MetaTrader 5 Beginner’s Guide

MetaTrader 5 is like an upgraded version of MetaTrader 4
MetaTrader 5 has 21 timeframes
Generally, there are two types of orders in MT5. Market Execution and Pending Order
MetaTrader5 has 38 technical indicators, 44 analytical objects

MetaTrader 5 Tutorial For Beginners - Step By Step (With Pictures)

MetaTrader 5 Explained: MetaTrader 5 is one of the most popular and advanced trading platforms in the world. MetaTrader 5 is designed for trading currencies, stocks, futures, and other various instruments on financial markets. It is one of the most popular trading platforms in the world created by MetaQuotes, a Russian software company in 2009 with MQL5 (a programming language). The main reason why MetaQuotes developed MT5 is to enable access to markets that are not available on MT4 (such as stocks, indices and etc). MetaTrader 5 offers 21 timeframes which can give Traders an edge for deeper analysis of the market. The software also has 38 technical indicators, 44 analytical objects and offers an unlimited number of charts. One of the most useful aspects of MT5 is the economic calendar, which lists important events that may have an influence on the market. When compared to MetaTrader 4, MQL5 is a more complicated object-oriented programming language (OOP) based on C++ that allows skilled algorithmic traders greater leeway for complicated instructions and computations. While understanding MetaTrader 5, It should come as no surprise that MetaTrader 5 provides users with incredibly advanced and advantageous instruments and tools for their trading. Furthermore, the program has an essential feature: a technical analysis tool, which is very beneficial in the foreign exchange market. MetaTrader 5 employs both trading robots and trading signals. Furthermore, it provides users with access to not just a desktop version of the program but also a mobile version. MT5 usually comes in 2 forms (live and demo). We will be focusing on the live version. the only difference between these two is the “money” used. We will also discuss how to use MetaTrader 5 while trading in the financial markets.

Step 1: Download & Install

You can download MT5 from its official website Metatrader5.com. Downloading this platform is completely free so you don’t have to worry about registering or paying something yet. You can also download it on your phone, whether it is an Android or iPhone. Once it is downloaded, it is going to open as a demo account. Basically, a demo account is an account that you use to practice your strategies, trading tools and to find out everything about this platform in general.

Step 2: Register

This is not the most complex part of our MetaTrader 5 guide, In order to register on a trading account to receive futures data, you need to follow these steps:

Open MT5
Find and click “File” in the top-left corner
Click on “Open account”

When you attempt to log into a trading account the server will automatically be set to MetaQuotes. This is primarily for Forex data.

Step 3: Login & Navigation

Once you have registered your MetaTrader 5 account you will be brought into the broad array where you can see the four tabs depicting charts of 4 currency pairs. There is a navigation bar on the left side where you can see your existing accounts as well. The trading platform enables easy access to deposit/withdrawal procedures on the broker's website. You do not have to look for these features in the trader's room since they are provided immediately on terminals: in the accounts menu in the Navigation bar. The trading platform is originally set up to function without any type of error. As a result, it is strongly advised not to modify any parameters in this box unless absolutely necessary.

Step 4: Set Up Your Charts

Once you’ve familiarized yourself with the software, it’s time to set up your charts for the currencies you’d like to trade. Preload chart information for open positions and orders – To reduce traffic, the trading platform downloads signal price history whenever the appropriate data is required, such as when the price chart is accessed or testing is begun. Nevertheless, this will not always be practical for frequently used symbols.

Most traders use the default settings for all graphical items, but in other circumstances, you may need to configure them separately. The option "Show object properties after creation" opens the window of properties for graphical objects and indicators automatically once they are added to a chart. By moving an item from the Market Watch window you will be able to open a chart. When you drag an asset while holding down Ctrl, a new chart is launched in a different window using the DEFAULT.TPL template, which is prepared during the platform installation process. This template cannot be erased; however, it may be modified.

Step 5: Set Up Your Indicators

We’re now getting to the tricky part of our MT5 beginners guide, selecting or adding your indicators. All you have to do is click “Insert” at the top of the software, and find the indicator you wish to add. But if it’s not pre-installed then you can download whatever you wish from MQL5.com. Once downloaded, move the indicator file into the MT5 Indicators folder. Close and restart MT5 after installing. If you downloaded the a.mq5 file, and you resume MT5, it will immediately convert it to an a.ex5 file. When you restart the MetaTrader 5 platform you will see that the chosen and installed indicator will be in the custom section of the ‘’insert’’ part of the menu.

Step 6: Place Your Trade

One way to place an order on MT5 is to click the “New Order” button. This button gives traders a lot of functionality. First of all, not only does it allow us to trade different symbols (so we can do a drop-down menu where you can trade all the other symbols that we have in our charts) but it also allows us a variety of different types of trades. instead of just market execution, we can do a whole bunch of pending orders.

The pending orders that MetaTrader 5 comes with are: buy limits, sell limit, buy stop, sell stop, and buy stop limit, sell stop limit. Let’s suppose we put in a buy limit on the euro, so we'll put 1380 in the price section, we’ll put a stop loss at 1350, and put a take profit at 1400. After that, you can already click the ‘’place’’ button and your order will be placed immediately.

Using MetaTrader 5 - Tips & Tricks

Knowing the basics is not enough, MT5 is very complex and virtually every single feature has its purpose. MetaTrader 5 h