MetaTrader is a popular trading software amongst forex traders and brokers. Many traders chose this trading platform because of its plethora of features. You can conduct technical analysis, charting, precise market mapping, and even seek advice from advisors via this software.
Even though MetaTrader 5 is an updated version of MetaTrader 4, both the software functions are entirely different. Both MetaTrader 5 Australia and MetaTrader 4 boast different features and resources, which, if leveraged cleverly, can benefit your trading goals.
So, how to decide which MetaTrader suits your goals the best? Understanding the strengths and weaknesses of each system will help you understand your requirements better.
Below is a simplified comparative analysis of both the versions that’ll help you choose which upgrade to choose.
MetaTrader 4
MetaTrader 4 is perhaps the most sought-after trading platform equipped with powerful analytical tools to ease your trading journey. filmefy
MT 4 runs on MQL. MOL Language is a programming script developed by MetaQuotes Software Corp. for seamless automated trading, indicators, scripts and library.
MetaTrader 5
In June 2021, MetaTrader 5 became trading enthusiasts’ and experts’ most downloaded and preferred software. Unlike MT 4, MetaTrader 5 runs on IDE.
While MetaTrader 5 does boast many features that MT 4 lacks, it doesn’t necessarily mean that it’s better than the latter. Below is an elaborate with all the features of both the software to help you understand the gist of this statement.
Difference Between MT 4 And MT 5
| Features | MetaTrader 4 | MetaTrader 5 |
| Brokers Availability | Popular | Popular |
| User Interface | Easy | Easy |
| Hedging & Rollover | Possible | Possible |
| Programming Language | MQL4 | IDE |
| No. of Execution Orders | 3 | 4 |
| No. of Awaited (Pending) Orders | 4 | 6 |
| Market Depth Analysis | No | Yes |
| Technical Indicators | 30 | 38 |
| Timeframes | 9 | 21 |
| Economic Calendar | Not Available | Available but only in apps |
| Reports | Tables | Tables and Charts |
| Open Trades | Lots | Lots, Milliseconds + Quantity |
| Docked Charts | Not available | Available |
| Market Supervision | Less detailed | Extremely detailed |
| Order Filling (Partial) | Not available | Available |
| Email System | Attachments are not supported | Attachments are supported |
| Strategy Tester | Single threaded | Multi-threaded and Multi-currency |
| Netting | Not supported | Not supported |
| Exchange Trading | Not supported | Not supported |
| Funds Transfer Among Accounts | Not supported | Supported |
Verdict: Which Is Better, MT 4 Or MT 5
An appropriate term to answer the above question would be ‘different’. Both MT 4 and Meta Trader 5 Australia are excellent trading instruments.
The fact that MT 5 is substantially more advanced than MT 4 cannot be denied. Agreed. It’s also true that MT 5 offers a more comprehensive in-depth market analysis and is comparatively faster.
However, MT 4 is undoubtedly one of the best trading technologies for forex traders. And it’s the most downloaded software, only second to MT 5 in the market.
It all boils down to the fact that the audience’s target audience is different, per se. When the audience and needs each software is catering to are different, comparison becomes meaningless.
Not to mention, subscribing to or using software with additional features that do not serve your motive is a plain waste of resources. thedocweb
Summing Up
MT 4 and MT 5 are certainly the go-to technology to support your trading needs, whether you’re a seasoned trader or just starting.
Understanding the features of both the software will help you better understand their application and impact on your trading goals. This way, you can better leverage your resources and the software prowess to reach your objective.
