MetaTrader 5
Released in 2010, MetaTrader 5 (MT5) was created to provide better support for multi-asset trading than MetaTrader 4 (MT4). While MetaTrader4 can be used to gain exposure to many different asset types, it really shines when it comes to forex trading.
MT5 also has a few more options for technical analysis. For more information about MT5 vs. MT4, please visit our article about MetaTrader4.
Trading at the MT5 platform
The MetaTrader5 platform is chiefly used to gain exposure to forex, cryptocurrency, stocks, and futures.
Here are a few examples:
- You can gain exposure to forex
- You can gain exposure to cryptocurrencies, such as Bitcoin
- You can gain exposure to commodities, e.g. the gold price
- You can speculate on stock indices (indexes) such as Dow Jones, S&P 500, and Dax40.
Contracts for Difference (CFD:s) are available, which makes it really easy to engage in tailor-made speculation.
Technology
- MetaTrader5 can be used directly in the web browser. Downloading and installing the MT5 software is not mandatory.
- The downloaded MT5 software is compatible with Linux, Mac and Windows (Windows XP and later). It runs smoothly with 32-bit and 64-bit processors. The version is available for Mac devices does not work with MacOS Catalina.
- Mobile MT5 apps are available for iOS and Android devices. You can also access MT5 in the browser window on your mobile device.
Brokers
Here are just a few examples of the many online brokers that are compatible with MT5:
- Trading 212
- Oanda
- XPI
- JFD Brokers
- JP Markets
- Interactive Brokers
- Admiral Markets
- IC Markets
- Just2Trade
- 24option
- XM
- IG
Demo Account
You can open a free Demo Account and use it to test MT5 risk free. You can open it through a broker or directly with MT5. It will be filled with play-money, so you can engage in trades, test out the tools, and so on, without making a deposit and without risking any real money.
MT5 & Technical Analysis
Over a hundred price charts are available, with 20+ standard time-frames. The standard time-frame range is from 1 minute to 1 month.
Indicators
MetaTrader5 comes with 38 built-in technical indicators. You can for instance make use of pivot points, zig zag, renko, EMA:s, B-clock, and MACD-2 lines.
If you want even more, download additional technical indicators from the MetaTrader Code Base and the Market.
Custom indicators can be used to analyse price data in accordance with algorithmic rules.
Advanced accounting
MetaTrader5 allows for separate accounting of orders and trades.
The two accounting models are netting and hedging.
Expert Advisors (EA s)
The automated trading on MT5 is carried out through trading robots called Expert Advisors (EA:s), which follows pre-defined criteria and algorithms to execute trades on the trader´s behalf.
An MQL5 wizard is available if you want to get started using the programming language MQL5 to make EA:s. For more advanced users, MQL5 IDE is available and includes both a MetaEditor and a Strategy Tester.
Pre-made EA:s can be bought from the Market, or downloaded for free from MetaTrader Code Base.
Support
If you need support, start by visiting the MT5 Help page. A lot of common issues are addressed there. If this is not enough, go to the Contact page instead and get in touch with the MT5 support staff.
In some cases, contacting your online broker is better, since some issues are broker issues rather than platform issues.
Common MT5 error messages
If you get the error message “Can´t place order”, check if you have enough funds available in your account to make the trade.
If you get the error message “Off quotes”, a connectivity issue prohibits the platform from displaying current prices.
Different online brokers use different symbol filling modes. If the filling mode is not accepted by your symbol, you may encounter the “Unsupported filling mode” message.