If you are still tormented by the question which terminal to choose and why, be sure to read this article. Pros and cons of MT4 and MT5 trading platforms. Let’s compare two trading platforms: MT4 vs MT5. You can find metatrader 4 free download as well as metatrader 5, but in some situations it can be difficult to decide.
Technical: the difference in details
The first thing a trader associates MT5 terminal with is the upgrading of the most popular MT4 platform and switching to a higher quality platform with a better interface and functionality. But is it so? MetaTrader 5 and MetaTrader 4 are very similar platforms. As a rule, brokers use both of them, or only MT4. The interface of MT5 is not very different from MetaTrader 4.
The differences are in small details. For example, in MetaTrader 5 the timeframes gradation is significantly increased: M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, H12. This is a very useful innovation. However, all the same time frames can also be built in MT4 using the period_converter script.
Another plus in the interface of MT5 is the “Depth of Market” and trade “with one click”. The tool is familiar to stock market traders as it displays bid and ask prices for a particular financial instrument at the current moment of time. The display of volume for each order is considered an undoubted advantage. There are similar plugins in MT4: One Click Trading & Market Depth, which again does not make MT5 special.
Among other things, it is worth noting the appearance of the calendar of economic events in the MetaTrader 5 terminal. The expansion of analytical services is always nice, especially when they are concentrated in one place, but practice shows that traders get used to one calendar, and the news are usually watched in the terminal or on websites, providing news in real-time mode.
There is also a tool for “wave traders” which makes a mark-up of Elliott Waves. While there are a huge number of similar indicators. An advantage? Hardly.
Changes in the Trading Process
As for the points that directly affect the trading issues, it is worth noting the following.
- Firstly, it is the lack of possibility to lock (to open opposite orders) in MetaTrader 5. Many traders, who use “locks”, “averaging”, “pyramiding” and other similar methods, will not be able to implement them in their trading strategies.
- Secondly, if I can put it that way, the architecture of open orders has been changed. For example, in MT4 we can see every open order, but in MT5, the orders of one financial instrument are “glued” together. It looks like the use of “synthetic” or iExposure type indicators.
- Separately, it is worth mentioning a small tendency of increasing interactivity, namely the work with the orders. For example, Stop Loss and Take Profit orders can be changed using the mouse, i.e., having taken the level of Stop Loss or Take Profit, you can move it with the mouse to any other level.
- Among other things, due to the greater popularity of the MetaTrader 4 platform, there are more various indicators, scripts and advisors written specifically for it.