MetaTrader 4 (MT4) vs MetaTrader 5 (MT5) Forex Trading PLatform

MetaTrader 4 (MT4) vs MetaTrader 5 (MT5) Forex Trading PLatform

Metaquotes Inc has given us two forex platforms that have led the retail forex trading space. In today’s article, we will look at both systems and find where there are similarities along with differences, and where there have been improvements which will make traders happy.

Differences Between the MT4 and MT5

These distinctions are summed up as follows.

Time Frames

The first thing that you will notice when you look at the time frame tabs on the navigation menu, is definitely that the number of time frames available for use has been elevated from 9 in the MT4 platform, to 21 time frames in the MT5 platform. This has been done to retain pace with related improvements in competing platforms, and provides the trader with more choice with regards to what time periods can be used for trade analysis.

Indicator Count

The number of indicators has also been tweaked.

Asset Listing

How many assets can you trade on both systems? Asset listings differ from one broker to the various other. But generally speaking,

Analysis Tools

Various new analysis tools have been added to the MT5, The new tools which have been put into the MT5 (which are not found on the MT4) include 22 new analytical objects and as many as 46 graphical objects. Texts and text labels can be added, and they stay put even when the user scrolls the charts. Besides, you can open a new chart window within an existing chart.

Strategy Testing and Optimization

Unlike the MT4 which features a very slow strategy tests operation, the MT5 has seen a great improvement in this feature,

New Features Added to the MT5

Several new features have been added to the MT5 platform. These are features not on the MT4 and include the following:

• Addition of an economic calendar tab.
• Increase in the amount of pending orders that can be utilized by traders from 4 to 6.
• Now we no longer have merely the Limit and Stop orders on the Buy and Sell side,
• Live chat facility has been added.
• Traders can now modify the display resolution of their MT5 consumer by using the Resolution button.
• The Depth of Industry button is placed on the charts of every asset detailed on the MT5 platform.
• An E-commerce key has been put into the platform.
• More notably, the programming language for the MT5 offers been modified to include an element of C#. This means that programmers used to the MQL4 will have to upgrade their knowledge if they are to successfully operate on the MQL5 interface. As those which used to work on the MT4 cannot be used on the MT5 platform.
• A Help bar which shows documentation for various functions and tabs found on the MT5 platform.

Similarities Between your MT4 and MT5

the two platforms still retain several similarities. without having to learn everything all over again.

• The trade order user interface provides been retained to a very large degree.
• The Market Watch, Navigator, Terminal and Chart windows remain the same.
• You can nonetheless contribute your EAs and custom indicators to the Data Folder, just the same way it is done with the MT4 platform.
• This implies that traders can still use the same keyboard shortcuts they have already been utilized to on the MT5.
• It would really have been a source of bother to have to learn any fresh keyboard shortcuts yet again.

Conclusion

The user interfaces of the two programs have not undergone much changes. A lot of the elements found on the MT4 interface have been maintained in the MT5. What has changed is some of the functions that control trading activity as well as chart analysis.