Metatrader 5 (MT5) the new solution to replace the metatrader 4 the most popular financial trading platform among Forex, CFD and equity brokers from MetaQuotes Software Corp. MT5 is currently in public testing. In this article I will review the software and give my opinion on the advantages and disadvantages of this release so far.
-Market Liquidity Pool will be available (Market Watch) to watch the market depth. This advantage will help greatly in avoiding low volume trading instruments that lacks liquidity.
-It offers four different execution types: Market, Instant, Request and Exchange execution which would be a useful feature that will meet all traders’ execution needs.
-The expert advisors code which is passed to the remote agent is never stored on the hard disk of the agent but rather just is passed in a modified form which makes it impossible to dump. A remote agent does not know the name of the expert advisors and does not save the results of calculated data on the hard disk.
-MT5 is a highly flexible and reliable trading platform that gives expert traders as well as beginners the ability to trade efficiently and clearly.
-8 built-in technical indicators, 39 graphic objects and many MQL5-indicators covering most if not all of the popular indicators.
-Security and encryption has been enhanced.
-In MT5 hedging is disabled. This is probably the worst disadvantage of metatrader 5 because hedging is a great risk management approach not to mention that since most liquidity providers do allow hedging positions it is expected for spreads to go up when hedging is disabled.
-All expert advisors and custom indicators written with MQL 4 for MT4 have to be coded again with MQL 5 to be used with metatrader 5.
-MT5 is coded from scratch and not based on MT4 which means there will be many bugs. We all know how many bugs MT4 had when it was lunched so all we can do is hope most bugs are debugged during the beta testing.
Metatrader 5 is still in testing at the moment but we might start seeing it in live accounts soon but how soon? Well it all depends on the results of the public testing and the feedback that the developers will receive.