Unlock the Full Potential of Metatrader 5: Top 10 Pro Tips and Tricks

MetaTrader 5 (metatrader 5), the next-generation trading platform from MetaQuotes, is designed to cater to modern traders seeking a multi-asset experience. Unlike its predecessor MetaTrader 4, which was optimized for forex trading, MT5 accommodates various asset classes, including cryptocurrencies, stocks, CFDs, futures, and more. It offers powerful features like algorithmic trading applications (metatrader5), trading robots, Expert Advisors (EAs), comprehensive price analysis tools, and automated trading capabilities.

With MetaTrader 5 (MT5 trading), traders can enhance their trading strategies by leveraging advanced analytical tools like 38 technical indicators, 39 graphical indicators, and 80 built-in analytical indicators. Additionally, MT5 provides market depth insights, allowing traders to analyze market liquidity and order flow. This multi-asset trading platform offers a seamless experience across devices, enabling traders to access their accounts through the MT5 Web platform and trade from anywhere.

Understanding MetaTrader 5

Overview of MetaTrader 5 Platform

MetaTrader 5 (MT5) is a versatile multi-asset trading platform designed to cater to modern traders seeking a diverse trading experience. Unlike its predecessor, MetaTrader 4, which was optimized for forex trading, MT5 accommodates various asset classes, including cryptocurrencies, stocks, CFDs, futures, and more. This platform provides a comprehensive suite of tools for financial trading, technical and fundamental analysis, algorithmic and copy trading, as well as the development of custom technical indicators and trading robots.

Key Features and Benefits

1. Multi-Asset Trading: MT5 supports trading across multiple markets, allowing traders to diversify their portfolios and capitalize on opportunities in different asset classes.
2. Advanced Analytical Tools: The platform offers powerful analytical capabilities, including 38 technical indicators, 39 graphical indicators, and 80 built-in analytical indicators for comprehensive price analysis. Additionally, MT5 provides market depth insights, enabling traders to analyze market liquidity and order flow.
3. Algorithmic Trading: MT5 supports algorithmic trading, which implies trading on exchange markets by preset algorithms using automated trading robots (Expert Advisors). Traders can develop, test, debug, and optimize custom Expert Advisors directly within the platform.
4. Copy Trading: Traders can subscribe to signals from successful traders and copy their deals directly from the platform, leveraging the expertise of experienced traders.
5. Economic Calendar and News: The integrated Economic Calendar helps traders forecast market movements, while financial news releases provide insights into factors affecting security quotes.
6. Customizable Interface: MT5 offers a user-friendly interface that can be customized to suit individual preferences, including color schemes, chart types, and timeframes.
7. Mobile Trading: The rich functionality of the desktop version can be accessed from mobile devices, with dedicated applications available for Android and iOS. This allows traders to trade on-the-go and stay connected to the markets.
8. Security and Reliability: MT5 is a secure trading platform that uses advanced encryption and secure data transfer protocols to protect traders’ accounts and data, including support for two-factor authentication.

Available Markets and Instruments

1. Exchange Markets: MT5 provides access to global exchanges, allowing traders to buy and sell stocks, futures, bonds, and options from various sectors and companies. Popular exchanges supported include the NYSE, NASDAQ, NYMEX, GLOBEX, Tokyo Stock Exchange, London Stock Exchange (LSE), and Hong Kong Stock Exchange (HKEX).
2. Forex Market: Traders can access the interbank foreign exchange market, which operates 24 hours a day, to trade major currency pairs like EUR/USD, GBP/USD, USD/JPY, and USD/CHF. MT5 enables traders to speculate on currency movements and profit by buying low and selling high.
3. Futures and Derivatives: In addition to spot markets, MT5 supports trading in futures contracts and derivative financial instruments, enabling traders to manage monetary risks and engage in hedging strategies.

By offering a comprehensive suite of features and access to diverse markets, MetaTrader 5 empowers traders with a powerful platform to navigate the complexities of modern financial markets.

Customizing the Trading Environment

Personalizing Chart Layouts

MetaTrader 5 provides traders with a high degree of flexibility in customizing their trading environment, allowing them to tailor the platform to their individual preferences and trading styles. One of the key aspects of personalization is the ability to configure chart layouts.

A template is a set of chart window parameters that can be applied to other charts. The following data can be stored in a template: chart type and color, color scheme, chart scale, visibility of OHLC line, running Expert Advisor and its parameters, applied custom and technical indicators and their settings, graphical objects, and separators of days.

When a template is applied to a chart, the stored settings are applied to the instrument and timeframe. For example, a trader can create a template that includes indicators like MACD, RSI, and Moving Average, and then use it for other charts, ensuring a consistent look and feel across different symbols and periods.

To create a template with desired parameters or modify an existing one, traders can configure the chart and click “Save Template…” in its context menu. Traders can also share and synchronize templates and profiles between platforms using the integrated MQL5 Storage, accessible through their MQL5.community account.

Setting Up Indicators and Tools

MetaTrader 5 offers a wide range of tools and indicators to assist traders in their analysis and decision-making process. Traders can customize the appearance and properties of each chart individually by accessing the “Properties” option in the Charts menu or the chart context menu.

Here, traders can configure various aspects of the chart, such as:

• Chart type (bar chart, candlestick, or line)
• Chart scaling (fixed scale, points per bar, or one-to-one scaling)
• Display options (show/hide OHLC line, bid/ask price lines, period separators, grid, and more)
• Color schemes and individual color settings for different chart elements

Additionally, traders can add custom indicators to their charts, either by downloading them from the official MetaTrader 5 website or by creating their own using the MetaEditor. Custom indicators can be installed by following these steps:

1. Download the custom indicator file (usually in .ex5 or .mq5 format).
2. Open the MetaTrader 5 data folder by navigating to File > Open Data Folder.
3. Copy the downloaded indicator file to the MQL5/Indicators folder within the data folder.
4. Reload the MetaTrader 5 platform.
5. Access the custom indicator by going to Insert > Indicators > Custom, or by dragging and dropping it from the Navigator window.

To remove a custom indicator, traders can delete the corresponding files from the MQL5/Indicators folder and restart the platform.

Saving Templates and Profiles

Profiles provide a convenient way of working with groups of charts in MetaTrader 5. A profile can store the following data: currently open charts, their location and size, and the templates applied to them.

When a profile is opened, each chart with all its settings is located exactly in the same position where it was during profile saving. All changes in open chart windows are automatically saved in the current profile.

Traders can save their workspace on the MetaTrader 5 platform by navigating to File > Profiles > Save As, giving the profile a name, and clicking OK. To switch between profiles, they can use the File > Profiles menu or the profile control menu in the status bar.

MetaTrader 5 also allows traders to save chart templates with running Expert Advisors in profiles. The platform settings provide an option for automatically disabling Expert Advisors when changing profiles.

By leveraging templates, profiles, and the customization options available in MetaTrader 5, traders can create a personalized trading environment that aligns with their strategies and preferences, enhancing their overall trading experience.

Advanced Trading Strategies

Automated Trading with Expert Advisors

Trade account management through specialized MetaTrader 5 applications is called Automated Trading or Algorithmic Trading. These applications are referred to as trading robots; they can analyze quotes of financial instruments, as well as execute trade operations on the Forex and exchange markets. Trading robots can perform operations on financial markets and as a result, a trader can be completely replaced.

The MetaTrader 5 algorithmic trading components comprise the specialized integrated development environment MQL5 IDE. This development environment covers the entire cycle of trading application development, allowing the trader to create, debug, test, optimize, and execute trading robots. Forex VPS enables uninterrupted operation of trading robots 24 hours a day.

You can enjoy to the maximum all the advantages of trading robots, even if you do not have any programming background. In addition to the Expert Advisor development environment, MetaTrader 5 provides options for free download, rent or purchase of thousands of applications. The MetaTrader Market is the largest online store, from where you can purchase or rent hundreds of different trading applications to suit every taste and every budget. You can test any product from the Market for free before deciding to purchase it. Just make a payment for a selected robot straight from the platform using your preferred payment method, and start using it right away.

Thousands of trading robots and indicators can also be downloaded for free from the MQL5 Code Base. Direct access to the Code Base access is provided on the platform, so choose and download applications while you trade. If you cannot find an application with the required features from the Market or Code Base, you can order a custom application from a professional programmer. Hundreds of developers offering their services through MQL5 Freelance are ready to develop your custom robot not only in the shortest possible time, but also at the most reasonable price.

MQL5 IDE provides wide functionality and user-friendly options for developers of any skill level. Beginners may use the MQL5 Wizard to generate a simple trading robot in just a few clicks. Experienced and professional developers can take the advantage of all the features of the MQL5 IDE:

• The MQL5 language of trading strategies. This high-level programming language provides object-oriented architecture, the highest calculation speed, C++-like syntax, and more.
• The MetaEditor is an editor of strategies which offers code highlighting options, a debugger and a compiler.
• The Strategy Tester with support for visual testing, optimization, genetic algorithms, a distributed network of testing agents, and much more.
• An execution module in the form of the MetaTrader 5 platform to run trading applications. In addition to the high-speed execution of robots, the platform provides the widest coverage, allowing you to test your applications with hundreds of brokers around the world.
• Documentation — complete description of all language constructs. Having trouble? Feel free to open the Language Reference!
• MQL5.community — a community of Expert Advisor developers, containing a unique knowledge base and offering additional services where you can monetize your skills. Visit the website to read articles, communicate with other developers, develop custom applications for traders through the Freelance service, sell your applications through the Market, and much more!

The power of trading robots was demonstrated during Automated Trading Championships 2006-2012. Every year, the big prize money of $80,000 attracted hundreds of developers and thousands of traders. During each of the competitions, hundreds of Expert Advisors traded automatically according to their own dynamics for a period of three months, and the authors of the best were awarded with the title of the Best EA Developer and a solid prize.

Backtesting and Strategy Optimization

Two broad categories can be singled out among automated trading applications: trading robots and indicators. Applications of the first type are designed for performing trading operations, and the second type programs are used for analyzing prices and identifying patterns in price changes. Indicators can be used directly in trading robots forming a complete automated trading system.

To start an Expert Advisor, attach it to a chart. The easiest way is to double-click on an Expert Advisor in the Navigator window or drag’n’drop it to a chart. This will bring up the Expert Advisor Properties window. Click OK to start the Expert Advisors on the chart. If an Expert Advisor has been successfully started, its name and icon appear in the upper right corner of the chart. If the icon is , the Expert Advisor is not allowed to perform trading operations. Enable automated trading in the Expert Advisor settings, as well as in the trading platform options.

The Strategy Tester allows you to test and optimize trading strategies (Expert Advisors) before using them for live trading. During testing, an Expert Advisor with initial parameters is once run on history data. During optimization, a trading strategy is run several times with different sets of parameters which allows selecting the most appropriate combination thereof.

The Strategy Tester is a multi-currency tool for testing and optimizing strategies trading multiple financial instruments. The tester automatically processes information of all symbols that are used in the trading strategy, so you do not need to manually specify the list of symbols for testing/optimization. The Strategy Tester is multi-threaded, thus allowing to use all available computer resources. Testing and optimization are carried out using special computing agents that are installed as services on the user’s computer. Agents work independently and allow parallel processing of optimization passes.

An unlimited number of remote agents can be connected to the Strategy Tester. In addition, the Strategy Tester can access the MQL5 Cloud Network. It brings together thousands of agents around the world, and this computational power is available to any user of the trading platform. Optimization means multiple runs of an Expert Advisor using history data with different sets of parameters, aimed at finding their best combination. During multiple runs, different combinations of the input parameters of an Expert Advisor are tested to find the best ones.

Input parameters allow you to control the behavior of the Expert Advisor, adapting it to different market conditions and a specific financial instrument. For example, you can explore the Expert Advisor performance with different Stop Loss and Take Profit values, different periods of the moving average used for market analysis and decision-making, etc. Optimization is testing different values and combinations of input parameters to obtain the best result.

To enable the optimization of a parameter, mark the appropriate checkbox. Next set the start and end of the range of values, as well as the step for testing. You can select one or more parameters. The total number of possible combinations is displayed beneath the list of parameters. The quick optimization based on the genetic algorithm is enabled by selecting optimization criteria in the field located to the right. This field sets the parameter, based on which the most successful Expert Advisor runs are selected. The larger the value of a selected parameter, the better the result.

Risk Management Techniques

Risk management is a critical aspect of trading and investing, enabling traders to protect their capital while maximizing potential profits. Whether you are a day trader, swing trader, or scalper, employing effective risk management techniques is essential for achieving long-term success in the financial markets.

A well-designed trading plan acts as a roadmap, providing clear guidelines and rules to follow before making any trades. It requires traders to thoroughly understand their approach and goals, thus avoiding impulsive decisions and emotions-driven actions. A trading plan should include specific trading goals, strategies for entering and exiting trades, risk tolerance levels, appropriate position sizing rules, and stop-loss levels to limit potential losses.

The risk/reward ratio is a fundamental concept in risk management that evaluates the potential gains against the potential losses in a trade. By calculating this ratio before opening a trade, traders can assess if the risk is worth taking based on their trading strategy. A higher risk/reward ratio allows traders to be profitable even with a lower win rate, emphasizing the importance of finding a balance between risk, profit potential, and acceptable losses.

Implementing stop loss and take profit orders is crucial in protecting trading capital and securing profits. A stop-loss order automatically closes a position when the market reaches a specified price, limiting potential losses. On the other hand, a take-profit order locks in profits by closing a position when a predetermined profit target is reached. It is essential to adhere to these orders and avoid deviating from the trading strategy, as impulsive adjustments may lead to unnecessary losses.

Setting stop-loss orders A stop-loss order is an order to sell a currency pair if it reaches a certain price level, which helps to limit potential losses. You can set stop-loss orders at a specific price level or as a percentage of your account balance.

Using risk-to-reward ratios A risk-to-reward ratio is the amount of potential profit you are targeting compared to the amount of risk you are taking. For example, a risk-to-reward ratio of 1:3 means that you target a profit of $3 for every $1 risk. By setting a risk-to-reward ratio, you can help to ensure that your potential profits outweigh your possible losses.

Limiting position size Another way to manage risk is to limit the size of your positions as a percentage of your account balance or the number of units of a currency pair you are trading. By limiting position size, you can help to ensure that any potential losses do not exceed a certain level.

Diversifying your portfolio Diversifying your portfolio by investing in a variety of different currency pairs can also help to manage risk. This can help reduce your portfolio’s overall volatility and protect against the impact of unexpected events or market movements.

It is important to remember that risk management is a vital element of any profitable trading strategy, and it is essential to carefully consider the risks and potential rewards of any trade before making a decision.

Conclusion

In today’s dynamic financial markets, MetaTrader 5 emerges as a powerful multi-asset trading platform, offering traders a comprehensive suite of tools and features to navigate the complexities of modern trading. From advanced analytical capabilities and algorithmic trading options to customizable interfaces and mobile accessibility, MT5 empowers traders to adapt to their unique trading styles and preferences. By leveraging the platform’s risk management techniques, strategy testing, and optimization tools, traders can refine their strategies and make informed decisions, ultimately enhancing their trading success.

The versatility of MetaTrader 5 extends beyond its robust feature set. With a vibrant community of developers and resources like the MQL5 Code Base, traders have access to a wealth of knowledge and custom applications tailored to their specific needs. As the financial landscape continues to evolve, MT5 positions itself as an indispensable ally for traders seeking to unlock the full potential of multi-asset trading and stay ahead of the curve.