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MetaTrader 4 vs MetaTrader 5

MetaTrader 4 and MetaTrader 5 are two programs from one maker, five years apart: MT4 from 2005 was built for currencies with nine timeframes and four pending order kinds; MT5 from 2010 reaches shares, indices and futures too, with twenty-one timeframes, six order kinds and a second way of holding trades, and a program written for one does not run in the other. This paper shows you the two in five lines; the idea as two editions of one book on a shelf; the differences laid out in a table; the Type list on each program's order window, four names against six; and the three tells on your platform that say which one you have.

Difficulty
Beginner
Reading time
5 min
Pages
8
Reviewed by
Saman Rahbar

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The two, in five lines

MetaTrader 4 is from 2005 and was built for currencies; MetaTrader 5 is from 2010 and was built to reach shares, indices and futures as well. MT4 has nine timeframes, MT5 twenty-one. MT4 has four kinds of pending order, an order that waits for a price you name; MT5 has six. In MT4 every trade is its own line; in MT5 the broker chooses whether trades on one symbol are folded into one line or kept apart. They look alike on the front, and the differences are behind the doors.

Two editions of one book

Picture two editions of one book on a shelf. The first, MetaTrader 4, is the thinner one from 2005 with its nine chapters: the four panes, the chart, the orders, the programs. The second, MetaTrader 5, is the thicker edition from 2010, with the same chapters and twelve more. The second edition did not pull the first from the shelf: brokers still hand out both, most of them one or the other, and a reader can own either. It is not a replacement, and it is not the same book with a new cover, because the programs written for one do not run in the other.

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