Detailed instructions for working with the MetaTrader 5 trading terminal

Perhaps for some, the MT5 terminal will seem too little understandable, but basically it will be adherents of MT4. Those who are used to the 4th version, but for beginners, it's time to master probably the best and most convenient trading terminal!

Why MT5 and not MT4?

I have previously written why choose MT5, well, now is the time to dwell in more detail on this trading platform.

After reading about the benefits and making sure that they work by launching the terminal, you will not want to return to MT4!

• MetaTrader 5 is 5 times faster than MT4;
• In MT5, work with graphical tools is much more convenient;
• Much more time frames compared to MT4, where only standard ones can be set;
• Many functions that had to be performed manually (as on MT4) are now performed automatically. For example, you do not need to upload quotes yourself, when you open a window with a trading pair, quotes are loaded automatically;

Where to download MT5?

MT5 is not yet provided by all Forex brokers, but FinMaxFX has long moved to the most advanced platform and therefore you can safely download from it.

›Download MT5‹

How to install terminal?

Installation is very simple, just run the downloaded file and follow the instructions of the installer, the whole process is fully automatic. If the installation location is important to you, you can select it in the installer window.

MT5 launch and first acquaintance

As you probably have already seen (especially those who worked before in MT4), MT5 opened almost instantly! Quick launch and response within the program itself should please any practicing trader.

If you open the top menu (View → Market Watch), you will see a lot of trading pairs. To open a window with a chart, you need to hold down the left mouse button and drag to the center or right-click and click "Chart window":

Indicators in MT5

The MT5 terminal has a large set of built-in indicators, which are divided into standard (trend, oscillators, volumes), author's (Bill Williams) and custom (Examples).

You can open a list of all indicators from the menu: View → Navigator or press Ctrl + N, a window will open on the right:

Interestingly, even many popular custom indicators are included in MT5, unlike MT4. To see the indicators themselves, you need to click on the name of the group with the left mouse button to open the entire list.

There is also a convenient function "Assign a hot key" to any indicators, if you right-click on the name:

For example, assign the Alt + Q key and when pressed, a window with the parameters of the selected indicator will immediately open and after confirmation it will immediately be superimposed on the current chart:

Also, to apply the indicator, you can use a simple drag and drop on an open chart:

To configure an indicator that has already been applied, right-click on the working window and select in the drop-down menu: "List of indicators" or press Ctrl + I. Then you need to left-click on the indicator that you want to configure and the settings window will pop up after all the manipulations you need to click "Save"

In general, the next time you start the terminal, it tries to save the last session, but it often happens that data can be lost, so it is recommended to always save charts to a template. To do this, right-click on the chart and select: "Templates" and click "Save Template", call it some name:

Scripts in MT5

The terminal already includes the necessary set of scripts, if you wish, you can figure it out, but the scripts themselves are a specific tool and someone rarely uses them:

Working with orders in MT5

The window with placing any order (pending or market) is launched by pressing the F9 key:

Here you can select "Market Execution" and simply enter your stop loss, volume and take profit and click Sell by Market or Buy by Market.

Or place a pending order with the specified parameters. When sending an order "on the market" - the transaction is opened instantly at the current price, if you place a pending order with a specified opening price, then it will naturally work when the price reaches the mark you specified.