MetaTrader 4 and MetaTrader 5 are forex traders’ most popular global trading platforms. They are both developed by MetaQuotes Software Corporation and offer a wide range of trading tools, indicators, and expert advisors. However, traders should consider some key differences between the two platforms before choosing one over the other. This article will compare the two platforms and help you decide which is better for your trading needs.
MetaTrader 4 (MT4) was released in 2005 and quickly became the industry standard for forex trading platforms. It offers advanced charting capabilities, automated trading options, and a user-friendly interface. The MetaTrader 4 platform is still widely used by forex traders, and many brokers continue to offer it as their primary trading platform.
MetaTrader 5 (MT5) was released in 2010 as the successor to MT4. It offers several new features, including trading other financial instruments such as stocks and futures, advanced backtesting capabilities, and a built-in economic calendar. Despite these improvements, MT5 has not gained the same popularity as MT4, and many brokers still do not offer it as a trading platform.
Quick Read: Find out the expert’s guide on the best forex trading brokers to partner with when using MT4 and MT5 trading terminals.
One of the main differences between MT4 and MT5 is their user interface and navigation. MT4 has a classic design with a toolbar at the top, a market watch window on the left, a chart window in the center, and a navigator and terminal at the bottom. As a result, the platform is easy to navigate, and traders can quickly find the tools to analyze the market and execute trades.
MT5, on the other hand, has a more modern design with a customizable workspace that can be divided into multiple screens. The platform has a sidebar on the left that displays the market watch, news, and economic calendar. The chart window is in the center, and traders can easily switch between different timeframes and chart types. The terminal is at the bottom of the screen, and the navigator is on the right.
MT4 and MT5 offer advanced charting capabilities and various technical indicators. However, MT5 has more built-in hands than MT4, allowing traders to create custom indicators using the MQL5 programming language. MT5 also offers advanced charting features such as displaying multiple charts on the same screen, time and sales data and using multiple timeframes in one chart.
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MT4 also has a wide range of technical indicators, but traders may need to download additional indicators or purchase them from third-party providers. MT4 does not allow traders to use multiple timeframes in one chart, and traders may need to open multiple charts to analyze different timeframes.
MT4 and MT5 offer automated trading options and the ability to use expert advisors (EAs) to execute trades. EAs are computer programs that analyze the market and automatically execute trades based on pre-set criteria. Traders can create their EAs using the MQL4 or MQL5 programming languages or use EAs developed by third-party providers.
MT5 has more advanced automated trading options than MT4, including the ability to use a strategy tester for backtesting EAs and optimizing their performance. MT5 also offers a more advanced trading robot development environment, allowing traders to create more sophisticated EAs. However, many EAs developed for MT4 can be easily ported to MT5.
MT4 was initially designed for forex trading. Although it is possible to trade other financial instruments, such as CFDs and commodities, it is not as straightforward or convenient as it is on MT5. MT5 was designed to be a multi-asset platform allowing traders to trade forex, stocks, futures, and options. This makes MT5 a more versatile platform for traders who want to diversify their portfolios and trade multiple asset classes.
MT5 offers more advanced order types than MT4, including market, limit, stop, stop-limit, and trailing stop orders. MT5 also has market depth functionality, which displays the buy and sell orders currently in the market. This information can help traders make more informed trading decisions by providing insight into market sentiment and potential price movements.
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MT4, on the other hand, only offers market and pending orders and does not have market-depth functionality. While this may not be an issue for some traders, those who require more advanced order types or market-depth functionality may prefer MT5.
Both MT4 and MT5 offer mobile trading apps for iOS and Android devices. The mobile apps allow traders to access their accounts, analyze the market, and execute trades from anywhere in the world. However, the MT5 mobile app is more advanced than the MT4 app, offering more charting tools, technical indicators, and order types. The MT5 mobile app also has a news feed and economic calendar, allowing traders to stay up-to-date on market events while on the go.
In conclusion, MetaTrader 4 and MetaTrader 5 are powerful trading platforms with strengths and weaknesses. MT4 is a classic platform that is easy to use and widely adopted by forex traders. It offers advanced charting capabilities, automated trading options, and a user-friendly interface. However, MT4 is limited to forex trading and does not offer as many advanced features as MT5.
MT5 is a more versatile platform that allows traders to trade forex, stocks, futures, and options. It offers advanced charting features, more built-in indicators, and advanced order types. MT5 also has more advanced automated trading options and a more sophisticated development environment for EAs. However, MT5 is not as widely adopted as MT4, and many brokers still do not offer it as a trading platform.
Ultimately, the choice between MT4 and MT5 comes from personal preference and trading style. Traders who only trade forex and prefer a classic platform may prefer MT4, while those who want to trade multiple asset classes and prefer more advanced features may select MT5. Regardless of which platform traders choose, MT4 and MT5 offer powerful tools for analyzing the market and executing trades.
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