ng the autumn of 2009, the new version of the popular trading software – Metatrader 4 – will be released. Its successor – the Metatrader 5. Impressed by the score it got in back- and forward-testing, more than 300 brokers all over the world use Metatrader 4 to generate profit for them in the foreign exchange (Forex) market. However, some traders are cynical of the Metatrader 5.
Hyped by the early acceptance of the Metatrader 5, the vendors of the new version are assuring its traders of high performance capability and its outstanding working speed in its time – just like the Metatrader 4 did in its term in the Forex market. With new 21 timeframes, over 70 analytical tools, Depth of Market feature, advanced built-in reports on all trading activities and much improved strategy tests for indicators and expert advisors, the Metatrader 5 surely has the potential to get high up in the ladder of success.
In addition, an improvement over Metatrader 4, Metatrader 5 can now process traders’ Foreign Currency Transactions in different financial markets, such as futures, options and stock markets. Metatrader 5 Terminal also supports four types of operation execution, they are the following: Request, Market, Instant and Exchange. Moreover, a new technology called “Forex Glass” absorbs the necessary work for potential winnings in the Forex market. With all these new improvements and opportunity, it is explicit that this trading software is more than just a Metatrader 4 upgrade.
With a new integrated development environment known as MQL5, Metatrader 5 uses MetaEditor 5, the MQL5 programming language and Metatrader 5’s Strategy Tester. It is responsible for the development and use of custom indicators, scripts, and Expert Advisors. Since MQL4 and MQL5 languages are incompatible, every expert advisor and custom indicators must be rewritten with Metatrader 5.
Furthermore, the backward incompatibility between MT4 and MQL4 on one hand, and MT5 and MQL5 on the other gives the traders a headache. However, MetaQuotes, a tool converting the MQL4 source code to MQL5 or allows MQL4 executables to run in MT5 in some virtual environment, is being considered.
A very powerful development tool, the MT5 Strategy Tester enables a trader to test an expert advisor or script on historical data before using it in real trading. It also allows to check newly programmed indicators.