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Tovmasyan. “Charting is a huge tool for any trader and a good charting package is a must in any trader’s arsenal. Te inclusion of over 21 different time frames and 70 analytical tools will greatly minimise the need for clients to look to external charting and give them the fast, reliable and accurate data that they expect from a world class broker and world class trading software.” he says.
On new charting capabilities, Goddard remarks on one very useful additional feature: “In MetaTrader 4, you had the standard M1, M5, M15, M30, H1, H4, D1, W1, MN timeframes, but MetaTrader 5 introduces intermediate timeframes into the mix. Built-in indicators and graphical objects are used for quick analysis of quotes and trade decision making. In summary the terminal offers three types of charts, 21 timeframe and more than 70 analytical tools. With such an arsenal one can easily detect trends, various figures, entry-exit points and so on,” he observes.
Alberto Munoz
“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 important feature that makes MT5 superior to MT4 is its architecture, claims Goddard. He says: “A set of functions that were previously performed by one server, are logically divided between separate components in the new platform: a trade server; an access server; a history; and backup server. Such an organisation of the internal interaction significantly increases the reliability and performance of the system. Moreover, this results in significantly increasing the productivity and improves the fault tolerance of the system as a whole, allowing for greater stability and faster trade execution.”
Powerful new charting
“Te major improvements and differences from MT4 are the obvious ones, most notably reliability and outstanding working speed. However, the other major points that are going to help improve our clients journey are the inclusion of different chart types, as well as more flexibility when placing orders.” says
164 | april 2011 e-FOREX
Muñoz remarks that the updated Metatrader has new ways to plot price as well as indicators. With MT5 it is now possible to draw histograms as well as filled areas over the price. Also it’s possible to transform price charts using the new bar and candle drawing styles.
“Te new drawing styles will probably benefit all those traders that needed to make complex code when they tried to overlay any kind of area on the chart, and most likely those traders using Market Profile trading techniques will take advantage of the new histograms,” Muñoz says.
While Dilkes comments: “In concept, one of the most attractive features I have seen is the ability to attach calendar events to charts. Tis marries fundamental and technical analysis and offers a unique perspective at a single glance. Te economic calendar provides previous, forecast, and actual numbers. Additionally, MT5 allows trading on virtually any timeframe thus expanding the parsing ability relative to technical analysis on custom timeframes. Te terminal has expanded standard charting periods from nine to 21 time frames; however, traders can create non-standard periods such as 7M, 3H, etc.”
“MetaQuotes has really put some thought into providing maximum flexibility. Further proof of this in MT5 is the 38 built in technical indicators as well as the ability to create custom indicators with MQL5,” adds Dilkes.
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