I’ve been having some queries regarding the discrepancies between forex trading platforms for MetaTrader 4 and MetaTrader 5, so I’ve decided to offer all of you an outline of each one’s benefits to determine which one to use.
Let’s start with the current MT5 framework, launched in 2010. The essential changes to this edition include the following:
- Six categories of orders pending and two types of stop orders (MT4 only has four types of pending orders)
- Depending on the trader, you will sell more markets (commodities, indexes, and stock CFDs).
- Other map time frames (M1, M2, MI3, MI: Ghost Procedure, MI: Fugitive Nation-Oh no, that’s something else-I meant the 11 kinds of minute charts, seven kinds of hourly charts, plus the regular, weekly, and annual time frames)
- A built-in tab of the economic calendar with release schedules, effect stage, prior details, and business consensus
- EAs tab of Advanced MQL forex business goods
- Additional functional metrics, 22 artifacts for study, and 46 objects for graphics
- Improved EAs Technique Tester, with Remote Optimization Agent Boss
Contrary to Barney Stinson’s argument that new is often better, the older MT4 platform has its versatility as its main selling point. Below are some of it the benefits:
- Forex EAs are built and are quicker to compile using the native MQL language.
- It makes almost all sorts of trading strategies such as hedging and LIFO, but depending on your broker and location, there might be limitations.
- Less processing capacity than MT5 uses up (Some say MT4 takes up a third of the RAM compared to MT5)
- Brokers and retail traders also have the most commonly adopted site, which implies that there is a broader help group behind it.
Which is more okay to use, then?
Ok, it depends on the interests you have. This is almost about wondering whether regular black coffee with whipped cream and an extra shot of espresso is more comfortable than an iced caramel macchiato!
If you think that “less is more” and you would instead stick to the basics of straight-up forex dealing, then you could be better off utilizing the simplified MT4 network. On the other side, MetaTrader 5 may have just what you need if you want shiny new features and a jam-packed menu of choices.
If you are using an EA and contemplating moving from one application to another, one significant thing to bear in mind is that systems coded using MQL4 are not compliant with MQL5 or MT5. There is just no workaround to translate those custom indicators and functions (.ex4 and .mq4 files) because if you want those performed on an MT5 board, you will have to rewrite the whole code in C++.
There was a bit of an outcry towards MT5 in the EA forex culture because of this. The designers of these platforms, MetaQuotes, have vigorously sought to encourage programmers to rewrite their MT4-compatible codes to MQL5, but most developers didn’t want all the hassle to go through. Why patch what’s not broken, huh?