Here is what is ABSOLUTELY AMAZING about MT5. NOTHING.
If you missed the whole Metatrader 5 thing, let me get you up to speed:
No one, ever, in the history of forever, imagined that Metatrader 4 would be as popular as it is. But it did become the default platform for forex because it is customizable. A huge development community sprung up around it, like little bean farmers around Jack’s Giant Beanstalk.
MT5 was supposed to be the second coming of Metatrader. Here is what it was supposed to do better:
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1) More time frame charts. Instead of the 9 default time frame charts on MT4, you would now have the ability to show 100 time frames. Seriously, I cannot show up to anything on time, and I am planning on being late to my funeral. I want nothing to do with more timeframes. If MT3 were a real thing, and it only had the 60m chart, and it could only show pivots and maybe a little porn, I would switch to it RIGHT NOW.
2) A built-in economic calendar. This is so pointless and useless that I am embarrassed to even bring it up. You cannot walk outside your house these days without running into an forex-related economic calendar. My mother once stumbled on the Forex Factory economic calendar when she Googled “Soap” (she is encouraging me to bathe once a week, whether I need it or not).
3) Built-in robot store. The MT5 platform will allow you to spend money on forex products from within the platform. I just threw up a little bit in my mouth. Hell, I sell forex products and even I find this distasteful. Your trading platform is a trading platform, not a trading platform and a store.
4) Implements FIFO and anti-hedging automatically and by default. Automatic execution by snake bits and shark attacks for the programmers who did this. FIFO can bite my trading robot’s shiny metal *ss from now until the end of time. It is dumb, it prevents traders from paying off losing positions with small winning positions, and because it hurts the people I love (traders), I wish death upon whomever invented it, installs it, programs it, or speaks of it. FIFO is regulatory black magic, a Trojan horse of a rule meant to take your money and give it to a broker. Free Tibet! (I just thought I would throw that in there).
There are other additions, like more indicators (could we please have less?), more protection for the code that developers write (it’s now in C++, which actually was my high school GPA so that’s kind of cool), more drawing tools (I admit this is kind of cool), and, this is the great coup de grâce of the whole deal – hardly any forex brokers support MT5. It’s like your local car wash could suddenly, for the low cost of 12 billion dollars, install brushes made of luxurious Llama wool that no one had asked for. They wouldn’t do it, and you wouldn’t care, because what they already have is already working for you.