Heather McLean
Heather McLean

MT5 – widening the horizon for all Forex traders

MetaTrader 5 was launched late last year by MetaQuotes Software, following three years of painstaking development. It is a complex software for online trading and is designed to facilitate brokerage services to customers in Forex, CFD, Futures, as well as Equity markets. Now that this new platform has started to stir up a lot of attention in the world of online FX, Heather McLean examines some of its key features and explores ways that it differs from its much-lauded predecessor, MT4.

First Published: e-Forex Magazine 43 / Retail e-FX Client / April, 2011

New language The new MT5 client trading terminal differs in many ways from MT4. These new features give traders increased flexibility and control over their trade strategy development and order execution; first and foremost, MT5 simplifies and improves the automation of the user’s trading strategy by utilising the new MQL5 language to write and execute Expert Advisors (EAs), states Shawn Dilkes, Chief Technology Officer at FXDD.  He says: “In the past, strong programming skills were required to enter the realm of algorithmic trading. Now MT5 has built in Wizards that allow traders to construct their own EAs quickly and easily and without a degree in Computer Science! Additionally, the code execution speed of MQL5 surpasses that of its predecessor thus greatly enhancing overall trading performance.” “The availability of EAs has always been a key driver in the success of the MetaTrader platform,” continues Dilkes. “Simplifying their creation and enhancing the...continued

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