One of the most common and important features of a Forex trading app is the charts and timeframes. They are being used to conduct some technical analysis on the price movement, the reason why it occupies a huge space on MetaTrader 5 (MT5) trading platform.
Different Types of Timeframes and Charts in MetaTrader 5
Charts are considered the most significant feature of MT5 and any other trading platforms out there. But in MT5, there are four charts that are being used in different assets. However, this number can be easily maximized if they really want to. For the charting types, there are programs support lines, candlestick charts, and bar charts.
It is also very easy to change one chart to another. Traders can simply right-click on the chat and pick the type that they want to use. You can also hover into the chart menu located at the top-right corner of the screen and perform the same thing.
But when using timeframes, the difference between MetaTrader 4 and MT5 becomes more visible. MetaTrader 4, has 9-time frames – they are the 4-minute frames, the 2-hour frames, as well as the monthly, weekly, and daily frames. MT5 is equipped with more frames. It has 12 timeframes more than the MetaTrader 4, marking the total to 21 timeframes. It has 11-minute frames, 7-hour frames, as well as monthly, weekly, and daily frames.
Trading Instruments in MetaTrader 5
If MetaTrader 4 is particularly created for Forex trading, MT5 goes to other markets such as stocks and commodities. In MT4, there are 200 FX pairs to trade on and a lot of retail traders are on FX trading, the reason why brokers widely offer this trading instrument to their clients.
MT5, meanwhile, there are still limitations but there are now more instruments to trade. With this trading platform, you can trade futures, stocks, and commodities. Both MT4 and MT5 allow traders to choose their preferred instruments located at the Market Watch window at the left side corner of the MT5 screen. But in MetaTrader 4, you first need to double click the mouse in any blank space unlike in MT5 where there is a dedicated ‘+’ button for this function.
Automatic Trading in MetaTrader 5
Automatic trading is another great feature of MT5. But this feature is not isolated only for MT5 but it can also be found in MetaTrader 4. Both of these platforms are using Expert Advisors to manually code programs and perform various tasks which include technical analysis and the opening and closing of positions at a given instrument.
The difference in the automatic trading of MT4 and MT5 goes down to the different programming languages being used in these platforms. They may almost have the same name but these two are using very different programming languages. MetaTrader 4 uses MQL4 and has more pre-written codes and scripts on it while MetaTrader 5 uses MQL5 which is known to be a lot easier to maneuver and creating scripts is a piece of cake.
