Install & Use MetaTrader 5
Download, install, connect your account, and tour the key features
What is MetaTrader 5?
MetaTrader 5 (MT5) is the world's most popular multi-asset trading platform, developed by MetaQuotes Software. It is the successor to MetaTrader 4 (MT4) and offers enhanced features for Forex, stocks, futures, and CFD trading.
MT5 vs MT4
| Feature | MT4 | MT5 |
|---|---|---|
| Timeframes | 9 | 21 |
| Order Types | 4 | 6 |
| Technical Indicators | 30 built-in | 38 built-in |
| Graphical Objects | 31 | 44 |
| Economic Calendar | No | Built-in |
| Depth of Market (DOM) | Limited | Full |
| Programming Language | MQL4 | MQL5 (faster, object-oriented) |
| Strategy Tester | Single-threaded | Multi-threaded (much faster) |
| Hedging | Yes | Yes (option) |
| Netting | No | Yes (option) |
Note: While MT4 is still widely used, MT5 is the future of the MetaTrader ecosystem. New features and improvements are developed exclusively for MT5.
Downloading and Installing MT5
Desktop Installation (Windows/Mac)
Step 1: Download
1. Visit the official MetaTrader 5 website: metatrader5.com
2. Or download directly from your broker's website (recommended, as it may come pre-configured)
3. Click the download button for your operating system
Step 2: Install
1. Run the downloaded installer
2. Accept the license agreement
3. Choose the installation directory (default is fine for most users)
4. Click "Next" and wait for the installation to complete
5. Click "Finish" to launch the platform
Step 3: First Launch
1. A server selection window appears. Search for your broker's server name
2. Select the appropriate server (demo or live)
3. Choose "Open a demo account" or "Connect to an existing account"
4. Enter your login credentials provided by your broker
Mobile Installation (iOS/Android)
1. Open the App Store (iOS) or Google Play Store (Android)
2. Search for "MetaTrader 5"
3. Download and install the official MetaQuotes app
4. Open the app and log in with your broker credentials
Web Terminal
MT5 also offers a web-based terminal accessible through your browser at trade.metatrader5.com. No installation required, but with fewer features than the desktop version.
Understanding the MT5 Interface
The MT5 desktop platform has several key areas:
Main Components
1. Menu Bar - File, View, Insert, Charts, Tools, Window, Help
2. Toolbar - Quick access to common functions (new order, timeframes, chart types)
3. Market Watch (Ctrl+M) - Displays real-time prices of available instruments
4. Navigator (Ctrl+N) - Access to accounts, indicators, Expert Advisors, and scripts
5. Chart Window - The main area displaying price charts
6. Terminal (Ctrl+T) - Shows trade history, open positions, pending orders, account details, and alerts
7. Depth of Market - Shows the order book with buy and sell orders at different price levels
Market Watch Panel
The Market Watch window is your gateway to all tradable instruments:
- Symbols Tab - Shows Bid/Ask prices in real-time
- Ticks Tab - Shows the tick chart (every price change)
- Details Tab - Shows detailed information about the selected symbol
- Right-click a symbol to open a chart or place a trade
- Drag a symbol onto the chart area to open its chart
- Click the "+" button to add new symbols
- Use Ctrl+U to manage symbol groups
Navigator Panel
The Navigator organizes your tools:
- Accounts - Switch between demo and live accounts
- Indicators - Built-in and custom technical indicators
- Expert Advisors - Automated trading programs (EAs)
- Scripts - One-time execution programs
Chart Setup and Customization
Chart Types
MT5 offers three main chart types:
1. Bar Chart - Traditional OHLC bars
2. Candlestick Chart - Japanese candlesticks (recommended for most traders)
3. Line Chart - Simple line connecting closing prices
Switch between them using the toolbar buttons or by pressing Alt+1 (Bar), Alt+2 (Candle), or Alt+3 (Line).
Timeframes
MT5 provides 21 timeframes:
| Category | Timeframes |
|---|---|
| Minutes | M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, M30 |
| Hours | H1, H2, H3, H4, H6, H8, H12 |
| Daily+ | D1 (Daily), W1 (Weekly), MN (Monthly) |
Switch timeframes using the toolbar or keyboard shortcuts.
Customizing Chart Appearance
1. Right-click the chart and select Properties (or press F8)
2. Colors Tab: Customize colors for background, candles, grid, volumes
3. Common Tab: Configure chart style, grid display, volume display
Recommended settings for beginners:
- Background: Black or dark gray
- Bullish candles: Green or white
- Bearish candles: Red
- Grid: Off or subtle color
- Period separators: On (helps visualize daily boundaries)
Chart Templates
Once you set up a chart the way you like:
1. Right-click the chart
2. Select Templates > Save Template
3. Give it a descriptive name
4. Apply to other charts via Templates > [your template name]
Placing Your First Trade
Using the New Order Window
1. Press F9 or click "New Order" in the toolbar
2. The order window appears with these fields:
Key fields:
- Symbol - The currency pair to trade
- Type - Instant Execution or Pending Order
- Volume - Lot size (0.01 = micro lot, 0.10 = mini lot, 1.00 = standard lot)
- Stop Loss - Price at which the trade closes automatically to limit loss
- Take Profit - Price at which the trade closes automatically to lock in profit
- Comment - Optional note for your trade journal
3. Click Buy (blue) to go long or Sell (red) to go short
One-Click Trading
For faster execution:
1. Enable One-Click Trading via Tools > Options > Trade tab
2. A small trading panel appears in the top-left of the chart
3. Enter your lot size and click BUY or SELL
Caution: One-Click Trading executes immediately without confirmation. Make sure you have set it up correctly before using it.
Managing Open Positions
In the Terminal window (Ctrl+T), the Trade tab shows:
- All open positions with real-time profit/loss
- Pending orders waiting to be triggered
- Account balance, equity, margin, and free margin
To close a trade:
1. Right-click on the position
2. Select "Close Position"
3. Or click the "X" button next to the position
Essential Tools and Features
Adding Indicators
1. Open the Navigator panel (Ctrl+N)
2. Expand the "Indicators" folder
3. Drag the desired indicator onto the chart
4. Adjust parameters in the dialog that appears
5. Click "OK" to apply
Popular indicators for beginners:
- Moving Averages (Trend > Moving Average)
- RSI (Oscillators > Relative Strength Index)
- MACD (Oscillators > MACD)
- Bollinger Bands (Trend > Bollinger Bands)
Drawing Tools
Access drawing tools from the toolbar or Insert menu:
- Trendlines - Draw diagonal support/resistance lines
- Horizontal Lines - Mark key price levels
- Fibonacci Retracement - Measure potential retracement levels
- Rectangles - Highlight zones on the chart
- Text Labels - Add notes to your charts
Using the Built-in Economic Calendar
MT5 includes a built-in economic calendar:
1. Open the Terminal window (Ctrl+T)
2. Click the Calendar tab
3. View upcoming economic events with expected impact levels
4. Filter by country, importance, or date range
Alerts
Set alerts to notify you when price reaches a specific level:
1. Right-click on the chart at the desired price level
2. Select Trading > Alert
3. Configure the alert type (sound, email, notification)
4. Click "OK"
Keyboard Shortcuts
| Shortcut | Action |
|---|---|
| F9 | Open New Order window |
| F8 | Chart Properties |
| Ctrl+M | Market Watch |
| Ctrl+N | Navigator |
| Ctrl+T | Terminal |
| Ctrl+D | Data Window |
| Ctrl+G | Toggle Grid |
| Ctrl+Y | Toggle Period Separators |
| Ctrl+L | Toggle Volume |
| + / - | Zoom In / Out |
| Ctrl+F | Crosshair cursor |
| Alt+1/2/3 | Bar / Candle / Line chart |
Tips for Using MT5 Effectively
1. Use Profiles
Save your workspace layout as a profile for different trading styles:
- One profile for scalping (small timeframes, multiple charts)
- One profile for swing trading (daily charts, fewer indicators)
2. Organize Your Charts
- Open multiple charts for the pairs you monitor
- Use the "Tile Windows" feature to view them side by side
- Apply consistent templates across all charts
3. Enable Push Notifications
Set up mobile notifications so you are alerted on your phone when:
- Price reaches a specific level
- A trade is executed
- An Expert Advisor generates a signal
4. Practice on Demo First
- Spend at least 2-4 weeks on a demo account
- Get comfortable with all platform features
- Practice placing different order types
- Experiment with indicators and drawing tools
5. Back Up Your Settings
Regularly back up your profiles, templates, and indicators:
- File > Open Data Folder
- Copy the MQL5 folder to a safe location
- This preserves your custom indicators, EAs, and configurations
Troubleshooting Common Issues
| Issue | Solution |
|---|---|
| Cannot connect to server | Check internet connection; verify server name and credentials |
| Charts show "Waiting for update" | Right-click chart > Refresh, or close and reopen the chart |
| Orders are grayed out | Check if the market is open; verify your account has sufficient margin |
| Indicators not loading | Ensure "Allow DLL imports" is enabled in Tools > Options > Expert Advisors |
| Slow platform performance | Reduce the number of open charts; limit indicator count; close other applications |
Key Takeaways
- MetaTrader 5 is the industry-leading platform offering 21 timeframes, advanced charting, and automated trading capabilities
- Take time to learn the interface: Market Watch, Navigator, Chart Window, and Terminal are your primary tools
- Customize your charts and save templates for consistency
- Always use Stop Loss and Take Profit when placing orders
- Master the keyboard shortcuts to improve your workflow
- Practice extensively on a demo account before trading live
- Back up your settings and custom tools regularly
Next Lesson: In the next lesson, we will explore the different Order Types available to you and when to use each one.