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>>> Order management
“Metatrader 5 comes with a lot of new and exciting features, such as the possibility of creating your own buttons and entry fields. Tis feature will be especially useful for scalpers looking to quickly open, close and reverse positions with a single click,” notes Alberto Muñoz, forex analyst and advisor at
Fxstreet.com.
He goes on, “Remember that in MT4 you needed to programme your own scripts to manage orders or alternatively buy third party products to have a decent orders management interface. What´s more, now positions are aggregated in MT5, which means you can close several open positions with just one click,” he adds.
Muñoz continues: “Two new pending order types have also been added in this new Metatrader version, Buy Stop Limit and Sell Stop Limit, which will help traders to avoid bad fills when executing stop orders. Another great feature is that MT5 shows the depth of the market which will allow ECNs to post prices using a Metaquotes platform and, therefore, offers traders the possibility to trade with the best quoted prices using Metatrader. All in all, this new release could definitely be considered a major improvement over MT4, and probably brokers as well as traders will start demanding the new features.”
Alpari has a long standing relationship with MetaQuotes, comments Mushegh Tovmasyan, global head of sales at Alpari UK. He states, “MT4 was already a fantastic trading platform, but what MT5 offers is even more flexibility. MT5 now boasts five different order types, four different execution modes, and market depth. It is this choice that separates this offering from others.”
“Te new position keeping and order management systems also eliminates a lot of confusion, allowing clients to easily keep tabs on their positions. Te changes have also bought MT5 in line with industry and regulatory standards in the forex market. Clients will now only be able to hold one position in any single currency pair, leaving position keeping screens cleaner and easier to understand,” Tovmasyan adds.
On what types of trade operation are possible with MT5, Dilkes remarks: “Tis is another area of the platform that has really matured. In addition to the Instant, Request, and Market orders found in MT4, MT5 also offers three policies for order execution: All or None (fill or kill); Cancel (partial fill kill the balance); and Return (partial fill, balance as resting
162 | april 2011 e-FOREX
order). Building out this suite of order processing capabilities provides more specificity and flexibility to the traders which, in turn, allows them to create more robust trading strategies.”
Antony Goddard, managing director of both Enfinium and Vantage FX notes that by combining the five order types now available in MT5, traders can create practically any trading system and actively manage it. “Additionally, four types of trade operation execution are available in MT5: Market, Instant, Request and Exchange. All this allows implementing practically any trading strategy when working in financial markets. Built-in reports for trading activity will help review a trading strategy, as well as to detect its strength and weaknesses.” he says.
“Te code execution speed of MQL5 surpasses that of its predecessor thus greatly enhancing overall trading performance.”
Shawn Dilkes
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