Technical indicators and line studies are built into the terminal for analytical purposes. These objects are imposed directly into the chart and allow to forecast further price changes. At that, indicators are imposed automatically, and line studies are attached manually. This is why, when working with line studies, one has to draw them properly. Parameters of indicators can be set up manually, as well. Technical indicators can have different settings for different symbols or periods.
The use of technical indicators and line studies allows to open and close reasonable trade positions, place and modify pending orders. Moreover, using of analytical means allows to perform systematic trading activities and reduces in that way the influence of human emotions. Along with technical indicators, custom indicators written in MetaQuotes Language 4 (MQL4) can be used for analytical purposes. No line studies or similar tools can be written in MQL4.
The fifth generation platform provides even more opportunities for technical analysis. The number of built-in indicators and analytical tools has been increased, as well as new minute and hour timeframes have been added. Object anchors can be placed in any position between the chart bars. Moreover, when switching between timeframes, the accurate positioning of the control points of the object is preserved.
Time & Sales and Depth of Market are indispensable intraday trading tools for detecting important trading levels/clusters and performing more accurate scalping operations within a day. MQL5 language features allow you to receive and analyze changes in the order book, as well as develop a custom Depth of Market with the necessary trading functionality.
Another advantage is the built-in Economic Calendar keeping you updated on all important current and upcoming events. Analyzing reports and macroeconomic indicator parameters is an integral part of the fundamental analysis, and the new terminal offers all you need for that: instant delivery of events concerning 13 currencies and 18 countries, Calendar functions in MQL5 for automatic handling of news and displaying release time on a chart. Thus, the new platform combines technical and fundamental analysis both in manual trading and in the development of trading robots.