In the last article we learned about how to use MT4 software, today it will be another trading software that is as popular on the forex market as MT4, which is MT5 software. This is also a software designed by MetaQuote Ltd, like MT4, MT5 that provides investors with a platform to trade forex, CFDs and other assets on the market such as metals, commodities and commodities. numbers, stocks, cryptocurrencies … but developed a number of advanced features to serve the maximum trading needs of investors.
What is MT5?
MT5 is a software that supports forex and CFDs trading of other assets such as metals, commodities, indices, stocks, cryptocurrencies … in the foreign exchange market. MT5 provides investors with a platform to place buy and sell orders or tools to assist with price analysis, predicting market movements.
First launched in 2010, but nowadays, MT5 is becoming more and more popular and only behind MT4. If MT4 software is favored by most customer segments, from new investors to experienced investors, MT5 is only used widely by professional traders, they need to make transactions. more advanced, therefore MT5 will be a more suitable choice than MT4.
Some more outstanding features of MT5 than MT4:
- Increased number of time frames from 9 to 21.
- More than 80 technical indicators and tools support chart analysis, while MT4 only has about 50.
- Provides up to 6 types of pending orders (in addition to Buy Stop Limit and Sell Stop Limit).
- Built-in economic calendar on the software.
- Market depth is shown right on the price chart.
- The MQL5 programming language helps coders create custom technical indicators, EAs or scripts that support transactions.
- Traditional trading of shares (not via CFDs) is allowed.
Instructions for downloading MT5 software
To download MT5 software, you must open a trading account at a forex, of course it must support investors to trade on this platform. Then download the MT5 software and install it on your computer. The process of downloading and installing MT5 is similar to MT4 so you can refer to the following article: Instructions to open an account and install MT4 software.
Instruction for using MT5 software
After installing MT5 on your computer, open the software, the interface of MT5 will look like the picture below:
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Log your forex trading account into MT5
To log in your account to MT5, you choose File, then select Login to Trader Account, the login dialog box appears as follows:
You enter it Account number, Account password and Server name (this information is provided when you open a trading account) and then click OK, got it
Market Watch area
This is the place to display all the products you can trade. Symbol column is the symbol of forex pairs or products, Bid is the selling price, Ask is the buying price. Research What is Bid, Ask?
When installed on your computer, the MT5 software will not display all products but only a few products on this area. To view all products, at any forex pair, right click and select Show All.
In this dialog box, you note some of the following:
- New Order: place a new order, this part will be guided later.
- Depth Of Market: when you click on this box, the chart showing the market depth of the forex pair will appear.
- Specification: conditions of the product, when you click on this box, all information such as contract size, minimum order size, maximum, swap fee … of the traded product will be displayed.
- Columns: when clicked Columns, the screen will appear as follows:
Here, you will select the parameters you want to display on the area Market Watch, some important parameters such as highest / lowest price, spread, volume, opening / closing price…. These parameters will be displayed to the right of the Ask price column. If you want to delete a column, right-click on any product, select again Columns then click to remove the tick before each parameter is complete.
The exclamation mark in the image is spread. What is spread?
Navigator area
- Accounts: is the place to display all your MT5 accounts.
- Indicators: you can insert technical indicators here.
- Expert Advisors: insert automated trading systems into price graphs.
- Scripts: This tool has the function to support transactions faster, saving more time.
Toolbox area
We will learn about a few important tabs in this area.
- Trade: this tab will display all running orders and information about your trading account, including Balance, Equity, Margin or Margin ( Free Margin) …
- History: displays transaction history, including closed buy and sell orders and deposits and withdrawals.
- new: provide daily economic, political news around the world.
- Calendar: Economic calendar. This is a new feature on MT5, with MT4, the economic calendar is not included, investors must see this tool at another platform or website such as investing.com, forexfactory.com …, but with MT5. , you can watch directly on the software in this area.
- Alerts: real-time transaction alerts.
- Codebase, Experts, VPS: programming services, custom indicators or EAs, VPS services … are directly linked to the MQL5 Community platform (mql5.com), where investors can buy, sell, exchange services forex trading support services in the market.
Area price graph
When the MT5 software first opens, this area will always display 4 price charts of any 4 products. To zoom in on a particular chart, just click on the square button in the upper right corner of the graph. If you want to turn off or zoom out, click the x or the – sign.
To open a graph of any product, in the area Market Watch, just click and hold the left mouse button on the product and drag to the graph area, then release the mouse.
- Some important manipulations on the price graph
To open a market depth chart or One-click Trading, you can click the 2 buttons as shown in the picture, or right-click on the price chart and select Depth of Markets or One click trading
To set the color of the price chart, right-click on the graph and select Properties (last line).
The installation dialog box appears as follows:
- Common: Choose price chart type.
- Show: choose to display or not some of the values, parameters on the chart.
- Colors: color settings for the chart.
Menu bar area
In this section, we will learn about the function of the buttons on the menu bar and the tools located below the menu bar.
Here, you just need to pay attention to some important content as follows:
- New Chart: Open the price chart of a new product, you can also do this job at Market Watch as instructed above.
- Open an Account: To open a new trading account (Live or Demo), you can open it directly here or visit the personal management page to open.
- Login to Trade Account: login to your MT5 trading account.
- View button
A button used to show or hide areas and toolbars on the screen.
- Languages: Select the language for software.
- Toolbars: choose to show or disable the toolbars located below the Menu bar.
- Strategy Tester: tool to test trading strategies. After clicking select Strategy Tester, below the Toolbox area, the screen will display as follows:
Here, you choose a strategy, EAs or any indicator, then set the parameters for that strategy.
Installation is complete, you press the button Start to start running the test.
- Chats: this tool helps you to exchange and discuss issues related to forex trading with other traders. To use the feature Chats This, you need to register an account on mql5.com and then use the ID and Password on that website to log into the Chats feature on the MT5 software.
- Insert button
Used to insert technical indicators, drawing tools to support chart analysis, EAs and Scripts. In this section, we will guide you to insert technical indicators and drawing tools.
- Insert a technical indicator into the price graph, you can do the following:
- Method 1: On the Menu bar, select Insert, then select continue Indicators, then select any one indicator.
- Method 2: In the area Navigator, choose Indicators, then select any indicator. Both ways produce the same results.
Assuming you select the MACD indicator, the indicator settings dialog box will appear as shown below:
After setting the parameters and colors for the indicator, you press OK, got it then this indicator will appear on the price graph.
There will be indicators that appear right on the price chart, but there are also indicators that appear separated into an independent chart below the price graph.
To turn off the indicator, right-click on the indicator, and then select Delete Indicator
If you want to change the indicator settings, select Properties of + Indicator name, the installation dialog box will reappear.
To insert drawing tools into the graph such as Fibonacci sequence, or draw trendlines …, you can also follow two ways:
- Method 1: on Insert, choose Objects then choose any tool.
- Method 2: Choose any one tool directly on the frame Line Studies under the Menu bar
After selecting the drawing tool, put the cursor in the area of the price graph and draw.
This button performs functions related to the price graph.
- Depth Of Market: show the market depth of forex pairs or products on the price chart.
- Indicator List: displays a list of indicators being used on the price graph ..
- Objects: show or delete existing drawing tools on the price graph.
- Bar Chart, Candlesticks, Line Chart: choose one of 3 price chart types.
- TimeFrames: choose a time frame for the chart.
There are 3 ways for you to choose a time frame for the chart.
- Method 1: Enter Charts, choose Timeframes, then choose any time frame.
- Method 2: On the price graph, right-click and select Timeframes, then choose any time frame.
- Option 3: directly select a time frame on the toolbar.
If at MT5 boot up without appearing Timeframes on the toolbar, you can insert the following link:View 🡪Toolbars 🡪Timeframes. After inserting it Timeframes will appear in the toolbar as shown above. However, Timeframes show only some basic time frames like MT4, while MT5 offers up to 21 time frames. To open all time frames on the toolbar, right-click the frame Timeframes, choose Customize.
Then the screen appears dialog as below:
Just click on the time frame on the left side of the dialog box and then click Insert is the time frame that will display on the toolbar, or want to delete any frame, select the frame to delete on the right and then click Remove.
- Templates: normally, what you do on the price graph, after not trading anymore, you turn off the computer, then turn it back on, it all returns to the original state. And Templates is a very useful tool when you want to save graphs that you have designed, those templates may include your use of technical indicators, drawing tools or EAs and You want to continue using it at any time you want and on any type of product, just save it.
There are 2 ways to save a new graph sample and open a previously saved template.
- Method 1: on Charts, choose Templates, then select Save Template (if you want to save), Load Template (if desired) or Remove Template (if you want to delete)
- Method 2: In the price graph, right click, select Templates then select Save, Load or Remove Template.
- Tools button
At the Tools button, you only need to pay attention to 2 items, that is New Order and Options.
- New Order: place a new trade order. This section will be detailed in the following section.
- Options: After clicking on the line Options, a dialog box will appear as below, in this article we will introduce only the first tab in the dialog box, which is Server.
At tab Server, you will perform the operation of changing the password of the trading account and investor password. To change the password, click the button Change.
First, you must enter the current password of the trading account. Then click on the box Change master password (if you want to change the password of your trading account) or Change investor (read only) password (investor password), enter a new password, confirm a new password and press OK, got it is done.
Steps to open and close a basic order.
There are up to 5 ways to open a new trading order.
- Method 1: on Tools 🡪New Order.
- Method 2: On the price graph, right-click and select Trading 🡪New Order.
- Method 3: on the area Market Watch, right-click the product you want to trade, and then select New Order.
- Method 4: double click (double click) the left mouse on the product to be traded.
- Method 5: click the icon New Order on the toolbar.
All 5 ways appear dialog Order as shown below:
Here, you enter the information for the command:
- Symbol: select the product to be traded.
- Type: choose the order type (Market Execution – market order or Pending – pending order).
- Volume: transaction volume.
- Stop Loss: price stop loss.
- Take Profit: profit taking price.
- Fill Policy: Select order matching policy.
After selecting all information, click the button Sell or Buy (for Market orders) or Place (for Pending orders).
For the setting of the Pending command, you can refer to the article on the basic types of pending orders on MT4 (similarly implemented on MT5).
- What are Buy Limit and Sell Limit? How to place an order on MT4.
- What is Buy Stop, Sell Stop? How to place an order on MT4.
To place an order with One Click Trading (trades by 1 click), on the price chart, at the frame One Click Trading, enter the volume, and then click Buy or Sell (only applicable to Market Execution).
- Edit the stop loss, take profit.
During the process of the order, if you want to add stop loss / take profit levels (in case you do not use at the time of placing orders) or you want to change them, you do the following:
At tab Trade on the area Hop dung Cu, select the command you want to edit, right click and select Modify or Delete.
The following dialog box will appear:
Here, you enter the Stop Loss or Take Profit rates to change, then click on the line Modify # … .. to complete.
- Set Trailing Stop (take a loss) for the currently running order
What is Trailing Stop?
In the area Hop dung Cu, tab Trade, select a command that is running and right-click and continue to choose Trailing Stop.
The system will display a number of trailing stops for you to choose, or if you want to set a different value, click on the Custom the bottom.
Here, you enter a value to install trailing stop for that command is running and then press OK, got it is done.
There are 2 ways to close a running order.
- Method 1: At the end of each running command, you click on the “x ", the order will immediately close.
- Method 2: Right-click a running command, select Close Position
summary
In this article, we only guide you to use some of the most basic features and tools of MT5, to use this software more thoroughly, you should open a Demo account at any forex floor. and practice trading. There are many other tools and features, you should take the time to explore them, when you personally experience will remember longer, until trading on your Live account, you will be much more confident.
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Author: Tin Nguyen
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