10 DIFFERENCES BETWEEN MT4 AND METATRADER 5
MT4: Installation is simple, and straightforward.
METATRADER 5: Installation is not as simple when compared to MT4. The manufacturer’s demo trading server (METAQUOTE) is a default in the opening account phase of the installation. An option to add new trading server from METATRADER 5 for a demo account is also included.
MT4: There are nine (9) timeframes. There are limitations to the number of charts that can be opened at the same time.
METATRADER 5: There are 21 timeframes ranging from 1 minute to 1 month, and unlimited number of charts. One hundred charts can be opened at the same time without limitations.
3. Fundamental Analysis (news trading)
MT4: Forex Economic Calendar is not included in the news tab.
METATRADER 5: The platform has an inbuilt Forex economic calendar tab with features like news event, schedule, impact, forecast, earlier events, e.t.c.
MT4: The market utility tab is not integrated into the platform. You have to visit MQL4.com in order to buy any of its product in their market place.
METATRADER 5: The market utility tab is built inside the platform. You can directly buy Forex products through the market tab.
5. Indicators & Analytical Objects
MT4: There are 30 inbuilt indicators pre-installed on MT4 platform.
METATRADER 5: There are 38 inbuilt indicators pre-installed on METATRADER 5 platform. There are 22 analytical objects, and 46 graphical objects added to the platform.
MT4: It has only two (2) market orders, and four (4) pending orders.
METATRADER 5: More order types are included in the platform. There are two (2) market orders, six (6) pending orders, and two (2) stop orders.
7. Expert Advisor
MT4: The MQL code editor and strategy tester are the main utilities used for expert advisor design. Expert advisors are programmed with MQL programming language, and they are faster to compile. It is not possible to transfer expert advisor codes from MT4 to METATRADER 5. Therefore expert advisors designed in MT4 would not work on METATRADER 5.
METATRADER 5: It comes with more utilities for expert advisor design. The strategy tester utility has been upgraded, and a strategy tester agent manager for remote optimization of expert advisors was also added. Expert advisors are designed with C++, and they are slower to compile due to the dynamics of C++ programming language.
MT4: The interface is easier to navigate when compared to METATRADER 5. The one click trading feature, and the drag and drop functionality is included in build 500 version only.
METATRADER 5: There are slight differences on the platform’s interface. A search box has been included on the platform as well as a details tab on the market watch window.
9. Trading (Hedging, FIFO, e.t.c.)
MT4: There are no restrictions on any trading method. However broker regulations is implemented on their proprietary MT4 platforms.
METATRADER 5: It does not support hedging of trades, and it also implements the FIFO policy by default.
MT4: Most brokers deliver their services on MT4.
METATRADER 5: Fewer brokers deliver their services through METATRADER 5 when compared to brokers who deliver their services on MT4.
It is quite obvious that METATRADER 5 has more features when compared to MT4. But why do most Forex traders use MT4 in trading the Forex despite the improved features in METATRADER 5? Here are the reasons.
1. Expert advisors designed with MQL programming language cannot work on METATRADER 5. They cannot also be transferred to METATRADER 5. The only way out is to rewrite the codes in C++.
2. Hedging, and closing of orders irrespective of their positions is not allowed in METATRADER 5 platform. The platform automatically implements NFA rules
These two reasons are the main discouraging facts of METATRADER 5. This is the reason most Forex traders still prefer to trade the Forex with MT4 rather than trading with METATRADER 5.