MetaTrader 5 Tutorial: Ultimate Guide On How To Use MetaTrader 5 In Binary Options?
MetaTrader 5 provides an array of opportunities for a pool of actions in the financial markets, such as trading analysis (both fundamental and technical), testing of trading strategies, the development, automated trading, customize technical indicators, and scripts.
The platform is powerful with multiple trading instruments. Moreover, you have the freedom to enjoy the platform from both smartphone and tablets.
The versatility was designed to equip the user with a complete set of tools so that traders can trade in any financial market with ease.
In this article, we will give you an ultimate guideline so that you can achieve outstanding trading performance from this platform. Whether you have novice or advance traders, it is the all in one platform for trading forex to binary options.
If you want to more about this exotic trading form, you can collect information from our what is binary trading article.
What is MetaTrader 5
MetaTrader 5 isn’t just only a trading platform. It is a complete and highly preferred platform that allows traders to trade the financial market around the world.
Moreover, it has a highly accessible interface, rich functionality, a straightforward, and intuitive logic of trade. The platform MetaTrader was released in 2010. It is both an updated and upgraded version of MetaTrader 4.
We will discuss the differences between the two platforms, later in this article. If you want to have access to a broader range of trading opportunities, charts, indicators, technical analysis of quotes, etc. then MetaTrader 5 is the best choice for you.
Hundreds of brokers and financial platforms use this high-tech trading platform. Besides, it supports major financial news providers which is an important advantage for traders. So, binary trading is now simpler than other platforms.
Why MetaTrader 5 Is The Market Leader
The platform is widely accepted by many traders only for its benefits and features. It is the best choice for modern traders and also for advanced traders. You can purchase a trading order without jumping into other sites for market analysis because you will find all the fundamental tools under one roof.
Here are some leading features of MT5 that make this platform convenient for traders.
- Powerful trading platform
- Can access from any device
- Trader’s capital and data will be secured
- User-friendly platform
- Powerful analytical tools
- Wide time-frames
- Expert advisor or auto trading facility
- A wide range of trading instruments
MetaTrader 5 Tutorial: How To Use MT5 Platform
The MT5 platform is easy to use and supports reliable brokers with multiple trading assets. MetaTrader 5 platform offers a demo account. So, you will get a chance to make a short tour before dealing with real money.
In one platform, you will see all the key elements that are related to the trading world. At the first time, you have to download the software in your device. Open an account with a valid e-mail and password.
From the menu bar, you will find all the information that will help you to create a chart using trading indicators and analysis tools. You can also create a customized trading environment.
Moreover, a trader can open multiple trading dashboards to analyze more than one trading assets.
From the left side on the dashboard, you will see a market watch with all real-time data of selected trading assets.
Furthermore, from the toolbox section, you will see the trading history with open, close, and pending orders.
The overall MetaTrader 5 platform has multi-functional windows with all useful categories such as trading alerts, market news, internal mailbox, expert journals, auto trading, and much more.
To place an order using this platform, you have to follow 3 simple steps.
- Open the market watch section
- Select the asset and open a new order
- Decide the type of order that you want to execute – instant, pending, or market order
Platform Overview - Best Application For Traders
We have already given a short introduction on the MetaTrader 5 platform. Globally, it is the most powerful application where traders can access from any devices.
Moreover, the platform allows you to open up to 100 trading charts on different trading assets. The MetaTrader 5 offers traders impressive, powerful, and useful tools for high-grade intelligence.
In this phase, we will divide the platform into many different portions with the individual’s description and advantages.
>> MetaTrader 5 - Trading Indicators
A technical indicator is the most important tool when it comes to technical analysis. Technical indicators use to identify various patterns in the price dynamics of currencies, shares, and other forms of financial instruments automatically.
The information makes it easy for traders to make assumptions about future price movements. According to the analysis, you can also adjust your trading strategies.
There are plenty of technical indicators, but the most famous and popular are included in
MetaTrader 5. It has more than 80 technical indicators available with 21 time-frames.
Any trader can use any of these technical indicators in his trading processes and strategies.
Most technical indicators come with a plethora of settings that enables traders to adjust the various instruments for specific tasks.
Besides, traders can control the appearance of the indicators by both the analytical parameters and settings. For instance, the period of the moving average will change as well as the thickness, colour, and line.
Lastly, you can position the terminal indicator either on the price chart or in the special panes alongside its scale values. It is possible to apply some other indicators too.
>> Fundamental Analysis
To forecast the price dynamics of financial instruments, traders use fundamental analysis. For this analysis, traders mainly use financial market news and events with indicators.
You will find all international news into this platform with real-time updated data. From the economic calendar, you can pick the most recent news which is closely related to your selected trading assets.
>> Strategy Tester
Traders can check the quality of the written algorithm by using the built-in MetaTrader 5 strategy tester. The incredible tool allows you to determine the efficiency and choose the best input parameter, before running an advisor in trading.
Also, the MetaTrader 5 strategy tester gives traders multiple testing modes, enabling you to select the optimum ratio of speed/quality test to fulfil the requirements of traders.
One significant advantage of the MetaTrader 5 strategy tester is the illustration of trade advisors test results. You can see how much did the algorithm earn during the testing phase.
It also shows a broad range of statistical information such as the number of successful and unsuccessful transactions, the profit and loss percentage, the risk factors, and much more.
>> Copy Trading And Signals
If you have a limited time to place traders manually, you can use traders signals who are successful in trading. To avail this, you have to subscribe to a signal of a professional trader. The platform will automatically reproduce all his trade on your account later on.
Besides, you will find a wide range of Free and Paid signals for both demo and live trading account. Select the one which will give you the highest profitability.
>> Alerts in MetaTrader 5
When it comes to sending notifications about the important events regarding trading, few tools are as fast and efficient like the alerts in the MetaTrader 5. Using those updated alerts, you can make significant binary options trading strategy.
You don’t have to keep worrying as your favourable trading time won’t be missed if an alert alarm is set for the event.
Traders don’t need to sit for hours in front of monitors to watch the sudden movements of stock quotes and currencies. At the right time, the trading platform will alert traders with an email or an audible signal.
Also, by launching different applications and programs, traders can get alerts about trade events. For instance, the Economic Calendar of MetaTrader 5 will send you email notifications to your mobile phone via SMS. In this way, you will have all the latest real-time financial markets updates wherever you want.
To give you some perspective, if the current price of a stock rises at a specified level or there are movements of currency price quotes, the trading signal will be triggered instantly.
Algorithm Trading With MetaTrader5
You can count the Algorithm Trading as an impressive feature of the MT5 platform. The auto trading software analyzes the market movement on behalf of a trader and places an order according to the signal.
The robots work on an underlying algorithm so that it can analyze the quote and perform trading operations.
MetaTrader 5 trading platform incorporates a complete development model and uses MQL5 IDE automated trading programs. It comes with all the components to create, test, optimize, and execute directions to trading robots.
You will also get thousands of market trading application and robots that are available as a free version te test before purchasing.
MetaTrader 4 Vs. 5: Which Is Better?
The external interface of MetaTrader 5 hasn’t changed that much. Also, the names of the menu and icons are the same as MetaTrader 4, so traders can get the hang of the software quickly and conveniently.
Besides, the appearance of the MetaTrader 5 terminal remains the same as MetaTrader 4. So, the transition to the new and updated trading platform will not create any big problems for traders.
However, there are some significant architectural changes available between the latest MetaTrader 5 and MetaTrader 4.
The timeframes in MetaTrader 5 have been extended: M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, and H12. Another notable and useful new feature is that a mouse can be used for position control.
The Economic Calendar is a convenient addition to the interface also. Now, traders and brokers don’t need to go to various websites looking for time significant events any longer.
We are presenting a table with all differences between MetaTrader 4 vs. 5.
The execution modes: 4
Pending order type: 6
Technical indicators: 38
Analytical objects: 44
Economic calendar: Yes
Supported markets: Multiple
The execution modes: 3
Pending order type: 4
Technical indicators: 30
Analytical objects: 31
Economic calendar: No
Supported markets: Forex
We put all the important information about MetaTrader 5 in this article so that any type of traders will get a rough idea about this application. It is a full-fledged application with many supporting tools that provide a secure trading environment.
As we said earlier, both web trading and mobile trading is possible on this platform. So, access from any part of this world is an easy task for traders.
You can now test the world-leading platform by joining now and enjoy all the beneﬁts.