MQL5 is an abbreviation of “MetaQuotes Language 5” and is a language created by “MetaQuotes Software Corp” that developed MT4 for developing its own platform. FX traders affiliated with MetaQuotes can trade using MT4/MT5 separately from their own trading platform.
MQL5 is a community operated by MetaQuotes, which provides MT4/MT5. Free EAs and indicators have been posted on MQL5, and those who have registered an account can freely download and use them. Since it is a community where traders from all over the world gather, evaluations and reviews are also popular.
Signal function of MT4
MT4 originally has a signal function implemented in the software itself, so it is possible to match users and realize “copy trade”. This signal has an overage fee system, and some of them are free. You can use it with confidence because it is a fixed fee that does not incur any additional fees such as usage fees or commissions from FX traders.
To use this signal, you will be able to start using it immediately as long as you have an account with a merchant that supports MT4. When using signals, VPS is not necessarily required like EA operation, but MT4 must be always running to copy signals.
Signal function of MT5
MetaQuotes has already announced an evolved trading tool called “MT5”. Since there is no platform compatibility between “MT4” and “MT5”, which is often the case with such development companies, the signals are completely different.
Exchange information with users in the community
Users can also talk to each other, so it is possible to exchange information with each other about whether the signal works specifically or not. Even if it is proven and verified, it is quite difficult to start copy trading by suddenly using the signal, so it is important to obtain information from users who are already using it.
MQL5 for XM
In XM there is also a page for MQL5.
For the Japanese version, select “Learn FX” → “MQL5”.
For the English version, select “Trading Tool” → “MQL5”.
Contains information about MQL5.