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Posted on Dec 02, 2014 at 11:58 PM
With the MetaTrader 5, you have everything necessary to implement various trading strategies in Forex (Stocks, Futures, and CFD). But most Forex traders still use the MT4
For several years of existence, MetaTrader 4 trading platform has obtained a wide popularity among the currency dealers. MetaTrader 4 platform includes all necessary components for organizing the brokerage activity and trader’s work in the financial markets.
There are lots of distinctions between MT5 terminal and MT4 and before you decide to migrate to MT5, it’s good that you identify the differences. We wish to present as much as possible a clear view of differences between both platforms.
MT4: still simple and straightforward. Broker server address required while opening account, during installation
MT5: Metaquotes trading server now included as a default in the opening account phase of the installation. In the demo account, you can now add new server.
MT4: Nine (9) Timeframes
MT5: Twenty one (21) timeframes from M1, M2, …. M20, to monthly and yearly timeframes. It also has unlimited number of charts. 100 charts can be opened at a time. Trading from tick chart is also now available
Fundamental Analysis (News trading)
MT4: Does not have Forex calendar
MT5: A separate economic calendar tab with features like news event, schedule, impact, forecast, previous and others.
MT4: Does not have commerce integrated into the platform. You have to visit MQL website for market place
MT5: integrated into the platform. You can directly purchase Forex products from MQL through the market tab in the platform
Indicator & Analytical Objects
MT4: 30 inbuilt indicators
MT5: 38 inbuilt indicators. 22 Analytical Objects and 46 graphical objects
MT4: 2market orders, and 4 pending orders
MT5: 2 market orders, 6 pending orders and 2 stop orders.
MT4: MetaTrader 4 Editor and strategy tester. EAs are designed with native MQL code language, and they are faster to compile. Cannot port EA codes from MT4 to MT5. So EAs on MT4 would not work on MT5.
MT5: MetaTrader 5 Editor, improved strategy tester, strategy tester agent manager for remote optimization of expert advisors. EAs are quite slower to compile.
MT4: easier to navigate around. One click trading and drag and drop is only included in newer MT4 builds from 500 upwards.
MT5: more additions in the design interface. Search box included. Details tab on the market watch window. One click trading, drag and drop, etc.
Trading (Hedging, FIFO, etc.)
MT4: Allows all trading methods (with broker regulations).
MT5: does not support hedging and implements FIFO by default. You cannot Hedge and Scalp (Anti-FIFO).