MetaQuotes-developed trading platforms have long gained attention among traders from around the world. MetaTrader 4 or MT4 and MetaTrader 5 or MT5 are the other well-known products. MT4 is optimized for foreign-exchange trade, while MT5 is a common product in monetary and stock exchange terms. MT5 is an improved variant of the previous platform. However, it allows a significant distinction in the terminals. Other variations between MetaTrader 5 and MetaTrader 4 result from various usability choices.
The first distinction is the programming language in which the two programs are written. MQL4, incompatible with one another, was used for MT4 in the case of MT5–MQL5. MetaTrader 5 provides better object-oriented reasoning, an automated test method to track consultants’ results on historical data, and advanced research methods.
Graphic User Interface
The developers kept the working window’s familiar configuration on the introduction of MT5, considering the entirely different programming languages. A glass of prices has been introduced to the latest edition, which allows you to monitor current quota and transaction volume info.
There are only nine timeframes usable for MetaTrader 4 – 4 minutes, two hours, day, weeks, and months. The revised edition also includes 21 of them. There has been a substantial expansion of the spectrum of minute and hourly maps. In the “Charts” menu segment, you may pick the right one.
Fundamental and Technical Analysis
Both systems have various technological research methods, but there are more of them in MT5. Thirty-eight built-in markers, for instance, versus 30 in MT4. The capacity to measure waves using Elliott waves has been introduced. Charts are shown in the same forms: Japanese, bar, and linear candles. The amount of simultaneous uses is up to one hundred. Additional indicators may be accessed at the Library if appropriate.
The revised MetaEditor editor does not need in-depth knowledge of programming and enables you to build professional advisors and metrics on your own and to use historical examples using numerous assets to pre-test them. The opportunity to layer markers for a clearer image is an additional distinction.
The apparent pitfalls include the incompatibility of consultants produced for MT4 with the latest iteration of the platform. MT5 provides basic research possibilities: an economic calendar and news stream, which shows essential developments in real-time in the financial sector. Different sources could track the revised details in the previous edition.
MetaTrader 4 uses four choices for pending orders, six of which are on the modified site, helping you build a more versatile trading framework. The new Buy Stop Limit and Sell Stop Limit put an additional mark on everyday operations results. Setting the first provides a request for the sales cap to be performed at a price lower than that stated in the pending order. The introduction of Sale Cap is the second, given that the stock price is greater than the agreed price. It is acceptable to enforce a directive partly.
The lack of hedging was one common criticism regarding MetaTrader 5. The condition was resolved after updates were published. But without locking, the chance of opening an order persisted.
The lack of mouse stops and take benefit power was initially only used in MT5. But a comparable capacity was obtained by the latest MT4 modification. It renders the shift in the related levels vastly simpler, only drag and drop with the cursor.
The probability of a one-click transaction directly from the trading chart is provided in MT5.
The copy feature of the best traders’ activities is accessible via the fifth edition’s Trade Alerts service. An overview of the auction and subscription outcomes is performed to do this. It is either payable or not payable. Over average, subscriptions are likely to become an item of the consumer.
The aim of MetaTrader 4 is to transact solely in the foreign exchange markets. MetaTrader 5 is a forum for various industries. Both currency and bond transaction capital exchanges are possible for it. You are willing to operate on many trades at the same time.
MT4 has one dedicated node and is restricted to other clients. In MT5, there are four of them – entry, exchange, background, and backup. This unquestionably speeds up the process of work.
It is possible to view data on operations conducted to evaluate the program’s own findings. They are available solely in tabular form in the fourth edition; in the fifth version, graphics are also included. Five metrics may be evaluated: the number of sales, profit forecast, average output, loss, and value element.
In MetaTrader 5, a unique shop has appeared to buy different robots, trading apps, and trading-related literature. There is no unique installation needed for additional items, and they are activated directly after purchasing.
MT5 offers unique sound cues – warnings – for a prompt reaction to market events. You can configure their duplication to the phone or email. Norm or your own is the melody of your choosing.
Trading terminals have handheld equivalents with applications that are no different from the initial full device set. The freedom to exchange is quite useful without regard to a particular location. These apps are designed for Android and iOS, the two most popular operating systems.
It is difficult to determine whether to end on MetaTrader 4 or 5 right away. Focusing on personal interests is more comfortable, but more and more brokers are making their decisions in favor of MT5, leaving little substitute. The software is very capable of pushing its predecessor out of business because of its simplicity, the prospect of multiple additions, and the usage of different trading instruments.