MetaTrader 5 features for algorithmic trading

For the practical part of this book, we will use the MetaTrader 5 trading terminal. It is a modern, constantly evolving platform developed by MetaQuotes Ltd.

MetaTrader 5

MetaTrader 5 is a multi-asset trading platform. It is widely used by traders all around the world to execute trading operations in the Forex market, stock exchanges, and futures markets. MetaTrader 5 is a comprehensive program that enables trading operations and provides extensive capabilities for conducting detailed technical and fundamental analysis of the market situation.

The platform features an extended Depth of Market with a tick chart and the Time and Sales window. This tool enables the analysis of the current state and the one-click execution of trading operations. Moreover, there is the option to set stop loss and take profit levels for placed orders, which proves quite beneficial for implementing scalping trading strategies.

The provided Depth of Market allows placing market and pending orders, as well as modifying them. For more information on the capabilities of this tool, please visit https://www.metatrader5.com/en/terminal/help/trading/depth_of_market.

Additionally, for conducting technical analysis, there are extensive capabilities for adding various graphical objects directly onto the price chart. The range of applied objects is quite impressive. Among these are simple lines (vertical, horizontal, and various diagonal trend lines), as well as various channels, Fibonacci levels, and more complex shapes. There's the possibility to assign different colors and visual styles to objects, as well as adding custom names and descriptions to objects.

Depth of Market

Objects of technical analysis on the chart

The platform features a comprehensive list of oscillators, volume indicators, and trend indicators, capable of meeting the requirements of any user. At the same time, if the available range of indicators is not enough for you, it is possible to create a custom indicator based on your own formula. You can create it yourself or order it from experienced programmers via the Freelance service at mql5.com.

Furthermore, in the Market section of the platform, you can purchase or download indicators from various third-party developers, and the list of these indicators is constantly updated and expanded. It's unlikely that any other platform could offer such a broad spectrum of technical analysis tools.

Indicators on the chart

The capability to analyze each instrument across 21 timeframes, ranging from 1 minute to 1 month, provides a comprehensive and detailed analysis.

The indicators and graphical objects applied to the price chart can be saved as templates, which can then be easily reloaded onto the chart with just a couple of mouse clicks.

For enthusiasts of fundamental analysis, the platform provides a news feed and a calendar of financial events, allowing the display of markers for past and upcoming events directly on the instrument's chart. This enables tracking changes and analyzing trading situations rapidly in the future.

The one-click trading feature from the chart of the trading instrument helps traders execute operations swiftly and at the best price.

In addition, the platform gives almost unlimited possibilities for algorithmic trading, that is, for automated trading by using robots. MetaQuotes specialists have developed the MQL5 IDE (Integrated Development Environment) specifically for the platform. This environment allows users to create their own indicators and trading strategies, as well as test and optimize them using the built-in strategy tester with historical data gathered from real ticks.

The MetaTrader 5 platform is widely adopted and offered for use by the majority of brokers around the world, enabling traders to choose a trading provider according to their preferences.

One-click trading

In the context of the book's theme, you will undoubtedly be interested in exploring the potential for implementing neural network technologies and algorithms through the tools provided by the MetaTrader 5 platform. Let's take a closer look at the proposed tool.