ForexNewsNow – On March 1st, the newest version of the most popular forex trading platform in history finally finished it’s beta testing and launched officially to the public. MetaTrader5 is a huge improvement on the previous version, MetaTrader4. It features a new, more intuitive programming language, faster execution times, and vastly better analytical and fundamental analysis. If you’re a serious forex trader, making the jump from MetaTrader4 to the newest version can give you the inside edge on trading, especially if you use the expert advisor functions heavily.
What is MetaTrader5?
MetaTrader is an independent trading platform used by many top forex brokers and traders. It is the most popular trading platform on the internet today for a variety of different markets, including forex.
It was designed and developed by MetaQuotes, a ten year old software development company that has offices around the world and over seventy employees. Starting with their first trading platform, they have come out with five progressively better versions of MetaTrader.
Many traders flock to MetaTrader because it’s free, easy to use, gives you powerful analytical tools, and can be used across many different brokerage accounts. Easy to use custom indicators and expert advisors also attract more advanced traders. Some of the other most popular features available in MetaTrader include:
• Easy to use charting – completely integrated with one click trading
• Comprehensive underlying programming language
• Free historical data
• Free strategy tester
• Free live price feed
• Available through a majority of online brokers
• A wide variety of third party indicators and expert advisors
• It’s FREE!
What’s New in MetaTrader5
MetaTrader5 has been in development for over 5 years, including the beta testing period, and represents a huge leap over the previous version. The main improvements include:
• Increased flexibility for trading in other markets
• Improved analytical and fundamental features
• Improved programming language for automated systems
• Higher performance and work speed
Trading in Other Markets
While MetaTrader initially started as a forex trading platform, MetaTrader5 branches out into new markets that you have never before been able to trade in using the platform. You can now trade the forex instruments you know and love as well as stocks, bonds, precious metals, and even CFDs.
Improved Analytical and Fundamental Features
MetaTrader5 has several new features that brings the market even closer to your fingertips. You get access to new objects, order types, and time frames. The new order types and position management tools include depth of market, one click trading, and exposure indicators. This brings the total of tools at your disposal up to an eye-popping 79 analytical tools, 21 time frames, and the ability to open over 100 charts at the same time. You won’t find any proprietary platforms from brokers with the same amount of powerful tools at your disposal.
Improved Programming Language
MetaTrader5 comes with a brand new object oriented programming language, MQL5. MQL5 comes with a meta editor, debugger, and a strategy tester, on top of being more versatile and powerful than the previous MQL4. This lets you write more complex and effective indictors and expert advisors to take your trading to the next level. The new language also gives you more possibilities to create different trading subsystems.
Unfortunately, the new programming language means that MetaTrader5 is not compatible with MetaTrader4. Any programs that have written in MetaTrader4 will need to be converted into the new MQL5 language. However, there are several tools that are available to help you do this quickly and easily.
Should I Use MetaTrader?
While there may be a learning curve associated with trading with MetaTrader, the time invested in learning the system and the new programming language is worth it. You’ll get faster execution times, better automated trading, and analytical tools that give you the information that you need to make profitable trades right at your fingertips. And since you can use MetaTrader across the majority of top forex brokers in operation today, you won’t have to worry about having to relearn proprietary software if you want to switch brokers.
Look at our forex broker reviews for more information on which brokers currently use the MetaTrader5 platform and how you can get started with them today.