The Ultimate MetaTrader 5 Guide
Whether you are already a seasoned trader, or just a beginner looking to understand and master MetaTrader 5, this comprehensive guide to the free MetaTrader 5 platform will cover every detail you need to know!
I'll start this MetaTrader 5 tutorial answering some key questions that come to traders' minds when they start thinking about this platform for the first time.
For example, "Is MetaTrader 5 free?" Yes. The next one, "Is MetaTrader 5 good?" Well, yes. The MT4 platform is considered the industry standard and the MT5 platform has some of the same features, as well as some slightly different ones.
If you've made the decision to download the MT5 platform, instead of using the MetaTrader 5 web option, then you're in the right place. Let's begin.
Table of Contents
- MetaTrader 5 | How to Download
- MetaTrader 5 | How to Install MT5 for Windows
- MetaTrader 5 | How to Start Trading
- Setting a Stop Loss and Take Profit in MT5
- Setting a Trailing Stop in MT5
- One-click Trading with MT5
- MT5 | Simple Starter Graph Template
- MT5 | Adding Indicators
- Saving an MT5 Trading Chart Template
- Saving a Profile in MT5
- Viewing MT5 Chart Information
- How to Display Units of Time in MT5
- How to Display the Spread Value in MT5
- How to View Commissions in MT5
- How to Display a Tick Chart in MT5
- How to Display a Range chart in MT5
- How to Display a Renko chart in MT5
- Viewing all Assets in MT5
- Which CFD Markets are Available on MT5?
- MT5 | Analyzing Cryptocurrency Charts
- MT5 | Investing in Shares
- MT5 | Backtesting Guide
- How to use MT5 on Android
- How to use MT5 on iPhone
- MT5 WebTrader
MetaTrader 5 | How to Download
- Go to the MetaTrader 5 download page
- Fill out the login form
- The download will automatically begin
Depending on whether you're downloading from a desktop computer or a mobile device, this page will offer you the version you need: Android, Apple iOS, Mac, or Windows. Linux users are not left out. I've also provided a section on performing the MetaTrader 5 Linux setup.
MetaTrader 5 | How to Install MT5 for Windows
Once downloaded, you can find the file either at the download bar at the bottom of your browser's window, or in your download file directory.
- Click the downloaded mt5setup.exe file.
- Follow the Windows installation instructions.
- Choose the installation directory location.
- Click Finish when done.
Once the installation is complete, you can click the application shortcut newly created on your desktop, and launch the MetaTrader 5 software.
How to set up MT5 for Linux
In this MetaTrader 5 review, I'm going to who you some of the essential pieces of information you need to know in order to install MT5 on an Ubuntu distribution kit. Why Ubuntu? It's the most popular version.
To set up MetaTrader 5 on Ubuntu, you need Wine. Wine is absolutely free and it serves as an intermediary piece of software that allows applications designed for Windows systems to be used on Linux systems.
- Wine isn't an absolutely stable system. This means that some features of the applications running on Wine might not work properly, or they may stop working completely.
- It's strongly recommended that you get the most recent version of both Wine and Ubuntu. This will ensure the highest level of stability for your MT5 app.
To install Wine, just type in the following command on the command line (in Ubuntu, this is called the "Terminal"):
sudo apt-get install wine-stable
By entering this command, you will install the most recent, stable version of Wine. Before you type this command in your Terminal, double check that this it's the most recent command. As new versions of Ubuntu are released and developers update their applications, the commands often change, over time, as well. Next, download the MT4 platform and install it through Wine.
If you own a Mac and would like to find out how to install MetaTrader on that OS, please find our comprehensive Mac tutorial here.
As we have also covered the topic of how to open a trading account (and fund your account) for both MetaTrader 4 and MetaTrader 5, as well as comparing the two versions with each other, it is up to the trader to decide which version he/she likes more.
MetaTrader 5 | How to Start Trading
- Open the 'Market Watch' window from the 'View' tab or pressing Ctrl+M.
- Double-click on your trading instrument of choice.
- Press the 'Buy' or 'Sell' button.
The easiest way to open a trade on MetaTrader 5 is to use the 'Order' window to place an instant order in your instrument of choice.
When your trading chart is displayed in a MetaTrader 5 trading station, you can also open a position using the shortcut on the toolbar on the top left, named 'New Order."
Once you either click the 'New Order' button on the toolbar, or open a new order with the F9 shortcut key, you can easily input your desired order amount.
To open a trade, you must enter your desired trade size, in lots, in the volume box, then click Buy or Sell. The 'Market Execution' option allows for instant orders with MetaTrader 5.
You can also use the 'One Click Trading' option, found in the contextual menu that opens whenever you right-click on an MT5 trading chart. This method of opening positions is very fast, and ideal for day trading, and scalping strategies- the only parameter is how many lots are desired in the take decision.
It is also very simple to enter in take-profit and stop-loss orders for your positions. Once your order is in position, click and drag the input line up or down, depending on the direction of your trade.
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Setting a Stop Loss and Take Profit in MT5
Stop losses and take profits are tools you can use to automatically close your open trades. A stop loss helps reduce your trading losses, while a take profit helps secure your trading profits.
There are two ways to set stop losses and take profits in MetaTrader - the first is when opening a trade, and the second is when adding them to a trade that is already open.
For setting them up when opening a trade:
- Click the 'New Order' button in the toolbar towards the top of the screen.
- Highlight stop loss and take profit fields
- Enter stop loss that is lower than the current sell price (this is the price on top of the 'sell by market' button)
- Enter a take profit that is higher than the current buy price (the price over the 'buy by market' button)
- Click 'Buy by market'
When adding them to an existing trade:
- In the chart window, highlight price where trade was opened (green dotted line)
- Highlight stop loss (red dotted line below the trade)
- Highlight take profit (red dotted line above the trade)
- Try to drag stop loss to a different level
- Accept terms and conditions (pop up window).
- Drag stop loss to a different level
Setting a Trailing Stop in MT5
Trailing stops are stops that will be adjusted as the trade moves in the trader's favour, to further diminish the downside risk of being wrong in a trade. To set a trailing stop, simply:
- Right click on the line for your position.
- Select 'trailing stop' from the menu that opens.
- Choose the size of your stop follow value, and click to confirm.
Here's another possible method for setting a trailing stop:
- Open the Toolbox by inputting keyboard shortcut Ctrl+T.
- Select the 'Trade' tab and then right click on the line representing your open position.
- Select 'trailing stop' from the menu that opens.
- Choose the size of your stop follow value, and click to confirm.
Want to stay for as long as possible in a winning position?
The Stop Follower is exactly the tool you need.
This tool will track stock and index prices in real time, and freeze your position when the market moves in the opposite direction of your trade.
- For a long position, the MetaTrader 5 tool clears the price and freezes when the price drops. If the price reaches your stop loss level, the position is closed automatically.
- For a short position, the tool follows the downward trend, and freezes when the price begins to rise.
One-click Trading with MT5
One-click trading is an intuitive and fast option to open trading positions. It is available directly from an active chart, and you can visually preview your position represented by a dotted line.
Several functions can be accessed when hovering over a chart in this way. Left-click to open a position, and right-click and select the option to close to leave.
You can also access the Edit option here as well, this allows you to:
- Change the existing Stop Loss value
- Change the existing Take Profit value
Additionally, it's possible to modify your position by visually clicking on and dragging the red line on the chart representing your input level.
For a long position:
- Dragging down modifies your Stop Loss value
- Pulling up modifies your Take Profit value
For a short position:
- Dragging down modifies your Take Profit value
- Pulling up modifies your Stop Loss value
Each of these options grants you additional control and workflow command over your trades.
Are you interested in learning more useful strategies and tactics to help you in your trading? Why not tune in to one of our free webinars hosted by our trading experts and discover the latest trading trends, actionable strategies and enjoy complimentary tools! Click the link below for more:
MT5 | Simple Starter Graph Template
Want an easily accessible, clear and concise graph to make analysing the markets every day easier? Here's how to have the same kind of charts that the professionals use:
- Use white backgrounds in your charts, for better visibility.
- Use blue Japanese candlesticks to represent rises in an index, and red for declines.
- Utilise the Expert Advisor plugin in the MetaTrader 5: Supreme Edition MiniTerminal. It will automatically identify trends, momentum, market strength and volatility, the last peaks and troughs, all according to the range of time and index or instrument of choice.
- Two exponential moving average indicators, from 20 to 50 periods.
MT5 | Adding Indicators
Forex markets have a tendency to behave in certain ways under certain conditions. This behaviour repeats itself, meaning that certain price patterns will occur time and again. The best Forex indicators attempt to recognise such patterns as they form, and they gain an edge by exploiting that knowledge.
To add indicators to your platform, simply:
- Download and install MetaTrader 5: Supreme Edition.
- Download indicators from the Market tab of the Toolbox window.
- Manually install the indicators from the Indicators folder in the MetaTrader 5 installation folder.
Choose from three different types of indicators available in the MetaTrader 5 platform, with different options and features for different user needs. Add indicators, expert advisors, or create or add your own custom tools. You can find custom tools available to download on the internet, created in the compatible MQL5 language.
This is why MetaTrader 5: Supreme Edition is the best and most powerful trading platform solution. You'll find many of the leading indicators, such as Pivot Point, Supertrend, Heikin Ashi, and others already installed. Adding more is a simple process.
If you want to learn more about available indicators, you can visit the MetaTrader 5 forum. The MT5 community is active, and creating new plugins and indicators every day.
Saving an MT5 Trading Chart Template
MT5 allows you to save trading chart templates. The main benefit of doing this is it allows you to quickly and easily access your most used charts, with your preferred tools ready to go, anytime you need them.
One example of a saved chart might be your favorite Forex currency pair with three technical indicators - 3 Simple Moving Averages, the MetaTrader 5 Heiken Ashi Indicator, the MT5 RSI.
To create this MetaTrader 5 chart template:
- Build your chart with all desired indicators and plugins.
- Click on the Charts tab, and select templates.
- Click 'Save Template.'
- Give your template a name, and save.
It's that simple of a four-step process to save your template!
Once you save your preferred chart as a template, from then on you can open that chart template and find your entire trading system and indicators ready to go, and quickly. To load a template whenever you need, simply:
- Go to the Charts tab.
- Click on 'Templates.'
- Select the model that suits your needs.
Saving a Profile in MT5
You can also save profiles in MT5. The benefit of doing this is to give you instant access to every one of your favourite instruments, without having to search for them again and again.
Here's an example of what a profile can do for you:
Let's say you trade Forex in the morning, and US market indices in the afternoon. In the morning, you load your Forex profile, and all your favorite currency pairs will be displayed, as well as all the indicators you attached, and relevant strategy advisors. Then, in the afternoon, you load your US index profile, and you're once again greeted with only the charts and tools relevant to that need, every option saved.
To save a profile in MetaTrader 5:
- Select the asset or instruments which interest you.
- Add the desired indicators to each chart.
- Go to the 'Files' tab, and select 'Profiles.'
- Click 'Save As."
- Give your profile a name, and click ok to save.
The profile system in MetaTrader 5 allows you to save and record a collection of your favoured instruments and applied indicators and tools for each one, all in a single easily-loaded file.
Viewing MT5 Chart Information
- Hover your mouse's cursor over an indicator to know the value of its subject.
- Alternatively, use the 'Data Window' from the toolbar at the top left of the window, it displays all information from the active trading chart. The keyboard shortcut to this tool is Ctrl+D.
The range of data and information you can get from a single chart can be overwhelming to try to find on your own! That's why it's convenient and helpful to be acquainted with the data window.
Here's an example of a scenario where this would be helpful:
Let's say you trade with the RSI, and have to wait for the Relative Strength Index's curve to cross the 50's to get into position. It is simpler to read the exact value in data form, than to make approximate guesses based on the chart-- this is particularly important with instruments that change value rapidly.
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How to Display Units of Time in MT5
Did you know you can set custom units of time?
MetaTrader 5 can display charts in a wide variety of specific units of time, in addition to the most commonly utilised in each instrument.
Contrary to MetaTrader 4, which can only use a small number of preset units of time for each chart, MT5 allows the use of custom units, such as:
- M2 for 2 minutes
- M3 for 3 minutes
- M4 for 4 minutes
- M6 for 5 minutes
- M10 for 10 minutes
- M12 for 12 minutes
- M20 for 20 minutes
- H2 for 2 hours
- H3 for 3 hours
- H6 for 6 hours
- H8 for 8 hours
- H12 for 12 hours
To set a custom time unit, follow these steps:
- Use the default toolbar at the top right of the MT5 platform.
- Right-click on the chart, go to 'Timeframes', and choose to change the unit of time.
How to Display the Spread Value in MT5
In Forex trading, the 'spread' refers to the difference between the Buy (or Bid) and Sell (or Ask) price of a currency pair. For instance, if the EUR/USD Bid price is 1.16909, and the Ask price is 1.16919, the spread is 1 pip. If the Bid price is 1.16909 and the Ask price is 1.16949, the spread would be 4 pips. When trading Forex, a trader makes a profit based on the movement of the currency pair. However, the trade only becomes profitable once the currency price has crossed the spread.
To view your spread:
- On the trading chart, find the bid line and ask line.
- From the Market Watch window, find the Difference column.
How to View Commissions in MT5
With a standard Trade.MT5 trading account, the only commission on CFD trading is from swaps, which are an overnight holding fee for intraday positions. These fees are displayed for every relevant position.
In this respect, CFD day traders or scalpers have a bit of an advantage, with only typical, tight spreads.
If you do hold intraday positions, displaying these charges in the platform can help you better understand the costs of trading, and help you manage these effectively.
To view commissions and swap charges in MetaTrader 5, take these steps:
- Input keyboard shortcut Ctrl+T to view the MT5 Toolbox.
- In the Trade tab, you can view your open positions.
- In the Exchange column, you can view commissions applied to your positions.
How to Display a Tick Chart in MT5
If you are an experienced trader, searching for specific types of charts outside of your standard daily chart, MetaTrader 5 allows you simple access to others, such as tick charts and range charts. To install a tick chart:
- Click on the Market Watch shortcut.
- Click on the 'Ticks' tab at the bottom.
Now that you've found it, you have the option to move the Market Watch window in any direction you wish. Up, down, left, or right.
How to Display a Range chart in MT5
- Add the Admiral MiniChart indicator to your trading chart.
- Go to 'Input Settings.'
- Find the fields to choose chart timeframe/type.
- Select the chart's range of values, from Standard to Stacked.
- Input the size of the range candles.
- Click Ok.
Examples of different range candle options:
- If you select 10, a new range candle is created whenever a 10-point move is recorded on the market.
- If you select 3, a new range candle is created whenever a 3-point move is recorded on the market.
This option is only available in MetaTrader 5: Supreme Edition!
How to Display a Renko chart in MT5
A normal price chart plots the price each time a certain unit of time transpires. In contrast, a Renko chart is only concerned with price, and not time – and it only displays price changes that meet a certain minimum magnitude. Price changes that don't clear this hurdle are ignored. This filtering out of smaller price movements keeps the focus on significant moves, and helps you to disregard noise.
- Add the Admiral MiniChart Indicator to your trading chart.
- Go to the input settings.
- Find the chart timeframe/type
- Select the Renko graph, choose between Renko (Standard) or Renko (With Tails).
- Assign the size of the Renko candles, Renko/Range/Kagi.
- Click Ok.
- If you select 10, a new Renko candle is created whenever 10-points of up or down movement is recorded on the market.
- If you select 3, a new Renko candle is created whenever 3-points of up or down movement is registered on the market.
Here, again, there is no option to access these features outside of MetaTrader 5: Supreme Edition, so make sure you upgrade today!
Viewing all Assets in MT5
You can view all assets in MT5 in the Market Watch window, which is in the top left of the MetaTrader 5 platform.
- Click the Market Watch shortcut at the top left of the MetaTrader window. (Keyboard shortcut Ctrl+M)
- Scroll through the list of markets covered by your Admirals account.
- For instruments that don't appear in the list, you can add them using the field at the bottom of the list.
Which CFD Markets are Available on MT5?
With Admirals, you can trade the following instruments with a Trade.MT5 trading account:
- Forex (ex. EUR/USD, GBP/USD, USD/JPY) with 37 different currency pairs.
- CFDs on 26 stock indices (ex. DAX40, CAC40, DJI30)
- CFDs on 15 commodities (ex. Gold, oil)
- CFDs on 3,000+ equities (ex. Total S.A, BNP Paribas, Facebook)
- CFDs on ETFx (exchange-traded funds) - 300+
- CFDs on 32 cryptocurrency crosses (ex. Bitcoin, Ripple, Monero)
- CFDs on bonds (ex. T Note, Bund)
In order to view a particular CFD instrument in MetaTrader 5:
- Right-click in the Market Watch window.
- Select the 'Symbols' tab.
This is the simplest method to quickly view and select from the full list of instruments you can trade with your MetaTrader 5 account. All you have to do is find your instrument of choice and double-click on it.
Let's say you choose DAX40 from the 'Cash Indices 1,' it is added to your list of instruments. All you have to do to open the trading chart, is click and drag it onto the trading window, or rick-click and select 'Open Chart.'
If you can not find the DAX40 CFD in the list of instruments, right-click and select 'Show All.' This way, you can see every possible instrument you can trade in a single window.
MT5 | Analyzing Cryptocurrency Charts
- Choose the time frame to display the chart (from weekly, to hourly, and so on).
- Assess the price movement over time to determine the trends.
- Find the support and resistance levels using the Point Pivot indicator.
Many cryptocurrencies can be analysed and traded on MetaTrader 5, to name a few:
- Bitcoin Cash
MT5 | Investing in Shares
You can now not just view and analyse shares with MetaTrader 5, but trade them as well!
With the Invest.MT5 account you can invest long-term spot shares, with US stock fees starting at $1 per order. You have access to over 4,000 shares and 200 ETFs, without CFDs.
The list of financial instruments is available on the Admirals website. Our new offers include first class shares from 15 of the world's leading stock exchanges, including:
- France (Euronext)
- Germany (Xetra)
- Netherlands (Euronext)
- Spain (BME)
- Sweden (NASDAQ)
- Switzerland (SWX)
- United Kingdom (LSE)
- United States (AMEX, NASDAQ et NYSE)
Combined with the instruments previously available, our offering is without a doubt one of the most diverse of all online trading brokers. With the MetaTrader 5 trading platform, we also provide some of the most competitive trading conditions for traders and investors.
To invest in shares in ETFs with Invest.MT5, first you need to sign into MetaTrader using your live account number and investor password (these are available in Dashboard).
Once you are signed in to your investor account, then:
- Open the Market Watch window.
- Double click on the company of choice.
- Press the Buy button.
These are the terms when investing in stocks with Admirals with MetaTrader 5:
- Margin rate: 1:1
- Commissions (by unilateral trade) :
- European Union - from 0.12%, minimum 5.0 EUR
- United Kingdom - GBP 8.0 for equities, 0.07% for ETFs, and a minimum of GBP 8.0 for both
- United States - from 0.01 USD, minimum 1.0 USD
- Dividends: 100% (paid)
- Taxes collected:
- United Kingdom - Stamp Duty Reserve Tax (SDRT): 0.5%;
- France - Tax on financial transactions: 0.3%. Invoiced for other specific actions.
- Additional costs: none.
Please note, tax treatment depends on the individual circumstances of each client and may be subject to change in the future.
On MetaTrader 5, stock data is available in real time and at no cost to live accounts. It is delayed 15 minutes on demo accounts.
If you have not done so already, click the banner below to download MetaTrader and join countless of traders on the world's most premiere multi asset platform!
MT5 | Backtesting Guide
There are several ways on MetaTrader 5 to perform historical tests to determine the effectiveness of a trading strategy:
- Manual method:
- Once you've found an instrument and strategy, you can view its historical data down the smallest increment of price action
- The F12 key will aid you in advancing candle to candle, to see a close view of price action data.
- Expert Advisor method:
Once the Expert Advisor is installed, you can choose from a number of built-in backtesting options to run over different periods of time to evaluate a given strategy.
The MQL5 Strategy Tester plugin has been improved for further ease of use and more advanced, professional results. This tool performs statistical analysis that is both detailed and easy to use.
For the programming-minded trader, MQL5 is more advanced than MQL4:
- Greater ease of programming.
- Greater performance and speed.
- Less taxing load on the computer's CPU.
- Faster tests and optimizations.
How to execute a quick historical test with MT5's Strategy Tester
- Open the MT5 Strategy Tester.
- Choose the indicator or EA (Expert Advisor) to test.
- Choose the time unit on which you want to do the historical test.
- Choose an instrument for this historical test.
- Select the start and end dates of the test.
- Choose the execution mode.
- Fill in the starting amount, as well as the desired leverage.
- Visual mode on or off.
You have the option to run the test in visual mode if you want to see the positions being taken on the chart, by the EA as the test progresses.
How to use MT5 on Android
- Download the MT5 app from Google Play.
- Open the app and sign in using your Trade.MT5 or Invest.MT5 account details.
- Click the + icon located at the top right of the MT5 app.
- Choose your desired MetaTrader 5 trading instrument.
- Choose your lot size.
- Set your desired stop loss (optional). Choose your desired Loss Price Level.
- Set your desired take profit (optional). Choose the level of profit desired.
- Take a short position using the Sell by Market key.
- Take a long position using the Buy by Market key.
In order to take a position on the market, you just need to fill each of these criteria and press the Sell or Buy key. This simple and intuitive navigation makes MetaTrader 5 the premiere mobile trading app.
How to use MT5 on iPhone
- Download the MT5 app from the App store.
- Sign in using your Trade.MT5 or Invest.MT5 account details.
- Click the + icon located at the top right of the MT5 App.
- Choose the instrument you want to trade from the dropdown list.
- Choose your lot size.
- Set your desired stop loss (optional).
- Set your desired take profit (optional).
- Take a short position by tapping 'Sell by Market'.
- Take a buy position by tapping 'Buy by Market'.
In order to take a position on the market, you just need to fill each of these criteria and press the Sell or Buy key.
WebTrader is a browser-based version of MetaTrader, which allows you to trade on the go without downloading any software.
This is a convenient solution for traders on-the-go, or do not have a single computer that they wish to install the full MetaTrader 5 platform on.
WebTrader MT5 allows you to trade anywhere securely and in seconds.
You can even trade from your smartphone's browser without downloading a new application that will take up precious space on your mobile phone!
Other articles you may find interesting:
- MetaTrader 4 vs MetaTrader 5
- Overview of the Best MT5 Indicators
- Mobile Trading With the MetaTrader 5 App
INFORMATION ABOUT ANALYTICAL MATERIALS:
The given data provides additional information regarding all analysis, estimates, prognosis, forecasts, market reviews, weekly outlooks or other similar assessments or information (hereinafter “Analysis”) published on the websites of Admiral Markets investment firms operating under the Admiral Markets and Admirals trademarks (hereinafter “Admirals”). Before making any investment decisions please pay close attention to the following:
1. This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
2. Any investment decision is made by each client alone whereas Admirals shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.
3. With view to protecting the interests of our clients and the objectivity of the Analysis, Admirals has established relevant internal procedures for prevention and management of conflicts of interest.
4. The Analysis is prepared by an independent analyst (hereinafter “Author”) based on the personal estimations of Alexandros Theophanopoulos (SEO and Content Specialist).
5. Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admirals does not guarantee the accuracy or completeness of any information contained within the Analysis.
6. Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admirals for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
7. Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, please ensure that you fully understand the risks involved.