90 cryptocurrencies in MT5
FBS now offers you even more exciting opportunities. Do you use MetaTrader 5? From this time forward, you can view and analyze the quotes of 90 cryptocurrencies in this terminal.
Now you can:
• View cryptocurrencies in any combinations (for example, see how Bitcoin trades relative to Litecoin).
• Perform technical analysis.
• Use unconventional timeframes likhttp://prntscr.com/iutvkv e M3 and M20.
Let’s explore each option in detail.
Creating a custom symbol in MT5
To trade in Metatrader 5, you will need a special MT5 account. You can open one in your personal area at fbs.com.
Login to MT5 and open the “Market Watch” window. Right-click the window and press “Show All” to see all the 90 cryptocurrencies in the list of the trading instruments. When you click the “New chart” button, you will see a new category called “Crypto”.
By default, the symbols of the cryptocurrencies show their price against the US dollar. However, you are not limited by this list. You can create a custom symbol, which combines two cryptocurrencies in a new pair. For example, let’s see what you need to do to view the dynamics of Litecoin versus Bitcoin.
Open the “Symbols” window by right-clicking the “Market Watch” window and select the cryptocurrency you would like to use to create a custom symbol, for example, Litecoin_. Click “Create Custom Symbol” and set the name of the new symbol: Litecoin/Bitcoin. Next you should set the formula for calculating quotes: connect the two cryptocurrencies you chose with a division (/) sign: Litecoin_/Bitcoin_. Click “OK”. The platform will generate ticks of the new instrument in real time.
Example. To view a chart showing the price of Litecoin to Bitcoin, create the following custom symbol:
If you have a chart of any financial asset, you forecast its future price using technical analysis. Cryptocurrencies are no exception – technical analysis works at this market.
In MT5, you can use the following tools for technical analysis:
• Technical indicators – to determine trends and corrections.
• Line tools – to draw support and resistance levels.
• Chart and candlestick patterns – to get trade ideas.
You can access technical indicators and line tools via “Insert” – “Indicators” and “Insert” – “Objects” respectively. To change the chart type to candlesticks, right-click at the chart window or find a special button on the standard toolbar.
MT5 offers a wide range of timeframes, so that you will be able to study the market from the point of view that suits you.
There’s a special toolbar called “Timeframes”. If you don’t see it, click “View” – “Toolbars” – and choose “Timeframes”. If you want other timeframes than you see in this toolbar, right-click on it and choose “Customize”. The system will offer you more options, like M2, M20 or H8.