MT4 vs MT5: Which one is better?

MT4 vs MT5: Differences in detail

Our test has shown that the MetaTrader 4 advantages & disadvantages are manifold. However, the MetaTrader 4 convinces primarily by its benefits. But how does the 10-year-old platform compare to its successor, the MetaTrader 5?

Check the best MT4 and MT5 Forex Broker IC Markets

At first glance, MetaTrader 4 and 5 appear very similar, as they do not differ in their window structure, layout and design. But if you take a look behind the scenes, you will quickly notice that the differences between MT4 and MT5 in terms of programming language and software architecture are very decisive. For example, MetaTrader 4 works with the programming language MQL4, while MetaTrader 5 uses MQL5, which is similar to the programming language C++. This difference allows orders to be executed two to five times faster with MetaTrader 5. However, one significant setback for MT5 is the non-compatibility with the existing ten thousand expert advisors (EAs), indicators and scripts released for MetaTrader 4.However, MetaQuotes now provides its unique expert advisors, indicators, scripts and add-ons for MetaTrader 5 as well.

Another new feature of MetaTrader 5 orders supplements such as “sell-stop limit” and “buy-stop limit”. These limit orders become active as soon as the price reaches a certain point. The take profit and stop-loss orders can be clicked and moved in MetaTrader 5 and also pending orders can be changed directly.

The range of tools and indicators on MetaTrader 5 has been expanded to include cycle lines, Elliott waves and Andrew’s Pitchforks on the chart. MetaTrader 5 also provides traders with a larger selection of timelines.

A significant difference is that all open positions are combined in MetaTrader 5. In this way, gains, losses and available capital are visible at a glance, but it is no longer possible to simultaneously hold long and short positions in an underlying asset. This way, hedging is impossible.

In addition, MetaTrader 5 has another major change in store: While MetaTrader 4 could only be used for trading Forex and CFDs, you can use MetaTrader 5 to trade stocks, options and futures as well. Customers can also take advantage of a “Level 2” market depth display for forex trading via ECN brokers.

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