MetaTrader 5 (MT5) is the newest iteration of the famous MetaTrader platform. While the MT5 is newer, it is not necessarily an upgraded version.

Both MT4 and MT5 are trading platforms with back-testing capabilities, as well as graphical interfaces that seem to be fairly similar. By design, however, MT5 was intended to meet the needs of non-forex and U.S. markets in a manner that MT4 could not. Essentially, MT5 is not necessarily better than MT4, but rather simply different.

Here are the distinctive elements that the MT5 platform offers in comparison to its older sister, the MT4:

• New Order Types

The MT5 platform has two additional order types that are not available on its predecessor. These are ‘buy stop limit’ and ‘sell stop-limit’. Additionally, MT5 also supports partial order filling policies.

• Added indicators and widgets

MT5 has 8 additional built-in indicators, and 13 more graphical objects than MT4. This means that traders can perform more in-depth technical analysis in the financial markets using MT5.

• Economic Calendar

MT5 has an integrated, comprehensive Economic Calendar tab that shows news release schedules, the impact levels, previous data, and market consensus.

• Improved Strategy Tester for EAs (Expert Advisors)

MT5 features a multi-threaded strategy tester that has noticeably faster execution speeds when testing programmed trading strategies. In addition, featuring an Agent Manager that enables remote optimisation, the MT5 strategy tester also allows for concurrent multi-currency pair back-testing.

• Timeframes

MT5 has 21 timeframe charts, which is exactly 12 more than is available on MT4. This can give traders more room for performing a deeper analysis of their favourite assets.

• Funds Transfer

Traders can easily transfer funds between accounts on MT5 if the accounts are within the same server. This helps to streamline processes, offering clients convenience and flexibility.

• Market Depth

By hitting the ALT+B buttons, traders can view the depth of market, which is a graphical representation of bids and offers of an underlying financial asset, depending on trading volume. This is a functionality that can allow traders to execute trade orders at the best possible price.

• Netting

MetaTrader 5 supports the netting accounting system that allows only one position to be held for any particular financial asset.

• Tradable Assets

Alongside forex as CFDs, traders can also trade indices, futures, cryptocurrencies, bonds and options on the MT5 platform. MT5 has an expanded instruments list of over 1,000 assets compared to the average 250 on MT4.