MT5 - Facts, Questions and Answers
January 18, 2011
An exclusive interview with Renat Fatkhullin, Founder and CEO of MetaQuotes Software Corp. for 100Forexbrokers.com
The goal of this interview is to address the most frequently asked questions that concern MetaTrader users nowadays.
Question 1: There are 3 distinguished groups among MetaTrader platform users: Forex brokers, traders with programming skills and ordinary traders. With the announcement and later the release of MT5 platform, the reaction from the ordinary traders group was the most vivid [mixed expectations, criticism etc]. What in your opinion has provoked such reaction among traders?
Renat Fatkhullin: This reaction was quite predictable, since MetaTrader 5 embodies many new features required by traders. The new platform offers improved analytical features, options for using trading robots and much wider possibilities of the trading sub-system. Generally, MetaTrader 5 is significantly better than MetaTrader 4.
Unfortunately, the very novelty of the functions has caused some criticism from conservative traders. However, it should be understood that this is a cost of new features. If we could relieve traders of the inconvenience associated with retraining for MetaTrader 5, be sure that we would have done so.
Question 2: MT4 has virtually pioneered the largest growth of custom indicators and automated expert advisors in the Forex industry. With the official announcement of incompatibility of MT4 and MT5 platforms, many traders who used to rely on trading with custom indicators and EAs in MT4 are now unable to swiftly transfer to MT5 without help of programmers, who can re-write an old indicator script. What is your vision of the situation, and what would be the best way to update the old scripts to make them compatible with the new platform?
Renat Fatkhullin: Initially we wanted to make MQL4 and MQL5 compatible and even announced it. But the development of the new platform has made its own correction. At some point, we just could not resist the prospect of creating a very powerful, fast and flexible programming language. It was a huge step up in the automated trading, but we had to burn all the bridges.
On the other hand, this is not a big problem, and we are actively solving it. We’ve launched a special website MQL5.com – the community of Expert Advisor developers. Until today, over 100 MQL5-indicators and dozens of Expert Advisors have been published on this site. This code base is free and is available to any trader right from the Navigator window of the MetaTrader 5 terminal.
In addition, this site is regularly visited by experienced MQL5-developers who help traders to rewrite programs to the new language. If you need professional assistance, I recommend that you visit this site. Especially for such orders we’ve launched a new Jobs service on the site. This is a convenient and secure way for a trader and developer to communicate with each other. If any disputes occur, our company is ready to act as arbitrator.
Moreover, soon we will introduce two more services – a Store of trading robots and Monitoring of trading signals. Also worth mentioning is the recently held Automated Trading Championship 2010. This is another step in the right direction with which we want to attract more developers to MQL5.com. They in turn can offer their services and sell their applications to traders.
I am sure all this will make transition to MetaTrader 5 smoother and easier for the ordinary traders. While for developers this opens new ways to earn extra money.
Question 3: MetaTrader 5 platform was released in time to provide solutions to one of the largest Forex industry sectors – U.S. Forex brokers under NFA regulation, who had to submit to new FIFO rules. Under the new rules, hedging [simultaneous opening of two opposite orders on the same currency pair] has been eliminated. Have you considered an option of making 2 versions of the new platform: one with FIFO compliance for NFA regulated brokers, and the other with hedging ability for the rest of the brokers, who could choose either version?
Renat Fatkhullin: No, this possibility was not even considered. From the beginning we were developing the trading system without hedging. It is a prerequisite if you want to distribute a platform for equity markets. We had to make the trading system, consistent with their rules.
If we consider the option of two different platforms, it wouldn’t be a good solution for all parties. Releasing and supporting two platforms is a rather complicated and costly affair. As a result, we would be releasing fewer software updates, correcting errors and adding new features not so often. In the end, our customers, i.e. traders and brokers would suffer. Therefore, we decided to make a single platform, and make it as good as possible.
Question 4: Many of the MT5 platform features have been quickly noticed & recognized by traders with programming skills. The rest of the traders, however, seem to be uncertain about the usability of the new platform for their needs. What are the benefits of switching over to MT5 for those traders? At the same time, what are the possible challenges of such transition, and what can you suggest to overcome those challenges?
Renat Fatkhullin: First of all, MetaTrader 5 provides wider analytical functionalities. The terminal now has more timeframes, new objects and MQL5-indicators with wider features. Second, new order types and position management tools are available in trading (Depth of Market, One Click Trading, Exposure).
Finally, we’ve made a great leap forward in the area of automated trading. MetaTrader 5 offers a new development environment with a high-level object-oriented language MQL5, an MetaEditor with a debugger and multicurrency Strategy Tester with the function of distributed testing.
Of course, not all traders will learn MQL5 and how to develop trading robots. But even ordinary traders can take full advantage of MQL5 programs for their daily trading. Well, you don’t need to know MQL5 to order, purchase or simply download an MQL5 program.
In addition, recently we have included MQL5 Wizard in the standard delivery of the MetaTrader 5 Client Terminal. Now ordinary traders can create their own Expert Advisors, not knowing even the basics of the MQL5 language. A trader only needs to select the type of signal, a money management system and trailing stop. The Wizard will do the rest. So the trader receives a ready Expert Advisor.
I think there are almost no challenges of transition to MetaTrader 5. The only thing is that the trading system is slightly different. However, it’s quite easy to get used to it. That’s all.
Question 5: MetaTrader 5 platform is now available for all Forex brokers, who wish to introduce it to own clients. As any new product it would require some time to gain full recognition. Are you planning to take additional steps to help traders make an easy transition to MT5?
Renat Fatkhullin: Yes we are planning to take additional steps, and the main direction is expanding the functionality of the MetaTrader 5 terminal. Meanwhile, we are actively developing the MQL5 community, which generates additional tools for the terminal. Moreover, we’ve released the first version of MetaTrader 5 mobile terminal for iPhone. In the future, more features will appear in the terminal and mobile terminals for other popular smartphones will be released.
A large number of features and capabilities - that is what traders like. And we’ll focus on this.
As for MetaTrader 4, we will support it as long as it is used. We have just collected a cumulative update for the MetaTrader 4 platform and will release it soon.
Question 6: What would you like to say to MetaTrader users today?
Renat Fatkhullin: I’d like to thank all the users of our programs for long-term support. Without your criticism and suggestions, MetaTrader would be worse. If you have any suggestions and want to make MetaTrader 5 better, you are welcome to post them at MQL5.com. We will be happy to discuss your ideas and implement them!
At 100Forexbrokers.com we’d like to Thank you for this interview!