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MT4 and MT5
Hello there,
I'm new in using meta trader , and MQL (my point of interest lately)
Can somebody please tell me what's the difference between those two platforms?
I have programmed alot before, and from my point of view, there isn't any major changes in any other programming languages.
mt4 has built in compiler and is more simple (not OOP) and is more fast..
mt5 has built in c++ compiler, has more classes and OOP but is more slow and young...need improvements.
the most of the BROKERS use MT4... but are migrating slowing to MT5
A brief account of how MT5 is different from MT4 is discussed below:
Metatrader 4
1. Installation - Metatrader 4 is simple and user-friendly software. Many users prefer Metatrader 4 as metatrader 5 download is not easy as MT4.
2. Compilation of Codes –You can find some differences in features of expert advisor between MT4 and MT5.Metatrader4 is designed with MQL code language, which is faster and easier to compile. But data transfer from Metatrader4 to Metatrder5 cannot occur.
3. Interface – Metatrader 4 has easy to navigate interface. This makes this trading platform popular among forex traders.
4. Trading methods- Metatrader4 offers almost all types of trading methods – hedging and LIFO, while the new version i.e., Metatrader5 does not support hedging and implements FIFO by default.
5. Memory space- Metatrader4 takes up less memory space compared to Metatrader5.
6. Choice of brokers: It has been found that many brokers offer Metatrder4 compared to MT5. So if a trader selects Metatrader4 for trading, s/he can select a broker from a wide range. Moreover, majority of brokers offer key services on MT4 only.
Metatrader 5
1. Variety of Charts and Timeframes – Metatrader5 offers 21 timeframes, whereas Metatrader4 offers only 9.Moreover, MT5 offers unlimited number of charts, out which 100 can open at a time.
2. Fundamental Analysis-Metatrader5 user gets the benefit of an inbuilt forex calendar. Features like news events, schedules, expected impacts, forecasts are also included in this calendar.Metatrader4 does not have this feature.
3. Indicators & analytical object tools – Metatrader5 offers 38 inbuilt indicators,22 analytical tools and 46 graphical objects, whereas metatrader4 offers 30 inbuilt indicators and 33 analytical objects.
4. Market Orders- A trader can send 2 market orders,6 pending orders and 2 stop orders through MT5 whereas, Metatrader 4 allow a trader to send 2 market orders,4 pending orders, 2 execution modes,2 stop orders and a trailing stop.
Although both MT4 and MT5 have their own advantages and disadvantages, still Metatrader 4 has been found to be more popular in the forex trading.
One of the fundamental differences is the trading system setup. MQL4 is used for developing trading programs based on the order system and MQL5 is utilized to implement a positional system. In the MetaTrader 5 trading terminal there are strict delimitations between the concepts of position, order and deal. An order is a request to execute a trading operation, which may result in a trading deal. A position is the aggregate deals on a certain financial instrument.
MQL5 comprises an expanded list of trading functions for work with open orders, a list of open positions, order history and deal history. In MQL4, different functions such as OrderSend(), OrderClose(), OrderCloseBy(), OrderModify(), OrderDelete() were initially incorporated for performing each trade operation. These functions can be used to open/close and delete pending orders.
In MQL5 all trading operations are carried out by sending trade requests using only one function - OrderSend(). As a parameter, the function gets passed a request either to place a pending order, or to open by the market, or to cancel a previously placed order. Introducing the new function OrderSendAsync() to MQL5 enabled asynchronous trading operations.
An important novelty in MQL5 is Depth of Market and a new event type of handling Depth of Market information.
Happy Trading
It is difficult to define which trading platform or server is faster considering that there are many environment to consider, but there is a simple way to find out how fast their connects are through MetaTrader trading platforms.
It is to check the "ping"
"Ping" shows the reaction time of each servers connection in milliseconds(ms). As in the "Ping" number may show how fast you get a response after your device's sent out a request.
Wish You Happy Trading
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