MT4 vs MT5 — Best Platform for Trading
The trading platforms developed by MetaQuotes Software Corp. have long gained popularity among traders from all over the world. The most famous products are MetaTrader 4 and MetaTrader 5. Many people mistakenly believe that MetaTrader 5 is an updated version of the previous platform, but there is a significant difference in the terminals: MT4 is intended for trading on the foreign exchange market, MT5 is a universal product that works both with currencies and with the stock exchange. Let’s talk about what is the difference between MetaTrader 4 and 5.
Programming Language
The first difference between MT4 and MTt5 is a programming language. MQL4 was used for MT4, MQL5 for MT5, incompatible with each other. MetaTrader 5 has a strengthened object-oriented logic and a developed test system for checking the efficiency of EAs on historical data, as well as advanced analytical tools.
Interface
Despite the completely different programming languages, when MT5 was released, the developers retained the familiar design of the working window. In the new version, a list of prices has been added, allowing you to keep track of up-to-date data on quotes and transaction volumes. This comparison allows you to quickly understand the specifics of trading and how to use MT4 indicators on MT5.
Timeframes
MetaTrader 4 has a total of nine timeframes — four minutes, two hourly, day, week, and month. In the updated version, there are already 21 of them. The range of minute and hour charts has been significantly expanded. You can choose the appropriate one in the “Charts” section of the menu.
Analytics
Both platforms are equipped with numerous technical analysis tools, but if you want to know MT4 vs MT5 which is better, there are more of them in the new version. For example, there are 38 built-in indicators versus 30 in MT4. Added the possibility of wave analysis using Elliott waves. The charts are presented in the same forms — Japanese candlesticks, bar, and line. The number of those used at the same time reaches one hundred. Additional indicators can be obtained from the Library if necessary.
