parallel channels, standard deviation, regression, Andrews fork.
- Types of trend lines.
- Types of Fibonacci levels including retracement standard levels, Fibo curve levels, breakout levels, etc.
- Elliott wave tools including progressive and corrective waves.
- Other drawing tools include shapes, arrows, graphic tools and inserting text on the chart.
