MetaTrader 5 (MT5), released in 2010 by MetaQuotes Software, represents the next evolution in trading technology. Designed to improve upon its predecessor, MT5 offers multi-asset trading capabilities, enhanced technical analysis tools, and improved execution features. This comprehensive guide explores MT5’s capabilities for both novice and experienced traders.
Platform Overview
MetaTrader 5 provides a complete environment for trading multiple asset classes including forex, stocks, futures, options, and cryptocurrencies. Built to accommodate modern trading requirements, MT5 combines powerful analytical tools with fast execution and extensive customization options.
Key Platform Features
MT5’s advanced capabilities include:
- Trading across multiple asset classes on a single platform
- Access to 21 timeframes for detailed market analysis
- Enhanced order types and execution mechanisms
- Economic calendar with market events and forecasts
- Depth of Market (DOM) display for detailed price information
- Advanced MQL5 programming language for custom applications
- Multi-threaded strategy testing for faster optimization
These improvements expand upon MT4’s foundation while maintaining an intuitive interface for traders of all experience levels.
Installation and Setup
Installing MetaTrader 5 follows a straightforward process regardless of device type. The platform supports various operating systems and device configurations.
Desktop Installation
For Windows computers:
- Download the MT5 setup file from your broker’s website
- Launch the installer and follow the setup wizard
- Select installation directory (default recommended)
- Wait for installation completion (approximately 2-3 minutes)
- Launch the platform from desktop shortcut
The installation requires approximately 300MB of disk space and supports Windows 7, 8, 10, and 11 operating systems.
Mobile and Tablet Setup
Install MT5 on mobile devices through official app stores. For Android, visit Google Play Store and search for “MetaTrader 5.” For iOS devices, use the App Store. Always verify the developer appears as “MetaQuotes Software Corp.” before downloading. Both versions require iOS 12+ or Android 7.0+ for optimal performance.
Platform Interface
MT5’s interface organizes trading functions through a logical arrangement of windows and panels. Understanding these components accelerates platform mastery.
Interface Components
The standard layout includes these primary elements:
Market Watch: Displays available symbols with real-time prices
Toolbox: Multi-functional window containing:
- Trade tab for position management
- History tab for closed transactions
- News feed with market updates
- Alerts configuration
- Mailbox for broker communications
- Experts tab for automated systems monitoring
Navigator: Provides access to trading accounts, indicators, and trading robots
Chart Window: Displays price movements with analysis tools
Depth of Market: Shows pending buy/sell orders at various price levels
The interface supports significant customization through drag-and-drop window arrangement and multiple monitor support.
Account Management
MT5 supports multiple account types through a unified login system. Setting up and switching between accounts follows a standardized process.
Account Creation and Login
New users can establish accounts through:
- Launch MT5 platform
- Select “File” → “Open an Account”
- Choose broker from the list or search function
- Select account type (demo or live)
- Complete registration form
- Receive login credentials automatically
For existing account access:
- Select “File” → “Login to Trade Account”
- Enter trading account number
- Input password
- Select correct server
- Click “Login”
MT5 can store multiple account credentials for quick switching between accounts.
Advanced Order Types
MT5 expands available order types beyond MT4’s capabilities, providing more sophisticated trade entry and management options.
Order Variety and Execution
The platform supports these order categories:
Market Orders:
- Buy Market: Immediate purchase at current market price
- Sell Market: Immediate sale at current market price
Pending Orders:
- Buy Limit: Buy when price falls to specified level
- Sell Limit: Sell when price rises to specified level
- Buy Stop: Buy when price rises to specified level
- Sell Stop: Sell when price falls to specified level
- Buy Stop Limit: Places buy limit after price reaches stop level
- Sell Stop Limit: Places sell limit after price reaches stop level
Multi-Asset Trading
Unlike MT4’s focus on forex and CFDs, MetaTrader 5 supports trading across multiple asset classes from a single interface. This multi-market capability represents one of MT5’s major advantages.
Available Markets
Depending on broker offerings, MT5 provides access to:
- Forex pairs (major, minor, exotic)
- Stock shares (US, European, Asian markets)
- Stock indices (S&P 500, NASDAQ, DAX, etc.)
- Commodities (gold, silver, oil, agricultural)
- Bonds and interest rate products
- Exchange-traded funds (ETFs)
- Futures contracts
- Options trading
- Cryptocurrencies
Each asset class appears in the Market Watch window with specific trading parameters and margin requirements determined by the broker.
Order Execution Methods:
- Fill or Kill: Complete order entirely or cancel
- Immediate or Cancel: Fill what’s possible immediately, cancel remainder
- Return: Process order with available volume, remain active
These advanced order types enable more precise entry and exit strategies compared to MT4’s more limited options.
Enhanced Charting Capabilities
MT5’s charting system builds upon MT4’s foundation with expanded timeframes and improved visualization options.
Chart Analysis Tools
The platform offers enhanced analytical capabilities:
Timeframe Options:
MT5 provides 21 timeframes compared to MT4’s 9, adding more granular options like M2, M3, M4, M6, M10, M12, H2, H3, H4, H6, H8, and H12 to the standard daily, weekly and monthly views.
Technical Indicators:
MT5 includes 38 built-in indicators (more than MT4), custom indicator support through MQL5, and multi-timeframe indicator applications.
Drawing Instruments:
The platform provides 44 graphical objects including enhanced Fibonacci tools, channel drawing tools, geometric shapes, and text objects.
These expanded options provide more detailed market analysis possibilities than MT4’s more limited toolkit.
Automated Trading Systems
MT5 introduces significant improvements to automated trading capabilities through its advanced MQL5 programming language and enhanced testing environment.
Trading Robots and Scripts
Develop and implement automated systems through:
- Indicators:
- Custom technical analysis tools
- Display calculation results on charts
- Generate signals for manual or automated trading
- Scripts:
- Single-execution programs for specific tasks
- Run manually when needed
- Perform calculations or chart modifications
- Trading Robots (Expert Advisors):
- Fully automated trading systems
- Create through MQL5 programming or purchase from Market
- Attach to charts for automated execution
The MQL5 language offers object-oriented programming, increased function library, and better optimization compared to MQL4.
Strategy Tester Enhancements
MT5’s testing environment significantly improves upon MT4 with:
- Multi-threaded testing utilizing all CPU cores
- Agent-based distributed testing network option
- Forward testing capabilities
- Monte Carlo simulation options
- Visual testing with interactive chart display
- Detailed performance reports with advanced metrics
These improvements enable faster and more thorough strategy validation before live deployment.
The MQL5 Community
MT5 connects to an extensive ecosystem of traders, developers, and resources through the MQL5 Community and Market.
Market and Code Base
Access trading resources through:
Code Base:
- Free source code repository
- Community-contributed applications
- Educational examples for learning
- Open-source projects for customization
MQL5 Market:
- World’s largest store of trading applications
- Purchase ready-made Expert Advisors
- Download custom indicators
- Acquire trading scripts and utilities
These resources significantly expand MT5’s capabilities beyond built-in features.
MT5 vs. MT4: Key Differences
While sharing a similar interface, MT5 and MT4 differ in several important aspects. Understanding these differences helps determine which platform better suits individual trading needs.
Feature | MetaTrader 5 | MetaTrader 4 |
Asset Classes | Multiple (stocks, futures, forex, etc.) | Primarily forex and CFDs |
Timeframes | 21 | 9 |
Economic Calendar | Built-in | Not available |
Order Types | 6 pending order types | 4 pending order types |
Order Filling Modes | Multiple modes | Basic execution |
Market Depth | Full depth-of-market | Limited |
Chart Objects | 44 | 31 |
Strategy Tester | Multi-threaded, advanced | Single-threaded, basic |
Programming Language | MQL5 (object-oriented) | MQL4 (procedural) |
Hedging Mode | Optional, based on account | Standard |
Netting Mode | Available | Not available |
MT5 advantages include more sophisticated tools and multi-asset capability, while MT4 offers simplicity and broader broker adoption.
Mobile Trading Experience
MT5 mobile applications provide extensive trading capabilities for traders on the move. While not as comprehensive as desktop versions, they offer substantial functionality.
Mobile Features
The MT5 mobile experience includes:
- Trading across all available asset classes
- 21 timeframes for detailed analysis
- 30+ technical indicators
- Multiple chart types
- Drawing tools for technical analysis
- Full account management functions
- Push notifications for market events
- Biometric authentication
The mobile interface adapts well to both smartphone and tablet screens with landscape mode support for expanded chart viewing.
Troubleshooting Common Issues
MT5 users occasionally encounter technical difficulties. Most common problems have specific solutions.
Connection and Performance
To improve performance:
- Limit active charts (10 or fewer recommended)
- Reduce indicators per chart
- Adjust chart history bars (lower values improve speed)
- Close unused platform features
- Update to latest platform version
For connection issues:
- Verify internet connectivity
- Check broker server status
- Confirm correct server selection
- Review firewall and security settings
Frequently Asked Questions
Is MetaTrader 5 free to use?
Yes, MT5 is free to download and use. Brokers provide the platform to their clients without additional software charges.
Can I transfer my MT4 Expert Advisors to MT5?
No, direct transfer is not possible. MT4 EAs use MQL4 language while MT5 requires MQL5. The code needs to be rewritten to accommodate the differences between languages.
Does MT5 work on Mac computers?
MT5 has no native Mac version but operates through compatibility solutions like Wine, PlayOnMac, or virtualization software. Some brokers offer specialized Mac-compatible versions.
Can I have both MT4 and MT5 installed simultaneously?
Yes, both platforms can coexist on the same device without conflicts. Each maintains separate installation directories and settings.
Which is better for forex trading, MT4 or MT5?
For forex trading specifically, both platforms perform well. MT4 offers simplicity and widespread broker support, while MT5 provides more advanced tools and timeframes. Your choice depends on specific trading needs and preferences.
