You have probably heard of the Metatrader 5 Trading Platform if you are a trader. This platform is one of the most popular ones available, and for good reason. It offers a wide range of features and benefits that traders find useful.
However, like all trading platforms, it has its pros and cons. In this blog post, we will discuss the pros and cons of using the MetaTrader 5 trading platform so that you can decide if it is right for you.
What is Metatrader 5?
Metatrader is a trading platform that MetaQuotes created as the newest generation after Metatrader 4. It is one of the most popular platforms among forex and CFD traders. The Metatrader platform offers a wide range of features, such as:
- A user-friendly interface.
- A mobile app.
- Customizable indicators and charts.
- Expert advisors.
These are just some features that make the Metatrader trading platform so popular. Now, let’s examine the pros and cons of using this platform.
Pros of Metatrader 5:
More time frame
MT five has 21-time frames, while MT four only has nine. This is helpful for those who want more options regarding charting and analyzing their trades. The time frame range from M1, M2, M3, M5, M10, and so on until the annual time frame. Traders may also create 100 different charts simultaneously. Tick charts are also available for trading. This trader is profitable for both scalpers who trade using lower time frames and swing traders.
Better backtesting
MetaTrader five offers improved quality of ticks and execution speed which makes testing your trading strategies much more accurate. This is essential for developing trading strategies.
Forex calendar
Forex calendar has become a significant requirement for traders. The MT5 platform now contains an exclusive calendar feature, which includes a timeline, impact measurements, forecast data, and historical data records. As a result, you won’t have to open a browser just to check the newest news schedule.
More analytical tools
The MT five platform has 38 technical indicators, while the MT four only has 30. You can also access seven timeframes, three chart types, and line objects. In addition, you can use the MQL five programming language to develop your own custom indicators and scripts.
More technical indicators
The indicator is an essential piece of any trading platform. To give a quick rundown, we’re talking about MT5 indicators that are already built-in rather than MT4 or any other trading platform. If you look in the toolbar of MT5 for a menu item called “insert,” you will discover a wider range of alternatives in Moving Averages, Oscillators, and custom indicators. In fact, if we want to check the “shopping” indicators on the MQL website, then we can directly access it from the MT5 “Market,” which is easy and practical.
Cons of Metatrader 5
Limited broker support
One of the primary disadvantages is that not all brokers support Metatrader five. Some brokers may have decided to stick with MetaTrader four because it’s more widely used. As a result, you may not be able to find a broker that offers both platforms if you want to use MetaTrader five exclusively.
High system requirements
Another significant disadvantage is that MT five requires more powerful hardware than MT four. This can be a problem, especially for those still using an older computer. As a result, you may need to upgrade your computer if you want to use MetaTrader five.
Learning curve
MT5 has been equipped with MQL5 Wizard to make life easier for traders who want to create their own EA. However, the programming language used is different from MT4, so people must relearn how to make EA since its inception. Also, many Expert Advisors that operate well on MT4 will not be able to run on MT5.
In conclusion
The Metatrader trading platform has its pros and cons. It is up to you to decide if it is the right platform for you. If you are looking for a user-friendly interface, mobile app, customizable indicators and charts, and expert advisors, then Metatrader may be the right choice for you. However, keep in mind that not all brokers support Metatrader five, and it requires more powerful hardware than MetaTrader four
