The MetaTrader 4 and MetaTrader 5 platforms, developed by MetaQuotes Software Corp Company, are 2 of the most popular trading platforms Forex brokers offer to their clients. While both platforms provide the same pioneering tools to help traders speculate in the Forex market more comfortably, the two have notable differences.
Interface
Both the MT4 and MT5 platforms have a simple and easy-to-use interface. Introduced in the market in 2010, the MT5 platform allows users to trade stocks and futures, which the MT4 does not offer. The MT5 also has more timeframes than the MT4.
Programming Language
The MT4 and MT5 use a programming language called MQL4 and MQL5, respectively. Initially, only MQL5 allowed black box programming. That means it is easier to program which is an obvious advantage to users and developers of trading robots and other expert advisors. In 2014, MetaQuotes expanded this feature to MQL4.
Technical Analysis
The MT4 has a 30 built-in technical indicators, over 2000 free custom indicators, and 700 paid indicators. Whereas the MT5 offers 38 technical indicators, 44 analytical objects, 21 timeframes, and
Pending Order
The MT5 platform can handle 2 types of pending order and 2 types of stop order, while MT4 can only handle 4 types of pending order at once.
Economic Calendar
While the MT5 has a built-in economic calendar tab that displays release schedules, levels and areas of impact, data from previous dates, and market consensus information, the MT4 does not have this feature.
So which platform is better?
The decision which platform to use is yours to make. This depends on your preferences and trading style. Both the MT4 and MT5 trading platforms boast pioneering features wrapped in simple and easy to use interface. Expert Advisors may be applied to both platforms, but keep in mind that their programme codes are not interchangeable.
Also read: Forex Trading Psychology 101
