Wondering why MetaTrader 5 is very reliable and concise? Behind all its success is a high-level and specialized programming language, the MetaQuotes Language 5 (MQL5). It is an object-oriented platform that allows the creation of technical indicators and trading robots. The concept of this trading platform is from the well-known C++ programming language. But because of its narrow specialization, it is thriving amid the programming challenges faced in the financial market. 

There are different functions offered by this trading platform, either for quote analysis, built-in indicator, and other trading tools and functions that will help in the control of your trading positions. These given possibilities and functions allow trade operations and analytics operations to be processed on the MQL5 applications.

These are the different purposes and properties of MQL5 programming software.

Trading Robot

This is an application specifically designed for trading and price analysis. Through the use of a trading robot, analyzing the situation of the market and executing assigned operations are made more convenient and comprehensive. Trading robots are very comprehensive in that it can take over humans when trading in the financial market.

The power of these trading robots was showcased during the 2006-2012 Automated Trading Championships wherein the self-sufficiency and the power of these robots are put to action. Throughout these competitions, there are a good number of Expert Advisors that participated in the said competition. They were able to analyze several market situations and also executed some trade transactions for a span of three months. Through this competition, trading robots were able to prove their analytical and trading advantages compared to human traders.

Custom Indicator

This trading tool is a technical indicator that is used exclusively to analyze the currencies, asset classes, and stocks as well. MT5 already has built-in indicators but there are still traders who prefer to use customized indicators particularly suited for their trading needs. This kind of trading instrument is created by traders and has the ability to execute different algorithms. As for technical indicators, they do not have access to these trading functions and they also cannot execute several trading operations.

The Script

It is a program mainly used to perform particular actions at a given time. A script also gives access to several trading as well as analytical functions. In contrast to Expert Advisors, scripts are used to execute trading transactions once.

The Library

The Library in MT5 is made up of custom functions. They are made to store and also distribute some of the most commonly used custom programs.

These are the custom applications particularly made to enhance the trading potential of traders in the MT5 platform. These are the functions behind the success of this trading platform. There’s no doubt that a lot of traders nowadays prefer this trading platform despite the pool of other trading platforms available nowadays. MetaQuotes Software released this trading platform way back in 2010 and yet it is still considered as the gold standard in the trading industry. Create your unique trading robots or technical indicators now and see the wonders of MetaTrader 5.