If you’re trading with a prop firm and using MetaTrader 5 (MT5) then there’s a good chance you’re only scratching the surface of what this platform can do. And no shame in that—MT5 is loaded with tools, settings, indicators, scripts, and features that can be overwhelming, especially if you’re laser-focused on just passing your evaluation or maintaining your funded account.
But if you’re not fully leveraging MT5’s core features, you might be losing money or at the very least performance.
So, the question is: Are you using the right features on MT5 to boost your prop trading edge?
Let’s discuss in detail.
Charting Tools: More Than Just Pretty Lines
Most traders know MT5 for its clean and customizable charts. But if all you’re doing is dragging and dropping Moving Averages and RSI, then you’re missing out.
What you should actually be using:
- Multiple chart templates for different strategies. If you’re switching from a scalping setup to a swing trading view, why manually rearrange everything? Save a template with all your favorite MT5 indicators and layouts and load it with one click.
- Custom timeframes. MT5 lets you build non-standard timeframes like 12-minute or 2-hour charts. Some setups shine only on these offbeat timeframes.
- Object tools like Fibonacci, Andrews’ Pitchfork, and Gann tools. These aren’t just for technical analysis nerds. They’re actually helpful for visualizing structure, especially if you’re trading breakouts or reversals on a funded challenge.
The Market Watch Window: It’s Not Just a Price Ticker
Features you should take advantage of:
- Tick charts: Do you want to see minute changes in prices? Tick charts are excellent for scalpers because they show you every deal as it occurs.
- Spread display: An invaluable tool for profitable traders attempting to reduce slippage. You can allow MT5 to display live spreads next to each pair by right-clicking on it. Some spreads might grow rather wide during tumultuous periods.
- Depth of Market (DOM): You can see order flow and liquidity in real time using MT5’s DOM. This can be a game-changer for optimizing entrances and exits if you work for a prop firm that permits you to trade futures or indexes.
One-Click Trading: Speed Matters in Prop Trading
A flawless setup in a prop firm account can be ruined by a single poor fill or delayed entry, particularly if you’re balancing daily drawdowns or profit goals.
Why you should consider One-Click Trading your new best friend:
- Quickly execute without waiting for confirmation.
- Ideal for news traders, scalpers, and everyone else involved in quickly changing markets.
- Combine it with pre-established take-profit and stop-loss settings to eliminate the need for constant manual adjustment.
Expert advice: One-Click trading can be set up immediately from the chart; simply enable it in settings and right-click your chart to make it active. You’ll question how you managed to trade without it.
Trading Toolbox: Built-in Indicators and Scripts That Actually Work
While custom indicators are fun and some are very useful, MT5 has several strong built-in tools that you may not be utilizing.
Some underrated gems:
- ATR (Average True Range): Use it to set more realistic stops based on volatility instead of guessing or using a fixed pip count.
- Fractals: Great for identifying structure, especially in swing trading.
- ZigZag: No, it’s not just a toy—it helps visualize major market swings and can help identify reversal zones.
- Scripts like “Close All” or “Trailing Stop.” These might not be flashy but they help automate tedious tasks so you can focus on the actual trading.
Strategy Tester: Your Backtesting Playground
Programmers and algorithm geeks aren’t the only users of MT5’s Strategy Tester. You can utilize it to see how certain parameters would have performed historically, even if you trade manually.
How to use it smartly:
- Build or download a simple Expert Advisor (EA) that mimics your entry and exit strategy.
- Backtest it on multiple pairs and timeframes.
- Identify drawdown patterns, win/loss ratios, and average trade duration.
Doing this helps you refine your risk management—an absolute must in the world of prop trading, where every percentage of drawdown can put your account at risk.
Alerts and Notifications: Be Everywhere at Once
One of the hardest things in prop firm trading is staying glued to your screen all day. But MT5’s alert system means you don’t have to.
Set it up like this:
- Use price level alerts on key zones so you’re notified when price enters your “battle zone.”
- Set alerts on indicators—like when RSI crosses 70 or 30, or when MACD gives a crossover.
Even better? Link it to your phone. MT5 supports push notifications to mobile so you can monitor setups while grabbing lunch.
Trading Journal: Your Secret Weapon for Growth
MT5 keeps an internal log of every trade you take. It’s not a full-blown journaling platform, but it’s a great start.
What to track:
- Time of day you trade best
- Winning/losing streaks
- Mistakes (like moving stops, revenge trades, etc.)
Export this data weekly and plug it into a spreadsheet or journaling tool like Edgewonk or Trademetria. Funded traders who succeed long-term? They’re not necessarily better traders—they’re better at tracking and improving.
