MetaQuotes Software Corporation is one of the biggest names when it comes to forex software. This company is responsible for the design and development of MT4 and MT5 the two most popular forex trading platforms in the world. In accordance with their success, they have also created the largest market for forex software – the mql5 market.
The mql5 market is one where buyers and sellers of forex software go to “trade”. It contains many sections where different programs such as expert advisors, custom indicators, scripts, and signals are sold. From the website, you can purchase a VPS service or hire a freelancer to write your program for you. The market also contains free programs by different developers. In this post, I will be going through the different sections of this market.
You can learn about the role of the MetaQuotes Software Corporation in the market here.
Sections of the MQL5 Market
All the sections in the mql5 market are duplicated in two divisions – mql4 and mql5 divisions. This is because MetaQuotes Software Corporation ended support for MT4 years ago to face MT5 squarely. But due to the wide use of MT4, they could not abandon it, they therefore, collapsed it into the mql5 market creating the two divisions.
That being said, the sections in the mql5 market are as follows:
- Expert Advisors
- Custom Indicators
- Library/Code Base
Expert Advisors – Expert advisors are programs which are capable of trading the forex markets, automating forex trading. They contain specific rules which are used to trade the forex market. In this section, different forex robots are hosted for sale.
You can learn more about expert advisors and automated trading here.
Custom Indicators – In this section, traders can purchase different indicators which present alternative ways of analyzing the forex market.
Scripts – In this section, traders can buy or download for free scripts that can be used to accomplish simple tasks on the platform. Examples of functions that can be carried out by scripts includes duplication/ closing of multiple trades.
Signals – The mql5 market also host trading signals. Different traders register can register as signal providers, who other traders can follow. Anytime a signal provider takes a trade, the trade is broadcast and any follower can also take the same position. Trading signals can be automated or traded manually. The signal section is not necessarily restricted by the language divisions.
Library/ CodeBase – This section consists of majorly free resources that can be accessed by traders. It contains free codes that can perform different functions.
In conclusion, the mql5 market is a very large and safe space for the buying and selling of forex programs. This is made possible by some steps taken by the MetaQuotes Software Corporation. You can learn more about that here.
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