Thanks to the wizardry of MetaQuotes Software, MetaTrader 5, or MT5, is available on iPhone and iPad.
Accessing the MT5 platform through iOS or Android on your smartphone or tablet not only helps keep abreast with the ever-changing financial space, it provides the option of performing trading operations.
To start trading from your mobile platform, like the iPhone iOS, head to the iTunes app store and key in MetaTrader 5, as in figure 1.A, and hit the search function. This throws up a list of available options (see figure 1.B) – download MetaTrader 5’s mobile app.
Following this, select New Account and search your Forex broker. If using an existing account, enter the login details and password (figure 1.C). In this example, we’re using an existing FP Market’s demo account.
Once signed in to your MetaTrader platform, an array of Quotes will emerge – real-time market prices.
Quotes are arranged in either simple or advanced format. The latter displays the symbol name of the financial instrument, spread calculation, high/low for the current day and Bid/Ask prices, as demonstrated in figure 1.D. This is also considered the main interface, with core options visible on the lower panel, consisting of Quotes, Charting facilities, Trade, History and Settings.
The key thing to note about the MetaTrader 5 mobile version is it does not operate automated trading robots. Unfortunately, you cannot add an Expert Advisor (EA) script or Custom Indicator to MetaTrader 4 (MT4) or MT5 mobile phone apps. Additionally, you cannot copy or follow signals (copy trading) with an iOS or Android app – only tablets or PCs running the normal Windows operating system with a Desktop Version of the MetaTrader Terminal Application can perform this function.
MT5 only enables you to place orders. Its advantage, however, is when you’re on the move, you can still execute trades and view the current status of existing positions.
To add symbols, tap the + sign (yellow arrow); to remove a symbol or rearrange its position on the interface, tap the pencil modification (red arrow), as shown in figure 1.E.
To view symbol properties, tap the symbol of interest, the AUD/USD currency pair, in the case of figure 1.F, and select Details. This displays the parameters set by your broker.
Charting facilities offered by MT5 on the mobile version are clear and functional, ideal for technical analysis. The platform provides access to charts in 9 different timeframes (tap the timeframe tab in the upper left corner to choose a timeframe), while also offering one-click trading by selecting the screen symbol in the upper right corner, as in figure 1.G.
Traders can freely scroll through the charts by tapping and dragging the screen. The zoom function is also available to scale in and out of charts – tap the screen and draw fingers together/apart.
To add technical indicators, select To add graphical objects, tap
Selecting the trade tab highlights the current state of your trading account: Balance, Equity, and Free Margin. Here you can deposit and withdraw funds by selecting the file tab in the upper left corner. To open trades, tap the + function in the upper right corner; this brings up the trading terminal, as in figure 1.H.
MetaTrader 5 allows you to trade with a number of different order types via your mobile device, simply by tapping instant Execution. You can enter through market execution, Buy and Sell Limit, Buy and Sell Stop and Buy and Sell Stop Limit, as shown in figure 1.I.
Also, beneath here you’re able to modify trade volume. As in the case of figure 1.I, you’ll note on the next slide we entered an AUD/USD buy trade at 10,000 units (0.10).
If you want to modify an active position, tap on the position of interest and opt for Modify Position. From here you can alter – modify the stop-loss order and take-profit level – and close the position, as depicted in figure 1.J.
It is here traders can view the history of all the trades via Positions, Orders and Deals – you can switch between the three options through the top panel (see figure 1.K). By default, only brief information is shown in each of the tabs. To see more information, though, tap the order line.
In addition, users are able to customise the history appearance by selecting the timepiece in the upper right corner.
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Source - database | Page ID - 20143