MetaTrader 5: Complete Beginner's Guide to MT5

MetaTrader 5 (MT5) is one of the most powerful and popular trading platforms in the world. Whether you're trading forex, stocks, or CFDs, MT5 provides the tools you need for technical analysis, trade execution, and automated trading.

This comprehensive guide takes you from complete beginner to confident MT5 user, covering everything from basic navigation to advanced features that will enhance your trading experience.

What Is MetaTrader 5?

MetaTrader 5 is a multi-asset trading platform developed by MetaQuotes Software. Released in 2010 as the successor to MetaTrader 4, it offers enhanced features for modern traders.

Key Features:

• Advanced charting with 21 timeframes
• 80+ built-in technical indicators
• Automated trading through Expert Advisors (EAs)
• Built-in economic calendar
• Multi-threading strategy tester
• Support for multiple asset classes
• Available on desktop, web, and mobile

Getting Started with MT5

Downloading and Installing

Step 1: Get MT5 from Your Broker Most brokers provide a download link for MT5 from their website. Download from your broker rather than MetaQuotes to ensure proper server configuration.

Step 2: Install the Platform Run the installer and follow the prompts. The installation is straightforward and takes only a few minutes.

Step 3: Create Demo or Live Account Launch MT5 and either:

• Log in with credentials provided by your broker
• Create a demo account directly in the platform

First Time Configuration

Connecting to Your Account:

1. Click File → Login to Trade Account
2. Enter your login number and password
3. Select your broker's server
4. Click Login

Setting Up Your Workspace:

1. Right-click on Market Watch → Show All (to see all instruments)
2. Drag desired instruments to create charts
3. Arrange windows to your preference
4. Save your layout: File → Profiles → Save As

Understanding the Interface

The Main Components

Market Watch Panel (Ctrl+M): Lists all available trading instruments with bid/ask prices. Right-click to customize what's displayed.

Navigator Panel (Ctrl+N): Access accounts, indicators, Expert Advisors, and scripts. Think of it as your tool library.

Chart Window: The main workspace where you analyze price and execute trades. You can open multiple charts simultaneously.

Toolbox/Terminal (Ctrl+T): Shows your positions, account history, news, alerts, and other important information at the bottom of the screen.

Chart Types and Timeframes

Chart Types (Alt+1, Alt+2, Alt+3):

• Bar Chart: Shows OHLC in bar format
• Candlestick Chart: Most popular, visual OHLC display
• Line Chart: Connects closing prices

Timeframes (21 Available):

• M1, M2, M3, M4, M5, M6, M10, M12, M15, M20, M30 (Minutes)
• H1, H2, H3, H4, H6, H8, H12 (Hours)
• D1 (Daily), W1 (Weekly), MN (Monthly)

Switching Timeframes: Click the timeframe buttons in the toolbar, or use keyboard shortcuts (M1-MN).

Customizing Charts

Chart Properties (F8):

• Colors: Background, candlestick colors, grid, etc.
• Common: Autoscroll, chart shift, chart mode
• Trade: Show/hide trade levels

Quick Customization:

• Right-click chart → Properties
• Change colors to match your preference
• Set as default for new charts

Chart Analysis Tools

Drawing Tools

Access from the toolbar or Insert menu:

Trend Lines:

• Draw diagonal support/resistance
• Connect swing highs or lows
• Click and drag between points

Horizontal Lines:

• Mark key support/resistance levels
• Add price levels for alerts
• Visualize entries and targets

Vertical Lines:

• Mark time-based events
• Note economic releases
• Separate trading sessions

Fibonacci Tools:

• Fibonacci Retracement
• Fibonacci Extension
• Fibonacci Arcs, Fans, Channels

Geometric Shapes:

• Rectangles (zones)
• Triangles
• Ellipses

Managing Drawings

Move: Click and drag the drawing Edit: Double-click to modify properties Delete: Select and press Delete key Copy: Ctrl+C, Ctrl+V

Tip: Right-click any drawing to access the full menu of options.

Technical Indicators

MT5 includes 80+ built-in indicators. Access via Insert → Indicators or Navigator panel.

Trend Indicators:

• Moving Averages (SMA, EMA, etc.)
• Bollinger Bands
• Ichimoku Cloud
• Parabolic SAR
• ADX

Oscillators:

• RSI (Relative Strength Index)
• MACD
• Stochastic
• CCI (Commodity Channel Index)
• Williams %R

Volume Indicators:

• Volumes
• On Balance Volume
• Accumulation/Distribution

Adding an Indicator:

1. Navigate to Insert → Indicators → Category
2. Select the indicator
3. Configure parameters in the popup
4. Click OK to apply

Removing an Indicator: Right-click on chart → Indicators List → Select indicator → Delete

Creating Templates

Save your chart setup as a template:

Saving a Template:

1. Set up your chart (colors, indicators, drawings)
2. Right-click chart → Template → Save Template
3. Name your template

Applying a Template: Right-click chart → Template → Select your template

Tip: Create templates for different strategies or market conditions.

Placing Orders

Types of Orders

Market Orders: Execute immediately at the current market price.

Pending Orders: Execute when price reaches a specified level.

• Buy Limit: Buy at a price below current market
• Sell Limit: Sell at a price above current market
• Buy Stop: Buy at a price above current market
• Sell Stop: Sell at a price below current market
• Buy Stop Limit: Combination order
• Sell Stop Limit: Combination order

New Order Window

Access via:

• F9 key
• Right-click chart → Trading → New Order
• One-click trading panel

Order Parameters:

• Symbol: The instrument to trade
• Type: Instant Execution or Pending Order
• Volume: Position size in lots
• Stop Loss: Automatic exit if price moves against you
• Take Profit: Automatic exit at profit target
• Comment: Notes about the trade

One-Click Trading

Enable quick trading panel:

• Right-click chart → One Click Trading
• Or press Alt+T

Using One-Click Panel:

• Set lot size at the top
• Click Sell (left) to go short
• Click Buy (right) to go long

Warning: Orders execute immediately with one click. Be careful!

Modifying and Closing Orders

Modify an Order:

1. Right-click the order in Terminal → Modify or Delete
2. Change stop loss, take profit, or pending order price
3. Click Modify

Close an Order:

1. Right-click the order in Terminal → Close Position
2. Or double-click the order and click Close

Partial Close: Double-click order, reduce volume, close reduced amount.

The Terminal Window

Trade Tab

Shows all open positions and pending orders:

• Symbol, direction, volume
• Entry price, current price
• Stop Loss and Take Profit
• Commission, swap, profit/loss

Exposure Tab

Shows your net exposure by currency:

• See total exposure in each currency
• Useful for managing correlation risk

History Tab

Complete trading history:

• All closed positions
• Deposit/withdrawal records
• Filter by date range

News Tab

Real-time financial news:

• Market-moving headlines
• Economic data releases
• Central bank announcements

Calendar Tab

Built-in economic calendar:

• Upcoming economic events
• Impact indicators
• Previous/forecast/actual values

Alerts Tab

Manage price alerts:

• Set alerts for price levels
• Sound, email, or notification alerts
• Useful for entries without watching charts

Advanced Features

Expert Advisors (EAs)

Automated trading programs:

Installing EAs:

1. Get EA file (.ex5 or .mq5)
2. File → Open Data Folder → MQL5 → Experts
3. Paste the file
4. Restart MT5
5. Find EA in Navigator panel

Running EAs:

1. Drag EA onto a chart
2. Configure settings
3. Enable Algo Trading button
4. EA will trade automatically

Custom Indicators

Install third-party indicators:

1. Get indicator file (.ex5 or .mq5)
2. File → Open Data Folder → MQL5 → Indicators
3. Paste the file
4. Restart MT5 or refresh Navigator
5. Apply from Navigator panel

Strategy Tester

Backtest strategies and EAs:

Accessing Strategy Tester: View → Strategy Tester (or Ctrl+R)

Running a Backtest:

1. Select EA or indicator
2. Choose symbol and timeframe
3. Set date range
4. Configure settings
5. Click Start

Optimization: Test multiple parameter combinations to find optimal settings.

Multi-Terminal

Trade multiple accounts at once:

• Access via Terminal → Multi-Terminal
• Manage several accounts from one screen
• Place identical trades across accounts

Keyboard Shortcuts

Essential shortcuts for efficiency:

Charts:

• F8: Chart properties
• Ctrl+G: Toggle grid
• Ctrl+Y: Toggle period separators
• • / -: Zoom in/out
• Home/End: Jump to start/end of chart

Trading:

• F9: New order
• Ctrl+T: Toggle Terminal
• Ctrl+M: Toggle Market Watch
• Ctrl+N: Toggle Navigator

Timeframes: Click the timeframe buttons, or use the dropdown menu.

Tips for Beginners

Start with Demo

Practice on demo until comfortable:

• Learn the platform
• Test strategies
• Make mistakes without losing money

Customize Your Workspace

Set up MT5 to suit your style:

• Fewer open charts = less distraction
• Consistent color scheme
• Save multiple profiles for different purposes

Learn Keyboard Shortcuts

Shortcuts make trading faster:

• Practice the most common ones
• Speed matters during volatile markets
• Reduce clicking errors

Back Up Your Settings

Regularly save:

• Templates
• Profiles
• Custom indicators
• Expert Advisors

Use File → Open Data Folder to find and backup files.

Use the Help System

MT5 has built-in documentation:

• Press F1 for help
• Hover over features for tooltips
• Use MQL5.com for community support

Common Problems and Solutions

"Invalid Account"

• Check login credentials
• Verify server selection
• Ensure account is active with broker

Charts Not Loading

• Check internet connection
• Right-click Market Watch → Show All
• Restart the platform

Indicators Not Appearing

• Check if installed to correct folder
• Restart MT5 after installation
• Verify file extension is correct (.ex5)

Orders Not Executing

• Check if market is open
• Verify sufficient margin
• Check if trading is enabled for the symbol

Platform Running Slowly

• Close unnecessary charts
• Limit indicator usage
• Check computer resources

Conclusion

MetaTrader 5 is a powerful platform that can seem overwhelming at first but becomes intuitive with practice. Start with the basics—opening charts, adding indicators, placing orders—and gradually explore advanced features as you become more comfortable.

Spend time on a demo account exploring every corner of the platform. The investment in learning MT5 thoroughly will pay dividends throughout your trading career.

Remember that MT5 is just a tool. The platform won't make you profitable—your strategy, risk management, and psychology will. But mastering your platform ensures that when you see an opportunity, you can execute it confidently and efficiently.

Happy trading!