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 is also capable of writing 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 in closing all of the deals that are currently open.
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, on the other hand, is geared at novice programmers, whereas MQL5 is designed for more seasoned professionals. The similarities and differences between MQL4 and MQL5 have shown that both of these languages are powerful programming tools.
Even though MQL4 is a restricted proprietary language that is only compatible with MetaTrader 4, the fact that the vast majority of programmers use MetaTrader 4 and MQL4 as a programming language demonstrates that MQL5 is not an improvement on MQL4. MQL4 is the programming language that you should use if you are just starting out and want to learn how to create forex software. MQL5, on the other hand, is the language to use if you are already familiar with other programming languages.
Conclusion
Your decision over one of these two languages to study will be made easier if you are aware of both the differences and the similarities between them. As a forex trader, you would do well to familiarize yourself with MQL4 or MQL5.
MQL5 is the language that you should get familiar with first if you are an experienced programmer, as was discussed earlier. Why? Because MQL5 is going to be the language of the future. MetaQuotes has made significant investments in it and is putting a lot of effort into promoting it. They plan to gradually decrease the number of updates that are released for MetaTrader 4, eventually transitioning to only supporting MetaTrader 5 as a trading platform.
