How to use MetaTrader 5 (Step-by-Step Guide with Illustrations)

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MetaTrader 5 (MT5) is the most advanced online trading platform of the last few years. Its simple user interface gives you access to advanced technical analysis and flexible trading systems. Here’s a complete guide on what MetaTrader 5 is, and how to use MetaTrader 5.

What is MetaTrader 5?

MetaTrader 5 is a multi-asset platform that allows trading Forex, stocks, and futures. It offers superior tools for comprehensive price analysis, the use of automated trading applications (trading robots, EA), and copy trading. 

The MT5 multi-asset platform supports the hedging method, which allows opening multiple positions of the same financial instrument, of the opposite or same direction. This feature is widely used in Forex trading.

A powerful platform for Forex and Exchange markets

Successful trading starts with convenient and functional trading. MetaTrader 5 is the best choice for modern traders.

metatrader 5

Trading

The platform provides a wide set of trading tools.

It supports four order execution modes: Instant, Request, Market and Exchange execution.

All types of orders are available in the platform, including market, pending and stop-orders. With such a diversity of FX order types and available execution modes, traders can implement various trading strategies for successful performance in the currency markets and stock exchanges.

The platform also features One-Click Trading and provides functions for trading straight from the chart.

Analytics

The trading platform provides powerful analytical functions. 82 different analytical tools are available for analyzing currency and stock prices, including technical indicators and graphical objects.

The analytical resources of the trading platform are not limited to the built-in indicators only. The trader can additionally use the free Code Base of technical indicators and the Market of trading applications.

There are 21 timeframes, from a minute to a month one, available for each financial instrument. Up to 100 charts of financial instruments can be open at the same time.

Algorithmic Trading

Virtually any trading strategy can be formalized and implemented in the form of an Expert Advisor, which can automatically trade for you. A trading robot never gets tired or suffers from stress; it accurately follows its algorithm and is much more responsive to market changes.

The trading platform provides all the necessary tools for Expert Advisor development: the powerful MQL5 language with an integrated development environment, a multicurrency tester for backtesting and optimizing strategies, and the Code Base of free trading robots.

Mobile Trading

Smartphones and tablets are indispensable in trading when you are away from your computer.

Use special trading platform versions on your iPhone/iPad and Android devices to trade in the financial markets on the go.

You will certainly appreciate the functionality of the mobile trading platforms that include the full support for the trading functions, broad analytical capabilities with MT5 indicators and other graphical objects. Of course, all these features are available from anywhere in the world 24 hours a day.

Use the mobile platform to read financial news and internal emails, as well as for instant messaging with the participants of the most popular website for traders MQL5.community.

  • Learn how to use MetaTrader 5 Android
  • Learn how to use MetaTrader 5 iOS

Additional Services

The platform provides powerful trading tools and a variety of additional services.

Social trading is available through the Signals service. This is an easy way to copy deals of experienced traders. Choose from thousands of signals, subscribe in a couple of clicks and the selected provider’s deals will be automatically copied to your Forex account.

The Market is a store where you can purchase or download for free cutting-edge trading robots and technical indicators. An application can be purchased straight from the platform. The purchase procedure is simple and secure.

If you cannot find the desired app, order one from professional developers in Freelance. The service provides secure cooperation between the customer and the developer — payment for an application is transferred only after the approval of the resulting program.

To ensure the 24/7 operation of your trading robots and copied signals, rent a Virtual Hosting straight from your platform.

MetaTrader 5 Download is FREE

Download MetaTrader 5 and start trading Forex, Stocks, and Futures! Rich trading functionality, technical and fundamental market analysis, copy trading, and automated trading are all exciting features that you can access for free.

Millions of traders have downloaded the MetaTrader 5 for Windows, MAC, Android and iOS.

>> How to Download MT5

How to use MT5?

The Trading Platform is the trader’s working tool, providing all the necessary features for successful online trading. It includes trading, technical analysis of prices and fundamental analysis, automated trading, and trading from mobile devices. In addition to Forex symbols, options futures and stocks can be traded from the platform.

If you do not have MT5 yet, read also how to install MetaTrader 5.

Below is a step-by-step guide on how to use MetaTrader 5.

  1. Learn how to use MetaTrader 5 Interface
  2. Learn how to use MetaTrader 5 Trading Operations
  3. Learn how to use MetaTrader 5 Market Watch
  4. Learn how to use MetaTrader 5 Order Execution
  5. Learn how to use MetaTrader 5 Alerts
  6. Learn how to use MetaTrader 5 One-Click Trading
  7. Learn how to use MetaTrader 5 Charts
  8. Learn how to use MetaTrader 5 Indicators
  9. Learn how to use MetaTrader 5 Analytical Objects
  10. Learn how to use MetaTrader 5 Fundamental Analysis
  11. Learn how to use MetaTrader 5 EAs
  12. Learn how to use MetaTrader 5 Copy Trading
  13. Learn how to use MetaTrader 5 Market
  14. Learn how to use MetaTrader 5 VPS

How to use MetaTrader 5 Interface

The platform interface provides access to all the necessary tools for trading in the financial markets. It includes various menus, toolbars, and service windows.

mt5 interface

Main Menu

The main menu contains almost all commands and functions that can be executed in the trading platform. It provides access to operations with charts, analytical tools, platform settings, and other features. The main menu consists of the following items: File, View, Insert, Charts, Tools, Window, Help.

Toolbars

The platform has three built-in toolbars: Standard, Line Studies, and Periodicity. The toolbars contain duplicated commands and functions of the main menu. However, these commands are customizable, so one can collect only mostly used widgets in them.

Learning system

The platform includes a built-in learning system featuring over 100 interactive tips concerning its main functions.

  • Tips are seamlessly displayed as a progress bar on the toolbar and thus they do not distract the user.
  • Tips only appear for the actions which you have never performed in the platform.
  • All tips include interactive links, by which you can navigate to the relevant interface elements. For example, a trading dialog or a menu with the desired program can be launched straight from the tip.

The progress bar will increase whenever you perform the actions described in the tips.

Market Watch

The Market Watch window provides access to the price data of financial instruments: prices, statistics, and tick charts. It also provides details of contract specifications and One-Click Trading options.

Navigator

The Navigator allows switching between accounts and provides functions for running robots and indicators. It contains a list of applications purchased from the Market and downloaded from the Code Base. From the navigator, users can rent a virtual platform to provide round-the-clock operation of Expert Advisors and Trading Signals.

Chart

The essence of technical analysis is studying price charts of financial instruments using technical indicators and analytical objects. Charts in the platform have a variety of settings so that traders can customize them and adapt to their personal needs. Every chart can display 21 timeframes from one minute (M1) to one month (MN1).

Chart Switch Bar

The chart selection bar provides quick access to open chart windows.

Toolbox

Toolbox is a multifunctional window that provides functions for working with trade positions, news, account history, alerts, internal mailbox, program logs, and expert journals. Additionally, from the Toolbox you can open and modify various orders and manage trade positions.

Company

A broker may choose to show a useful web resource here, for example, a support website. Any link added here opens in a separate web browser window.

This tab is hidden if the web page is disabled by the broker.

>> How to choose a Forex broker

Status Bar

The status bar contains additional details: server connection indication, the name of an active template and profile, as well as command prompts and price data.

The trading platform interface is highly customizable. You can choose to display only the tools that you currently need. For example, you can hide Market Watch and Navigator, and show the Depth of Market and Data Window.

mt5 interface

Account and Chart Details

The platform header contains information about the current account number, application name, as well as the active chart name, and its timeframe.

Depth of Market

The Depth of Market displays information about buy and sell orders for a security at the best prices (closest to the market price). The Depth of Market also includes a tick chart, on which the Time&Sales data of deals is displayed. Deals appear as colored circles. The color shows the direction, the size means the volume of a deal.

Fast Navigation Bar

This bar provides functions for quick chart operations. It allows moving a chart along the time axis, as well as changing its timeframe or the symbol. Double-click and type the required symbol, timeframe, and date.

Search

The trading platform provides the smart high-performance Search system to help you find required information in the MQL5.community — a community of traders and MQL5 developers. The MQL5.community resource contains documentation, trading forum, blogs of traders and analysts, as well as articles about programming and terminal use.

The community provides access to the huge Code Base and the store of applications for the platform. Trading operations of professional traders can be copied through the online Signals service.

Data Window

The data window features accurate price information, as well as currently used indicators and Expert Advisors at the selected point of the chart.

MQL5.community Chat

Chat with you friends and fellow traders on MQL5.community straight from the trading platform. The chat maintains the history of messages, as well as it features the number of unread messages. To start a chat, log in to your MQL5 account directly from the chat window or via the platform settings: ‘Tools’ -> ‘Options’ -> ‘Community’.

How to use MT5 Trading Operations

The fundamental rule of profitable trading in financial markets is to buy low and sell high. The main purpose of the trading platform is to provide wide opportunities for executing buy and sell operations.

This section contains general information about financial trading and guides you through how to perform trading operations and manage positions, how to interpret data from the Depth of Market and where to find quotes.

Basic Principles

Before you proceed to study the trade functions of the platform, you must have a clear understanding of the basic terms: order, deal, and position.

  • An order is an instruction given to a broker to buy or sell a financial instrument. There are two main types of Forex orders: Market and Pending. In addition, there are special Take Profit and Stop Loss levels.
  • A deal is the commercial exchange (buying or selling) of a financial security. Buying is executed at the demand price (Ask), and Sell is performed at the supply price (Bid). A deal can be opened as a result of market order execution or pending order triggering. Note that in some cases, execution of an order can result in several deals.
  • A position is a trade obligation, i.e. the number of bought or sold contracts of a financial instrument. A long position is financial security bought expecting the security price go higher. A short position is an obligation to supply a security expecting the price will fall in future.

Interrelation of orders, deals and positions

The platform allows you to easily track how a position was opened or how a deal was performed. Each trading operation has its unique ID called a “ticket”. Each order and deal receive a ticket relating to their relevant position. Each deal receives a ticket of an order, by which it was concluded.

If a position was affected by multiple deals, for example in the case of a partial closing or increasing volumes, each of the deals feature the position’s ticket. This makes it easy to track the entire history of the position as a whole.

If trading operations are sent to an exchange or a liquidity provider, they additionally feature an ID from an external system. This allows additional tracking of the interrelation of operations away from the platform.

mt5 orders

A General Scheme of Trading Operations

  • From the trading platform, an order is sent to a broker to execute a deal with the specified parameters;
  • The correctness of an order is checked on the server (correctness of prices, availability of funds on the account, etc.);
  • Orders that have passed the check wait to be processed on the trade server. Then the order can be:
    – executed (in one of the automatic execution modes or by a dealer)
    – canceled upon expiry
    – rejected (e.g. when money is not enough or there is no suiting offer in the market; or rejected by the dealer)
    – canceled by a trader;
  • A deal is the result of the execution of a market order or triggering of a pending order;
  • If there are no positions for a symbol, the conclusion of a deal results in an opening of a position. If there is a position for the symbol, the deal can increase or reduce the position volume, close the position or reverse it.
mt5 terminal

Position Accounting System

Two-position accounting systems are supported in the trading platform: Netting and Hedging. The system used depends on the account and is set by the broker.

Netting System

With this system, you can have only one common position for a symbol at the same time:

If there is an open position for a symbol, executing a deal in the same direction increases the volume of this position.

If a deal is executed in the opposite direction, the volume of the existing position can be decreased, the position can be closed (when the deal volume is equal to the position volume) or reversed (if the volume of the opposite deal is greater than the current position).

It does not matter, what has caused the opposite deal — an executed market order or a triggered pending order.

The below example shows the execution of two EURUSD Buy deal 0.5 lots each:

mt5 toolbox

Execution of both deals resulted in one common position of 1 forex lot.

Hedging System

With this system, you can have multiple open positions of one and the same symbol, including opposite positions.

If you have an open position for a symbol and execute a new deal (or a pending order triggers), a new position is additionally opened. Your current position does not change.

The below example shows the execution of two EURUSD Buy deal 0.5 lots each:

mt5 toolbox

Execution of these deals resulted in opening two separate positions.

Impact of the System Selected

Depending on the position accounting system, some of the platform functions may have different behavior:

  • Stop Loss and Take Profit inheritance rules to change.
  • To close a position in the netting system, you should perform an opposite trading operation for the same symbol and the same volume. To close a position in the hedging system, explicitly select the “Close Position” command in the context menu of the position.
  • A position cannot be reversed in the hedging system. In this case, the current position is closed and a new one with the remaining volume is opened.
  • In the hedging system, a new condition for margin calculation is available — Hedged margin.

Types of Orders

The trading platform allows to prepare and issue requests for the broker to execute trading operations. In addition, the platform allows to control and manage open positions. Several types of trading orders are used for these purposes. An order is a trader’s instruction to the broker to perform a trade operation. In the platform, orders are divided into two main types: market and pending. In addition, there are special Stop Loss and Take Profit orders.

Market Order

A market order is an instruction given to a brokerage company to buy or sell a financial instrument. Execution of this order results in the execution of a deal. The price at which the deal is executed is determined by the type of execution that depends on the symbol type. Generally, a security is bought at the Ask price and sold at the Bid price.

Pending Order

A pending order is the trader’s instruction to a brokerage company to buy or sell a security in the future under pre-defined conditions. The following types of pending orders are available:

  • Buy Limit — a trade request to buy at the Ask price that is equal to or less than that specified in the order. The current price level is higher than the value specified in the order. Usually, this order is placed in anticipation that the security price will fall to a certain level and then will increase;
  • Buy Stop — a trade order to buy at the “Ask” price equal to or greater than the one specified in the order. The current price level is lower than the value specified in the order. Usually, this order is placed in the anticipation that the price will reach a certain level and will continue to grow;
  • Sell Limit — a trade order to sell at the “Bid” price equal to or greater than the one specified in the order. The current price level is lower than the value specified in the order. Usually, this order is placed in anticipation of that the security price will increase to a certain level and will fall then;
  • Sell Stop — a trade order to sell at the “Bid” price equal to or less than the one specified in the order. The current price level is higher than the value in the order. Usually, this order is placed in anticipation that the security price will reach a certain level and will keep on falling.
  • Buy Stop Limit — this type is the combination of the first two types, being a stop order to place a Buy Limit order. As soon as the future Ask price reaches the stop-level indicated in the order (the Price field), a Buy Limit order will be placed at the level, specified in the Stop Limit price field. A stop level is set above the current Ask price, while a Stop Limit price is set below the stop level.
  • Sell Stop Limit — this order is a stop order to place a Sell Limit order. As soon as the future Bid price reaches the stop level indicated in the order (the Price field), a Sell Limit order will be placed at the level, specified in the Stop Limit price field. A stop level is set below the current Bid price, while a Stop Limit price is set above the stop level.
For symbols with Exchange Stocks, Exchange Futures, and Futures Forts calculation modes, all types of pending orders are triggered according to the rules of the exchange where trading is performed. Usually, the Last price (the price of the last performed transaction) is applied. In other words, an order triggers when the Last price touches the price specified in the order. But note that buying or selling as a result of triggering of an order is always performed by the Ask and Bid prices respectively.

In the “Exchange execution” mode, the price specified when placing limit orders is not verified. It can be specified above the current Ask price (for the Buy Limit orders) and below the current Bid price (for the Sell Limit orders). When placing an order with such a price, it triggers almost immediately and turns into a market one. However, unlike market orders where a trader agrees to perform a deal by a non-specified current market price, a pending order will be executed at a price no worse than the one specified.

If during pending order activation the corresponding market operation cannot be executed (for example, the free margin on the account is not enough), the pending order will be canceled and moved to history with the “Rejected” status.

Take Profit

The Take Profit order is intended for gaining profit when the security price reaches a certain level. Execution of this order results in the complete closing of the entire position. It is always connected to an open position or a pending order. The order can be requested only together with a market or a pending order. This order condition for long positions is checked using the Bid price (the order is always set above the current Bid price), and the Ask price is used for short positions (the order is always set below the current Ask price).

>> How to use Take Profit the right way

Stop Loss

Stop Loss order is used for minimizing losses if the security price moves in the wrong direction. If the security price reaches this level, the entire position is closed automatically. Such orders are always associated with an open position or a pending order. They can be requested only together with a market or a pending order. This order condition for long positions is checked using the Bid price (the order is always set below the current Bid price), and the Ask price is used for short positions (the order is always set above the current Ask price).

>> How to use Stop Loss the right way

If during Take Profit or Stop Loss activation the corresponding market operation cannot be executed (for example, it is rejected by the exchange), the order will not be deleted. It will trigger again at the next tick corresponding to the order activation conditions.

Rules of Stop Loss and Take Profit inheritance (netting):

  • When a position volume is increased or the position is reversed, Take Profit and Stop Loss are placed according to its latest order (market or triggered pending order). In other words, stop levels in each subsequent order of the same position replace previous ones. If zero values are specified in the order, Stop Loss and Take Profit of a position will be deleted.
  • If a position is partially closed, Stop Loss and Take Profit are not changed by the new order.
  • If a position is fully closed, the Stop Loss and Take Profit levels are deleted because they are associated with an open position and cannot exist without it.
  • When a trade operation is executed for a symbol, for which there is a position, the current Stop Loss and Take Profit of the open position are automatically inserted in the order placing window. This is aimed to prevent accidental deletion of current stop orders.
  • During one-click trading operation (from a panel on the chart or from the Market Watch) for the symbol, for which there is a position, the current values of Stop Loss and Take Profit are not changed.
  • On the OTC markets (Forex, Futures), when a position is moved to the next trading day (the forex swap), including swap through re-opening, the levels of Stop Loss and Take Profit remains unchanged.
  • On the exchange market, when a position is moved to the next trading day (the swap), as well as when moved to another account or during delivery, the levels of Stop Loss and Take Profit are reset.

Stop Loss and Take Profit inheritance rule (hedging):

  • If a position is partially closed, Stop Loss and Take Profit are not changed by the new order.
  • If a position is fully closed, the Stop Loss and Take Profit levels are deleted, because they are associated with an open position and cannot exist without it.
  • During one click trading operation (from a panel on the chart or Depth of Market), the Stop Loss and Take Profit levels are not set.

These rules apply both when trading manually and when placing orders from an Expert Advisor (MQL5 programs).

Trailing Stop can be used to make Stop Loss follow the price automatically.Activation of Take Profit or Stop Loss results in the complete closing of the entire position.For symbols with Exchange Stocks, Exchange Futures and Futures Forts calculation modes, Stop Loss and Take Profit orders are triggered according to the rules of the exchange where trading is performed. Usually, Last price (price of the last performed transaction) is applied. In other words, a stop-order triggers when the Last price touches the specified price. However note that buying or selling as a result of activation of a stop-order is always performed by the Bid and Ask prices.

Trailing Stop

Stop Loss is used for minimizing losses if the security price moves the wrong direction. Once a position becomes profitable, its Stop Loss can be manually moved to a break-even level. Trailing Stop automates this process. This tool is especially useful during a strong unidirectional price movement or when it is impossible to monitor the market continuously for some reason.

Trailing Stop is always associated with an open position or a pending order. It is executed in the trading platform rather than on the server like Stop Loss. To set a Trailing Stop in MT4, select “Trailing Stop” in the context menu of a position or an order in the “Trading” tab:

mt5 trailing stop

Select a necessary value of a distance between the Stop Loss level and the current price.

For each open position or pending order only one Trailing Stop can be set.

Scheme of Trailing Stop Operation

  • When new quotes arrive, the platform checks whether an open position is profitable.
  • As soon as the profit in points becomes equal to or larger than the indicated level, an automatic command is generated to place a Stop Loss at the indicated distance from the current price.
  • If price moves increasing the position profit, “Stop Loss” automatically moves together with the price.
  • Otherwise, the order is not modified. Thus, the profit of a trading position is fixed automatically.
  • If a Stop Loss has been set for the position, it also follows the price when the position profit increases and remains unchanged if it decreases.
When a pending order triggers, the trailing stop of the current position for the same symbol is overwritten with the trailing stop specified for the order.If a deal made as a result of triggering of a pending order has the opposite direction to the current position for the symbol and has less or equal volume, then the trailing stop is not overwritten.

With each automatic modification of Stop Loss an entry is added to the journal.

To disable Trailing Stop, set the “None” parameter in the control menu. The “Delete All” command disables Trailing Stops of all open positions and pending orders.

The Trailing Stop is executed in the trading platform rather than on the server (like Stop Loss or Take Profit). This is why it will not work, unlike the above orders, if the platform is off. In this case, only the Stop Loss level set by the Trailing Stop will trigger.For one position, Trailing Stop cannot occur more than once every 10 seconds.If there are several positions with Trailing Stop at a single symbol, the Trailing Stop is processed in a specific way. When a tick arrives, only a Trailing Stop of the last opened position is processed. If yet another tick arrives for the same symbol within 10 seconds, a Trailing Stop of the next position (opened second last) is processed. If the next tick arrives later than 10 seconds, a Trailing Stop of the position opened last is processed again.

State of Orders

After an order has been formed and sent to a trade server, it can undergo the following stages:

  • Started — the order correctness has been checked, but it hasn’t been yet accepted by the broker;
  • Placed — a dealer has accepted the order;
  • Partially filled — the order is filled partially;
  • Filled — the entire order is filled;
  • Canceled — the order is canceled by the client;
  • Rejected — the order is rejected by a dealer;
  • Expired — the order is canceled due to its expiration.

You can view the state of orders on the “History” tab in field “State”. The state of pending orders that haven’t triggered yet can be viewed on the “Trade” tab.

mt5 history

Types of Execution

Four order execution modes are available in the trading platform:

  • Instant Execution
    In this mode, an order is executed at the price offered to a broker. When sending an order to be executed, the platform automatically adds the current prices to the order. If the broker accepts the prices, the order is executed. If the broker does not accept the requested price, a “Requote” is sent — the broker returns prices, at which this order can be executed.
  • Request Execution
    In this mode, a market order is executed at the price previously received from a broker. Prices for a certain market order are requested from the broker before the order is sent. After the prices have been received, order execution at the given price can be either confirmed or rejected.
  • Market Execution
    In this order execution mode, a broker makes a decision about the order execution price without any additional discussion with a trader. Sending an order in such a mode means advance consent to its execution at this price.
  • Exchange Execution
    In this mode, trade operations conducted in the trading platform are sent to an external trading system (exchange). Trade operations are executed at the prices of current market offers.
Execution mode for each security is defined by the brokerage company.

Fill Policy

In addition to common rules of order execution set by a broker, a trader can indicate additional conditions in the “Fill Policy” field of the order placing window:

  • Fill or Kill (FOK)
    This fill policy means that an order can be filled only in the specified volume. If the necessary amount of a financial instrument is currently unavailable in the market, the order will not be executed. The required volume can be filled by several offers available in the market at the moment.
  • Immediate or Cancel (IOC)
    In this case, a trader agrees to execute a deal with the volume maximally available in the market within that indicated in the order. In case the order cannot be filled completely, the available volume of the order will be filled, and the remaining volume will be canceled. The possibility of using IOC orders is determined on the trade server.
  • Return
    This policy is only used for the market (Buy and Sell), limit, and stop-limit orders. If filled partially, an order with the remaining volume is not canceled and is processed further. For market orders, the Return policy is used only in the Exchange Execution mode, while for limit and stop-limit ones, it is applied in the Market Execution and Exchange Execution modes.

Use of fill policies depending on the execution type can be shown as the following table:

Type of Execution/Fill PolicyFill or KillImmediate or CancelReturn
Instant Execution+
Request Execution+
Market Execution+++
Exchange Execution+++

Depth of Market

The Depth of Market (DOM) displays bids and asks for a particular instrument at the current best prices (closest to the market).

The Dept of Market is different on the exchange and over-the-counter markets:

  • If an instrument is traded in the exchange model, in which related trading operations are sent to an external trading system (an exchange), the DOM features real prices and order volumes from market participants.
  • If an instrument is traded in the over-the-counter (OTC) market, the Depth of Market can be formed based on the quotes of the broker, who may provide different prices depending on the buy or sell volume. If the broker does not provide volumes, the DOM window functions as a scalping tool, which allows the placing of the market and pending orders with a single click. In this case, the Depth of Market displays price levels calculated based on the Bid and Ask prices using the price change step.

    For more information about prices in the Depth of Market, please see the Order Book post.
mt5 market depth

To open the depth of market of a financial instrument, click “Depth of Market” in the context menu of the Market Watch.

The number of bids and offers displayed in the DOM is determined by the symbol parameters set by the broker.

The availability of the Depth of Market feature for exchange instruments is not guaranteed and depends on your broker.

Operations of two types are performed from the depth of market:

  • Market Operations — buying/selling a financial instrument at the current market price;
  • Trade Requests — placing various trade requests (pending orders) to buy/sell a financial instrument at a specified price (which is currently unavailable on the market).

How to use MT5 Market Watch

The Market Watch window provides an overview of price data of financial instruments: quotes, price statistics, and tick chart. It also provides details of contract specifications and One-Click Trading options.

How to View Quotes of Financial Instruments

The Market Watch features real-time quotes of financial instruments and other price data: spread, volume, etc.

mt5 market watch

The displayed data can be configured in the context menu. For example, you can show the “Source” field — the provider of the financial instrument liquidity.

Double-clicking on one of the instruments opens a new position opening window. A symbol chart can be opened by dragging it to the chart viewing area using a mouse (Drag’n’Drop); in this case windows of currently open charts will be closed. If you hold down “Ctrl” while dragging, the chart is opened in a separate tab, and other charts remain open.

If there are open positions or pending orders for the financial instrument, or when its chart is open, the instrument cannot be hidden from the Market Watch.

If a symbol is hidden in Market Watch, its data cannot be used in MQL5 programs and the Strategy Tester.

In the High and Low columns of symbols whose charts are built at Bid prices, the Bid High and Bid Low prices are displayed. If a symbol chart is constructed using Last prices, Last High and Last Low prices are shown for this symbol. If Market Watch contains at least one symbol whose chart is drawn based on Last prices, the Last column is automatically enabled in addition to High/Low.

Prices in the “Market Watch” window have different colors:

  • Blue — the current price is higher than the previous one;
  • Red — the current price is lower than the previous one;
  • Gray — the price has not changed for the last 15 seconds.

If the depth of market and the Last trade price is available for a symbol, the color is determined by the Last price. Otherwise, the color is determined by the Bid price.

How to Quickly Add Symbols

To quickly add a symbol in the Market Watch, click + below the list and enter the name of the symbol. While you type in the name, the list of suitable symbols is shown.

mt5 symbols

Information about the current number of symbols in the Market Watch and the total number of available symbols is available at the bottom of the list.

If you work with different brokers or markets, you can save separate Market Watch settings for each of them. Create a list of symbols, select the desired columns and click “Symbol Sets — Save as”. The saved set becomes available for quick switching through the same menu.

How to Sort Symbols

To sort the list of symbols, click on any column header. For example, the list can be sorted by symbol name, close price, daily change or other variables. The context menu features the most popular sorting options. For example, sorting by the highest growth and fall based on a daily symbol price change can be useful when trading exchange instruments.

Analysis by Sector and Industry

Special trading instrument properties indicate the sector and industry which the instrument belongs to. These properties enable the complex analysis of financial symbols directly in the Market Watch. Select a category from the menu, and all available instruments will be added to a list:

mt5 market watch

You can save your own symbol sets and easily switch between them in a couple of clicks. Click “Sets \ Save” and specify a name for the set. The file will save the list of symbols and a set of selected columns, which means that you will not need to set up the Market Watch window every time.

If sector and industry data is not available, please contact your broker.

How to View Fundamental Data

You can easily view fundamental trading symbol data available on popular aggregator websites: Yahoo Finance, Google Finance, Finviz and many others. The relevant data can be accessed via the Fundamental Data menu:

mt5 fundamental

One Click Trading

The One-Click-Trading option is available on the “Trading” tab. Upon clicking on the “Sell” or “Buy” button, a request to perform the corresponding trade operation in the specified volume is instantly sent to the server. This trading mode is available under the following conditions:

  • “One Click Trading” option is enabled in the platform settings;
  • The execution type of the selected instrument is Instant, Market or Exchange.
  • In other cases, a click on a button opens the order creation window.
mt5 market watch

This window contains panels for performing trade operations with different symbols. The set of symbols for quick trading is taken from the list on the “Symbols” tab and can be adjusted using the “Symbols” command in the context menu.

Be careful, once the “Sell” or “Buy” button is pressed, the corresponding request to buy or sell the specified amount of a selected symbol is immediately sent to the server without any additional confirmation. The execution of the commands mentioned above does not always result in a corresponding deal. The reason can be a requote, refusal of a brokerage company, etc. In this case, an appropriate message is added to the platform log. In the Instant Execution mode, the allowable price deviation in orders is set in accordance with the “Use deviation” option. The Fill Policy is selected based on the trading instrument execution mode: for exchange execution, it is always “Return”, for market execution, it is either “Fill or Kill” or “Immediate or Cancel” (depending on what policy is allowed for the symbol), for instant and request execution it is always “Fill or Kill”.When a requote is received, an appropriate message is added to the platform journal and a requote sound is played.

Depending on the quotes, the trade operation execution and price field may have different colors:

  • Blue — the current price is higher than the previous one;
  • Red — the current price is lower than the previous one;
  • Gray — the price has not changed for the last 15 seconds.

If the depth of market and the Last trade price is available for a symbol, the color is determined by the Last price. Otherwise, the color is determined by the Bid price.

How to Manage Symbols

Open the window for managing symbols with the command “Symbols” of the context menu of the “Market Watch” window. It allows you to hide and show symbols in this window, as well as view their properties:

mt5 symbols

All symbols available on the platform are displayed here. A double click on a symbol name is used for hiding or showing it in the Market Watch window. The same actions can be performed by buttons “Hide” and “Show”.

Here you can also create a custom financial instrument.

If there are open positions or pending orders for the financial instrument, or when its chart is open, the instrument cannot be hidden from the Market Watch.

If a symbol is hidden in the Market Watch, its data cannot be used in MQL5 programs and the Strategy Tester.

No more than 1000 financial instruments can be added to “Market Watch”.

At the bottom of the window, properties of the selected symbol are shown.

To quickly find a symbol, use the filter at the top of the window. Type the first letters of the symbol name or description in it. A list of symbols corresponding to the search string appears below.

How to use MT5 Order Execution

The trading activity in the platform implies forming and sending market and pending orders to be executed by a broker, as well as managing current positions by modifying or closing them. In the platform, you can review your account trading history, configure alerts of market events and much more.

Opening Positions

Opening of a position or entering the market is the primary purchase or sale of a certain amount of a financial instrument. In the trading platform, this can be done by placing a market order, as a result of which a deal is executed. A position can also be opened as a result of a triggered pending order.

Placing an Order and General Parameters

There are several ways to call a dialog window for order creation:

  • Select a symbol in the Market Watch and click “New order” in its context menu.
  • Press the F9 hotkey. In the order window, a symbol will be inserted in accordance with the platform settings.
  • Click “New order” in the Tools menu or “New Order” on the Standard toolbar.
mt5 order

General order parameters:

  • Symbol— the financial instrument to perform a deal for.
  • Type — if one of the execution modes is selected in this field, a market operation is executed for the selected instrument. Otherwise, pending order of the selected type is placed.
  • Volume — the volume of the order in lots. The greater the volume of a deal, the greater is its potential profit or loss, depending on where the symbol price will go. The deal volume also affects the margin reserved on the trading account for the FX position.
  • Stop Loss — the Stop Loss level as a price or in the number of points from the price specified in the order, depending on the platform settings. The level is set to limit the position loss. If you leave the null value in this field, this type of order will not be set.
  • Take Profit — the Take Profit level as a price or in the number of points from the price specified in order, depending on the platform settings. The level is set to lock in the profits of the position. If you leave the null value in this field, this type of order will not be set.
  • Comment — an optional text comment to order. The maximum comment length is 31 characters. The comment appears in the list of open positions and also in the history of orders and deals. A comment to an order can be changed by a broker or server. For example, if a position is closed by Stop Loss or Take Profit, the corresponding information is added in the comment.
There is a convenient way to modify prices, volumes or Stop Loss and Take Profit levels by a certain amount:

– Holding “Shift”, — by 5 points;
– Holding “Ctrl”, — by 10 points;
– Holding “Ctrl”+”Shift”, — by 50 points.

A tick chart can be shown or hidden in any order placing window. To do this, double-click on the window.

The trade window displays the current best Bid and Ask price.

Upon order execution, an appropriate message about an open position is added to the Trade tab of the Toolbox window, as well as the order and the deal (or deals) executed for the order are added to the History tab.

If Stop Loss or Take Profit are specified incorrectly in the order, upon pressing the button, the “Invalid stops” alert appears and the order is not accepted.

To send a buy order click Buy, to send a sell order click Sell.

Once an order is sent, its execution results appear in the window — a successful trade operation or a reason why it has not been executed. If One Click Trading is enabled in the MT5 settings, upon successful order execution the trading window closes without notifying of execution results.

Let’s look at trading features in different execution modes now. It depends on the instrument type and the broker (see forex brokers reviews here).

Trading in the Instant Execution Mode

In this mode, the order is executed at the price offered to the broker. When sending an order to be executed, the platform automatically adds the current prices to the order. If the broker accepts the prices, the order is executed.

If during order processing the price changes by an amount greater than that specified in the “Deviation” field, the dealer (server) can refuse to accept the order and offer new execution prices. A corresponding message appears in the creation window in this case:

mt5 order

If you agree with the new prices, click “Accept”, and the order is then executed at the new prices. If the new price is not good, click “Reject”.

New prices are valid for a few seconds only. If you do not make a decision during this time, message “Requote” appears in the window. Click “OK” to get back to the original order placing window.

Deviation is the difference between the order execution type and the specified price to which a trader agrees. The larger the value, the less likely it is that you receive a new execution price (requote) in response to the order execution request. If the deviation is equal to or less than this value, the order is executed at the new price without any notification. Otherwise, a broker returns new prices, at which the order can be executed.

Trading in the Request Execution Mode

In this mode, the market order is executed at the price previously received from the broker. Prices for a certain market order are requested from the broker before the order is sent. Upon receiving the prices, order execution at the given price can be either confirmed or rejected.

Order parameters can only be modified before requesting the prices. Once the request is sent, a trader can only place an order with the pre-set parameters.

To receive prices, click on “Request”. After that “Buy” and “Sell” buttons appear in the window. Quotes offered after the request are valid for a few seconds. If you cannot decide during this time, buttons “Buy” and “Sell” again get hidden.

Trading in the Market Execution Mode

In this order execution mode, a broker makes a decision about the order execution price without any additional discussion with the trader. Sending an order in such a mode means advance consent to its execution at this price.

In the ‘Fill Policy’ additional order filling rules can be specified: “Fill or Kill” or “Immediate or Cancel”. If this field is inactive, then the option is disabled on the server.

When the “Sell by Market” or “Buy by Market” button is pressed, an order to execute a sell or buy deal at the broker’s price is sent to a broker.

Trading in the Exchange Execution Mode

In the ‘Fill Policy’ additional order filling rules can be specified: “Fill or Kill” or “Immediate or Cancel”. If this field is inactive, then the option is disabled on the server.

A click on “Sell” or “Buy” creates an order to a broker to execute a Sell or Buy deal respectively.

For more information about trading in the exchange execution mode read “Depth of Market”.

Managing Positions

An important aspect of trading in financial markets is the competent position management. The trading platform provides all the necessary tools for that.

Where Can I View Current Open Positions?

The list of currently open positions is displayed in the Trading tab of the Toolbox window.

mt5 positions

A list of open positions:

  • Ticket — position ticket. A unique number assigned to each newly opened position. It usually matches the ticket of an order used to open the position except when the ticket is changed as a result of service operations on the server, for example, when charging swaps with position re-opening.
  • Symbol — a financial instrument of the open position.
  • ID — the position ID in an external trading system (for example, on the exchange). The display of this parameter can be disabled depending on your broker’s settings.
  • Time — position opening time. The record is represented as YYYY.MM.DD HH:MM (year.month.day hour:minute).
  • Type — position type: “Buy” — long, “Sell” — short.
  • Volume — trade operation volume (in lots or units). The minimum volume and its change step are limited by a brokerage company, the maximum amount — by the deposit size.
  • Price — the price of a deal, as a result of which the position was opened. If the opened position is a result of the execution of several deals, then this field displays their weighted average price: (the price of deal 1 * volume of deal 1 + … + price of deal N * volume of deal N) / (volume of deal 1 + … + volume of deal N). The accuracy of rounding of the weighted average price is equal to the number of decimal places in the symbol price plus three additional characters.
  • S/L — Stop Loss level for the current position. If this order has not been placed, a zero value is displayed in this field.
  • T/P — Take Profit level for the current position. If this order has not been placed, a zero value is displayed in this field.
  • Price — the current price of the financial symbol. Bid price is displayed for short positions, while Ask price is used for long ones. The price of the last performed deal (Last) is displayed for the positions of exchange symbols (both directions).
  • Value — the market value of the position. The value is calculated as the product of the opening price and the contract size.
  • Swap — the amount of swaps charged.
  • Profit — the financial result of the trade taking into account the current price is written in this field. A positive result indicates the profitability of the deal, negative indicates a loss.
  • Change — a percentage change in the asset price at the operation execution moment. Positive and negative values are colored in blue and red, respectively.
  • Magic — the value specified by a trading robot when opening orders and positions (Expert Advisor ID)

Trading account state:

  • Balance — money on the account, results of currently open positions not included (deposit).
  • Credit — amount of credit money that the broker has given to a trader.
  • Assets — the current value of purchased financial instruments (of long positions) defined in a trader’s deposit currency. The value is determined dynamically based on the price of the latest deal of the financial instrument, taking into account the liquidity margin rate. In fact, the amount of assets is equivalent to the amount of money that the trader would receive in case of immediate closure of long positions. This rate is used on the exchange markets. For more details please read the appropriate section.
  • Liabilities – are obligations on current short positions calculated as the value of these positions at the current market price. In fact, the amount of liabilities is equivalent to the amount of money that the trader would pay in case of immediate closure of short positions. This rate is used on the exchange markets. For more details please read the appropriate section.
  • Commission — commission by orders and positions accumulated during a day/month. Depending on commission charging terms (determined by a broker), a preliminary calculation of commission is performed during a day or a month. The corresponding amount of funds is blocked on the account and is shown in this field. The final commission calculation is performed at the end of a day/month and the appropriate sum is withdrawn from the account in a balance operation (displayed as a separate deal in the “History” tab), and the blocked amount is unblocked. If a commission is charged immediately during execution of a deal, its value is added to the “Commission” field of a deal in the History tab.
  • Blocked — under certain trading conditions (determined by a broker), a profit taken during a day cannot be used to perform trade operations (is not included in the free margin). This blocked profit is displayed in the “Blocked” field. At the end of the trading day, this profit is unblocked and deposited to the account balance.
  • Equity — equity is calculated as Balance + Credit – Commission +/- Floating profit/loss – Blocked.
  • Margin — money required to cover open positions and pending orders.
  • Free Margin — the free amount of money that can be used to open positions. It is calculated as Equity – Margin. Depending on the trading conditions (defined by a broker), the equity value may or may not consider: floating profit, floating loss or floating profit and floating loss together.
  • Margin Level — percentage of the account equity to the margin volume (Equity / Margin * 100).
  • Total of deals — total financial result of all open positions.

The account state line is highlighted with the red color if the account is in the Margin Call or Stop Outstate.

A list of placed pending orders:

  • Symbol — a financial instrument of the pending order.
  • Order — ticket number (a unique identifier) of the pending order.
  • ID — the order ID in an external trading system (for example, on the exchange). The display of this parameter can be disabled depending on your broker’s settings.
  • Time — pending order placing time. The record is represented as YYYY.MM.DD HH:MM (year.month.day hour:minute).
  • Type — pending order type: “Sell Stop”, “Sell Limit”, “Buy Stop”, “Buy Limit”, “Buy Stop Limit” or “Sell Stop Limit”.
  • Volume — volume requested in the pending order, and volume covered by the deal (in lots or units).
  • Price — price reaching which the pending order will trigger.
  • S/L — the level of the Stop Loss order. If this order has not been placed, a zero value is displayed in this field.
  • T/P — the level of the Take Profit order. If this order has not been placed, a zero value is displayed in this field.
  • Price — the current price of the financial symbol. Bid price is displayed for short orders, while Ask price is used for long ones. The price of the last performed deal (Last) is displayed for the orders involving exchange symbols (both directions).
  • Comment — comments on the pending order are added in this column. A comment can only be written when placing an order. The comment cannot be changed during order modification. In addition, a comment on a trade operation can be added by a broker.
  • State — in the last column, the current state of a pending order is displayed: “Started”, “Placed”, etc.

The following position parameters are displayed here: financial instrument, type, volume, current profit/loss, and more. Additionally, the current state of the trading account and the total financial result of all open positions are shown here.

The summary information about the state of assets of all open positions is available on the “Exposure” tab.

mt5 exposure

The platform adapts the display of assets depending on the risk management system applied to a trading account: Retail FX, Futures or Exchange model.

The Assets section is helpful for those trading Forex or futures at an exchange showing their current status on the market. Same currencies can be found in a variety of different symbols: as one of the currencies in a pair, as a base currency, etc. For example, you may have oppositely directed positions on GBPUSD, USDJPY, and GBPJY. In this situation, it is very difficult to understand how much currency you have and how much you need. Having more than three positions further complicates the task. In this case, the total account status can be easily seen in the Assets tab.

Let’s use the same three positions as an example:

  • Buy GBPJPY 1 lot at 134.027 — received 100 000 GBP, given 134 027 000 JPY
  • Sell USDJPY 1 lot at 102.320 — given 100 000 USD, received 102 320 000 JPY
  • Sell GBPUSD 1 lot at 1.30923 — given 100 000 GBP, received 103 920 USD

We have bought and sold 100 000 GPB simultaneously. You have 0 GBP, and the Assets tab does not display this currency. As of USD, we gave a currency in one case and received it in another. The Assets tab calculates the final outcome and adds it to the current balance since the deposit currency is USD as well. JPY participated in two deals meaning that the tab displays its total value.

mt5 position

Those using the exchange model can use the section to understand how their money is used. Unlike the previous model, the funds are withdrawn/added right when deals are performed. For example, if you buy EUR/RUB, you receive EUR at once while the appropriate sum in RUB is withdrawn from the balance. During trading, the account balance may even become negative: when you use borrowed money while purchased assets are used as collateral. In this case, the Assets tab allows you to easily understand the trading account status.

Additionally, you can see the liquidation value here — amount of funds on the account and the price (result) of closing all current positions at the market price.

mt5 how to use

How to Secure Positions by Stop Loss and Take Profit

Take Profit and Stop Loss are additional orders attached to a position or a pending order. In fact, they are instructions for a broker to close a position when the price reaches a certain level. Take Profit is set to lock in profits when the price moves in a favorable direction. Stop Loss is intended for limiting losses if the price moves in an unfavorable direction.

Of course, traders can monitor their positions on their own or using a trading robot. However, this approach has several disadvantages:

  • A trader cannot be all the time in front of the monitor to control positions.
  • This is not true for the robot. However, it runs on a user’s PC. Accordingly, the Expert Advisor cannot manage its positions in case of a computer failure or server connection loss (Internet problems).

Take Profit and Stop Loss help to solve these problems. These orders are associated with a trade position, they are stored and executed on the broker’s server, and therefore do not depend on the performance of the trading platform.

Orders of this type can also be attached to pending orders: Limit, stop-and stop-limit. A position, which opens as a result of pending order triggering, inherits Take Profit or Stop Loss specified in the order. If the triggered pending order relates to a financial instrument, for which an open position exists, this position is modified: its volume is increased or decreased. The Stop Loss and Take Profit specified in the order are used in this case. If zero values are specified in the order, the appropriate levels of the position are removed.

There are several ways to modify stop levels:

  • Using the position modification dialog.
  • Using a mouse on a chart of the financial instrument the position is open for.
  • Using the context menu on a chart of the financial instrument the position is open for.

Position Modification

To modify the stop levels of a position, click “Modify or delete” in its context menu on the “Trade” tab.

mt5 position

In the resulting window, the levels can be modified in two ways:

  • Set the new values in the fields “Stop Loss” and “Take Profit”;
  • Set level values as a number of points from the position opening price.

Then Click “Modify…”.

The “Modify…” button is inactive until the Stop Loss and Take Profit are set correctly. The terms of stop levels are determined by the broker and are specified in symbol properties (contract specification).A double click on the position modifying window shows/hides a tick chart.

Position modification can also be accessed from the position context menu on a char:

mt5 position

Managing Stop Levels from a Chart

Modification of Stop Loss and Take Profit on a chart is only available if the “Show trade levels” option is enabled in the platform settings.

To modify the level on a chart, left-click on it and drag the level up or down to the required value holding the mouse button (Drag’n’Drop):

mt5

Once a level is set, the position modification window appears allowing users to adjust the level more precisely.

Modification of Stop Loss and Take profit on a chart is disabled if you enable the “Disable dragging of trade levels” option in the platform settings.

Placing Stop Levels from a Context Menu

If an open position is available for the instrument of the chart, its stop levels can be set from the “Trade” submenu of the chart’s context menu:

The price for the stop order is set according to the current location of a cursor on the chart price scale. Depending on the position open price and its direction, appropriate commands for placing Stop Loss or Take Profit to appear in the menu.

The command opens the order modification window, where the price can be adjusted manually.

If One Click Trading is enabled in the platform settings, stop orders are placed at a specified price instantly without displaying the trading dialog.

What Is a Trailing Stop and How to Set It

Stop Loss is used for minimizing losses if the security price moves the wrong direction. Once a position becomes profitable, its Stop Loss can be manually moved to a break-even level. Trailing Stop automates this process. This tool is especially useful during a strong unidirectional price movement or when it is impossible to monitor the market continuously for some reason.

Trailing Stop is always associated with an open position or a pending order. It is executed in the trading platform rather than on the server like Stop Loss. To set a Trailing Stop, select “Trailing Stop” in the context menu of a position or an order in the “Trading” tab:

mt5 trailing stop

Select the desired value of a distance between the Stop Loss level and the current price. Use the “Set custom level” button to set Trailing Stop manually:

mt5 trailing stop
For each open position or pending order only one Trailing Stop can be set.Trailing Stop operation is described in details in a separate section.

How to Increase or Decrease the Volume of a Position

Increase or decrease of position volume depends on the position accounting system adopted on the trading account.

NettingHedging
For one financial instrument only one position can exist at any given time. Differently directed positions (buy and sell) are not allowed.   Thus, if you execute a trade operation to buy 1 lot of a financial symbol, and there is an open 1-lot sell position, the position is closed.   If you have a 1-lot buy position and execute a trade operation to buy one more lot of the same instrument, you will have one position of 2 lots. The open price is recalculated in this case — the weighted average open price is calculated: (Price of the 1st deal*Volume of the 1st deal + Price of the 2nd deal*Volume of the 2nd deal)/(Volume of the 1st deal + Volume of the 2nd deal).   The same is true for an opposite deal. If you have a 1-lot buy position and execute a trade operation to sell 0.5 lot of the same instrument, you will have one buy position of 0.5 lots.Multiple open positions of the same symbol can simultaneously exist on the trading account, including oppositely directed ones (Buy and Sell).   The volume of an existing position cannot be increased.   To partially close a position, click “Close Position” in the context menu of the appropriate position. Next enter the value of the volume to close and click “Close…”.

How to Analyse Your Entries on the Chart

In trading it is important to evaluate the correctness of market entry and exit moments. This can be conveniently done through the graphical representation of executed deals on the symbol’s price chart.

Choose an open position or a trade on the Trade or History tab, and click “Show on Chart” in the context menu: Next, click “Add [Symbol Name] Deals”. Appropriate deals will be displayed on all currently open charts of the selected symbol. If there are no open charts for the selected symbol, a new chart will be opened. The “Show trading history” option can also be enabled in chart properties.

Deals are marked on charts with icons to Buy a deal and to Sell a deal. When you hover the mouse cursor over an icon, a tooltip appears containing information about the deal: ticket, deal type, volume, symbol, open price, and current price coordinate of the cursor.

mt5 chart

To enable the display of all history deals on charts, enable the “Show on Charts \ Auto Update” option in the context menu or “Show trade history” in platform settings.

Closing Positions

In order to profit from exchange rate differences, it is necessary to close the position. To close a position, a trade operation opposite to the first one is executed. For example, if the first trade operation was buying one lot of GOLD, one lot of the same security must be sold to close the position.

A position can be closed fully or partially, depending on the volume of a trade executed in the opposite direction.To close a position in the netting system, you should perform an opposite trading operation for the same symbol and the same volume. To close a position in the hedging system, explicitly select the “Close Position” command in the context menu of the position.

To close an entire position, double-click on it or use the command “Close Position” in its context menu on the “Trade” tab.

mt5 close position

Upon clicking “Close…” the position is closed.

If you want to close a part of the position, enter the volume to close in the “Volume” field. In the Request Execution mode, the price must be requested before you close a position.

Close by

This operation allows closing two opposite positions of the same symbol. If the positions have different volumes, only one position will be left open. Its volume will be equal to the difference between the volumes of two closed positions, and the direction will correspond to the larger position.

In contrast to separate closure of two positions, the Close By operation saves the trader one spread:

  • When closing positions separately, the trader pays spread twice: when closing the Buy position at a lower price (Bid), and when closing Sell at the Ask price.
  • In the Close By operation, the open price of the first position is used to close the seconds one, and the first one is closed at the open price of the second position.
This type of operation is only available in the hedging position accounting system.

Click twice on a position or select “Close Position” in its context menu on the Trade tab. In the Type field select “Close By”:

mt5 close by

Select an opposite position and click “Close”.

mt5 history

Placing of Pending Orders

A pending order is the trader’s instruction to a brokerage company to buy or sell a security in the future under pre-defined conditions. For example, if you want to sell EURUSD at 1.10800, but the price has not risen to that level yet, you do not have to wait. Place a pending order and the broker will perform it, even if the trading platform is closed at that point.

Stop Loss and Take Profit can also be specified in a pending order. They will be set for the position that opens based on the order. Six types of pending orders are available in the platform.

Placing a Pending Order and General Parameters

A pending order can be placed in different ways:

  • Select a symbol in the Market Watch and click “New order” in its context menu.
  • Press F9. In the order window, a symbol will be inserted in accordance with the platform settings.
  • Click “New order” in the Tools menu or “New Order” on the Standard toolbar.

After that, in the order placing window select “Pending order” in the “Type” field and the necessary symbol in the “Symbol” field:

mt5 order
  • Type — pending order type
  • Volume — order volume in lots.
  • Price — the price at which the pending order should trigger. For stop and limit orders, it is the price at which they will be placed. For Stop Limit orders, this is the limit order activation and placing price at the level specified in “Order Price”.
  • Stop Loss — the Stop Loss level. If you leave the null value in this field, this type of order will not be set.
  • Expiration — order expiration terms:
    – Good Till Canceled (GTC) — the order is in the queue until it is manually removed;
    – Today — the order is only valid during the current trading day;
    – Specified — the order is active until the date indicated in the “Expiration Date” field;
    – Expiration date — the order is valid until 00:00 of the specified day. If this time appears to be out of a trade session, the expiration will be processed at the nearest trading time.
  • Comment — a text comment to the order. The maximum comment length is 31 characters.

    Fill policy
  • Fill policy — additional filling rules for limit and stop limit orders: “Fill or Kill”, “Immediate or Cancel” or “Return”. If this box is unavailable, then the option is disabled on the server.
  • Stop Limit — this field is only active for Stop Limit orders. When the Stop Limit order triggers, a limit order will be placed at the price specified in this field.
  • Take Profit — the Take Profit level. If you leave the null value in this field, this type of order will not be set.
  • Expiration date — in this field the order expiration date is specified, if the “Specified” or “Specified day” is selected for the order expiration condition.

The “Place” button is inactive if any of the parameters is incorrect.

Stop Loss and Take Profit orders only trigger for open positions, not for pending orders.

A comment to an order can be changed by a broker or server.

If the “Fill Policy” and “Expiration” fields are inactive, it means that the possibility to change them is disabled on the server.

Placing Limit Orders 

Limit orders are placed in the expectation of price “rollback”. The trader expects the price to reach a certain level, for example, support or resistance, and then moves in the opposite direction.

These orders are executed at a price equal to the specified one or better than that. Accordingly, no slippage occurs during order execution. The downside of these orders is that their execution is not guaranteed, since the broker may reject an order if the price goes too far in the opposite direction.

Here is how we can place a Buy Limit order.

mt5 pending order

In this example, the price is at the level of 1.25350, and the trader places a limit order to buy at the price of 1.24620 expecting that the price will reach the support level of 1.24453 and will continue to move upwards.

It is the opposite for Sell Limit orders. They are placed in anticipation that the price will rise to a certain level and will go down.

Placing Stop Orders 

Stop orders imply the expected breakthrough of certain levels. The trader expects the price to reach a certain level, break it through and move on in the same direction. The trader assumes that the market has reversed, having reached the support or resistance level.

When such an order triggers, a request to execute a corresponding market order is sent to a broker. The order is executed at the price equal to the specified one or worse than that. In other words, if the market price goes opposite, the order will be filled with a slippage. However, unlike limit orders, the execution of stop orders is guaranteed.

In this example, the price is at the level of 1.28190, and the trader places a stop order to sell at the price of 1.27600 assuming that the market has reversed at the level of 1.28260 and will move downwards.

It is the opposite for Buy Stop orders. They are placed assuming that the market has reversed, and the price will rise.

Placing Stop Limit Orders 

This is a combination of a stop and a limit order. If the price reaches the stop price, a limit order is placed. This type of orders is used when a trader wants to set a stop order and limit the slippage.

In the example below, a stop-limit order is placed with the expectation that the price will reach resistance level 1, will roll back from it, and then will rise to resistance level 2.

mt5 limit order

How to Quickly Place an Order from the Chart 

Pending orders can be placed from the chart using the Trading submenu of the chart context menu:

mt5 pending order

Place the mouse cursor on the necessary price level on the chart and execute the appropriate context menu command.

Depending on the cursor position, available order types are displayed in the menu. If the menu is activated above the current price, a user can place Sell Limit and Buy Stop orders. If the menu is activated below the current price, Buy Limit and Sell Stop orders can be placed.

Available distance between the selected and current price for the symbol is additionally checked (“Stops level”).

Once the command execution, the Order window appears allowing the user to adjust its parameters more precisely.

If the One Click Trading option is enabled in the platform settings, orders are placed at a specified price instantly without displaying the trading dialog.

Managing Pending Orders 

Sometimes you may need to modify a pending order: set a new activation price, change stop levels or its expiration time.

Order Modification 

To modify a pending order, click “Modify or delete” in its context menu on the “Trade” tab.

mt5 order

Almost all the fields of a pending order that you fill in during order placing can be modified, except for the volume, fill policy and its comment. After you enter new parameters click “Change”.

If parameters are set incorrectly, the “Modify” button becomes inactive.

Order Modification on a Chart Using a Mouse 

Modification of pending orders on a chart is only available if the “Show trade levels” option is enabled in the platform settings.

For pending orders, it is possible to modify Stop Loss and Take Profit levels separately, as well as modify the order price along with stop levels:

  • For the separate modification of stop levels on a chart, left-click the necessary level and drag it to the desired value (Drag’n’Drop).
  • Drag the price line to modify the entire order. In this case, both the price and the top-level are moved.
  • As for a Stop Limit order, its stop price and limit order price can be moved too. When moving the stop level indicated on the chart as “buy stop-limit” or “sell stop-limit”, all the levels of the order will be moved including the limit order price, Stop Loss, and Take Profit. The limit order price indicated on the chart as “buy limit” or “sell limit” is moved independently from other levels.
mt5

Once a level is set, the order modification appears allowing users to adjust the level more precisely. If the “One-Click Trading” option is enabled in the platform settings, orders are placed at a specified price instantly without displaying the trading dialog.

Changing pending orders on the chart can be disabled by enabling “Disable dragging of trade levels” option in the platform settings.

Order Modification on a Chart Using a Context Menu 

You can change or remove your pending orders, as well as set a trailing stop using pending order’s context menu on the chart:

  • Modify — open the window of the selected order modification;
  • Delete — open the order deletion window. If One Click Trading is enabled in the platform settings, removal is performed instantly without displaying the trading dialog;
  • Trailing Stop — open the menu of Trailing Stop selection.

Deleting Pending Orders 

A pending order can be deleted from its modification window by pressing the “Delete” button. Pending orders can also be deleted automatically at the time specified in the “Expiration” field. A deleted pending order is marked as “Canceled” on the History tab of the Toolbox window.

The pending order can also be removed directly from the chart using the context menu.

Trading Account History 

The platform provides full access to the trading history of an account, as well as various tools for analyzing it. Open the “History” tab of the Toolbox window.

mt5 history

The trading history can be presented in various forms:

  • As a list of positions. The platform collects data on deals related to a position (position opening, additional volume, partial and full closure), and then combines the data into one record providing the following details:
  • Position opening and closing time determined by the first and last trade respectively
  • Position volume. If part of the position was closed, the record contains the closed volume and the source volume
  • The weighted average position opening price and its closing price
  • The total financial result of deals related to the position
  • Position Stop Loss and Take Profit determined by Stop Loss and Take profit values of the deals, which opened and closed the position
  • A list of orders containing all trade requests sent to a broker;
  • A list of deals — the actual purchase and sale transactions executed based on the orders;
  • A tree view of all trading operations showing how the trade requests were processed.

To display the trading history in the form of positions, the terminal uses information about deals executed during the requested period. Only the positions which were closed within this period will be shown in history. If the position is still open or its close time is beyond the selected interval, it will not be displayed in history. Therefore, the totals (profit and commission) in positions mode can differ from those in orders/deals history mode.

For example, you are viewing the past week’s history. During this period, 100 deals were executed, 98 of which opened and closed 20 positions. The last two deals opened new positions, which have not been closed up to now. In this case, the history of deals contains 100 records and appropriate total values calculated based on these deals. When viewing the history as positions, you will see 20 records collected based on 98 deals. Only this data will be taken into account when calculating total values. If the broker charges commissions per entry deals, the final commission value in the deal’s history will differ from the commission value in the position’s history, because the two last deals will be ignored in the case latter case.

How to use MetaTrader 5 Alerts

The MT5 alerts are used to notify of market events. Having created alerts, you may leave the monitor, and the trading platform will automatically notify you of the specified event.

Alerts are configured on the “Alerts” tab. An alert can be created via the context menu or by pressing Insert.

mt5 alerts
  • Click here to learn how to use MetaTrader 5 alerts  
  • Click here to learn how to use MetaTrader 5 emails  
  • Click here to learn how to use MetaTrader 5 notifications  

How to use MetaTrader 5 One Click Trading

Trade execution speed is very important in financial trading. Traders strive to enter the market on time to catch the opportunity to profit. Trading robots can be used for high-frequency trading. However some traders still prefer to trade manually. The platform features special tools for carrying out various trading operations with just one mouse click.

How to Perform a Deal with One Click on a Chart 

A special panel allows performing instant trade operations directly on a chart. To activate it, click “One Click Trading” in the chart context menu.

You can show/hide the panel by clicking the left button of OHLC.

mt5 one click

Using this panel you can instantly send buy or sell market orders with specified volumes.

How to Protect a Market Position by Take Profit and Stop Loss with a Single Mouse Action 

You can quickly set Stop Loss and Take Profit for a position on a chart. Click on the position level and drag it up or down. Depending on the direction of the position and dragging direction, a user is prompted to set either Stop Loss or Take Profit.

When you move a level, a tooltip appears displaying potential profit (or loss) in the deposit currency and pips that can be obtained if the level triggers.

mt5 one click

To modify the level on a chart, left-click on it and drag the level up or down to the required value holding the mouse button (Drag’n’Drop):

mt5 chart
Modification of Stop Loss and Take Profit on a chart is only available if the “Show trade levels” option is enabled in the platform settings. Modification of Stop Loss and Take profit on a chart is disabled if you enable the “Disable dragging of trade levels” option in the platform settings.

How to Quickly Lock the Profit/Loss of a Position 

To quickly close a position and take its current profit/loss, use the “Trade” tab in the Toolbox window.

The “Profit” column of each open position has a button. If you click the button for a position, it will be immediately closed without additional confirmation.

How To Quickly Set a Pending Order at the Desired Level on the Chart 

Pending orders can be placed from the chart using the Trading submenu of the chart context menu:

Place the mouse cursor on the necessary price level on the chart and execute the appropriate context menu command to set a pending order.

Depending on the cursor position, available order types are displayed in the menu. If the menu is activated above the current price, a user can place Sell Limit and Buy Stop orders. If the menu is activated below the current price, Buy Limit and Sell Stop orders can be placed.

Available distance between the selected and current price for the symbol is additionally checked (“Stop level”).

The order volume to set is selected on the quick trading panel on the chart.

After executing the command, the Order window appears allowing the user to adjust its parameters more precisely. If “One Click Trading” option is enabled in the platform settings, orders are placed at a specified price instantly without displaying the trading dialog.

How to Quickly Change the Price of a Pending Order on the Chart 

Modification of pending orders on a chart is only available if the “Show trade levels” option is enabled in the platform settings.

For pending orders, it is possible to modify Stop Loss and Take Profit levels separately, as well as modify the order price along with stop levels:

  • For the separate modification of stop levels on a chart, left-click the necessary level and drag it to the desired value (Drag’n’Drop).
  • Drag the price line to modify the entire order. In this case, both the price and the stop level are moved.

When you move an order, a tooltip appears displaying the distance from the current price in the deposit currency and pips.

Once a level is set, the order modification appears allowing users to adjust the level more precisely. If One Click Trading is enabled in the platform settings, modification is performed instantly without displaying the trading dialog.

Changing pending orders on the chart can be disabled by enabling “Disable dragging of trade levels” option in the platform settings.

How to Remove a Pending Order in One Click 

To quickly delete a pending order, use the “Trade” tab in the Toolbox window.

The state column of each order has the X button. When pressed on the order line, the order is deleted without additional confirmation.

How to Remove Stop Loss or Take Profit with One Click 

To quickly delete Stop Loss or Take Profit of a position, use the “Trade” tab of the Toolbox window.

In the S/L or T/P column click X. The appropriate level is deleted without any further confirmation.

One Click Trading in the Depth of Market and Market Watch 

The One Click Trading options are also available in the depth of market and the Market Watch. For details, refer to the appropriate sections:

  • Quick Trading from the Depth of Market
  • One Click Trading in Market Watch

Features of One Click Trading 

A window of the agreement appears when you first try to make a deal with one click.

mt5 one click trading

If you accept the conditions, tick the “I Accept these Terms and Conditions” option and click “OK”. If you do not accept the conditions, click “Cancel” and do not use the “One-Click Trading” function.

You can pre-allow the one-click trading option in the platform settings.

When performing operations with one click, you should be aware of some of its features:

  • One Click Trading is available in all execution modes except for “Request” execution. In the latter case, a standard trade dialog appears.
  • In the Instant Execution mode, the allowable price deviation in orders is set in accordance with the “Use deviation” option.
  • The Fill Policy is selected based on the trading instrument execution mode: for exchange execution it is always “Return”, for market execution it is either “Fill or Kill” or “Immediate or Cancel” (depending on what policy is allowed for the symbol), for instant and request execution it is always “Fill or Kill”.
  • When a requote is received, an appropriate message is added to the platform journal and a requote sound is played.

The quotes are displayed on the one-click trading panel buttons the following way:

  • The decimal point between the numbers of different size is not displayed to save space. The font size is used as a separator instead.
  • In three-digit quotes, the first and second digits are highlighted, while in five-digit quotes — the third and fourth ones. The last two digits are highlighted in other cases.

How to use MetaTrader 5 Charts

The most important aspect of financial market trading is making correct decisions about market entries and exits. When to trade and when to wait for more favorable conditions? The analytical tools available in the trading platform will help answer this question.

There are countless methods of price analysis based on analytical tools. All of them can be divided into two broad categories: technical analysis and fundamental analysis.

View and Configure Charts

Charts in the trading platform visualize changes of financial symbol quotes over time. Charts are used for technical analysis and operation of Expert Advisors. They allow traders to visually monitor the prices of currencies and shares in real-time and instantly respond to any changes in the market situation.

In the trading platform, you can open up to 100 charts at a time, customize their appearance and displayed information, apply and remove various objects and indicators, and much more.

Chart: How to Open, View, Set Timeframe and Scale 

mt5 chart
A chart can be opened by dragging an instrument from the Market Watch window. If the instrument is dragged to the window of an open chart, the new symbol is opened in the same window while the previous one is deleted from it. In this case, all settings of the previous chart are applied to the new one. If you hold down Ctrl while dragging a financial instrument, the new chart is opened in a separate window using the DEFAULT.TPL template, which is created during the platform installation process. This template cannot be deleted, but it can be changed. To quickly find the desired chart among multiple open charts, select the appropriate symbol in the Market Watch, order or position in the Trade or History section, or an alert. The chart frame of the appropriate symbol will blink three times.

How to Change the Color of the Chart 

The chart appearance is highly customizable: you can hide or show any element, as well as change its color. For convenience, three color schemes of charts are available in the platform. In the chart properties, you can select a color scheme or set up colors of individual elements of the chart:

To open chart properties, click “Properties” in the context menu or the Charts menu.

How to Arrange Charts 

If multiple charts are open in your trading platform, you can easily organize them. Use the Window menu and select one of the available chart arrangement types:

What are the Templates and Profiles 

Templates and profiles allow saving settings of charts and easily apply them when necessary. For example, to analyze a currency pair you have added horizontal lines to mark up the levels. Save a separate chart template in order to preserve the levels. In this case, you can always restore the levels on a new chart by applying the template.

Templates are used for saving parameters of an individual chart: chart type and color, color scheme, scale, running Expert Advisors, applied indicators and analytical objects, as well as other settings.

In profiles you can save the settings and arrangement of all open charts, that is of the entire workspace for technical analysis.

You can conveniently work with profiles and templates using the toolbar:

They can also be accessed using the Charts menu, the context menu of the chart and the status bar of the platform.

See Templates and Profiles for further details.

How to View Precise Values on the Chart 

You can view the precise price, time or indicator values using the Crosshair and the Data Window.

Turn on the crosshair on the “Line Studies” toolbar, and the exact values of a chart point will be shown on the price and time scales. More details about the current cursor position on the chart are available in the Data Window: date and time, bar parameters, volumes, spread (minimum value on a selected bar), as well as indicator values.

Any indicator can be configured (Visualization tab in the indicator properties window) so that its values are displayed in this window.

Working with Charts on Multiple Monitors 

The trading platform allows detaching financial symbol charts from the main terminal working area. This feature is convenient when using multiple monitors. Thus, you may set the main platform window on one monitor to control your account state, and move your charts to the second screen to observe the market situation. To detach a chart from the terminal, disable the “Docked” option in its context menu. After that move the chart to the desired monitor.

A separate toolbar on detached charts allows applying analytical objects and indicators without having to switch between monitors. Use the toolbar context menu to manage the set of available commands or to hide it.

Chart Construction Features 

The history data, based on which charts are constructed, are stored on the hard disk. When you open a chart, the data are loaded from the disk, and the last missing data are downloaded from the trading server. If there are no history data for the symbol on the hard disk, the latest 512 bars of history are downloaded.

To download earlier data, move the chart to the desired area. Once a chart is opened, the platform starts receiving information about the current quotes. Thus, further price changes are shown in the real-time mode. This information is automatically saved in the history file and used later when you reopen this chart.

In the platform settings, you can set up the “Max. bars on chart” parameter. This parameter allows you to control the amount of history data displayed on the chart.Bid prices are used for constructing charts. If the depth of market is available for a symbol, its chart is based on the Last prices (the price of the last executed trade).

How to use MT5 Indicators

An indicator is the most important tool for technical analysis. Decisions about how and when to trade can be made on the basis of technical indicator signals. The essence of technical indicators is a mathematical transformation of a financial symbol price aimed at forecasting future price changes. This provides an opportunity to identify various characteristics and patterns in price dynamics which are invisible to the naked eye.

Types of Indicators 

In accordance with the functional properties, indicators can be divided into two types: trend indicators and oscillators. Trend indicators help to identify the price direction and find trend reversal moments synchronously or with a delay. Oscillators allow to define market reversal points in advance or simultaneously.

A separate category includes indicators calculated based on volumes. ‘FX volume’ means the number of ticks (price changes) within a time interval. For stock securities volume means the volume of executed trades (in contracts or money terms).

Another category is Bill Williams’ indicators. They are included into a separate group because they are part of the trading system described in his FX books.

The above categories include built-in indicators of the trading platform. 38 indicators are available in the platform. A large number of custom technical indicators can also be used in the platform. You can download source codes of various free applications from the Code Base. Thousands of ready-to use applications for technical analysis and automated trading are also available on the Market.

For convenience, all the indicators are divided into groups in the Navigator window.

>> See all MetaTrader 5 indicators

How to Run an Indicator on the Chart 

The most convenient way to apply an indicator is to drag it from the Navigator window. You can also use the Indicators command from the Insert menu or button Indicators on the Standard toolbar.

mt5 indicators

A technical indicator can be drawn in a separate indicator window with its own vertical scale (for example, MACD) or applied directly onto a price chart (like Moving Average).

How to Change Settings of an Applied Indicator 

The settings of a running indicator can be changed. Select the required indicator in the Indicator List and click “Properties” or use the indicator context menu on the chart.

Use the context menu to manage indicators:

  • Properties — open indicator properties;
  • Delete Indicator — remove the selected indicator from the chart;
  • Delete Indicator Window — delete the indicator subwindow. This command is only available in the context menu of indicators running in a separate subwindow;
  • Indicator List — open the Indicator List window.
Moving a mouse cursor to a line, symbol or a histogram border of an indicator, you can precisely define the value of the indicator at this point.

How to Customize the Indicator Appearance 

You can conveniently customize the appearance of indicators in the trading platform. You can set up the indicator parameters when applying it to a chart or modify them later. The indicator appearance is adjusted on the “Properties” tab:

mt5 indicators

Indicator line color, width and style are set up in the “Style” field.

Display of various elements can be individually configured for Ichimoku Kinko Hyo, Alligator and MT5 custom indicators. The line color, width and type can be set on the “Colors” tab.

How to Choose Data to Draw an Indicator 

Indicators can be plotted based on price data and derivatives thereof (Median Price, Typical Price, Weighted Close), as well as on the basis of other indicators. For example, you can apply Moving Average to Awesome Oscillator and have an additional AO signal line. First you need to draw the AO indicator, and then apply MA to it. In the MA settings select option “Previous Indicator’s Data” in the “Apply to” field. If you choose “First Indicator’s Data”, MA will be applied to the very first added indicator, i.e. it can be any other indicator.

mt5 indicators

Nine variants of indicator construction are available:

  • Close — based on close prices.
  • Open — based on open prices.
  • High — based on High prices.
  • Low — based on Low prices.
  • Median Price (HL/2) — based on the median price: (High + Low)/2.
  • Typical Price (HLC/3) — based on the typical price: (High + Low + Close)/3.
  • Weighted Close (HLCC/4) — based on the average weighted close price: (High + Low + 2*Close)/4.
  • First indicator’s data — based on the values of the first applied indicator. The option of using the data of the first indicator is only available for indicators in a separate window, because in the main chart window the first indicator is the price.
  • Previous indicator’s data — based on the values of the previous indicator.

How to Set Up Additional Indicator Levels 

For some indicators, additional levels can be enabled. Open the “Levels” tab, click “Add” and enter the level value in the table. You can also optionally add the level description.

mt5 indicators

The line color, width, and style for the levels can be set up below. To edit a level, click “Edit” or double-click on the appropriate field.

For indicators applied to a price chart, levels are drawn by summing the indicator values and the specified level. For indicators drawn in a separate subwindow, levels are drawn as horizontal lines through the specified value on the vertical scale.

Indicator Display Settings 

The indicator display for different timeframes (period) can be set up on the “Visualization” tab. The indicator will only be displayed for the selected timeframes. This can be useful when the indicator is designed for use on specific timeframes.

mt5 indicator settings

Option “Show in the Data Window” allows to manage indicator information displayed in the Data Window.

Some indicators have additional scale settings. Indicator properties window has an additional “Scale” tab:

  • Inherit Scale — enable/disable scale inheritance from the first indicator in the window. If this option is enabled, the indicator has the same scale as the one applied prior to this one;
  • Scale by Line — enable/disable fixation of a certain indicator value in its subwindow using a drag-and-drop line. If this option is enabled, “scale percent” and “scale value” fields become active; the value of the indicator to be fixed can be specified there. Once the value is set, a line is added to the indicator window, using which you can set a fixed level of indicator values on the vertical scale;
  • Fixed Minimum — enable/disable fixation of a minimum value of the vertical scale of an indicator subwindow. If enabled, the option activates the field for entering the corresponding value;
  • Fixed Maximum — enable/disable fixation of a maximum value of the vertical scale of an indicator subwindow. If enabled, the option activates the field for entering the corresponding value.

How to use MetaTrader 5 Analytical Objects

Identifying trends, plotting channels, defining cycles, and support/resistance levels — all these and many other tasks can be solved using analytical objects. The trading platform provides 46 analytical tools. They include geometric shapes, channels, Gann, Fibonacci, and Elliott Wave tools, and more. Unlike technical indicators, graphical objects are plotted manually.

mt5 analytical

Types of Analytical Objects 

46 analytical objects are available in the trading platform. They are grouped into the following categories:

  • Lines — various lines (trend lines, horizontal, cyclic lines, etc.) added to price charts and indicators;
  • Channels — various channels (equidistant, regression channel, etc.) added to price charts and indicators;
  • Gann Tools — a set of technical analysis tools developed by W. D. Gann;
  • Fibonacci Tools — a set of technical analysis tools (retracement and expansion) created on the basis of the numerical sequence by L. Fibonacci;
  • Elliott Tools — a set of tools technical analysis based on the wave theory of R. N. Elliott;
  • Shapes — geometric shapes (square, triangle, and ellipse) that allow marking various areas in the price chart;
  • Arrows — symbols (arrows, check and stop signs) allowing to mark the most significant points in the chart;
  • Graphical objects — various graphical objects (text, text labels, button, etc.)

For convenience, all objects are grouped by categories in the Insert menu and the Line Studies toolbar.

How to Add an Object to a Chart 

To add an object, select it from the Insert menu or on the Line Studies toolbar.

Simple objects such as horizontal and vertical lines, arrows, labels, and others are plotted using one point. Select an object, click on the chart, and the object will be immediately added.

More complex objects that are built along the trend, such as channels, Gann and Fibonacci tools, etc. have multiple control points. They are added as follows: click on a chart to add the starting point, then hold down the mouse button and set the object direction and its second point. Below is an example of adding an equidistant channel.

Some objects require setting more than one point. The object appears on the chart only after setting all the required points.

Managing Object on the Chart 

A created object can be moved and modified. Click on an object to select it. Square markers or frames appear for a selected object. The markers are used for moving objects and changing their drawing parameters.

For example, to change the Fibonacci Fan location, grab its central marker with the left mouse button and move the cursor. Moving of any of its extreme markers changes the object drawing parameters.

The object moving points is its central point as a rule.

Any object can be removed from the chart using the context menu commands. Using the Backspace key, you can remove objects sequentially. Any removed object can be restored. To restore an object, click “Object — Undo Delete” in the Charts menu or press Ctrl+Z.

Some features of working with objects:

  • The platform allows you to quickly create copies of various objects. Select an object, hold down Ctrl and move the object using its central marker.
  • To move a group of objects, select them and drag the point of one of them while holding down Alt.
  • You can use a single click to select objects instead of the double click by enabling option “Select objects by single mouse click” in the platform settings.
  • Magnet sensitivity of objects can be set in the platform settings. When you move a point to the area within the distance specified in “Magnet sensitivity” from one of the bar prices (“Open”, “High”, “Low” or “Close”), the point is automatically moved to this price level. This feature enables convenient positioning of objects on the chart.

How to Modify Object Properties 

Parameters of an added object can be modified. Select the required object in the Object List window and click “Edit” or select “Properties” in the context menu of the object on the chart.

Use the context menu to manage objects:

  • Properties — open the properties of a selected object.
  • Object List — open the Object List to manage objects on the chart.
  • Delete — delete the selected object.
  • Delete All Arrows — delete all arrows belonging to the Arrows group.
  • Delete All Selected — delete all selected objects.
  • Unselect All — unselect all objects on the chart.
  • Unselect — unselect the selected object.
  • Undo Delete — restore the last deleted object.

How to Customize the Object Appearance 

You can conveniently customize the appearance of analytical objects in the trading platform. You can set up the object parameters when adding it to a chart or modify them later. The object appearance is adjusted on the “Common” tab:

Line color, width, and style are set up in the “Style” field. Other general object parameters can be set up here:

  • Name — the unique name of an object within one chart, it is set automatically. It can be changed by entering another name in this field. Such names make it easy to find an object among many other objects of the same type;
  • Description — a text description of an object which also helps to identify objects. The description can be shown on the chart if the “Show object descriptions” option is enabled in the chart settings;

Object Display Settings 

The object display on different timeframes (periods) can be changed in the “Visualization” tab.

The object only appears on the selected timeframes. This can be useful when an object has different settings on different timeframes. If the field “All timeframes” is selected, the object is visible on all timeframes.

The “Levels” tab is specifically used only for Fibonacci tools and Andrews’ Pitchfork. The list of the object levels is available in the form of a table here.

The values of the levels can be changed or deleted (the “Delete” button). A new level can be added by clicking the “Add” button. The “Defaults” button sets the initial values. The color, width and style of the object levels are set up in the “Style” field.

Object Drawing Parameters 

Object drawing parameters are available on the “Common” tab.

Parameters include:

  • Draw object as background — draw object in the background, behind the chart. This option also sets color filling of objects like shapes or channels (excluding Fibonacci Channel).
  • Disable selection — disable the possibility of object selection. This possibility is intended for control objects (“Button”, “Entry field”, “Graphic label”). This option allows changing the state of buttons and graphic labels, as well enter values in the entry fields.

Coordinates of the object control points can be changed on the “Parameters” tab. Time coordinates are set in the “Date” fields. Values of coordinates along the vertical axis are entered in the “Value” fields. An object can have from one to three coordinates.

For some objects, additional options are available in the “Parameters” tab:

  • Angle in degrees — the angle of the object slope counter-clockwise in degrees;
  • Scale — ratio between units of vertical (pips) and horizontal (bars) axes of the object. Normally, the number of pixels in a unit of the horizontal (time) axis differs from that of the vertical (prices) axis. Scale 1:1 sets them to the same value. Changing this setting for individual objects changes the ratio;
  • Arrow code — code of the object;
  • Ray right/left — displaying trend lines as rays in specified directions;
  • Anchor — one of the chart corners or sides where its anchor point is located;
  • X-distance: — horizontal distance between the anchor corner of the window and the text label in pixels;
  • Y-distance: — the vertical distance between the anchor corner of the window and the text label in pixels;
The complete list of object parameters is available in object description sections.

What Platform Settings Affect Object Drawing 

The trading platform has common object drawing settings, which are available in the Chart section.

  • Show object properties after creation — all objects have certain properties. For example, thickness and color of the trend line, period of the indicator’s signal line, etc. Most traders use standard settings of all graphical objects, but in some cases, you may need to set them up individually. Option “Show object properties after creation” allows to automatically open the window of properties of graphical objects and indicators after they are applied to a chart.
  • Select objects by single mouse click — graphical objects in the platform can be selected by a single or double click. This option allows switching between the object selection methods. If it is enabled, all objects are selected with a single click. If this option is disabled, all objects are selected by a double click.
  • Precise time scale — if this option is disabled, objects are bound to bars along the horizontal scale of a chart. If you enable it, then it is possible to position an object at any point between bars.
  • Select objects after creation — objects are positioned on charts manually. After creating an object you may need to move it, for example, to accurately position a trend line. To do that, it is necessary to select the object first. This option allows doing that automatically right after placing an object on a chart.
  • Magnet sensitivity — the platform allows to “dock” anchor points (except for the central moving points) of graphical objects to different bar prices to locate them more precisely. In the “Magnet sensitivity” field, the sensitivity of this option in pixels can be defined. For example, if the value of 10 is specified, the object is automatically docked to a bar if the object’s anchor point is located within a distance of 10 pips from the nearest bar price (OHLC). The point should also be within the bar width. To disable the option, set the parameter to 0.
When you add an object to a chart with the timeframe other than M1, the following magnet features are active: When anchoring a point of an object to one of the extreme price (OHLC), the specific minute is determined, where the extremum was recorded. Point of the object is bound to that minute, and it is reflected in the object properties. This kind of behavior allows keeping proper positioning of objects when switching between timeframes.If the “Precise time scale” option is additionally enabled, then you may observe an effect when the anchor point moves away from an extreme point. This behavior appears if the actual extreme point does not correspond to the extreme point of a bar.

How to use MetaTrader 5 Fundamental Analysis

The purpose of fundamental analysis is in the constant monitoring and studying of various economic indicators, which may affect the quotes of a financial instrument.

For example, annual report releases, news about a new contract or a regulatory law can seriously affect the price of company shares. To keep abreast, you need to constantly analyze this information.

Where can I read the financial news 

Straight in the platform you can receive financial news from international news agencies. This helps you stay updated and take appropriate trading decisions.

News items appear on the News tab of Toolbox window. To read the Forex news, double click on its title.

Why do brokers provide different news? 

Any financial newsletters can be received in the trading platform. Every broker selects the news types and providers.

How to configure the news language? 

Newsletters in various languages can be received on the trading platform. To configure the list of languages, open the platform settings by clicking “Options” in the Tools menu.

mt5 language

Click “Edit” in the “News Language” field and select the desired languages. The default is automatic selection, i.e. newsletters are filtered by the platform interface language. If you do not want to receive newsletters, uncheck “Enable news”.

For your convenience, the newsletters are divided into categories. Open the context menu in the news tab. Click “Customize” in the submenu of news categories to open their setup window:

mt5 news

In the tree-like list, select the news categories you want to display in the trading platform.

The types of available categories are defined by the data provider chosen by your broker.

How to follow macroeconomic indicators? 

In addition to the news, the platform contains the Economic Calendar. The calendar features publications of over 600 macroeconomic indicators concerning the 15 largest global economies, including the USA, European Union, Japan, UK, Canada, Australia, China, etc. Relevant data is collected from open sources in real-time.  

Macroeconomic indicators are parameters describing the state of the country they are calculated for. They characterize the level of economic development and may indicate either economic growth or a decline. By analyzing the macroeconomic indicators, it is possible to forecast future price movements.

The indicators and events can be viewed on the “Calendar” tab of the “Toolbox” window.

By default, the calendar displays current week events, including past and upcoming events. Use the context menu to switch to another period. You can access events for the previous, current and next week, as well as appropriate months. A deeper history is available in the web version.

Every indicator is provided with the release time, priority, as well as its current, forecast and previous values. The current value appears as soon as the indicator is released. If this value is less than the predicted one, the indicator is highlighted in red. If the current value is larger, the indicator is shown in blue.

To view a detailed event description or the history of its values as a graph or table, double click on its name.

For easier search, filter events in the list using the context menu:

  • by priority
  • by the currency of the country for which the indicator is published
  • by country for which the indicator is published

>> Learn how to use the forex factory economic calendar

Types of Macroeconomic Indicators 

Macroeconomic indicators are categorized based on the countries for which they are published. Read the detailed description of the most popular indicators in further topics:

  • US macroeconomic indicators
  • EU macroeconomic indicators
  • UK macroeconomic indicators
  • Macroeconomic indicators of Japan
  • Macroeconomic indicators of Germany
  • Macroeconomic indicators of Switzerland
  • Macroeconomic indicators of Australia
  • Macroeconomic indicators of Canada
  • Macroeconomic indicators of China
  • Macroeconomic indicators of New Zealand

How to display the macroeconomic indicators on a chart? 

Information about macroeconomic events can be displayed on the charts of corresponds currency pairs. You can visually assess the impact of various events on the currencies.

To add the indicators to the chart, click on “Add All Events” in the context menu of the calendar.

How to use MT5 EAs

Algorithmic or automated trading is making buy and sell operations in the financial markets using special trading robots. In the trading platform, these programs are also called Expert Advisors or FX EAs.

Trading robots undertake price analysis based on preset algorithms, decision-making and, as a result, execution of trading operations in the market.

Trading robots are widely used in financial trading, and the share of automated operations relative to manual trading is constantly growing. A computer program has a variety of advantages:

  • It never gets tired
  • It is not susceptible to stress
  • It strictly follows a preselected algorithm
  • It rapidly responds to market changes.

A special branch of algorithmic trading includes high frequency trading (HFT). As the name implies, trade operations are carried out at a high speed and frequency. The trading platform provides all the necessary tools for that:

  • Fast and efficient trading robots programming language MQL5
  • Orders are sent from the platform and processed on the trade server with a minimum delay
  • Renting a virtual platform close to a broker to minimize network delays

Read the below guides to find out everything about automated trading:

  • Automated Trading
  • Forex EAs
  • Backtesting

How to use MT5 Copy Trading

Forex Signals” is a convenient service for automatic copying of trading operations of professional traders directly to your account. All accounts registered in the service are provided with detailed statistics and full trading history. Also, any user can become a provider and sell their own trading signals.

Working with the Signals service has a great number of advantages:

  • No need to conclude an agreement between a provider and an investor.
  • Copying of trading operations is fully automated. Your participation is not required.
  • A Signal Provider and a Subscriber may have accounts with different brokerage companies.
  • Ultrafast data exchange protocols greatly reduce orders execution delays on a Subscriber’s account.
  • Data transmission is absolutely secure.
  • Fixed subscription price, no additional commissions for subscription.

To use the Signals service, you need a valid MQL5.community account, specify it in the platform settings. If you do not have an account yet, please register.

To ensure the 24/7 copying of trades, you can easily rent a virtual server straight from the trading platform.

>> Learn more about Copy Trading

How to use MT5 Market

Market is the largest store of trading robots and indicators for the trading platform. Here you can purchase or download for free various trading applications. Trading robots and indicators can be tested for free before purchasing.

Applications from the Market are also available for rent. You receive a full-featured product with a limited validity period, but at a lower cost.

If you are a professional trader and programmer, you are welcome to offer your products on the Market. You access to an audience of millions traders and you do not have to worry about payments or licensing: payments are transferred through the MQL5.community payment system, while products are encrypted and tied to buyers’ computers.

The Market features a well-developed product filtration and sorting systems. Each product has a detailed description and screenshots. Trading robots and indicators have demo versions.

Before making a purchase it is recommended to test desired trading robots and indicators. It is an easy and free-of-charge operation that gives you more confidence in a product.

Any trader can find thousands of trading robots, indicators, financial magazines and books in the Market. You can purchase them straight from the platform.

All your products are tied to your MQL5.community account or to your computer and are always at hand. You will always know about updates, will be able to renew the rent or download a previously purchased product.

>> How to use MQL5

How to use MT5 Virtual Hosting

Virtual hosting is a service providing the round-the-clock operation of the trading platform. That may be necessary in the following cases:

  • a trader has a trading robot developed by his or her efforts or ordered from programmers;
  • a trader has an Expert Advisor purchased from the Market;
  • a trader has subscribed to a Signal.

All these cases require constant connection to a trade server and uninterrupted power supply. Using a home PC is not always possible and convenient.

There is a convenient and fast solution for all traders — you can rent a virtual server for you trading account straight from the trading platform.

Unlike renting ordinary VDS or Forex VPS from third-party companies, you are able to select the server that is the closest to your broker thus minimizing the network latency when sending orders from the platform to the trade server.

The payment for using the service is conveniently performed via MQL5.community. If you do not have an account yet, please register. The account should be specified in the platform settings.

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