Online Currency Trading Blog

A few modifications that can make metatrader 5 a better platform

Over the last couple of years, there have been many trading platforms devised with different functionalities. Different platforms suit different traders. But one forex platform that has attracted many traders is the metatrader. It is one of the widely used trading platforms and offers features that not many other platforms offer. In spite if this, there are a few glitches in metatrader 5 that if over come can make this platform even more suitable to using. Here are some of the places that require some changes.

There must be extra columns that can be configured.  There must be a provision for displaying the profits in pips and USD at the same time. If there is a feature for closing all trades and deleting all orders, it can be really helpful. There should also be an option to execute the orders just by a click of the button. If metatrader 5 offers an option where in you can resize the window size, it will provide an easy way for switching between the windows.

If the forex platform offers a feature that is similar to templates, it will make the work of the trader very easy. It will reduce a lot of work that was done manually previously. These templates will also reduce the scope of error as most things will be done automatically. The trading platforms should also have the option for creating the data logs so that if the data is lost for some reason, it can be recovered at a later stage. There should also have an option to save the data so that it can be referred later on.

Another key area which requires some modifications is the charting systems. Charts form an integral part of the trader’s tools and an efficient charting can go a long way in helping the trader. Currently, metatrader 5 does not have the option to modify the charts to suit the trader’s requirements. For instance, currently you cannot change the grid colours of the charts as per your liking. If you want to change the colour, you have to reapply the templates. This needs to be changed. There should also be an option to convert to different timeframes. The user must be given the option to arrange the indicators and also to drag the indicators from one window to another. These features are currently not available in the metatrader 5 platform.

These are some of the features that can make metatrader 5 platform a lot better and a lot user friendly. All though these features do not affect directly in your decision making process, but forex platform like these can certainly save time and thereby give more options to invest your time in some other tasks.

Tags: forex platform, metatrader 5, trading platforms

A few modifications that can make metatrader 5 a better platform

Over the last couple of years, there have been many trading platforms devised with different functionalities. Different platforms suit different traders. But one forex platform that has attracted many traders is the metatrader. It is one of the widely used trading platforms and offers features that not many other platforms offer. In spite if this, there are a few glitches in metatrader 5 that if over come, can make this platform even more suitable to using. Here are some of the places that require some changes.

 There must be extra columns that can be configured.  There must be a provision for displaying the profits in pips and USD at the same time. If there is a feature for closing all trades and deleting all orders, it can be really helpful. There should also be an option to execute the orders just by a click of the button. If metatrader 5 offers an option where in you can resize the window size, it will provide an easy way for switching between the windows.

 If the forex platform offers a feature that is similar to templates, it will make the work of the trader very easy. It will reduce a lot of work that was done manually previously. These templates will also reduce the scope of error as most things will be done automatically. The trading platforms should also have the option for creating the data logs so that if the data is lost for some reason, it can be recovered at a later stage. It should also have an option to save the data so that it can be referred later on.

 Another key area which requires some modifications is the charting systems. Charts form an integral part of the trader’s tools and an efficient charting can go a long way in helping the trader. Currently, metatrader 5 does not have the option to modify the charts to suit the trader’s requirements. For instance, currently you cannot change the grid colours of the charts as per your liking. If you want to change the colour, you have to reapply the templates. This needs to be changed. There should also be an option to convert to different timeframes. The user must be given the option to arrange the indicators and also to drag the indicators from one window to another. These features are currently not available in the metatrader 5 platform.

 These are some of the features that can make metatrader 5 platform a lot better and a lot user friendly. All though these features do not affect directly in your decision making process, but forex platform like these can certainly save time and thereby give more options to invest your time in some other tasks.

Tags: forex platform, metatrader 5, trading platforms

Comparison between MT4 and MT5

Metatrader 5 is highly awaited system for its users. The developers have said that it will be released in near future. Many things are said about its new advanced features as compared to Metatrader 4. It will allow working on much wider range of markets than mt4. Metatrader 5 has introduced new programming language for indicators, expert advisors and trading strategies whereas MT4 had different programming language for all this. There are certain features that have been enhanced or removed from metatrader 4 for users’ benefit. Sadly there is no compatibility between MT4 and MT5. It cannot be called as the updated version of metatrader 4 as the client terminal is rewritten completely.

 In metatrader 5 there is new integrated development environment called as MQL5. This environment has Metatrader 5 Strategy Tester, MetaTrader 5, and MetaEditor 5 and MetaQuotes language 5 (MQL5). Due to this, all the indicators and expert advisors have been re-written in Metatrader 5. MQL 5 has been made powerful for traders and developers by adding more features as the compatibility could not be preserved as stated by MetaQuotes. They also said that the language will provide faster execution speed which will be almost 20 times faster than previous language. Initially they thought that they will be able to make this platform well-suited with metatrader 4 but that was not the case. So to compensate this problem they developed many other features. MQL 5 is more object oriented then MQL 4 which makes the progress of expert advisors faster and smoother particularly for autotrader developers.    

 In addition, MQL 5 will enable the usage of difficult expert advisor’s which are capable of processing large amount of data per time and hence will gain more exact forecasts of price dynamics. Its programming environment has introduced new intelligence system which helps to speed up the development process. Metatrader 4 did not have any such systems to improve their development process. The built-in debugger for testing is faster in finding and resolving errors as compared to previous version. The difference between Metatrader 5 Strategy Tester from MT4 is not much apart from its advanced system. It also has 5 order types and 4 execution modes for trading.

 The order management system is also changed completely in metatrader 5. Here an order is a request to execute a trade operation whose outcome can be trade. You can have infinite order but the resulting position per pair will be only one. This change was made in order to make metatrader 5 compatible with other markets. Thus by equalizing the long and short trades into one position, mt5 will eliminate the hedge ability. In the end Metatrader 5 has reduced many problems that were faced by the traders using MT4.

Tags: expert advisors, metaquotes, metatrader 4, metatrader 5, mt4, MT5