My Forex Funds shares- MT4 v/s MT5!

Let My Forex Funds tell you the key differences between Metatrader4 (MT4) v/s Metatrader5 (MT5). Let’s see what they have!

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Here are the Highlights of the article “My Forex Funds– MT4 v/s MT5!”:

  • MT4 is mostly for Forex, while MT5 expands to stocks, commodities, cryptocurrencies, and indices.
  • MT4 is beginner-friendly with a single-window design. MT5 offers a more complex multi-window layout for experienced traders.
  • MT5 adds advanced order types like Buy Stop Limit and Sell Stop Limit for better control during volatility. MT4 has basic order options.
  • MT5 provides 21 timeframes for detailed analysis, while MT4 offers nine.
  • MT5 uses advanced MQL5 programming language and allows multi-currency backtesting, surpassing MT4’s MQL4.

In the fast-paced world of online trading, having access to a reliable and feature-rich trading platform is crucial. Metatrader has long been a favorite among traders worldwide, offering two popular versions: Metatrader4 (MT4) and Metatrader5 (MT5). Both platforms have unique features and functionalities, catering to various trading styles and preferences. In this blog, we’ll delve into the key differences between Metatrader 4 and Metatrader 5 to help you make an informed decision when choosing the ideal trading platform for your needs. Let’s see MetaTrader4 v/s MetaTrader5 and see who wins!

MT4 v/s MT5

Let My Forex Funds tell you the key differences between Metatrader 4 and Metatrader 5:

Asset Classes and Markets

MT4 was initially designed primarily for Forex trading, and although it allows for trading various financial instruments, it doesn’t fully support certain asset classes. In contrast, Metatrader 5 was developed with a broader vision, enabling traders to access Forex and other financial markets, including stocks, commodities, cryptocurrencies, and indices. This expanded offering makes MT5 more appealing to traders with diversified portfolios.

Types of Orders

MT4 and MT5 support common order types like market orders, pending orders (limit or stop orders). However, MetaTrader 5 introduces two additional order types: Buy Stop Limit and Sell Stop Limit. These orders combine the features of stop and limit orders, providing traders with more precise control over their entry and exit points, particularly during high volatility.

In MetaTrader 5, the “Buy Stop Limit” order type combines elements of both the “Buy Stop” and “Buy Limit” orders. It allows traders to specify a price at which they want to enter a trade, but with an additional condition that needs to be met before the order is executed. Here’s how the “Buy Stop Limit” order works:

Setting the Buy-Stop Price

You set a “Buy Stop” price, which is above the current market price. This price level acts as a trigger point. When the market reaches or surpasses this price level, the “Buy Stop Limit” order becomes active and is placed in the order book.

Specifying the Limit Price:

Along with the “Buy Stop” price, you also specify a “Limit” price. This is the price at which you are willing to buy the asset once the “Buy Stop” trigger price is reached. The “Limit” price is typically below the “Buy Stop” trigger price.

Timeframes

MetaTrader 4 offers nine standard timeframes, whereas MetaTrader 5 provides 21 different timeframes, allowing for more granular analysis.

Bulk Operations

In MetaTrader 5, the term “Bulk Operation” typically refers to a feature that allows traders to perform certain actions on a group of selected trades or orders simultaneously rather than having to handle each trade individually. This can streamline the management of multiple positions and orders, saving time and effort. Whereas MetaTrader 4 does not provide this feature.

Trade History
MetaTrader 5 trade history can be viewed in positions, deals, orders, or deals & orders, whereas in MetaTrader 4, it can only be viewed in positions.

Programming Language

Metatrader 4 uses MQL4 (MetaQuotes Language 4) for programming custom indicators and Expert Advisors (EAs). While MQL4 is relatively easy to learn and understand, it has limitations in object-oriented programming and lacks certain features available in modern programming languages.

Metatrader 5, on the other hand, employs MQL5, a more advanced and versatile programming language. MQL5 supports object-oriented programming, making developing complex trading algorithms and indicators easier. Additionally, MQL5 allows for multi-currency backtesting, providing a more accurate assessment of trading strategies.

Backtesting Capabilities

In terms of backtesting, Metatrader 5 surpasses its predecessor. MT5 enables traders to conduct multi-currency backtesting, meaning you can test a trading strategy on different currency pairs simultaneously. This feature provides more robust results and a better understanding of the strategy’s performance in various market conditions.

Minor additional differences

Commission charges are deducted immediately upon initiating or closing a position in MetaTrader 5, distinct from MetaTrader 4, where they are integrated within the position. Additionally, within the MetaTrader 5 platform, the specific volume of the transaction is visible, in contrast to MetaTrader 4, which lacks this feature.

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