Metatrader 5 (MT5) is an upgraded version of the forex industry's most popular kid – Metatrader 4, however this platform has a slightly different target in mind: it is designed for trading commodities and stocks, rather than forex. Which is not to say it's no good for trading currencies – on the contrary.
MT5 features most of the goodness of its predecessor, and more – it comes with 79 technical analysis tools, 21 chart time frames, and the possibility to open up to 100 charts simultaneously.
A MQL5 programming environment is built in straight into the platform to facilitate creating custom technical indicators and trading robots (Expert Advisors, or EAs).
Strategy-wise, MT5 is similar to MT4 as it supports all types of orders – market, pending and stop. There are two major differences from MT4, though: first off, hedging is not allowed. This means that if you open a long and a short position of the same contract size for the same currency pair, this will result in a zero position. Secondly, MT5 complies with the CFTC's FIFO (First-In-First-Out) rule. For instance, if you hold 1 lot long EUR/USD @ 1.3000 and then buy another lot EUR/USD @ 1.3200, you will see just one open position in your MT5 account: 2 lots long EUR/USD @ 1.3100. In case of closing just one lot, the first open lot is considered closed.