MetaTrader 5 (MT5) is the upgraded, turbocharged sibling of MetaTrader 4. But calling it just an upgrade would be selling it short. Launched in 2010 by MetaQuotes Software, MT5 was engineered not only for forex but also for trading a broader range of assets including stocks, indices, futures, and commodities. It is a multi-asset platform designed for today’s dynamic and fast-paced global financial markets.
Why does it matter? Because MT5 is built for serious traders. These are traders who thrive on high-performance tools, real-time analysis, automated systems, and a trading environment that feels like having a hedge fund terminal on your desk. Imagine upgrading from a flip phone to a smartphone. You can still call and text, but now you have access to a world of advanced features.
With 21 timeframes, advanced pending orders, a built-in economic calendar, and improved strategy testing, MT5 provides everything MT4 could offer and then some. Let’s explore how you can make the most of this robust platform.
How to use MetaTrader 5 on Desktop
Using MT5 on a desktop is intuitive and efficient. Here is how you can get started.
Creating Your MT5 Live or Demo Account
First, choose a reputable broker that supports MetaTrader 5. Most top-tier forex brokers or prop firms offer both demo and live MT5 accounts. Setting up an account is simple. You provide your basic details, verify your identity, and receive your login credentials.
Downloading and Installing MT5
Visit your broker’s website or the official MetaTrader 5 site to download the platform. Once downloaded, follow the installation wizard. After installation, open the platform and navigate to File > Open an Account. Use the search bar to find your broker, select it, and enter your login credentials. This typically includes a 7-digit account number and the password you created during registration.
Below is our step-by-step guide on how to access and use MT5 for desktop. Similar to MT4, setting up MT5 involves selecting a reputable broker that supports the platform, downloading the software, and installing it. The process is straightforward:
- Search for your forex broker or one of the many prop firms in the search bar and then select the correct company.
- Enter your login details that you received from signing up with your broker. Your MT5 account login will be a 7-digit number like ‘1111111’ and your password will be the same one you used to create your account.
This section will guide users through each step, ensuring they can smoothly set up MT5 on their computers.
How to use the MetaTrader 5 App on iOS and Android
Installing and Setting Up MT5 (on mobile)
- Visit the App Store and download ‘MetaTrader 5’
- Once installed, open MT5 and click Settings > New Accounts
- Search for your broker in the search bar and then select your broker.
- Enter your login details received when signing up with your broker. Your MT5 account login will be a 7-digit number like ‘1111111’ and your password will be the one used to create your account.
Why Mobile MT5 Stands Out
Even though it looks similar to MT4, MT5 on mobile includes valuable extras. Traders can view more timeframes, access an integrated economic calendar, and enjoy Market Depth functionality. These features give you an edge by offering better data for your decision-making, all from the palm of your hand.
Advanced Features on MT5
One of the biggest reasons traders transition to MT5 is its arsenal of built-in tools and automation.
MT5 Technical Indicators for Deep Analysis
MT5 includes over 80 technical indicators such as Moving Averages, MACD, Bollinger Bands, and custom oscillators. You can easily add them by dragging from the Navigator panel or using the Insert menu.
The ability to analyze trends, momentum, and volume in real time makes MT5 an analytical powerhouse.
Using Trading Robots (Expert Advisors) on MT5
Expert Advisors (EAs) are a cornerstone of MT5’s appeal. These bots can automatically execute trades based on predefined rules, helping remove emotion from trading. You can write your own EAs using the MQL5 language or download existing ones from the MetaTrader Market.
Customizing MT5 Like a Pro
Want MT5 to feel like your trading cockpit? You can personalize it in various ways:
- Change color themes and chart styles
- Create and save templates
- Set hotkeys for quick navigation
- Arrange multiple charts across monitors
All your preferences can be saved as profiles, allowing for fast reloading whenever you launch the platform.
Effective Trading Strategies on MT5
MT5 is more than just a charting tool. It’s a complete trading ecosystem that supports sophisticated strategies.
Backtesting Strategies with the MT5 Strategy Tester
Before you risk real capital, backtest your strategy using MT5’s multi-threaded Strategy Tester. It allows you to simulate past market conditions and evaluate your EA’s performance. The visualization option lets you watch the trades unfold, making it easier to debug and fine-tune.
Mastering Risk Management Tools on MT5
Capital preservation is king. MT5 helps with built-in tools like:
- Stop-Loss and Take-Profit orders
- Trailing Stops
- Margin and leverage calculators
- One-Click Trading for faster execution
Risk management is not optional—it is the difference between surviving and thriving.
Boosting Performance with MT5 Plugins
You can supercharge MT5 by installing plugins and add-ons. Tools like the Mini Terminal, Trade Terminal, and Alarm Manager offer enhanced order management, risk assessment, and real-time alerts.
Many of these plugins are available for free or at a low cost in the MetaTrader Market.
MetaTrader 5 Educational Resources and Community Support
Getting the most out of MT5 means staying informed.
Building Confidence Through the MT5 Ecosystem
The MetaTrader 5 platform is supported by a thriving community of developers, educators, and professional traders. You can find answers, share ideas, and even hire programmers on the MQL5 forum.
Additionally, most brokers provide access to webinars, trading tutorials, and one-on-one coaching for MT5 users. These resources are invaluable, especially for beginners looking to shorten the learning curve.
Executing Trades on MT5: A Step-by-Step Guide
Placing trades on MetaTrader 5 is straightforward once you understand the interface. Here’s a quick breakdown of how to execute orders.
How to Place a Trade
- Open the Market Watch window and right-click on the asset you want to trade.
- Select “New Order.”
- Choose your volume (lot size).
- Set your Stop Loss and Take Profit levels (optional but recommended).
- Choose “Market Execution” or a pending order type.
- Click Buy or Sell.
That’s it. The trade will appear in your Terminal under the “Trade” tab where you can monitor and manage it.
Understanding Order Types in MT5
MT5 supports six types of pending orders:
- Buy Limit
- Sell Limit
- Buy Stop
- Sell Stop
- Buy Stop Limit
- Sell Stop Limit
These options give traders more flexibility in anticipating price movements.
One-Click Trading
For fast-paced markets, One-Click Trading is a game-changer. Enable it from the settings menu, and you’ll be able to open and close trades directly from the chart with just a click.
MT4 vs MT5: What Sets Them Apart?
Choosing between MetaTrader 4 and MetaTrader 5 is like choosing between a sports car and a race car. Both are powerful, but MT5 comes with a few more bells and whistles.
Feature | MetaTrader 4 | MetaTrader 5 |
Market Coverage | Forex Only | Forex, Stocks, Futures, Commodities |
Programming Language | MQL4 | MQL5 |
Strategy Tester | Single-threaded | Multi-threaded, with visualization |
Timeframes | 9 | 21 |
Pending Orders | 4 types | 6 types |
Economic Calendar | No | Yes |
Depth of Market | No | Yes |
Which One Should You Choose?
If you’re only trading forex and using a broker that supports MT4, you might stick with the familiar. But if you want more flexibility, deeper analysis, and access to more markets, MT5 is the better long-term investment.
Automated Trading on MetaTrader 5: Beyond Basics
Automation is where MT5 truly shines. With its advanced MQL5 language, developers can build complex trading algorithms that operate with surgical precision.
Developing and Installing EAs for MT5
To create your own EA:
- Open MetaEditor from MT5.
- Use the MQL5 wizard to define your trading rules.
- Compile and test your EA in the Strategy Tester.
If coding isn’t your thing, you can browse thousands of pre-built EAs in the MetaTrader Market. Many are free, while others come with a price tag depending on their features.
Best Practices for Using EAs
- Always test on a demo account first.
- Monitor performance regularly.
- Keep backups of profitable settings.
- Avoid EAs that promise guaranteed profits.
Expert Tips for Enhancing Your MT5 Experience
Want to get more out of MT5? Here are a few trader-approved hacks:
- Use multiple profiles for different strategies.
- Save chart templates for quick analysis setups.
- Integrate TradingView or ForexFactory for added insights.
- Use VPS hosting to run your EAs 24/7 without interruptions.
These tips may seem small, but they can significantly boost your efficiency and execution speed.
Is MetaTrader 5 Right for You?
MetaTrader 5 is ideal for traders who need more than basic charts and order buttons. Whether you are a discretionary trader using technical analysis or a quant developing algorithms, MT5 provides the infrastructure to succeed.
If you’re new, don’t be intimidated. Start with a demo account and explore its many features at your own pace. If you’re a seasoned trader, MT5 offers the power and performance to fine-tune your edge in the market.
Conclusion and Final Thoughts
MetaTrader 5 is not just another trading platform. It is a professional-grade solution that empowers traders with tools, automation, analytics, and global market access. Whether you’re scalping forex pairs or building a diversified portfolio across stocks and commodities, MT5 is equipped to help you trade smarter.
Take the time to learn it, customize it, and make it your own. The possibilities are vast, and so are the opportunities.
FAQ’s
MT4 is mainly for forex and simpler strategies. MT5 supports more asset classes, offers more timeframes, and allows for deeper strategy testing and market analysis.
Yes, MT5 supports stock, index, futures, and commodity trading in addition to forex.
Yes, the platform is free to download. However, some brokers and EAs may have associated costs.
Drag and drop them from the Navigator panel or place downloaded .ex5 files in the Indicators folder in the MetaTrader directory.
Most major brokers now support MT5 including IC Markets, Pepperstone, and Eightcap. Always check with the broker to confirm.
Absolutely. While it has advanced features, the interface is user-friendly. Beginners can start with demos and gradually explore the more complex tools.
About the Author
I’m Ronan Edwards, a funded futures trader and content creator with over 7 years of experience across cryptocurrency and financial markets. My journey began in the 2017-2018 crypto boom, where I laid the foundation for my trading approach, later expanding into forex, gold, and meme coins.
