Metatrader 5, Public Beta in the Horizon

After more than a year of development, the people at metaquotes have finally broken their silence to reveal that the metatrader 5 platform is now in a closed beta testing with some metaquotes forum members. The new metatrader 5 platform was introduced into its first testing phase in late September and, according to the developers, it will enter public beta testing soon. Of course, this beta testing will not include any live trading yet as we still don’t know any brokers who will be pioneering the use of this novel platform.

As for the changes introduced, the metatrader 5 platform will include several improvements over its current version. There are many upgrades for manual traders who will be able to execute predetermined orders with the click of a button (like, open 5 longs with 20 take profit and 30 stop loss and the like) and this will all be done within a trading chart. Other smaller estetical improvements, like the ability to place any image on the trading chart are also going to be implemented. Without a doubt, the metatrader 5 platform will become a new powerful tool for all manual traders out there.

Regarding automated trading, the changes will be even more productive and drammatic. The current programming language, mql4, will be replaced with the new mql5 language which will have many advantages over the current version. For example, the mql5 language will be totally object oriented, a fact that will save us, programmers, a lot of work and time with dealing with these expert advisors. The language will also probably be easier to learn for beginners since , for example, the need to build loops to select orders (which makes the scripts inefficient) will no longer be necessary and orders will be easily selectable. Programming will therefore become much easier.

The only problem is that all current mql4 programmed expert advisors will not work with the new mql5 language, therefore, all programs will need to be ported to the new language if people want to keep using them with the new platform. However you should not panic, brokers will offer mt4 support for at least 2 years, until 2012, and through all that time, we will have time to port all our programs to the new language. In what concerns my expert advisors, I will certainly port all of them as soon as the mql5 language is out, just to start learning the language and testing all the new features.

If you want to know more specific details like the quality of the new strategy tester, the availability of tick charts, etc, sadly all these information has not been revealed yet and we will have to see the program working in the public beta to find out. However, the fact that history is now stored in tick format should hint that custom timeframes and volume charts (as well as more accurate testing) should be available.

If you would like to learn more about my current automated trading systems and how you can start trading profitably with a long term profitable system you understand please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !

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