MT5 for Android
In this video we will go over the mobile version of MT5 for Android phones.
In this video we will demonstrate how to navigate to the MT5 for Android version of the platform, Place orders, set stop loss-take profit, go over chart windows, check account history, add indicators, customize the platform, and much more. Our goal is that after you watch this video you will be ready to use MT5 for Android with ease!
To start on the MT5 for Android you will need to download the MT5 application, to do that simply open your google store and search for mt5, it’s hard to miss it.
Dependless of what broker you may have chosen to create an account with, there is one application to download.
The first step will be to log in to your account. To do that, tap the three horizontal lines on the top left side, then tap manage accounts and finally tap the plus icon . Then enter the name of the broker you have created an account with , for example FBS, tap on it and enter your login and password.
Some companies have more than one server so make sure you choose the one that you have created the account with, the info can always be found on your dashboard on their website or on the email you have received by them.
Anyway once you have added your login and password log in. Congrats you have now logged in to your account through MT5 for Android!
The quotes section is the main section of the application, and as you have probably guessed this is where you see some of the symbols available for you to trade.
To add more symbols tap the plus icon on the top right side now depending on your broker you will get quite a few options so if you want to add metals tap on it , choose the one you want and tap on it, automatically it will be added in your quotes screen.
To get back to quotes tap the back add symbol on the top left side. Now you are back to quotes and if you scroll down you will be able to see gold vs USD we just added.
To remove a trading pair from your main quotes screen, tap the pencil image on the top right side. Then tap on the trash icon once, this will give you pick options next to each pair, check mark it or them and then click the trash icon once more and the symbol or symbols will be removed from your quotes screen. To get back, tap selected symbols on the top left side.
To move the pairs around to your liking, tap the pencil icon once more, then tap the three lines next to each symbol and scroll them up or down, to your liking.
Once you are finished tap the selected symbols on the top left and get back to the quotes. From here and by tapping on any of the pairs you can place a new order, check the charts, look at properties, Market statistics and the depth of the market.
Starting with new order ,once you tap it you get the pair on an exclusive screen, you can change the symbol by tapping on the dollar sign on the top right side, and choose the one you like, keep in mind the choices you will have are based on the pairs you have or you added on your quotes screen. So if you don’t see a pair you would like to trade here, go back and add it by using the path we followed earlier.
We will get on to how to place an order a bit later on the video after we make ourselves fully aware of the MT5 for Android application, so please bear with us.
The second option from tapping a pair is the chart, tapping on it will open the pair’s chart for you. The MT5 for Android app will memorize your last open chart, which means if you tap anywhere on the app and tap the chart image after the same pair will be there.
To switch pair on the chart you either go to quotes and tap on any pair and pick a chart or from within the chart tap on the dollar symbol and a drop down with the pairs you follow will appear. That way you can switch pairs without having to go back to quotes each time.
Tapping properties will provide you info such as sector, industry and so on, while market statistics give you a good idea of the highs, lows and price change of the day.
Last the depth of the market allows you to visualize a ladder interface where you can quickly add orders, stop loss and take profit.
The next major section on the MT5 for Android app is the chart we briefly touched base earlier. We already know how to change charts by tapping the dollar symbol and getting the drop down options. This section however offers way more options.
First lets start with the timeframes, Currently the chart is in a 5 minutes time frame , to change that, tap anywhere inside the chart, and a circle with more options, which includes time frames will appear. Pick the one that works best for you, for example I will pick 1 hour, as you can see the chart changed.
The first icon on the toolbar is the “target” one, by tapping it you see a target cross appearing in your screen, this allows you to check a specific time and price accurately
The next option is the calligraphic symbol f, which give you access to the indicators, to add an indicator simply tap on one from the list, on the next screen pick your settings and tap done, you will see it appear on your chart automatically.
To remove it tap f, trash icon , mark it and tap trash icon again to remove it. The next icon appearing above is the dollar symbol which as we already mentioned allows you to switch symbols on the charts.
The 4th option on the toolbar allows users to add a second chart on the chart section. By tapping it you will see the current symbol and the time frame, tap a new window and a new chart window will appear below with default settings.
To add a different symbol tap the dollar symbol and pick it , now you have two different charts featuring two different symbols. By tapping on it you get the same circle tool we mentioned earlier. Both charts function separately.
The last icon is the new order and by taping it , it allows you to place an order on MT5 for Android.
Back on the circle of tools, there are two more options we have not looked at. The first one is the objects icon.
This allows you to add objects like lines, channels, Fibonacci, elliott waves, and shapes. To get access to all these tap the objects icon, then tap the plus icon and you get all the options mentioned above. To place the object on your chart pick the one you want, lets pick a horizontal line for example, and tap anywhere inside the chart, by scrolling it up and down you can switch its place.
Now if you tap and hold on the line, or the object you picked you will get the option to edit it or delete it. As you can see on the top of your phone screen the name of the object and the two options are available.
Tapping on the pencil you can change name, point and the color of the line, once you finish your changes tap done and you will return back to the chart. If you tap the trash icon the object will be deleted.
The last icon to check are the settings, from there you can add OHLC which stands for Open, high, low and close prices, show trades levels, have the ask price appear and so on.
Last you can change the color scheme or colors of the chart on the MT5 for Android app. The schemes available are Color on white which is set by default, green on black, black on white or you can customize it. Feel free to create the chart of your choice.
The next main function on the application is trade, here you can see your balance, equity margin, free margin and margin level. For better demonstrating this function I have opened a few orders, we will get on how to shortly as well.
So in the trade tab, you can check as well all your open orders, and how they perform in the market. By tapping on any of them and holding for a second you can close the position, modify it, open another trade, or transfer to the chart.
The history tab allows you to check your profit or loss, deposits, swaps, commission or balance. If you tap orders you can check the time and date of your past and current orders. Last the deal section allows you to see not only the orders but any profit or loss made by them.
The other two tabs on your toolbar are the news and messaging, and if you connect to the MQL5 community you can easily use them.
The last thing to check prior we get to place orders is the settings. To do the tap the three horizontal lines on the top left side.
Front there you have the options to navigate against through the app and pick Quotes, trade, History, account monitoring, and so one.
You can also manage your accounts from there. Tap manage account, and then you can set an one time password by taping the key shield, install a certificate, or add a new account by taping the plus icon.
Tap the three lines on the right side if you want to change password, clear saved password or delete account.
Back to the previous options, you can get a direct link to the economic calendar , join the traders community , or get access to the trading application for the MT5 for Android application.
Last tapping on the setting , you can change the language of the app and most importantly you can enable one click trading. If you do though, all your orders will be executed instantly.
How to place orders
Now that we are familiar with what the MT5 for Android application has to offer is time to place orders and finally see how that part works.
There are a few ways to lace an order, and we will try to cover them all.
First tap Quotes so you can get all the symbols you follow, then tap at the one you want to open an order, for example EURUSD, on the options appear tap “new order”, once on this screen, you can buy or sell fast, but you also have the option to add Stop loss, Take profit and deviation. Once these are set tap buy or sell.
In case the price changes you will get a pop up saying you have been requoted and if you want to accept the new quotes.
Congrats, your order has been placed, you will be prompted automatically to the trade tab, so you can check the performance of your new order.
You can get to the trading interface from various tabs and follow the same procedure as above to place the order.
For example, you can enter the trading interface from within the chart, just tap new order on the top right side, or from the trade tab by doing exactly the same thing. Additionally you can tap and hold for a second in one of your existing orders and you will get the option to open a new order.
Dependless the way you get to the trading interface, the procedure to place an order is the same as we described previously.
To close a position or to modify it, tap and hold on an open order in the traders tab, until the option appears below, and choose accordingly.
If you tap the close position , you get the option to do it on the next screen but tapping the Close with profit or loss depends on your situation, just tap it and it is done!
If you tap modify, you get the option to add or change your existing stop loss and take profit. To do that just tap on the stop loss or take profit tabs on your screen, or manually enter the values. Once you have added your preferred values, tap modify.
MT5 for Android is an extremely well built application that allows traders a quick and reliable way to trade on the go. You can buy, sell, modify your orders anytime you would like without being in front of your pc or laptop.