MQL4 vs MQL5
MetaQuotes Language (MQL) is a MetaQuotes Software Corporation built-in language for creating trading strategies on the MetaTrader platform. The programming language is to help forex traders in creating their own robots to manage their trades, which includes opening, modifying, and closing trades.
Some people are not familiar with the trading languages MQL4 and MQL5, which are used only in the MetaTrader trading platform.
What is MetaTrader?
MetaTrader is an incredibly popular platform for trading a variety of assets by Forex traders. It has been around since 2005. It connects you to the trading markets. This extensively used platform is available in two versions. MetaTrader 4 and MetaTrader 5.
Every platform has its own programming language that developers utilize. MetaTrader 4 uses MQL4 and MetaTrader 5 uses MQL5. On the other hand, although the MQL5 programming language is compatible with the MetaTrader 4 platform, the reverse is not true. The trading platform known as MetaTrader 4 was developed largely with foreign exchange trading in mind. MetaTrader 5 was designed to appeal to market brokers in addition to the Forex industry.
Now that we’ve gone over the fundamentals, let’s talk about the programming language that MetaTrader uses.
What are MQL4 and MQL5?
For the purpose of developing trading strategies, trading robots, and technical indicators, the MetaTrader 4 trading platform uses a programming language known as MetaQuotes Language 4, or MQL4. It is a language that is quite similar to C, which is a widely known programming language, but it also has its own distinctive characteristics and is augmented with capabilities related to “trading.” Because the documentation for MQL4 specifies and discusses the syntax and functions in great detail, the programming language is easy to use and to develop.
MQL5 is more challenging to use. It is the programming language used by MetaTrader 5, a more powerful and upgraded version of MetaTrader 4. While it is comparable to MQL4, the major difference is that it is now object-oriented programming, which makes things a little more difficult for traders with limited coding experience.
Despite the fact that MQL5 is a MQL4 accessor, the majority of Forex brokers are still using MQL4, which is well-liked by traders owing to the stability it provides.
What can I do with MQL4 and MQL5?
Everything you can do with MQL4 is also possible with MQL5.
This language enables you to create your own Expert Advisors, which automate trading process management and are ideal for applying your own trade strategy. Traders who seek to create indicators that make it possible for them to add their own lines and objects to the chart in order to facilitate analysis may also use it.
It can also write scripts, which are small programs designed to carry out a certain set of tasks. Unlike Expert Advisors, scripts do not handle any actions other than the start event. Scripts only run when the event is initiated. You may avoid going through each open trade on your list manually by using a script that will help you close all of the currently open deals.
What is the difference between MQL4 and MQL5?
Both are considered to be languages, but just because you are fluent in one does not guarantee that you are also fluent in the other. It’s almost like speaking two completely different languages at once.
The grammar of the programming languages MQL4 and MQL5 is fundamentally different from one another, with MQL5 being closer in nature to C++ than MQL4. The first and most readily apparent distinction is in the manner in which their trading systems are organized. For example, MQL5 ought to be utilized in the process of designing a positioning system. On the other hand, MQL4 ought to be used for the purpose of developing trading programs for order systems.
MQL5 is far more advanced than MQL4, which means a shorter development cycle and less time spent writing an expert advisor or indicator. So which language is better to learn?
Which one is better?
MQL4 and MQL5 are the two languages supported by MetaTrader 4 and MetaTrader 5
MQL4 and MQL5 are both powerful programming tools with their own strengths and weaknesses. MQL4 is designed with novice programmers in mind, offering a simpler and more user-friendly syntax. On the other hand, MQL5 is geared towards seasoned professionals and offers more advanced features, including object-oriented programming.
It’s worth noting that MQL4 is a proprietary language that is only compatible with the MetaTrader 4 platform, while MQL5 can be used with both MetaTrader 4 and MetaTrader 5. Despite this, the majority of traders still prefer to use MQL4, which is a testament to its stability and popularity.
If you’re just starting out and want to learn how to create forex software, MQL4 is the language to use due to its simplicity and ease of use. However, if you’re already familiar with other programming languages and want to take advantage of more advanced features, MQL5 is the better choice. Ultimately, the decision between MQL4 and MQL5 will depend on your level of expertise and the specific needs of your trading strategy.
In conclusion, understanding the similarities and differences between MQL4 and MQL5 is crucial for any forex trader looking to develop their own trading strategies. While MQL4 is a great starting point for novice programmers, MQL5 offers more advanced features and is the language of choice for experienced programmers.
But there’s more to the story. With significant investments and efforts by MetaQuotes to promote MQL5, it’s evident that the platform is the future of trading languages. As such, it’s worth getting familiar with MQL5 as soon as possible, especially if you’re already an experienced programmer.
By keeping up with the latest developments and trends, you can stay ahead of the curve and make the most of your trading strategies. So why wait? Start learning MQL5 today and future-proof your trading success!