Meta Trader 5 Beta Testing

Today, I am going to talk about the new beta release of Meta Trader 5 -

On 9th of September, 2009 Meta Quotes offered its new charting and
trading platform, the Meta Trader 5. Currently, the beta testing is going on
and the company is planning to offer new MT 5 version in coming year 2010.
You can download Meta Trader 5 via following link
http://www.metaquotes.ru/files/mt5setup.exe

The new MetaTrader 5 trading platform is designed to provide brokerage services
to customers in Forex, CFD and Futures, as well as equity markets.
I personally think Meta trader 5 is a good effort as they added object oriented programming.

However; the company clearly missed the basic requirement of most traders
who actively use MT4 platform on a daily basis.

How customers are going to use it in trading?
Specially, when almost all of the Meta Trader 4 custom indicators and E.As
are not going to work in this Meta trader 5 version.

Following are the draw backs that I have found and I think it is going to make hard
to accept and use new Meta Trader 5 software.

1/- Custom indicators need to re-write because the old *.mq4 file code just do not work with Meta Trader 5. Even if you change the file extension it still do not work at all.

2/- Same programming and syntax problem with Expert Advisor A.K.A - EA
Also, there are many Expert advisors and custom indicators
that people do not want to reveal the code and trading formula to third person.

3/- Not every one is a computer freak to rewrite and upgrade his own custom
indicators and Expert advisors. This makes really hard for new users and beginners!

In order to accept and use Meta Trader 5 a trader first needs to pay money to a MQL 5 programmer to update and re-write his E.A and Custom indicator OR leave Meta Trader 5.

I think most traders wants to use Meta Trader 5 but above problems and up-gradation
of coding is a big hassle and use-less effort.
Just need to pay more money to get the things keep working.

There are millions of users who needs to upgrade their code to use at MT5 which is
not possible and realistic approach.


:: My suggestion to Meta Trader 5 team is as follows ::

It is possible via programming to keep running the old *.MQ4 files inside
Meta Trader 5 in a compatibility mode!

OR

Go back and use the same scripting language and offer a new version of Meta Trader 5 without changing the MQ4 syntax

Other wise, I think it is a long way till 80% custom indicators and E.A users even think
to shift over to Meta Trader 5.

At least, I am not looking to use Meta Trader 5 for now.
I think Meta Trader 4 is still a hero for me.

Kind regards,
-Muhammad Azeem
http://readyforex.com
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Forex Scalping Indicator - Waddah Attar Scalping

Here is a little indicator that might come in handy in your scalping journey. It can be used as a buy indicator or as a sell indicator. When we have 2 candles which has closed and the indicator closed in 2 consecutive green bars, it means the indicator is giving us a buy signal and when 2 candles has closed and the indicator has drawn 2 consecutive red bars for these candles, then it means that the indicator is giving us a sell signal. As you can see in the screenshot above, the piece of code can be used as a buy and sell indicator. However, I suggests you do not use it stand alone and you experiment with it along with other indicators you might like. If you come up with anything useful, do let me know about it. After you download the indicator, place it in the metatrader indicator folder and you will be good to go. Good luck. Source

Fractal Zigzag Indicator - A cool variant of the standard zigzag indicator

Many traders like to use the zigzag indicator with their trading method. Expecially those who works with elliot waves and chart patterns. I have already posted a better zigzag indicator in another post and you can search for it on this site. The other zigzag indicator is called 'parabolic zigzag'. This version on the zigzag I am posting right now is called the 'fractal zigzag indicator' and it not any better than the parabolic zigzag. The difference with this zigzag indicator is that, it draws the lines, the peaks and the bottoms based on the fractal formation. A fractal is formed when we have 1 high with 2 lower highs on each of its sides for a bullish fractal and a bearish fractal is formed when we have a low with 2 higher lows on each of its sides. However, this fractal zigzag indicator let you change the settings of the fractal depth you want to investigate into. For example you can use a fractal depth of 3 and the fractal zigzag indicator will look only at fractals which has 3 lower values on each side of the new extemum (high or low). I hope that you find this indicator useful. Download the fractal zigzag indicator now.

Pattern Recognition Master - Candlesticks

Hello,

This cool little indicator for metatrader 4 trading platform is able to scan any chart on any timeframe for candlesticks pattern formations and alert you as soon as a new one is formed. For those who are already into candlestick analysis, they already know about the high strike rate and strength of candlesticks when it comes to patterns.

When a pattern forms, there is a big chance that the market will move according to this pattern. The pattern give you some hidden knowledge about what should be going to happen sooner or later in the market. The indicator is pretty easy to interpret and the settings is very clear and straight-forward. You have the option to turn On the alert switch it off. I hope that this indicator brings more pips into your trades' basket.

Download this indicator now and relieve some stress from your brains.

Metatrader Indicator - CCI Arrows

One of the most powerful indicators which come together in the Metatrader(MT4) trading platform is without doubt the CCI indicator. The CCI indicator can indicate the trend direction with quite a high rate of accuracy. The popular setting used for the CCI indicator is 14 and the level which the traders normally watch is the Zero(0) line. Once the CCI crossed the 0 line from below, it means that we might have a buy situation and if the cross is in the opposite direction, it would mean a sell situation. However, you will need to plot the CCI indicator on your chart and hunt(wait) for this cross to happen and try to catch it with your own eyes. However, with this little indicator... You are saved from this pain... You do not even need to plot the CCI on the chart... Just put the CCI Arrows indicator on your chart and each time the CCI crosses the Zero line... It will draw an arrow depending on the direction of the cross.. A red arrow should mean a chance to sell and a Blue arrow should mean a chance to buy... However, the indicator should be used with a trading system and not stand alone.

I hope that you find it to be a useful addition in your trading toolbox. You can read more on this indicator and download it at your convenience.