MetaTrader 4 vs MetaTrader 5
While MetaTrader 4 and MetaTrader 5 platforms may look alike at first glance, there are plenty of differences that make each one more or less suited to different kinds of traders and different strategies. In this article, we’ll look at the key differences between these two great trading platforms and help you decide which one makes sense for your unique needs as a trader.
Should We Use MetaTrader 4 Or MetaTrader 5?
The most important thing to do when deciding between them is to compare what they can do. At first impression, we may believe that MetaTrader 5 is preferable to MetaTrader 4 because it is the latter’s evolution, but the truth is that it all depends on our needs. MetaTrader 5 came out in 2010, but it was made with more options and functions than MetaTrader 4 so that it could be used for trading in more markets than just forex. Still, MetaTrader 4 is a well-known trading platform that is often seen as the standard in the industry.
MetaTrader 4 vs. MetaTrader 5: What's The Key Difference?
- MetaTrader 4 is much older than MetaTrader 5, so they use different programming languages.
- MetaTrader 4 uses MQL4, while MetaTrader 5 uses MQL5. The MQL5 language is compatible with MetaTrader 4 platform, but not the other way around.
- MetaTrader 4 allows slow single backtesting, while MetaTrader 5 allows fast multiple backtesting.
- MetaTrader 5 supports more than twice as many timeframes as MetaTrader 4. It has the depth of market data, and the economic calendar included, which are not available in MetaTrader 4.
- MetaTrader 4 is used by 90% of traders because most indicators and/or tools are made for it.
- MetaTrader 4 has a huge community, but it does not have technical support.
MetaTrader 5's Advantages—Is It Better?
The advantages and disadvantages of MetaTrader 4 and MetaTrader 5 are a point of contention. Some traders choose MetaTrader 4 because it is easier to use, while others favor MetaTrader 5 because it has more analytical features. The most significant difference between the two systems is that MetaTrader 5 has more features, like better charting and trade analysis tools. MetaTrader 5 was made to attract market brokers outside of forex, while MetaTrader 4 is still the most popular trading platform for forex and CFDs.
MetaTrader 4 Or MetaTrader 5?
Ultimately, the choice between MetaTrader 4 and MetaTrader 5 is a matter of personal preference. Are you looking to stay in forex and CFDs? Or are you looking to diversify into different markets? Examine your trading patterns and preferences to see which solution fits your needs best. The decision is yours, and depending on your needs; either option can be perfect for you.