As the industry standard for Forex and CFD trading, the MT5 and MT4 trading platforms come with advanced capabilities.
However, when learning how to use MetaTrader 5 and 4, even the most experienced traders may overlook the depth of features available. Our guide will uncover the best hidden features of the MetaTrader platforms.
What Makes MT4 and MT5 So Widely Used by Forex Traders?
As the global benchmark for retail Forex trading, the MT5 and MT4 platforms are expertly designed with powerful functionality, user-friendly navigation, and a comprehensive range of built-in charts and indicators.
MetaTrader is also renowned for its reliability, security, and streamlined trading across mobile and desktop, as well as its advanced customisation tools.
All of these features combined make MetaTrader accessible to traders at all levels seeking a powerful way to enhance their experience using a platform that grows with them.
MT4 vs MT5: Key Differences and Which One to Use
Asking the key question “What is the difference between MT4 and MT5?” will help traders to identify the most appropriate platform in line with trading style, instruments, and experience.
Both platforms offer a vast range of analytical and trading tools. However, MT4 is more accessible for beginners, while the MT5 toolkit allows for more in-depth fundamental and technical analysis, ideal for institutional-grade investors.
MT4 allows trades to be executed using the Instant, Market, or Request channels, while MT5 also offers Exchange execution.
MT4 offers four order types (Buy/Sell Limit and Buy/Sell Stop). MT5 also offers the Buy Stop Limit and the Sell Stop Limit. MT5 fully supports Depth of Market, which is not available with MT4 trading.
MT5 offers 38 built-in indicators, 21 timeframes, 44 chart objects, and a built-in economic calendar. In contrast, there are 30 MT4 indicators, 9 timeframes, and 31 chart objects.
Hidden Features of MetaTrader 4 and MetaTrader 5
Depth of Market
View market liquidity in real-time, including optimum bid and ask prices across different trading volumes and price levels.
Multi-threaded Backtesting
By running backtests simultaneously, MT5 can test strategies across multiple currency pairs and timeframes informed by real-world data for faster, more accurate, and more comprehensive results.
Built-in Economic Calendar
This tool includes both past and present data to support strategic trading decisions, including all the latest news, a full calendar of key events, forecasts, and previous readings.
One-click Trading
Choose the size of your trade and open or close a trade with just one click. Ideal for the Forex markets where the landscape can change quickly, this is also a popular tool with scalpers and day traders.
Alert Settings
Traders can customise alerts using their chosen trading instrument and condition (i.e., bid or ask), as well as type and duration of notification.
Expert Shortcuts and Layout Tricks on MT4/MT5
Keyboard shortcuts
Streamline the trading process using popular shortcuts, including F9 to open a new order window, Ctrl + T to access the Trading Terminal, and F8 to open Chart Settings.
Saving chart templates
Allows users to save custom chart settings, including graphical indicators and time frame configurations, then load the template onto other charts.
Profile switching
Preserve specific chart arrangements and configurations, then switch between profiles at the click of a button.
Multi-monitor setups
Allows users to track different trading configurations across multiple monitors for maximum efficiency with trade execution.
Workspace customisation
Ideal whether you wish to focus on specific currencies, track data in MarketWatch, or customise charts using different colours and styles.
Start Trading with MetaTrader 4 or 5 at ActivTrades
As a leading MetaTrader broker, ActivTrades offers clients full access to the most advanced features of the MetaTrader 4 and 5 platforms.
With key features including no requotes, lightning-fast execution, one-click trading, and advanced strategy testing, the MT5 platform and its MT4 counterpart are easily accessible via the ActivTrades website.
FAQs – How to Use MetaTrader 5 & 4 Like a Pro
How Do I Open a Real Forex Account on MetaTrader 5?
Simply register with your chosen broker, input the required details, and start trading. Signing up to trading Forex with MetaTrader 5 via ActivTrades takes less than five minutes and offers access to features including zero-commission trading.
Does the MT4 Trading Platform Offer a Demo Account Option?
Yes – simply navigate through your chosen broker website to open a demo account and practice trading in real-market conditions with zero risk.
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