5 Unique Meta Trader Features You Should Be Using

Meta Trader is one of the most popular trading platforms out there. Chances are that you will be using the platform as your primary trading software or when you want some access to its unique Forex charting tools. However, there is so much more behind the seemingly simple interface that has made the platform popular over the years. 

You’ve probably not used some or all of the following unique features available on Meta Trader either on free or with a funded account.

Multiple Trade Execution Modes

Having multiple ways to execute your trades is great if you are keen on making money in the markets by having granular control over when, how and where your trades are executed. You can choose instant execution which allows you to enter a trade based on what is currently on offer by the broker.

 You can also go for execution on request which enters you trades using prices by the broker at any time. Lastly, you could choose to go for execution by market which allows the broker to decide at what price the trade will be made. 

Having multiple execution modes makes Meta Trader one of the most preferred trading platforms among traders who want freedom and control over their trades. Most other trading platforms generally have a single trade execution mode and provide a bit less leeway to their users. This very feature makes Meta Trader the favorite trading platform among brokerages as well.

The Strategy Tester

This feature has been around in MT4 but recently got a slight but powerful update in MT5. The strategy tester is a powerful but often overlooked Meta Trader feature that allows expert traders to programmatically test automated trading strategies. The strategy tester an allow you to optimize your strategy, test multiple currency pairs and so much more when you use the Expert Advisors toolset. 

The Economic Calendar

This is yet another powerful tool that is available on Meta Trader but often ignored or overlooked. The Economic calendar available in MT5 shows chronological data on important market insights such as historical data, impact levels and release schedules. Since a lot of traders analyze historical data and financial events as part of their overall trading strategy, having the data organized on one tool can be quite helpful. 

That said, you mustn’t rely on historical data and events to inform your trading strategy. New traders will often fall into the trap of attaching too much significance into the events being displayed on the economic calendar. They often forget that they also need to analyze concrete market data and formulate a trading strategy.

Custom and System Indicators

Meta Trader has always been class lading when it comes to the indicators that are available as part of the platform. You don’t require another website or source to read the market and make your trades when using any version of the Meta Trader online trading platform. All the technical indicators you need are available right there on the platform, mostly for free.  What’s more, expert traders can also create custom indicators to go along with the system indicators to enhance their toolset while trading.

The Meta Trader Library

Experienced traders using Meta Trader love it because of the scripting functionality it provides. Think of scripts as the macros or programs you can write on a program like excel to execute automate things. The same can be done in Meta Trader to implement different trading strategies and other activities that are related to your trades.  The Meta Trader library also provides a set of pre-made functions that you can use in your programs to enhance your trading experience.

There are many more hidden features in Meta Trader 4 and Meta Trader 5 that you will learn to use over time. Take time to learn the basics of the program and how to execute your trades according to your strategy as you get deeper into this powerful online trading platform.