MT4 (MetaTrader 4) and MT5 (MetaTrader 5) are both popular electronic trading platforms developed by MetaQuotes Software. While they share many similarities, there are also several key differences between the two platforms:
Asset classes: MT4 is primarily used for forex trading, while MT5 is designed to trade in a wider range of markets including stocks, futures, and options.
Programming language: MT4 uses the MQL4 programming language, while MT5 uses the more advanced MQL5 language, which allows for more sophisticated algorithmic trading strategies and customization.
Timeframes: MT4 offers nine timeframes for charts, while MT5 offers 21 timeframes, which allows traders to analyze data more granularly.
Hedging: MT4 supports hedging, which allows traders to open multiple positions in the same asset in different directions (buy and sell) simultaneously. MT5, on the other hand, does not support hedging and only allows one position per asset.
Depth of market (DOM): MT5 includes a DOM feature, which displays the current market depth and allows traders to view buy and sell orders and execute trades directly from the DOM. MT4 does not offer this feature.
Backtesting: MT5 offers more advanced backtesting capabilities, including the ability to backtest multi-currency EAs (Expert Advisors), which allows traders to test strategies across multiple currency pairs simultaneously. MT4 can only backtest one currency pair at a time.
Overall, while both platforms are widely used and offer advanced features, MT5 offers more advanced capabilities and is better suited for traders who want to trade in a wider range of markets and use more advanced trading strategies.
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