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With trading continuing to be on the rise, the use of efficient and robust trading platforms is only expected to increase. But even with so many newer introductions in the market, MetaTrader 5 remains one of the most widely used trading platforms to this day.
It offers tools for both beginner and experienced traders. Whether you’re trading forex, stocks, or commodities, understanding the interface is crucial to making efficient and informed decisions.
If you’re new to the platforms, here are the key elements you need to know.
The Market Watch Window
One of the first things that you might notice when opening MetaTrader 5 (MT5) is the Market Watch window. This area lists all available instruments, including forex pairs, stocks, indices, and more.
Here, you can monitor real-time bid and ask prices, add or remove instruments from your watchlist, and open quick trading orders directly from the window. The convenience and ability to customize the MT5 for Mac are what make learning worth it.
The Market Watch gives you a snapshot of the markets you care about or are interested in, making it easy to spot opportunities as they appear.
Charts and Timeframes
Charts are the heart of MT5. The platform offers highly customizable chart windows with multiple timeframes, from one minute to monthly views.
You will see features like line, candlestick, and bar charts, zoom and scroll functions for detailed analysis, and overlay technical indicators if you want to analyse trends.
These charts allow traders to visualize market movements and spot patterns that help inform trading strategies.
The Navigator Window
The Navigator is where all your accounts, indicators, expert advisors (EAs), and scripts are available. From here, you can switch between demo and live accounts, drag and drop indicators or EAs onto charts, and manage scripts for automated trading.
This window keeps your trading tools organized and accessible, so you can quickly implement your strategies the way you want.
Toolbox / Terminal
The Terminal, usually found at the bottom of the screen, provides a comprehensive view of your trading activity. It includes multiple tabs with information about your trades.
Some of these tabs include:
- Trading. It shows open positions, account balance, equity, and margin.
- Exposure. It is a visualization of your portfolio’s exposure to different assets.
- History. A display of your past trades with detailed metrics.
- News. Provides financial news feeds relevant to your trades.
And more.
The Terminal gives you full control over your accounts and trades, keeping all vital information in one place.
Toolbars and Quick Access Buttons
MT5 has multiple toolbars that provide shortcuts to essential functions, such as opening new orders, switching chart types, applying indicators quickly, and saving templates for consistent chart setups.
You can customize these toolbars to help streamline your workflow.
Depth of Market (DOM)
The Depth of Market window is a critical feature for more advanced traders. It shows real-time liquidity for buy and sell orders, volume at each price level, and potential market movement.
This feature is particularly useful for scalpers and day traders who need to see where liquidity and demand are concentrated.
