MetaTrader is a popular trading platform that is widely used in the financial markets. It is available in two versions, namely MetaTrader 4 and MetaTrader 5. Both platforms offer numerous features that make trading easier and more efficient, but there are also some differences between them that traders should be aware of. This article will explore the key differences between MT4 and MetaTrader 5.
User Interface
The user interface is one of the most noticeable variations between MT4 and MetaTrader 5, among other modifications. When compared to MT4, the user interface of MetaTrader 5 is more up-to-date and straightforward. Traders are able to monitor many charts and indicators all at once thanks to its multi-window option, which is included in the software. MT4, on the other hand, only has a mode with a single window, which requires traders to constantly navigate between different charts and indicators.
Programming Language
The programming language is yet another significant area in which MT4 and MetaTrader 5 diverge significantly from one another. MQL4 is used by MT4, while MQL5 is used by MetaTrader 5. Because it is an easier programming language, MQL4 is much simpler to learn and much simpler to use for beginners. On the other hand, MQL5 is more advanced and provides access to a greater number of capabilities; as a result, it is better suited for programmers with more experience.
Order Execution
MetaTrader 5 has a more advanced order execution system compared to MT4. It offers four types of order execution, including market, instant, request, and exchange execution. Market execution is used for instant execution of orders at the best available price, while instant execution is used for immediate execution of orders at the requested price. Request execution is used for manual order processing, and exchange execution is used for trading on exchanges. MT4 only offers two types of order execution, namely instant and market execution.
Timeframes
MetaTrader 5 offers more timeframes compared to MT4. It offers 21 timeframes, including 11-minute charts and 8-hour charts, while MT4 offers only nine timeframes, including five-minute charts and monthly charts. This means that traders who use MetaTrader 5 have more flexibility in their trading strategies compared to those who use MT4.
Hedging
Hedging is a popular trading strategy that involves opening two positions simultaneously in opposite directions to reduce risk. MetaTrader 5 allows traders to use hedging, while MT4 does not. This means that traders who use MetaTrader 5 have more flexibility in their trading strategies compared to those who use MT4.
Testing and Optimization
MetaTrader 5 has a more advanced testing and optimization system compared to MT4. It allows traders to test and optimize their trading strategies using real historical data. It also offers a more advanced strategy tester that allows traders to test their strategies on multiple currencies and timeframes simultaneously. In contrast, MT4 has a less advanced testing and optimization system that only allows traders to test their strategies on a single currency and timeframe at a time.
Compatibility
MT4 is a more established platform compared to MetaTrader 5, which means that it is more widely used and supported by brokers and third-party providers. This means that traders who use MT4 have access to more trading tools and resources compared to those who use MetaTrader 5. However, MetaTrader 5 is gaining popularity, and more brokers and third-party providers are starting to support it.
Conclusion
Both MetaTrader 4 and MetaTrader 5 offer numerous features that make trading easier and more efficient. However, there are also some differences between them that traders should be aware of. MetaTrader 5 has a more modern and intuitive interface, a more advanced order execution system, more timeframes.
