Metatrader 4 vs Metatrader 5
Let's compare two trading platforms: Metatrader 4 and Metatrader 5 from MetaQuotes Software Corporation and try to answer such questions:
- What is the fundamental difference between Metatrader 4 and Metatrader 5?
- What's changed in the interface?
- What is the best thing to use for trading?
Let's answer these and other questions from the user's point of view and try to draw conclusions. So, let's begin.
Technical question: difference in small things
The first thing a trader associates the MT5 terminal with is an update of the most popular MT4 platform and the by moving to a betterwith a better interface and functionality. But is it?!
MetaTrader 5 and MetaTrader 4 are very similar platforms. As a rule, brokers use both or only MT4. The interface of MT5 is not very different from MetaTrader 4. Figure 1 shows the interface of the new platform. Isn't it very similar to MT4?
Differences in the little things. For example, in MetaTrader 5 terminal, the gradation of timeframes has significantly increased: M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, H12. This is a very convenient innovation, however, all the same timeframes can be built in MT4 with the help of of the period_converter script.
Another plus in the MT5 interface is the following "price glass" and "one-click" trading.. The tool is familiar to stock market traders, as it displays the prices of bids to buy and sell a certain financial instrument at the current moment of time. The undoubted plus is considered to be volume display for each request. There are similar plugins in MT4: One Click Trading & Market Depthwhich again does not make MT5 special.
Among other things, it's worth noting the emergence calendar of economic events in MetaTrader 5 terminal. Expansion of analytical services is always nice, especially when they are concentrated in one place, but practice shows that the traders get used to any one calendarand the news itself is already viewed in the terminal or on sites that provide news in real-time mode.
Also for "wave makers," a tool has emerged that applies Elliott Wave markup. While there are a huge number of such indicators. An advantage? Hardly.
Changes in the trading process
With regard to points directly affecting matters of a commercial nature, it is worth noting the following.
First of all, it's lockout (open counter orders) in MetaTrader 5. Many traders who use "locks", "averaging", "pyramiding" and other similar methods will not be able to implement them within their trading strategies.
Secondly, if I may say so - the architecture of open orders has been changed. For example, in MT4 we can see every open order, while in MT5 we can see every open order. "stitching" of orders one financial instrument at a time. It looks like using indicators like "synthetic" or iExposure.
Separately, it is worth noting a small tendency to increase interactivity, namely the work with orders. For example, Stop Loss and Take Profit orders can be changed with the mouse, i.e. by taking the Stop Loss or Take Profit level, 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 different indicators, scripts and Expert Advisors written for it.
For those who like to "dig" in the history of quotes, history will be available in MT5 only in timeframe minutes (M1). In general, there are several changes and innovations for testing strategies in MT5 terminal. For example, now you can test the Expert Advisor on several financial instruments simultaneouslyThis will certainly speed up the optimization process. It is also worth noting a unique feature in MetaTrader 5 - creating Expert Advisors with the help of trading strategy generator.
Thus, there are no fundamental differences in these terminals for the average trader. Features in the interface, in trading and the trend towards greater interactivity of Metatrader 5 have not yet taken root as well as the proven, well-studied and familiar MT4 terminal. Good luck in trading!