Metatrader is a trading platform created by MetaQuotes, which despite being a company with only 17 years of experience, has managed to create one of the most popular trading platforms and used by traders around the world.
Currently Metratrader’s most popular platform is its version 4 (Mt4), but it is now obsolete and the company has decided not to release new updates, to enhance its new Metatrader 5 platform, which although it has been on the market for some time now, the popularity of its predecessor kept it in second place.
Metatrader 4 VS Metatrader 5
If you are starting out in trading and are interested in learning how to use Metatrader, my advice is to opt for the Metatrader 5, as long as your Broker is compatible with this platform.
The great success of Metatrader 4 is that it offers open source programming. Anyone can create a technical indicator or an automatic trading system, which can be set up, thanks to the fact that the platform can be installed on a VPS (Virtual Private Server), by launching purchase or sale orders in your trading account.
There are thousands of technical indicators and automatic trading systems for Mt4, but the big problem that exists and why Metatrader 5 (Mt5), has not been so successful so far, is that they have different programming codes and indicators created for the first platform, do not work in the current one. But…and that’s the important thing, the old Metatrader 4 will not be updated anymore and will be completely replaced by the Metatrader 5 in time.
There are already many technical indicators programmed for the new Metatrader 5 platform, and over time there will be many more. Metatrader 5 is the future of Metatrader.
I told you that the big difference is in the programming code, but it’s not the only difference. The most important is that with Mt5 you will have access to many more markets than with the current platform, which is quite limited in that sense.
Download Metatrader for free
Metatrader is a platform that you can use for free, and you can download it from HERE.
The success of the Metatrader platform is that most Forex Brokers offer it for free.
But you don’t need to open any Broker, the developer allows you to easily access the platform.
Metatrader 5 Tutorial
I have downloaded the Metatrader 5 platform, for a short walk on the platform and discover the main tools.
The work plane of the platform has been divided into 5 different zones:
- Assets to be traded
- Technical indicators, consultants…
- Operation Control (Toolbox)
- Graphic trading platform metatrader 5, working plane
Metatrader 5 Toolbar
For the one using Metatrader 4, this toolbar does not differ much, although there are some modifications.
With the toolbar we will control the study of the price charts, and everything related to the chart. From here, if you click on the file a menu of possible options opens up, among the most interesting is the option to switch to a new asset or save the chart you are using, to fill your trading diary or share your study with other traders.
The view option is very similar to all windows “view” options. You can remove toolbars, make others visible, access full screen…
Insert serves to add technical indicators, experts and graphical tools, many of which are already available directly at the bottom of the bar. This is another typical aspect of windows, that we can access the same tools in several ways.metatrader 5 top toolbar
In the graphics tab, we see which indicators are currently in the active graphic in the work plane, the objects (trend lines, fibonacci…).
Many of the accesses are already directly at the bottom, because from here we can select whether we want the bar chart, Japanese candles, zoom in, zoom out…
The tools are used to launch an order, but also to access the language editor, to create a new indicator or when we upload a new one, to compile it and have it listed. From the window, we can choose how we want to see the main screen, if only with a graphic or we want a view with several graphics at the same time, waterfall, mosaic…
And help, of course, leads us to all the help topics on the platform.
Below, we have shortcuts to most of the tools I have mentioned: types of graphics, zoom in and out, graphical tools…
In zone 2, market observation, we can add instruments on which we want to operate.
For example, if I put BTC, I get all the options available for trading with Bitcoin. I add BTC/EUR, to know the Bitcoin price against the euro, I give the enter and it is added to the platform.
If now I want to put it in the chart, I add it from file or simpler, I skewer it and drag it to the chart.select assets with metatrader 5
With the browser we have direct access to the trading account data, we can even switch between different Metatrader 5 accounts.
And we will also have direct access to technical indicators, expert advisors (trading systems) and scripts. In this case, direct access to technical indicators is most commonly used.
We can click between the different options offered by the platform, trend followers, oscillators, etc.
If we click on one, and drag it to the chart it will be placed directly on it. All of them will appear, including the custom indicators that we want to make, as long as we compile them.
Customized technical indicators will always be available here. Trading platform metatrader 5, browser
Toolbox, operations control
In the Metatrader 5 toolbox, we have access to the platform’s accounting tools. We can know what operations we have open, the exposure of the account to different assets, the history….all these details are those related to our operations. But we also have another series of very interesting accesses.
On the one hand we have the economic calendar. Ideal and necessary for day traders, you cannot or should not trade without knowing the news that can move the market on that day. The signals tab gives you access to the signals provided by other traders, some of which are free and there are payment signals.
If we are very good, we can sell our trading signals and other investors have access to copy them. In the market tab we can see technical and expert indicators that other traders, investors or programmers have uploaded to the network. Just like the signals, there are paid signals and you get them for free.toolbox trading platform metatrader 5 trading platform
The chart is fully customizable, it has a tremendous variety of options. Not only can we choose between bars, Japanese candles, lines, etc., we can choose the background, make the grids appear or disappear, change the color of the candles…ufff.
To have access to all the options, click with the right mouse button. We get a drop-down list with everything we can do on the chart: change all the appearance, indicators, market depth, volume, trading platform metatrader 5, chart
My opinion about Metatrader
This little tour-tutorial about Metatrader 5 is for you to get to know the platform a little bit. The topic is long, we can get into the accounting tools, details to graph statistics, pending orders on the platform, one-click trading… The platform is one of the most complete for Cfds trading, but it is also one of the most complicated platforms you can access. And it is logical, it has many, many functionalities and that complicates its operation.
My score for Metatrader would be an 8 or a 9. I can’t give it a 10, because to give it such a high score it should be much easier to manage.