Profit from your skills and luck
MetaTrader 5 is a professional multi-market platform for trading at Forex and on stock and futures exchanges. Unlike MetaTrader 4, the MetaTrader 5 trading platform is a more advanced version with extended functionality and features for programmers and stock traders. If you have been trading for more than a year, you should try the MT5 trading terminal. This program is multiplatform and can be run on Android devices, so we will tell you more about it.
What is this program?
MetaTrader 5 for Android is a popular research and trading platform with multi-asset support that can be used standalone or connected to compatible online brokers. The platform has many advanced features, from fundamental and qualitative to technical and quantitative analysis, as well as numerous add-ons available through a vast market of third-party services.
MetaTrader has become the epicenter of algorithmic trading development, with millions of users worldwide. MetaQuotes Software Corp. launched its FX Charts in 2000 and continued to develop its core project allowing the development of trading applications using the MQL programming language.
In 2003, the MetaTrader brand appeared and was highly acclaimed in the development community, while MetaTrader 4 and MetaTrader 5 consolidated the success. It would be logical to assume that MetaTrader 5 (MT5) is a new version of MetaTrader 4 (MT4), but that's not true. MT5 was released in 2010 and covered non-Forex markets, such as stocks, futures, and commodities traded on centralized exchanges.
Differences from the previous version
MT4 was released in 2005 for trading in the decentralized Forex market. To avoid confusion, MT5 is not an updated version of MT4 as these platforms are aimed at different end users, cover other needs, use different programming languages (MQL5 and MQL4), and are incompatible.
Both platforms have many followers worldwide, and hundreds of brokers offer them to their clients. The MetaQuotes Language (MQL) language is their unique feature. It is a favorite among programmers and stock analysts developing algorithmic/automated trading systems.
MetaTrader 5 for Android is the best platform for algorithmic, high-frequency, and automated trading programs with improved MQL5 high-level object-oriented logic and smoother backtesting features.
MQL5 has a more comprehensive analytical functionality for easier development of programs for algorithmic trading. This has led to a vast MT5 market with thousands of plugins, including trading robots and indicators for purchasing.
MetaTrader 5 for Android offers candlestick, line, and bar charts with time frames from a tick and minute to a month. Users can open several time frames with one symbol to get a panoramic view of price movements.
Traders can find indicators through the Navigator window, where they are divided into categories by trend or oscillation. More than 38 technical indicators are available, from essential, price-, and trend-based indicators, such as moving averages and Bollinger Bands, to oscillation-momentum-based indicators like RSI and MACD.
Some exotic indicators include Fractal Adaptive Moving Averages, Ichimoku Kinko Hyo, Parabolic Sar, and Variable Index Dynamic Moving Averages.
Bill Williams indicators, such as Alligator, Market Facilitation Index, and Awesome Oscillator, are also available. Users can draw trend lines, channels, and figures for Fibonacci, Elliot, and Gann indicators.
MetaTrader 5 for Android has no scanner, but users can create watchlists with filters and use them as quasi-scanners. Traders who want a real-time stock scanner will find various options on the MT5 marketplace.
The depth-of-market screen (DOM) is a universal window for entering orders for currencies, stocks, and futures. One-click trade activation is also available. Trade orders can also be placed directly on the chart for execution when a condition that depends on the price or indicator is met.
- It lets you work on the go
- Offers a demo account
- Has interactive technical analysis tools
- Built-in market
- Shortcut swiping on currency pairs is gone
- Mobile charts get skewed in vertical mode
- Lags sometimes