Sponsored Post

However, nuances that separate one platform from another can have a great impact on your trading performance and, consequently, your bottom line.

MetaTrader 4 has long been the trading platform of choice for traders and brokers worldwide, but its successor - Meta Trader 5 - has some significant upgrades compared to its older brother, which can come handy in everyday Forex trading. Let's take a look at the main advantages of MetaTrader 5 compared to MetaTrader 4, with the latter having been around for over a decade now.

Upgraded Charting Tools

Charting tools are an essential part of every trader's toolbox, and MetaTrader 5 comes fully-loaded with enhanced and upgraded tools compared to MetaTrader 4. Take technical indicators, graphical objects and timeframes for example.

MetaTrader 5 features dozens of the most popular technical indicators by default (eight more than MT4), graphical objects have a whole new range of additional types (13 more than MT4) and timeframes are expanded to include the 10-minutes, 2-hours, 8-hours and 12-hours among others (12 more than MT4). The next time you use your Forex Fibonacci calculator, you can easily mark and analyze the major levels with the full-range of MetaTrader's new graphical objects. Neat!

New Order Filling Policies

Unlike its predecessor, MetaTrader 5 features upgraded order filling policies regarding partial orders, that ensure that only the volume available in the market is filled, while the remaining volume of your order gets cancelled. In addition, while MT4 featured only "Fill or Kill" filling policies, you can now set additional execution conditions before opening a trade.

New Types of Market Orders

If you're an active trader, you've probably already used one of the four pending orders available in MetaTrader 4. However, MetaTrader 5 brings pending orders to a new level by introducing two additional types of orders: Buy Stop Limits and Sell Stop Limits. Stop Limit orders act as Stop orders until the stop-price is reached, after which they turn into Limit orders and won't get executed until the limit-price is reached.

Built-in Economic Calendar

Whether we like it or not, economic releases can have a significant impact on exchange rates and our open positions, and MetaTrader 5 comes with a built-in economic calendar inside the platform! You don't have to follow market reports on third-party websites anymore - all releases are conveniently sorted in your Toolbox window under the Calendar tab, and include the time of the release, affected currency, event, importance, actual, forecasted and previous releases. With MetaTrader 5, you won't miss any single number in the future!

Enhanced Strategy Tester

If you use Expert Advisors in your trading and run them through MetaTrader's 4 strategy tester, you've noticed that the platform doesn't support multi-threaded and multi-currency backtesting. That's not the case anymore with MetaTrader 5. The new strategy tester allows for strategy backtesting across multiple currency pairs - a feature we looked for a long time ago.

The mentioned benefits immensely help in identifying new trade setups and will bring your trading to the next level, as evidenced by millions of traders around the world who have already upgraded to MetaTrader 5.