The MT5 platform represents a really progressive level of trading and contains all the necessary instruments for excellent trade on a wide list of financial instruments.
Now, being a Switch Markets client, you have the opportunity to use MT5 besides MT4. This guideline will help you to familiarize yourself with the main features of MT5 in order to start working right now and more effectively.
Overview of MetaTrader 5
As adequacy of description, MT5 is often referred to as MT4 on steroids. It effectively represents a full rebuild of the MetaTrader technology in use, designed to look and feel much like MT4 but with some enhanced capabilities. For Switch Markets clients, MT5 opens access to over 2,000 trading instruments hence offers an ideal platform for algo traders.
Features of the MT5 Platform
In this manual, we will cover the following key areas of the MT5 platform:
- Market Watch Window
- Navigator Window
- Terminal Window
- Charts Window
We will cover as well how to place trades and operate Expert Advisors.
Setting up MetaTrader 5
MT5 is easy to install. After downloading the platform from the website, double-click the installer and follow the instructions provided in this window. Once it is installed, you will log in with your existing account details or create a new one. Once logged in successfully, live price movements and access to several markets should be available on the platform.
The Market Watch Window
Market Watch is available to the left of the screen, which is placed for the platform. Trading instruments are located in this window: currencies, stocks, and commodities, among other instruments.
- Accessing Instruments: If you don’t see the instrument you intend to trade, press Ctrl + M and the Market Watch window will pop up. Right-click and choose “Show All” for every instrument.
- Customizing Your View: You can move instruments around and organize them according to your preferences. The window also allows you to view bid and ask prices, as well as the high and low of each instrument.
- Adding an Instrument to Charts: An instrument can be traded by dragging and dropping it to the chart. The instrument can also be double-clicked, and the order window will be displayed for instant trading.
Mastering the Navigator Window
The account options, indicators, and expert advisors housed by the navigator window are located at the bottom left corner of the page.
- Account Management: This is where one may need to manage their account details, open new accounts, or even change their passwords.
- Indicators and Expert Advisors: The indicators and EAs are also grouped in this one window from which you are to click and drag these onto your charts.
Understanding the Terminal Window
The Terminal window is where you’ll manage your trading activities from, probably one of the most important parts. Situated at the bottom of the screen (press Ctrl + T to open), it shows your account status: balance, equity, open positions.
- Tabs and Features: Available through the Terminal window are also Account history, News feeds, Calendar of Economic Events, and much more.
- Trading with the Market: You can double-click pending orders to update or delete them and then view your trading history under the “History” tab.
Using the Charts Window
In the Charts window, most of the analysis takes place. The platform defaults with four charts open, although this can be adjusted depending on your style of trading.
- Chart Setup: Click on a particular instrument in the Market Watch window, and select “Chart Window.” Use Ctrl + G if you want to remove the grid to declutter.
- Chart Settings: Select the chart scale, by pressing the “Shift” key, place the chart, and change the chart type if you like: candlestick, bar, line from the toolbar.
- Drawing Tools and Indicators: Select an indicator from the navigator window and drawing tools to draw, for example, trend lines or notes into your charts.
- Saving Templates: After customizing a chart, save it as a template and reapply it to all kinds of other charts.
Trading on MetaTrader 5
Trading in MT5 is done in several ways. A quick view is as follows:
- Quick Trading: Use quick trading buttons for instantly executing a trade. If they are not visible, press Alt + T.
- Order Tickets Window: Press F9 to open the classic order tickets window, where you can preset stop-loss and take-profit levels before entering a trade.
- Modify Orders: You can modify or close orders directly from the chart by dragging and dropping your stop loss or take profit levels.
Conclusion
MetaTrader 5 is a strong trading platform with many features intended to impel your experience. You are expected to be of good acquaintance with the main places in the trading platform for reasonable navigation and taking full service from the software, notwithstanding if you are a beginner or experienced in trading.
