Cryptocurrency Charting and Timeframes in MT5
MetaTrader 5 is a highly renowned trading platform used by 50+ million traders, featuring forex pairs, futures, and stocks. It has expanded its platform to include cryptocurrency, now becoming an essential tool for crypto traders. MT5 is an update on the MetaTrader 4 platform, and it comes with robust cryptocurrency charting and time frames that you can activate based on your trading style.
It includes integrated market analysis tools, multiple chart types and timeframes, built-in charts and alerts, a complete set of trade orders, and accounting systems. In this guide, we take a closer look at the cryptocurrency charting and time frames offered by MetaTrader 5.
How To Use MT5 To Trade Cryptocurrencies
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When using MetaTrader 5 to trade cryptocurrencies, you have different options. You can trade them by pairing them with other cryptocurrencies or fiat currencies. You can also trade cryptocurrencies in the form of CFDs and futures.
For trading cryptocurrencies, MT5 comes with a massive online resource for trading bots and technical indicators, including the popular Crypto Charts. The platform is also available on mobile and desktop devices to trade anywhere.
Follow the steps below to use MT5 to trade cryptocurrencies.
- Register for a MetaTrader 5 account using your broker.
- Sign into your account using the credentials used to log in.
- Open Market Watch on the platform and click on Symbols by right-clicking on the window.
- In the Symbols window, you can click on Crypto. This will show you the list of cryptocurrency pairings you can add to Market Watch.
- Now, you can trade different cryptocurrency pairs on MT5.
Crypto Charts on MetaTrader 5
One of the highlights of trading cryptocurrencies on MetaTrader 5 is the Crypto Charting feature. This robust package features a wide range of tools, including real-time order books, candlestick bars on all the time frames, and tick data. You can download all the historical data from exchanges into Metatrader 5 for technical analysis and techniques like backtesting.
The crypto charts robot comes with a Strategy Tester feature. It also allows you to export historical data from MT5 into CSV format, allowing you to store it for future purposes. The robot will collect one-minute data from different exchanges through the REST API. The data collected is used to create time frame charts, giving you highly accurate charting data.
All the charts created with this MetaTrader 5 tool are provided with real-time data, and they will also update automatically whenever something happens. The supported cryptocurrency exchanges that offer data for charts on MT5 include Binance, Coinbase, Kraken, Gemini, FTX, and tens of other options.
When creating your crypto chart on MT5, you can select any start date and build it with real-time data. Also, there is real-time charting for all time frames and real-time order books with ten levels of liquidity. It allows users to create a tick database and backtest robots and indicators.
Accessing Time Frames in MT5
Aside from charts, MT5 provides time frames you can access and customize to trade cryptocurrency. There are 21 time frames offered on MT5, including M1, M5, M15, M30, H1, H4, D1, W1, and MN1.
You can access the time frames with the left corner of a chart, and the default time frame is one minute to one month. You can use the View tab if you don’t see the time frames easily when starting MetaTrader 5.
The View tab is located on the upper toolbar. Scroll down and click on the time frames tab. This will open a new toolbar showing the most popular time frames. You can customize any time frame and use them in your crypto trading. On the left pane, you can view the available frames and easily insert a new one or remove an existing one.
What Time Frame Is Ideal for You?
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Different time frames are available on MetaTrader 5 for traders investing in cryptocurrency. Beginner traders often need to correct their mistakes because they trade within an improper time frame for their style.
If you don’t want to constantly watch over your trade and view the market for a more extended period, you can use a one-week time frame with your crypto charts. The one-week charts are great at showing the market from a broad perspective.
Swing traders can consider a one-day time frame, making it easy to carry out a trade overnight. They can also use the weekly chart to check out the trend of a cryptocurrency and then the daily chart to initiate their trading position.
If you’re using a one-hour chart, it can help in assessing the market without rushing. There is even a one-minute time frame chart that can help you view market riding and scalping opportunities.
Benefits of Trading Crypto on MetaTrader 5
Aside from crypto charting and time frames, trading cryptocurrency using the MT5 platform has many benefits:
It has a flexible and robust trading system.
Get access to 100 charts and 21 time frames for technical analysis.
Carry out copy trading and learn trading signals with the crypto trading platform.
MT5 offers algorithmic trading for crypto investors.
Using MT5 for a Better Crypto Experience
Improve your crypto trading experience with the charts and time frames available on MetaTrader 5. MT5 is a powerful tool for working on cryptocurrency markets, including crypto CFD and crypto-fiat pairs. With the crypto charting robot and time frames, you can interact better with financial markets.
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