How do I setup RAID 5 for Windows 7?
I tried it before without success. Is there third -party software or something that's required?
When I try to click on RAID 5:
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Windows 7 does not support creating a software-based RAID5.
The option is visible (although not selectable) because the same drive management console utility is used in Windows Server as well, which does support creating a software RAID5.
See this other SU question for more info:
To accomplish RAID5 with Windows 7 you will need a hardware (or firmware) based RAID controller that supports RAID5; one which supplies drivers compatible with Windows 7.