METATRADER 4 VS METATRADER 5

[hanybee]

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two popular trading platforms developed by MetaQuotes Software Corp. Both are widely used for trading forex, stocks, and commodities, but they have some key differences. Here’s a comparison to help you decide which might be better for your trading needs:

MetaTrader 4 (MT4):​

1. Release Date: 2005
2. Market Focus: Primarily forex trading, but also used for CFDs (Contracts for Difference).
3. Charting Tools: MT4 offers a robust set of charting tools, but it’s generally more basic compared to MT5.
4. Indicators: MT4 supports 30 built-in indicators, with many more available through custom scripts.
5. Expert Advisors (EAs): MT4 has a strong reputation for EAs and automated trading, with a large number of existing EAs and custom indicators.
6. Order Types: Limited to market, limit, and stop orders.
7. Timeframes: 9 different timeframes for charting.
8. Depth of Market: Limited or absent in many versions.
9. Programming Language: MQL4, which is specific to MT4. Custom scripts and EAs are written in MQL4.

MetaTrader 5 (MT5):​

1. Release Date: 2010
2. Market Focus: Broader market focus, including forex, stocks, futures, and commodities.
3. Charting Tools: MT5 offers more advanced charting tools and a more modern interface.
4. Indicators: MT5 includes 38 built-in indicators and additional tools for more comprehensive technical analysis.
5. Expert Advisors (EAs): MT5 supports EAs, but they are programmed in MQL5, which offers more functionality and better performance compared to MQL4.
6. Order Types: Includes additional order types like buy stop limit and sell stop limit orders.
7. Timeframes: 21 different timeframes, allowing for more granular analysis.
8. Depth of Market: Enhanced depth of market (DOM) functionality provides more detailed order book information.
9. Economic Calendar: MT5 includes an economic calendar directly within the platform, which is useful for fundamental analysis.

Key Differences:​

• Market Coverage: MT5 supports a wider range of financial instruments beyond forex, including stocks and commodities.
• Order Types and Timeframes: MT5 offers more advanced order types and additional timeframes for more precise trading strategies.
• Programming Language: MQL5 is more powerful and versatile compared to MQL4, enabling more complex EAs and indicators.
• Depth of Market and Economic Calendar: MT5 provides more detailed market depth and an integrated economic calendar.

Conclusion:​

• Choose MT4 if: You’re focused primarily on forex trading and prefer a well-established platform with a large library of existing EAs and indicators.
• Choose MT5 if: You need a more advanced platform with additional features for trading a broader range of assets, and you’re interested in leveraging more sophisticated charting tools, order types, and programming capabilities.

Both platforms have their strengths, so the best choice depends on your specific trading needs and preferences.

 

[MikeyWatson]

When it comes to choosing between MetaTrader 4 and MetaTrader 5, it depends on what you're looking for in a trading platform. MT4 has been around for a while and is solid if you're into Forex trading. It's got that classic feel and simplicity, which makes it a favorite for many. But if you want something more modern with advanced features, MT5 might be your go-to. It handles more assets, like stocks and commodities, and offers better charting tools. However, MT5 can feel overwhelming if you're used to MT4. So, it boils down to what suits your style.

 

[neilos]

I agree, it all depends on which pairs you want to trade, in general MT4 is already well established, but MT5 brings very interesting innovations.