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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?

In the meantime, do you plan to continue supporting MT4 platform along with MT5, and for how long?

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!

We hope that traders will be able to find many answers to their questions.

Copyright ©100Forexbrokers.com | All Rights Reserved



Broker discussion area

trader

March 29, 2013

MT5 is far superior for testing and optimization. Hundreds of times faster, if you have a supercomputer (which will cost you around 7k) or if you use the cloud.
Nevertheless, it makes no sense to come with a different programming language, i.e. mql5.
They should have kept mql4.
We are (believe it or not) traders, basically, not programmers.
Also the new way of opening the positions, without stop loss and take profit, it is very dangerous, although these can be added later.
The very small number of brokers offering MT5 says something, I believe.


trader

August 2, 2012

forex community
MT4 makes life easier for traders.


trader

July 5, 2012

MT5 is an great error.
MT4 is the plataform that did develop industry forex.

trader


trader

June 22, 2012

High Leverage Forex Brokers

Which is better MT4 or MT5?


trader

June 21, 2012

MT4 is still the best....High Leverage Forex Brokers


trader

November 5, 2011

If you actually did the math you would find that you actually lose a little bit of money with hedging vs simply closing the trade and reopening it. The ONLY advantage that hedging brings to the table is a purely psychological one. I've done the math on hedging vs closing & reopening the trade and the only reason hedging exists is to make brokers more commission. I say this because you lose a tiny bit more money on an exact copy of a trade that you would have closed & opened instead of hedged.


trader

August 17, 2011

An emulator for MQL4, including lot orders, necessary, in MT5. MQL5 is not attractive for traders. Coding and trading is different. And, trader need to write it's own code, if the aim is not a toy..


trader

August 4, 2011

its all simple they want to secure US equities market with all the trillion dollar hedge funds and market advisory company's they can make more money in client subscriptions. As for forex this is an offshore market for smaller retail investor. As long as there is a counterparty on the other side of the market there will never be a large investor. They can try but MT is a forex platform it will never make it to the stock market. They should stick with what they do best which is forex.


mejia sixto

May 14, 2011

la diferencia es abismal meta 5 es superior por sus indicadaores lo unico malo es que como todas las americanas no permite ontraordenes por lo demas ok
sixto mejia

--------------------

the difference is 5 is greater for using indicators only bad thing is that as every American does not allow
for the rest ok
mejia sixto


trader

April 20, 2011

No hedging = SUCKS!!!


BrokerGuru

February 25, 2011

You'll need to look for managed accounts, where a professional manager will trade for you.
On MetaTrader it's done via MAM/PAMM accounts (Multi-Account Manager interface).


trader

February 25, 2011

are there forex brokers that trade for you


BrokerGuru

February 24, 2011

Yes, your post has to be authorized like any other post on this site (if you don't want to read through tons of spam links and ads that rain down on any living site, which allows visitors to leave comments). We deal with spam, while 100% of other comments go through as is (so that you always have the convenience of leaving a feedback without going through account registration procedures)... Sorry if it cased frustration.


trader

February 23, 2011

what? cannot post my opinion??? My post needs to be authorised by the page administrator??? Well this tells everything...


trader

February 23, 2011

MT5 is pure crap. And MT4 is a brilliant piece of Sw comparing to MT5.


Restfx

February 18, 2011

Hello guys I can only say that Meta done very well about MT5.
Restfx


SamS

January 21, 2011

Americans should blame not the platform, but their US market regulators, clearly.

SamS


trader

January 21, 2011

MT5 took course for no-hedging not because of US rules, but because they wanted to make it available for trading equities, where you can't hedge... For some traders this is another opportunity for a better portfolio diversification alongside currency trading.


trader

January 21, 2011

MT5 is a flop. I will move to another platform than use it. Making software work to regulations that have no sense in protecting investors based in one country (USA) is very limiting and not good business sense. Even though law does not allow Americans to open accounts offshore, they can get around this, simply incorporate an entity (corporation) and trade under that name in another country in the EU that has far better trading practices.



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