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MT4 and MT5 Comparison - Which one is better?

Discussion in 'General Trading Forum' started by ProTrader, Aug 2, 2013.

  1. ProTrader

    ProTrader Contributor

    I original posted this on ForexTalk Forum but got permission to share it here also, hope you will enjoy the article. :)

    MT4 and MT5 are product of the same company which is MetaQuotes Software Corp. MT5 is latest version of MetaTrader software.
    So, what is the different between those two? Which one is better?

    1. Installation and Interface

    Since MT4 and MT5 are developed by the same company, the install processes are pretty much similar and easy. You just need to download the software from the MT5 official website or brokers website that support MT5 and install it to your computer.
    The interface of MT4 and MT5 are also pretty similar. A slightly different that is MT5 have bigger icons and the buttons are more spaced out. You may think that it take up space but personally I like it that way since it's easy to look. Below are screenshots of MT4 and MT4 after installed.

    2. TimeFrame

    MT5 support more timeframes which may be useful for market analysis. Originally, MT4 only support M1, M5, M15, M30, H1, H4, D1, W1, MN but MT5 also support timeframes such as 3 minutes or 6 hours.

    3. Indicators/ EAs

    MT4 use MQL4 while MT5 use MQL5. Two programming languages are different so naturally that MT4 indicators/EAs will not work on MT5.
    At the moment MetaQuotes does not offer any tools to convert from MQL4 to MQL5. If you want your favorite tools to work on MT5 you will need to hire programmer to work on it. That is one of important reason why many traders feel hesitate to transfer to MT5!

    4. Hedging

    MT5 does not support Hedging strategies by default! (If you don't know what is hedging then about.com has a really good article for this.)

    I know that NFA (the self-regulatory organization for the U.S) does not allow the use of hedge so NFA regulated brokerages must play accordingly to the rule but why MT5? I don't think that MetaQuotes is regulated by NFA.

    Solution: Use custom plugin on MT5 if you want to use hedge. I would recommend to ask your brokerage about this first.

    Other features are pretty much the same between MT4 and MT5 such as Strategy Tester, Chart Types, etc.

    4. Conclusion

    So, which one is better? if MetaQuotes and brokers are no longer offer MT4 then you do not have much choice there rather than move on MT5!
    If you don't use hedge strategies, don't depend on indicators/EAs (or can easily replace it yourself) then I guess you will feel comfortable with MT5.

    Copyrights @forexTalk.Biz
    Last edited by a moderator: Feb 15, 2014
  2. changing trading habits or the way of trading maybe difficult, transferred trading system which already used but if we can not adapt our trading system we use at mt4 to mt5 that would be big problems, because we must change our trading system entirely to fit with new mt5 platform we use
  3. it is hard to make decission because i already comfortable with mt4 platform and my system only can work with mt4... is there any chance brokers will not use it anymore?? i think mt5 created bssed on nfa new regulations which not allowing for hedging, that is why i always use brokers which not under nfa regulation, i hope that regulation will not applied to all brokers so i can always use mt4
  4. Most brokers that are under that regulations are mostly brokers that emerges from the United States as per my observations. Also what I have observed between the both is that MT5 in andriod has almost all brokers listed while in MT4 has not all brokers. Remember I said it is in andriod .
  5. That is even the major problem some are facing with the new platform. Some said they don't think there will be need for migration as they are already used to the MT4. Well as regards the chances of phasing it out, the likelihood will be there but no one can ascertain the degree of injury.
  6. i think mt5 is better than mt4 but in mt5 todays there are many problems are occuring due to which i prefer mt5 is better from all and there we find many members which are working from many years
  7. in regard to me mt5 is very famous and is becoming worldwide and most wanted than mt4 and it is providing better source to do the trading proper and with legal way and its forum is very easy and is better than mt4 but in mt5 mostly the accounts of peoples banned that is why its ranking is downing now
  8. You are posting shit honestly, what the heck are you talking about?

    On my own facet they both are all good but I think the MT4 is more user friendly in the sense that any newbie or beginner should first start with the MT4 trading platforms before moving to the MT5 but I'm having the MT5 on my mobile because the MT4 lacks my broker's demo account.
  9. MQ4 language used for programming is quite simple and easy to learn. On the other hand, MQ5 is very much complex. The reason is it can be used to develop extremely complex strategies including genetic algorithm and artificial neural networks or even a combination of both. It is very much suited for traders who develop their own EA. The disadvantage is that even simple programs take a long time to write using MQ5. Opening an order, which is a single line instruction in MT4, requires half a page coding in MQ5.
  10. MT4 is still the best plartform which we need to use to trade in forex trading because by so doing I guess that we will have all the functions and features which will eneable us to trade and get the best from here thou some people still prefer mt5
  11. I think the MT4 is more popular because I know some who are not so comfortable with the later app though I am not so conversant with it. Also, when I downloaded the MT5 for my mobile, there were much more downloads of the MT4 than the other.
  12. The MT4 is more better and less version in which a newbies ought to start from. But then the MT5 have more additional features in the sense that they have more indicators and also to me the MT5 needs no much strong internet connection because I have been using it and even with the 2G networks it works fines.
  13. Really, if the MT5 loads much faster then I will just have to opt in for it as my internet speed is not so encouraging. I only downloaded it for my sister and has never tried out how it works, just relying on traders review. Also, the addition of more indicators now makes it preferable.
  14. Yes, that what I am using and I just made use of it last night again. MTF loads slow for me and I'm using the mobile version, I have that of the computer, but just that I am invariably facing power issues, that is the more reason why I prefer the mobile version
  15. I am not used to the mt5 because the mt4 is OK and it does everything I want from a trading platform. The mt4 is also a more popular trading platform than the mt5 which makes me to doubt if there are many traders that are using it.
  16. I think if hedging bcome available for MT5 usesrs or there is a big and regulated broker(not NFA regulated) modify MT5 with hedging feature, i think this platform will get so much attention from the other traders.
  17. Maybe yes, maybe because a lot of people are just stuck with the MT4. I think some people that even make use of the MT4 that much or give it preference might not be because of the hedging. Maybe because they are already used to the trading platform and don't feel like mixing up things.
  18. Require some specific requirement of computer to install MT5 platform. If traders use old version of windows, better they are keep use MT4 trading platform. Basically the function is same but MT5 leading in some system. I am use MT4 platform still since I have no problem with that. Moreover, my windows version including old too.
  19. both mt4 and mt5 are all good but its all depend upon the trader in this market for example you started with mt4 in demo account then surely its the mt4 that will give you what you want in real trading account as well
  20. Well, though the MT5 is a more updated version in the sense that it has the economical calender and also has some other tools which makes trading easy. But the MT4 has been what most traders has been using and seem more comfortable and friendly use.