MetaTrader 5 is the most widely used trading platform in the world — and for good reason. It gives traders access to forex, stocks, indices, commodities, and cryptocurrencies from a single interface packed with professional-grade tools. But if you have just downloaded MT5 for the first time, the sheer number of features can feel overwhelming.
How to Use MetaTrader 5
This guide cuts through the complexity. Whether you are a complete beginner or switching from another platform, this step-by-step walkthrough covers everything you need to know to set up, navigate, and trade confidently on MetaTrader 5.
What is MetaTrader 5?
MetaTrader 5 — commonly known as MT5 — is a multi-asset trading platform developed by MetaQuotes Software. It was released in 2010 as the successor to the hugely popular MetaTrader 4, offering a wider range of markets, more advanced order types, faster execution, and significantly more powerful analytical tools.
Today MT5 is trusted by millions of retail traders and is offered by the vast majority of regulated forex and CFD brokers worldwide.
Key advantages of MT5 over MT4:
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Asset classes | Forex and CFDs | Forex, stocks, futures, CFDs |
| Timeframes | 9 | 21 |
| Built-in indicators | 30 | 38+ |
| Order types | 4 | 6 |
| Economic calendar | No | Built-in |
| Hedging and netting | Hedging only | Both |
| Strategy tester | Single threaded | Multi-threaded |
Setting Up MetaTrader 5
MT5 for Windows and Mac
Windows:
- Visit the official MetaTrader 5 website at metatrader5.com or your broker’s website
- Click Download MetaTrader 5 and run the installer file
- Follow the on-screen setup wizard to complete installation
- Open MT5 and log in using your broker-provided credentials
Mac: Mac users can run MT5 through Wine compatibility software, or simply use the MT5 WebTrader — a fully functional browser-based version that requires no download. Most brokers also provide direct Mac-compatible versions through their websites.
MT5 for Android and iPhone
- Android — Search for “MetaTrader 5” in the Google Play Store and install
- iPhone / iPad — Search for “MetaTrader 5” in the Apple App Store and install
Once installed, open the app, tap Settings, then New Account, and search for your broker by name to connect your account.
Creating and Managing Accounts
How to Create an Account on MT5
Before you can start trading, you need to connect MT5 to a broker account. Here is how:
- Open MT5 and go to File → Open an Account
- Search for your broker by name in the search bar
- Select your broker from the list and click Next
- Choose between a Demo Account (virtual funds, no risk) or Live Account (real money)
- Fill in your personal details and agree to the terms
- Your login ID, password, and server address will be emailed to you
- Enter these credentials to log in and start trading
Always start with a demo account. It gives you access to live market conditions with zero financial risk — the perfect environment to learn the platform before putting real money on the line.
Managing Multiple Accounts
MT5 makes it easy to manage several trading accounts simultaneously. This is useful if you trade different strategies or have accounts with multiple brokers.
To switch between accounts:
- Go to the Navigator panel on the left side of the screen
- Right-click on Accounts and select Login to Trade Account
- Enter the credentials for the account you want to switch to
Each account appears listed in the Navigator. You can toggle between them instantly without closing the platform.
How to Place Trades in MetaTrader 5
1. Open the New Order Window
Press F9 on your keyboard, or right-click on any chart and select Trading → New Order. You can also click the New Order button in the top toolbar.
2. Set Your Trade Parameters
The order window gives you full control over your trade setup:
- Symbol — Select the asset you want to trade (e.g. EUR/USD, Gold, Apple)
- Volume — Enter your lot size (0.01 = micro lot, 0.1 = mini lot, 1.0 = standard lot)
- Stop Loss — Set the price level at which your trade closes automatically if it moves against you
- Take Profit — Set the price level at which your trade closes automatically in profit
- Comment — Optional note for your own records
3. Execute the Trade
Once your parameters are set, click either:
- Buy by Market — Opens a buy position at the current ask price
- Sell by Market — Opens a sell position at the current bid price
Your trade appears instantly in the Trade tab of the Terminal panel at the bottom of the screen.
4. Monitor Your Trade
The Terminal panel shows all your open positions in real time including:
- Current profit or loss in both pips and currency
- Current price vs your entry price
- Stop-loss and take-profit levels
To close a trade manually, right-click on it in the Terminal and select Close Position.
MT5 Order Types Explained
MT5 supports six order types — significantly more than most other platforms.
1. Market Orders — Instant Execution
A market order executes immediately at the best available current price. Use this when you want to enter or exit a trade right now without specifying a price.
2. Pending Orders — Delayed Execution
Pending orders execute only when the market reaches a price you specify in advance. MT5 offers four types:
| Pending Order | When It Executes |
|---|---|
| Buy Limit | When price falls to your specified level (buy below market) |
| Sell Limit | When price rises to your specified level (sell above market) |
| Buy Stop | When price rises to your specified level (buy above market) |
| Sell Stop | When price falls to your specified level (sell below market) |
| Buy Stop Limit | Combines stop and limit — triggers a limit order when stop price is hit |
| Sell Stop Limit | Triggers a sell limit order when the stop price is reached |
Pending orders are powerful tools for traders who want to enter positions at precise price levels without watching the screen constantly.
Customising Charts and Indicators
1. Choosing Your Chart Type
MT5 offers three chart types. Right-click on any chart and go to Chart Type to switch between:
- Candlestick charts — The most popular choice showing open, high, low, and close for each period
- Bar charts — Similar to candlesticks but displayed as vertical bars
- Line charts — Connects closing prices — useful for a clean overview of trend direction
2. Adjusting Timeframes
MT5 offers 21 timeframes — from M1 (one minute) all the way up to MN (monthly). Click the timeframe buttons in the toolbar above the chart, or press the corresponding keyboard shortcut.
Popular timeframes for different trading styles:
- Scalpers — M1, M5, M15
- Day traders — M15, H1, H4
- Swing traders — H4, D1
- Position traders — D1, W1, MN
3. Adding Indicators for Technical Analysis
MT5 comes with 38 built-in technical indicators. To add one:
- Click Insert in the top menu → Indicators
- Browse by category — Trend, Oscillators, Volumes, Bill Williams, Custom
- Select your indicator and configure its settings in the dialogue box
- Click OK to apply it to your chart
Most popular built-in indicators include:
- Moving Averages (MA) — Identify trend direction
- RSI (Relative Strength Index) — Spot overbought and oversold conditions
- MACD — Identify momentum shifts and trend changes
- Bollinger Bands — Measure volatility and potential breakout zones
- Stochastic Oscillator — Compare closing price to a price range over time
4. Saving and Using Chart Templates
Once you have set up your chart with preferred indicators and colours, save it as a template so you can apply the same setup across multiple instruments instantly:
- Right-click on the chart
- Select Template → Save Template
- Name your template and click Save
To apply a saved template to another chart: right-click → Template → select your saved template name.
5. Customising Colours and Layouts
To keep your trading environment comfortable, especially during long sessions, customise the chart colours to suit your preference.
To customise colours:
- Right-click on the chart and select Properties
- Click the Colors tab
- Adjust background, foreground, candlestick colours, grid, and more
- Click OK to apply
Many traders prefer a dark background as it reduces eye strain during extended analysis sessions.
Advanced Features of MetaTrader 5
1. Automated Trading with Expert Advisors (EAs)
Expert Advisors are automated trading programs built in MQL5 — MT5’s native programming language. An EA can monitor markets, execute trades, manage positions, and apply risk management rules entirely without human input.
To attach an EA to a chart:
- Open the Navigator panel
- Expand Expert Advisors
- Drag and drop the EA onto your chosen chart
- Configure settings and click OK
- Make sure AutoTrading is enabled in the toolbar
Always test any EA on a demo account before running it on a live account. Use the built-in Strategy Tester to backtest your EA against historical data and evaluate its performance.
2. Copy Trading — MT5 Signals
MT5 has a built-in copy trading feature called Signals. It allows you to subscribe to the trades of experienced traders and automatically copy their positions to your account in real time.
To access signals: go to View → Signals in the menu. Browse providers by performance, drawdown, and subscription cost.
3. 24/7 Trading with a Virtual Private Server (VPS)
A VPS allows your MT5 platform to run continuously on a remote server — even when your computer is switched off. This is essential for traders running Expert Advisors who need uninterrupted execution. Many brokers offer free or discounted VPS services directly through MT5.
Mobile Trading with MetaTrader 5
How to Get Started
- Download MT5 from the Google Play Store or Apple App Store
- Open the app and tap Settings → New Account
- Search for your broker and log in with your account credentials
- The platform syncs with your desktop account in real time
Key Features of MT5 Mobile
- Full charting with 30+ built-in indicators
- All order types including pending orders and stop-loss
- Real-time quotes and live price alerts
- Access to your full trade history and account balance
- Built-in chat with your broker’s support team
Mobile trading is ideal for monitoring open positions on the go — but for deep chart analysis and EA management, the desktop version remains the superior choice.
Tips and Best Practices for MT5
1. Set Up Watchlists for Quick Market Monitoring
In the Market Watch panel, right-click and select Symbols to add the instruments you trade most often. Organise them into groups for faster access during active trading sessions.
2. Use Price Alerts to Stay Updated
Right-click on any price level in the chart and select Trading → Price Alert to set a notification for when price reaches a specific level. This prevents you from needing to stare at screens all day.
3. Essential Risk Management Practices
- Always set a stop-loss on every trade — no exceptions
- Risk no more than 1 to 2 percent of your account balance on a single trade
- Use the risk-reward ratio tool to ensure your target is at least twice your risk
- Never use maximum leverage — start with lower leverage until you are consistently profitable
4. Use a Demo Account for Testing and Learning
Before switching to a live account or testing a new strategy, always validate it first on a demo. MT5’s demo environment mirrors live market conditions exactly — making it the safest place to experiment.
5. Commit to Continuous Learning
MT5 is a deep platform with features that take time to master. Use the built-in Help documentation, explore the MQL5 community marketplace for free indicators and EAs, and regularly review your trading journal to identify areas for improvement.
Get Started with MetaTrader 5 Today
MetaTrader 5 is available completely free. Download it from your broker’s website or directly from metatrader5.com. Open a demo account, explore the interface, practise placing trades, and experiment with indicators and chart templates until the platform feels second nature.
The most successful MT5 traders are not the ones who know every feature — they are the ones who master the core tools, build a consistent strategy, and apply disciplined risk management on every single trade.
MT5 FAQs
Is MetaTrader 5 free to use?
Yes — MT5 is completely free to download and use. You simply need a broker account to connect to live markets.
What is the difference between MT4 and MT5?
MT5 offers more timeframes, more order types, more built-in indicators, multi-asset trading, and a built-in economic calendar. MT4 is forex-focused while MT5 supports stocks, futures, and more.
Can I use MT5 on my phone?
Yes — MT5 is available as a free app for both Android and iOS devices with full trading functionality.
What is an Expert Advisor in MT5?
An Expert Advisor is an automated trading program that executes trades based on pre-set rules without manual intervention, removing emotion from trading.
How do I add indicators to MT5?
Click Insert → Indicators in the top menu, select your indicator, configure the settings, and click OK to apply it to your chart.
Can I run multiple accounts on MT5 simultaneously?
Yes — MT5 allows you to connect and switch between multiple broker accounts from the same platform through the Navigator panel.
Is MT5 good for beginners?
Absolutely. MT5’s demo account feature makes it an excellent starting point. Beginners can learn the platform, test strategies, and build confidence without risking real money.
How to Use MetaTrader 5
Disclaimer
This article is for educational purposes only and does not constitute financial advice. Trading financial instruments involves significant risk of loss. Always trade with a regulated broker and use proper risk management. Past performance is not indicative of future results.
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