Have you ever asked how many indicators are in MT5 and why MT5 indicators are more than MT4 indicators? Actually, MT5 is an upgraded version of MT4, and when MetaQuotes upgrades the Metatrader, they will add/Remove some functions like Indicators, order types, Symbles, etc.
MT5 indicators vs MT4 indicators
There are 38 indicators in MT5 and 30 indicators in MT4. However, you can upload any indicator you want on both platforms.
Unique MT5 indicators you might need one day
- Variable Index Dynamic Average (VIDYA)
- Triple Exponential Moving Average (TEMA)
- Adaptive Moving Average (AMA)
- Double Exponential Moving Average (DEMA)
- Triple Exponential Average (TRIX)
- Standard Deviation Channel
- Fractal Adaptive Moving Average (FRAMA)
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Why use MT5 indicators instead of MT4 indicators?
If you like indicators and are looking for more, you may find many in MT5. The official number of MT5 indicators is 38, but when I counted them on many brokers’ platforms, I found over 90 indicators, which means they are adding more.
If you asked me what platform I would choose, I would choose MT5 because the developers update it consistently. There are many MT5 indicators that I might need one day, and MT5 has many features besides indicators like partial close position and multiple close orders.
How to upload indicators in MT5
The uploading steps are the same as MT4. There are no differences between them.
First. go to the File tab on the Top left –> open Data folder –>a navigation window will open –> open MQL5 –> Open the indicators file and put the indicator file There (please put all indicator files, and if it is “.rar” Decompress it to be able to use it on MT5
mt5 upload indicator
mt5 indicators 2
MT5 Indicators for Technical Analysis
Let’s assume your analyzing school is Technical analysis. What are the indicators you will need to help you in your analysis? You will use 1-3 indicators at a time. You won’t be using a lot of indicators, to not make the chart messy and be able to analyze. Some traders do not use indicators because they think if they can analyze without any other opinion, they will analyze better, which is true.
That can’t happen with all trading styles because some strategies need indicators to support the final decision for entry/Closing.
Triple Exponential Moving Average (TEMA)
Moving average is the most popular indicator in MT5 and MT4, and Technical analysis traders use it often. There is an upgraded version of “MA” called “Triple Exponential Moving Average (TEMA).” It’s designed to reduce the lag of MA and is a combination of 3 MA (3 in 1 indicator), and it’s more accurate in its signal.
I love MA 200 because the signals are very accurate. I tried “TEMA 200” on EURUSD, and wow! Look how beautiful it is! The price respects the TEMA Line like its support and resistance levels.
TEMA 200
Again and Again, please don’t use any indicator separately. Even if you find the perfect move, you need to practice before using any indicator separately. Many factors make you enter this trade with TEMA, like double bottom and breaking of the trend line. If you are using SMC for analysis, there are also some signals here, like Choch and double-bottom Liquidity Sweep.
Your money is important, so don’t waste it on unnecessary trades.
Adaptive Moving Average (AMA)
Also, AMA is an upgraded version of the traditional moving average, and you can see the difference between AMA and TEMA; you may be lost in these entry signals, right? That’s why you need to consider the Indicator signals as a secondary opinion, not the main opinion, in entry and exit.
AMA indicator
Conclude
For me, I’m using MT5 for many reasons because there are a lot of features in MT5. Besides the indicators, like close partial positions and multiple close positions (you can close multiple orders with one click), the problem is that many brokers offer a Low spread accounts that are only available on MT4, and if you trying to get the same account features in MT5 the spread will be Higher or fixed, so try to choose the Platform according to the account type that suitable for you not just for its indicators.
