The most useful tools in the MetaTrader 5 (MT5) trading platform

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The MetaTrader 5 multi-asset platform supports the hedging method, which allows opening multiple positions of the same financial instrument, of opposite or same direction. This feature is widely used in Forex trading

MT5 offers a wider range of benefits

MetaTrader 5 is the most popular trading platform for many reasons. It has more advantages than mt4. It has all the features and tools that a professional trader needs, and it is easy and fast to use. It does not use vast computer resources and even beginners can learn to use it quickly. Below is a review of the most important tools in this platform that you can use as a trader, to make the process a lot smoother.

Important tools in MT5 desktop

  1. The main technical indicators. MetaTrader 5 comes with all the main technical indicators that traders use. This includes the moving averages, Bollinger bands, Relative Strength Index, Stochastics, MACD, and several others. Those tools will help you understand market movements so that you can make better decisions. Even traders who rely on fundamental analysis use a few technical indicators like the moving averages, so those tools are indispensable. 
  2. MT5 has an extensive array of drawing tools. MT5 offers traders the ability to draw different shapes on the charts to enrich their analysis. A trader can draw trend lines, horizontal and vertical lines, Fibonacci retracements, channels, and others. Those tools also help you understand trends and sideway movements better, and thus it helps you make better decisions.
  3. MT5 offers you new types of orders. The previous version of MetaTrader, MT4, offered 4 types of entry orders to trade (beside the market orders which mean you enter a position based on the current market price). The new and improved version, MT5, offers six types of entry orders. Those orders are: buy stop, sell stop, buy limit, sell limit, buy stop-limit, and sell stop-limit. The last two entry orders are the new ones. The buy stop-limit allows you to wait for the price to reach a higher level first then reverse to a lower level to trigger an entry into a long position (buy order). The opposite is true for the sell stop-limit. 
  4. Strategy automation. On MT5 you can use expert advisors which help you automate your trading and save yourself the effort. The platform offers you the ability to back test strategies before implementing them on a live account. This helps you reduce risk in your trading.
  5. You can enable alerts. If you usually wait for the price to reach a specific level, then you do not need to sit behind the screen and wait. You can set up an alert so that the platform will give you a notification when the price reaches the desired level. 
  6. Volume data. You can display volume data on your charts. The volume is an important indicator that helps you assess whether market moves are supported by large volumes or not. Usually, a large volume under a specific meaningful candle means that traders are convinced that this is the direction the market is going to take.

Conclusion 

The above tools and features are only a few of many valuable tools in the platform. However, you will only discover their true value once you use them practically in your trading. Do not be afraid to explore the platform to enrich your trading toolbox.