Trading Signals Coming to MetaTrader5
With much of the online retail forex trading world being fully entrenched with MT4, the upgrading process for brokers to
With much of the online retail forex trading world being fully entrenched with MT4, the upgrading process for brokers to MT5 has been pretty slow. Of major brokers, only Alpari has launched an MT5 offering. Slowing down the upgrade process has been changes in the platform’s programming language MQL between MT4 to MT5. The result is that traders using custom indicators or EAs for MT4 will need to rewrite their scripts to utilize their strategies in MT5. As such, with the lack of a “hot” indicator hitting the market for MT5, there just hasn’t been much demand from clients for the upgraded platform.
Nonetheless, MetaQuotes continues to add features to MT5 that are quickly coming together to create an attractive platform. While most of the recent announcements have been server side, such as integration to feed providers Hotspot FX and Integral, MetaQuotes announced today the client side feature of Trading Signals. The new Trading Signals will traders to share and copy trades. The Trading Signals will operate through a new cloud Signal Server that is being added in new updates to the MT5 platform.
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With the copy trader landscape being heavily populated and includes such products as Currensee, ZuluTrade, and Tradency, a MetaQuotes equivalent for MT5 could become a strong competitor. This could take some time though as the Trading Signals environment is missing the most important ingredient for success, MT5 users. However, by putting a focus on both trader and broker enhancements, adoption for the new platform may finally start to gather steam.
MetaTrader 5 Now Features Trading Signals
By MetaQuotes Software Corp.
Published: Monday, Oct. 8, 2012 – 7:51 am
LIMASSOL, Cyprus, October 8, 2012 –/PRNewswire/ —
Today, MetaQuotes Software Corp. has announced that their MetaTrader 5 trading platform now features built-in Trading Signals. Traders are given the opportunity to automatically copy trades of other traders.Simplicity and promptness in using the service are the distinct advantages of the MetaTrader 5 Trading Signals. A successful trader can easily become a signals provider to earn extra profit, while any other trader can subscribe to his signals in just a few clicks. In addition, trading accounts of the signals provider and his subscriber can be with different brokers that use MetaTrader 5.
To launch this service, the developers have made some changes to the MetaTrader 5 architecture by adding a new component – a cloud Signal Server. It is designed to monitor the account of the signals provider and transmit the trading signals directly to trading terminals of the subscribers.Suggested articles
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All that the signals provider needs to do to start using the service is to register on http://www.mql5.com (the MetaQuotes website) and specify his trading account details. The MetaTrader 5 Signal Server closely coupled with this website will afterwards begin to monitor the account in real time and send its signals to the subscribers.
Traders willing to make use of the trading signals are also required to register on the website and deposit some money in their accounts. Having specified your account details in the MetaTrader 5 trading terminal, you can then immediately subscribe to trading signals of any provider. There is a standard functionality that allows you to automatically copy all provider’s trades in your account.
The only requirement for the automatic mirroring of trading operations is to ensure that the subscriber’s MetaTrader 5 trading terminal is on. The extended version of the trading signals that is already underway will however not even require this.
Due to the introduction of the trading signals, the trader’s workplace, the MetaTrader 5 trading terminal has undergone some changes, too. Thus, it now features trading signals display where any trader can find detailed information on the efficiency and earning power of any given provider. With just a couple more clicks, you can subscribe and start receiving trading signals from the signals provider.Trading signals are available in the MetaTrader 5 trading terminal starting with build 702. The terminal is distributed free of charge.
About MetaQuotes Software Corp.
MetaQuotes Software Corp. is a world-renowned professional developer of software for the financial markets. MetaTrader trading platforms are currently used by over 500 brokers and banks worldwide. http://www.metaquotes.netAbout MetaTrader 5
Officially released on June 1, 2010, the platform features distributed architecture for higher reliability, robustness and potential for easy scalability. The platform has powerful functionality and supports such innovative technologies as mobile and algorithmic trading.http://www.metatrader5.com
SOURCE MetaQuotes Software Corp.
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Ron,
What do you think why are brokers so slow in upgrading to MT5?
Ron,
What do you think why are brokers so slow in upgrading to MT5?
@Markus : The issue is that its not much of an upgrade as much as a taking on a new platform. Every new platform you run requires integration with a broker’s website “new account” opening interface, back end integration with feeds and risk management software, as well as maintaining and supervising the platform every day. Therefore, for a company like Alpari which is for the most part a “pure play” MetaTrader broker and has a large client bases that requires them to run several MT4 servers to handle their traders, adding MT5 makes sense as it fits in their offering.… Read more »
@Markus : The issue is that its not much of an upgrade as much as a taking on a new platform. Every new platform you run requires integration with a broker’s website “new account” opening interface, back end integration with feeds and risk management software, as well as maintaining and supervising the platform every day. Therefore, for a company like Alpari which is for the most part a “pure play” MetaTrader broker and has a large client bases that requires them to run several MT4 servers to handle their traders, adding MT5 makes sense as it fits in their offering.… Read more »
Ron,
I think language is only one problem. Another problem is that, there are no more”Hedging” or “Locking” capabilities. Therefore, MT4 traders will need to convert their EAs not just to another language but to a different trade maintaining logic. Even if you not using any EAs you still need to adjust to postion averaging. I’m not sure if order types were changed…
Technically speaking, it is a different platform and it’s going to take time to expand.
On other note, MT5 is a great platform!
All the best,
Peter
Ron,
I think language is only one problem. Another problem is that, there are no more”Hedging” or “Locking” capabilities. Therefore, MT4 traders will need to convert their EAs not just to another language but to a different trade maintaining logic. Even if you not using any EAs you still need to adjust to postion averaging. I’m not sure if order types were changed…
Technically speaking, it is a different platform and it’s going to take time to expand.
On other note, MT5 is a great platform!
All the best,
Peter
@ Peter
Thanks for adding that point. But overall, it seems like brokers simply view it as another platform and without demand won’t purchase it. I think its time for them to release MT6, which combines the best of MT4 & MT5.
@ Peter
Thanks for adding that point. But overall, it seems like brokers simply view it as another platform and without demand won’t purchase it. I think its time for them to release MT6, which combines the best of MT4 & MT5.