MetaTrader 5 (MT5) The new solution to replace MetaTrader 4 is the most popular financial trading platform among Forex, CFD and equity brokers from MetaCotes Software Corporation. MT5 is currently in universal testing. In this article I will review the software and give my opinion about the advantages and disadvantages of this publication so far.
-Market Liquidity Pool (Market Watch) will be available to see the depth of the market. This advantage will help to avoid low volume trading instruments that lack liquidity.
-It offers four different types of execution: Market, Instant, Request and Exchange Execution which is a useful feature that will meet the execution demand of all traders.
– The expert advisory code that is passed to the remote agent is never stored on the agent’s hard disk but only in a modified form which makes it impossible to dump. A remote agent does not know the names of expert advisors and does not store the results of the data computed on the hard disk.
-MT5 is a highly flexible and reliable trading platform that enables expert traders as well as newcomers to trade efficiently and clearly.
-8 built-in technical indicators, 39 graphic objects and many MQL5-indicators cover most if not all popular indicators.
-Security and encryption have been improved.
-Hedging inactive in MT5. This is probably the worst problem of MetaTrader 5 because hedging is a big risk management method not to mention that since most liquidity providers allow hedging positions it is expected that spreads will increase if hedging is disabled.
– All expert advisors and custom indicators written with MQL 4 for MT4 need to be re-coded with MQL 5 for use with MetaTrader 5.
-MT5 is coded from scratch and not based on MT4 which means there will be many bugs. We all know how many bugs there were when MT4 was launched, so all we can do is debug most of the bugs during beta testing.
At the moment MetaTrader 5 is still testing but we may soon start seeing it on the live account but how soon? Well it all depends on the results of the public test and the feedback that the developers will get.