What is the difference between MetaTrader 4 and MetaTrader 5?

MetaTrader 4 and 5 are the two most popular Forex trading platforms. Both platforms offer a wide range of features and functionality, making them attractive to traders of all skill levels. However, there are also some key differences between them that should be considered when choosing a platform.

Functionality

MetaTrader 4 and 5 offer a wide range of features required for Forex trading. Both platforms include:

• Indicators - tools for analyzing currency price data;
• Strategies - ready-made trading rules that can be used to automate trading;
• Scripts - small programs that can be used to automate various tasks.

However, there are some key differences in functionality between the platforms. For example, MetaTrader 5 includes the following features that MetaTrader 4 does not have:

• Market Depth - the ability to see how many buyers and sellers are willing to make a trade at a certain price;
• Strategy Tester - a tool for testing trading strategies on historical data;
• Multicurrency Portfolio - the ability to manage several trading accounts simultaneously.

Programming language

MetaTrader 4 and 5 use different programming languages to create indicators, strategies and scripts. MetaTrader 4 uses the MQL4 language and MetaTrader 5 uses the MQL5 language.

MQL4 and MQL5 have similar syntax, but also have some key differences. For example, MQL5 supports object-oriented programming, which gives developers more opportunities to create complex programs.

Choosing a platform

Which platform to choose - MetaTrader 4 or 5 - depends on a trader's individual needs and preferences.

If you are looking for a platform that is easy to use and has a large selection of indicators and strategies, then MetaTrader 4 may be a good choice. If you are looking for a platform with more functionality and support for object-oriented programming, MetaTrader 5 may be a better option.

Recommendations

If you are new to Forex trading, then I recommend starting with MetaTrader 4. It is an easy to use platform that offers all the basic features you need to start trading.

If you are an experienced trader and are looking for a platform with more functionality, then try MetaTrader 5. This platform offers more options for trade automation and data analysis.

Additional differences

In addition to the key differences mentioned above, there are also some additional differences between MetaTrader 4 and 5 that may be significant to some traders.

MetaTrader 4

Hedging capability - MetaTrader 4 allows traders to open trades in opposite directions on the same instrument. This can be useful for traders who want to reduce risk or utilize arbitrage opportunities.
A wider selection of indicators and strategies - there are currently many more indicators and strategies available for MetaTrader 4 than for MetaTrader 5. This is because MetaTrader 4 has been around for over 15 years and has a much wider user base.

MetaTrader 5

Support for new instruments - MetaTrader 5 supports trading new instruments such as futures, stocks and cryptocurrencies. This makes it a more versatile platform than MetaTrader 4, which is mainly focused on trading currencies.
Support for new technologies - MetaTrader 5 supports new technologies such as cloud and machine learning. This makes it a more modern platform that can offer traders new opportunities.

Conclusion

MetaTrader 4 and 5 are two great platforms for Forex trading. Both platforms offer a wide range of features and functionality, making them attractive to traders of all skill levels. However, there are some key differences between the platforms that should be considered when choosing a platform.

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