For the modern trader who wants to improve their trading experience using a variety of strong and useful new features as well as extremely useful trading tools and resources, MT5 is the ideal multi-asset platform. Prop firms also adopted this new trading platform originated from metaquotes. A great benefit of MT5 is the technology behind it, MT5 offers trading robots, trading signals and copy trading. Numerous tools and trading resources are included in MetaTrader 5, all of which are intended to improve trading. To make sure traders are properly prepared to utilize the platform’s full capability, it is crucial to learn about all the features and how they apply. Traders will be able to fully utilize the raw power of the Metatrader5 platform if traders spend some time familiarizing themselves with all of the features that are offered by this user-friendly platform, including the seven different asset class types that are available, numerous trading tools, indicators, and graphical objects, six different order types, numerous automated strategies, and market depth.
Order types in Metatrader 5
Market orders and Pending orders are the two order types that traders can use to trade their preferred assets. An order to purchase or sell an item at the present price is referred to as a market order. The order will be carried out instantly. A pending order, on the other hand, is a request to purchase or sell an asset at a specific price in the future. The Metatrader 5 platform has 6 order types:
- Buy Stop: An order to purchase an asset at a price above its current value with the expectation that, if that price is reached, the trend will continue to rise.
- Sell stop: an instruction to sell an item for less than its current value with the understanding that if that price is reached, the trend will continue to be downward.
- Buy Limit: an instruction to purchase an item at a discounted rate from its current value with the expectation that the asset’s value would increase until it reaches the target price.
- Buy Limit: an instruction to sell an item at a price above its current value with the expectation that the asset’s value would decline once it reaches the higher price.
- Buy stop Limit: a buy limit order that combines a buy stop order to prevent slippages. A buy limit order is placed when the buy stop limit, which you set at a price higher than the asset’s current price, is met.
- Sell stop Limit: a sell limit order that combines a sell stop order in an effort to prevent slippages. Traders place a sell limit order when their sell stop order is reached, which it can be done by setting it below the market price.
Analyzing the markets with Meta trader 5
Market analysts may conduct in-depth price analysis on a wide variety of assets in a wonderful environment with Metatrader5. 38 technical indicators, 44 graphical elements, 21 timeframes, and an endless number of charts can be added to the trading space. Indicators are mathematical instruments that provide traders a better understanding of price action. On MT5 charts, indicators are automatically applied, and for their convenience, they have been divided into several groups that indicate their applicability. These groups consist of:
- Customised indicators
- Bill William’s indicators
Graphical objects, on the other hand, are created by hand and include tools like geometric forms, channels, Gann tools, fibonacci and elliot tools. On the Metatrader5 platform, traders can also create their own unique custom tools.