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NEW MT5 Seriously Stuffed For Traders Platform

  • #321
  • Dec 7, 2009 12:11pm Dec 7, 2009 12:11pm
Any indicator for MT5? Pivot points? SR?..
The Market pays you to be disciplined
  • #322
  • Edited 10:16pm Dec 7, 2009 4:45pm | Edited 10:16pm
Quoting mima
Any indicator for MT5? Pivot points? SR?..
No

This I believe is an ommission, as Metaquotes would be well aware that the timezone limitation of their platform's connection to the server. This is a significant hinderance to traders who may want to use GMT, London, EST, NY, Tokyo or the close of each of these major trading centres as a part of their timezone based analysis. Whatever the case, now that I have investigated MT5 and changed my thoughts on the 1 position system management (cause it really does not affect me now), I would still say that overall I am NOT impressed with the changes / improvements in MT5.

Timezone is an issue for me.
Programming language (I just started understanding MQL4) being non-directly translatable.
EAs that are non-nedgers are useless as well.


Blue quoted from Pipmutt was true for me at first, but as my trading has improved the nedging has actually faded... However, what is also true is that without the nedging I might not have continued to trade and learn.

...it suddenly hit me why this type of hedging (nedging) strategy is so popular among novice/inexperienced traders. The attraction is they are always banking profit and that's a better feeling than accepting a loss! Whichever way the market goes they will always have a profitable position to liquidate.

Their account is growing, the balance is going up, and if someone asks them 'did you make money in the market today' their answer will always be yes because it's true, they banked profit, how great is that! In a business where an alleged 95% lose, they're making money, they're a success! How about unrealized losses? Well they don't see unrealized losses as losses, they see them as trades waiting to go into profit, I'm sure you can see that's a very important psychological distinction. In their mind and experience the market will always come back to allow them to exit their waiting-for-profit trades, I mean it always does, right?

However, there are strategies that have consistently used nedging that are profitable. It is just a matter of getting your head around the MT4 to MT5 transition (or before NFA ruling to after NFA ruling) ....
MT4 -> MT5
buy at market -> buy at market
sell at market -> sell at market
buy limit -> buy limit
sell limit -> sell limit
buy stop -> buy stop
sell stop -> sell stop
close long trade at market -> sell at market
close short trade at market -> buy at market
long takeprofit -> sell limit
long stoploss -> sell stop
short takeprofit -> buy limit
short stoploss -> buy stop
  • #323
  • Dec 8, 2009 3:34am Dec 8, 2009 3:34am
Quoting mima
Any indicator for MT5? Pivot points? SR?..
There are many indicators for MT5 already available (I converted quite a few from MT4 to MT5). You just have to search for them. I won't give links because it can be considered advertising.
  • #324
  • Dec 8, 2009 3:35am Dec 8, 2009 3:35am
Quoting aquaart
This I believe is an ommission, as Metaquotes would be well aware that the timezone limitation of their platform's connection to the server. This is a significant hinderance to traders who may want to use GMT, London, EST, NY, Tokyo or the close of each of these major trading centres as a part of their timezone based analysis. Whatever the case, now that I have investigated MT5 and changed my thoughts on the 1 position system management (cause it really does not affect me now), I would still say that overall I am NOT impressed with the changes /...
What's the problem with timezone? I've written an MT5 EA that works based on the server's timezone. No problems there.
  • #325
  • Dec 8, 2009 4:49pm Dec 8, 2009 4:49pm
Quoting enivid
What's the problem with timezone? I've written an MT5 EA that works based on the server's timezone. No problems there.
Nothing wrong with timezone, if you are programming your own indicators/EAs.

My thoughts were along the lines of 4 hourly / daily candles and timezone... OR daily, weekly, 4 hourly pivots (common pivot indicators) and timezone..... OR trading sessions and timezone.... for people who don't programme (which most traders don't)

My point more explicitly stated was that if MetaQuotes are not going to update their charting / platform so that the user can use a timezone other than the server's timezone, then maybe MetaQuotes should consider including common indicators that allow for timezone adjustment / assessment.
  • #326
  • Dec 9, 2009 3:01am Dec 9, 2009 3:01am
OK, now I see what you mean. Of course, such functionality would be great. Did you try to submit this idea to MetaQuotes?
  • #327
  • Edited 4:03am Dec 9, 2009 3:48am | Edited 4:03am
My biggest concern with MT5 is the way they totally changed the programming language...

I find that the single most stupidest decision they made.

They argued that MQL5 EA/scripts will run faster than MQL4's with that decision. LOL!... Like its gonna matter? What were they thinking? Sure it will be faster, like a 10ms speed gonna make a difference when brokers will still be slow to execute trades? MT4 EA placed an order, broker execute it 2 seconds later. With MT5, EA placed an order 10ms faster than MT4 EA, Broker executes the order 2 seconds still..

I run multiple EA/script on multiple charts and still my CPU dont get bogged down more than 5% on a lowly 2006 purchased Dual Core 1.8Ghz laptop. And in a week, It will be running on an i7 CPU (which should be about 10x faster)..

Bottom line: Dont re-invent the wheel - or else, you might find yourself inventing a square wheel instead.

MetaQuote made the BIGGEST MISTAKE in that move.
  • #328
  • Dec 9, 2009 5:03am Dec 9, 2009 5:03am
And if I draw a trendline on dailies, and go down to 4H or 1H, will that trendline the same?
Because on MT4 the lines always 'went' a little somewhere else.
Very unusable for charting.So any info about that?
THX, NL
  • #329
  • Dec 9, 2009 5:13am Dec 9, 2009 5:13am
Quoting BurgerKing
My biggest concern with MT5 is the way they totally changed the programming language...
It seems every release employs a different language. MT3 scripts look like another platform. I don't know if C++ is the best language but the MT5 hacks are largely undocumented. One example is the non-ANSI evaluation order of expressions. Usually I place pure logic expressions first followed by expressions with side effects. But I found that MT4 evaluates then out of sequence, which caused me no end of confusion. I'm sure there are dozens of pitfalls awaiting me in MT5 will little payoff for the future days wasted. Much less rewriting orders again from the ground up, just when my MT4 code was maturing.
  • #330
  • Dec 10, 2009 1:52am Dec 10, 2009 1:52am
Quoting lacika
And if I draw a trendline on dailies, and go down to 4H or 1H, will that trendline the same?
Because on MT4 the lines always 'went' a little somewhere else.
Very unusable for charting.So any info about that?
THX, NL
It looks like the trendlines are now persistent over different timeframes.

As for the program language changing from MT3 to MT4 and from MT4 to MT5, it's normal. The new language is not to make the code run fast but to improve the coding experience with the more event-based and object-orientated paradigm.
  • #331
  • Dec 10, 2009 1:58am Dec 10, 2009 1:58am
Quoting enivid
It looks like the trendlines are now persistent over different timeframes.
THX, NL
  • #332
  • Dec 10, 2009 5:12pm Dec 10, 2009 5:12pm
Quoting rossiya
One example is the non-ANSI evaluation order of expressions. Usually I place pure logic expressions first followed by expressions with side effects. But I found that MT4 evaluates then out of sequence, which caused me no end of confusion.

Yes... I discovered the same thing years ago in another "programming language".
That's why I started to use less compact syntax to always force my evaluation order.
  • #333
  • Dec 11, 2009 1:17am Dec 11, 2009 1:17am
Quoting enivid
It looks like the trendlines are now persistent over different timeframes.

As for the program language changing from MT3 to MT4 and from MT4 to MT5, it's normal. The new language is not to make the code run fast but to improve the coding experience with the more event-based and object-orientated paradigm.

I think what lacika was meaning was that on a 4 hour timeframe, the trendlines drawn only stuck to the 12:00, 16:00, 20:00, 00:00, 04:00, 08:00 times.

In other words on the 4 hour timeframe the high/low might appear at 16:00, however the high/low when focussed on the 5 minute timeframe afterwards was actually at 17:35. However, instead of the trendline sticking to the high/low within the 4 hours of 16:00 to 19:59 timeframe, it sticks to the beginning of the 4 hour timeframe of 16:00 only. As a result this produces skewed trendlines on the lower timeframes.

This skewing of the trendline because of the above is still occurring in MT5.
  • #334
  • Dec 24, 2009 5:49am Dec 24, 2009 5:49am
Quoting enivid
There are many indicators for MT5 already available (I converted quite a few from MT4 to MT5). You just have to search for them. I won't give links because it can be considered advertising.
I'm sorry enivid, I tried to look for a pivot indicator for MT5 as accurately as I could through the web but I'm not able to find one and It would be very helpful. If you don't want to give the link can you please pm me? I'd be very grateful thank you very much

I wish you all guys a merry Christmas
  • #335
  • Dec 24, 2009 8:33am Dec 24, 2009 8:33am
Quoting pnf-trader
They implemented market depth also, so this pushes this platform more into the direction of a professional trading platform, don't you think?

I find it sad that some (many?) Metatrader brokers have such a bad image - and this will often be associated with the platform itself. I hope this will change in future and solid brokers like MB Trading, Deutsche Bank and others will offer this platform under fair conditions.
I pray to God they don't. I want hedging and I don't want averaged down positions. If I wanted that kind of garbage, I'd be trading the stock market.
  • #336
  • Dec 25, 2009 3:19am Dec 25, 2009 3:19am
Quoting benessum
I'm sorry enivid, I tried to look for a pivot indicator for MT5 as accurately as I could through the web but I'm not able to find one and It would be very helpful. If you don't want to give the link can you please pm me? I'd be very grateful thank you very much

I wish you all guys a merry Christmas
Sorry, Benessum. First, for some reason I can't PM you. Second, I know about many custom MT5 indicators, but I didn't see any MT5 pivot indicator yet
  • #337
  • Dec 25, 2009 3:22am Dec 25, 2009 3:22am
Quoting hawkman
I pray to God they don't. I want hedging and I don't want averaged down positions. If I wanted that kind of garbage, I'd be trading the stock market.
Like it has been proven here before, MT5 isn't "garbage" and while it's still in beta it can do all the same things as MT4 can do in a sense of a resulting profit/loss. BTW, what are the "averaged down positions"?
  • #338
  • Dec 25, 2009 6:45am Dec 25, 2009 6:45am
Quoting enivid
Like it has been proven here before, MT5 isn't "garbage" and while it's still in beta it can do all the same things as MT4 can do in a sense of a resulting profit/loss. BTW, what are the "averaged down positions"?
Simply: keep buying as the price goes down.
It can get more complicated though with buying while the price goes down to be ready to make a killing when it reverses.
Hopefully you will get a better explanation but this will hold you until after Xmas.

You could try googling!!
  • #339
  • Dec 25, 2009 11:53am Dec 25, 2009 11:53am
Quoting hawkman
I don't want averaged down positions. If I wanted that kind of garbage, I'd be trading the stock market.
Who would force you to play the average-down-game if you don't want to? And how does this relate to MT5 or any other platform? All platforms allow averaging down but no platform will force you buy or sell more if you don't want to.
  • #340
  • Dec 25, 2009 5:28pm Dec 25, 2009 5:28pm
Quoting enivid
Like it has been proven here before, MT5 isn't "garbage" and while it's still in beta it can do all the same things as MT4 can do in a sense of a resulting profit/loss. BTW, what are the "averaged down positions"?
No, IT CAN'T. Right now in MT4 if I buy one EURUSD lot at 1.4300, one lot at 1.4350 and one at 1.4400 I have three distinct positions open and I can choose which one to keep and which one to close. In MT5 I would have one lot of 0.3 at an average price of 1.4350. How is this "improvement" going to benefit me?
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