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 release.
-Market Liquidity Pool (Market Watch) will be available to see the depth of the market. This advantage will greatly help to avoid the lack of liquidity in low volume trading instruments.
-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.
-MT5 hedging disabled. This is probably the worst problem of MetaTrader 5 because hedging is a big risk management method that most liquidity providers allow hedging positions not to mention that spreads are expected to increase when 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.