Is MT5 Better than MT4?
MetaTrader 4 (MT4) continues to be one of the most used forex trading platforms even after so many years (2005). Although MetaTrader 5 (MT5) has remained available since 2010, it did not manage to gain as much traction as MetaQuote’s previous release.
Over the years, MT5 has improved in many ways, slowly gaining its own userbase. A quick comparison of features, useability, and functionality between MT4 and MT5 should help us determine whether the latter has finally managed to surpass the former as the core forex trading interface.
Technical Indicators
MetaTrader 4 comes with 30 built-in technical indicators, while MetaTrader 5 comes with 38. You can further ramp up the advantage of MT5’s more native technical indicators with this broker’s custom MT5 download which comes with more than 80 technical indicators right off the bat.
Both platforms have an ever-growing list of additional technical indicators that you will also be able to download and install for further enhancements. They are not all free though, so keep the additional costs in mind when deciding between the two.
Analytical Objects
To put it plainly, MT5 comes with 46 analytical objects, while MT4 comes with 24. The numerical advantage of having almost double the number of analytical tools to work with on the MetaTrader 5 platform is just too high to ignore.
Both trading interfaces have the tools categorized broadly under lines, geometric shapes, arrows, channels, Gann, and Fibonacci, but MT5 fleshes out each of those options with several more objects under each category than MT4. On top of that, MT5 also adds Elliott tools to Meta Trader.
Tradeable Assets (Markets)
MetaTrader 4 has a rich and well-established database for forex and CFD trading in particular, but MetaQuotes has not limited their older platform’s functions to just those. You can also trade in Forex Exotic, stocks, indices, precious metals, oil, cryptocurrencies, etc., via the MT4 interface. Ignore any misleading information about MT4 not supporting crypto trading at all that you might see online.
MetaTrader 5 also supports trading in Forex, Forex Exotic, stocks, indices, precious metals, oil, cryptocurrencies, and more. Technically, this should put MT4 and MT5 onto equal footing. In practice, however, that’s not exactly right. What you can or cannot trade will be decided by your brokerage platform and not MetaTrader. This means you might not be able to trade in crypto via MT4 or MT5 on a broker’s platform if the platform itself does not deal in it.
That being clarified, there is still an advantage with MT5 which we need to consider. Almost all brokerage platforms support both MT4 and MT5 interfaces for trading in forex, CFD, shares, and other traditional assets. Nevertheless, you will find that for newer asset classes like cryptocurrencies, MT5 is the default supported interface over MT4 on most brokering sites. MT5 also comes with 21 timeframes in comparison to MT4’s 9. It clearly indicates that MetaTrader 5 is better equipped to support the trading interests of professional traders across a much broader range of assets than its predecessor.
MetaTrader 4 (MT4) continues to be one of the most used forex trading platforms even after so many years (2005). Although MetaTrader 5 (MT5) has remained available since 2010, it did not manage to gain as much traction as MetaQuote’s previous release.
Over the years, MT5 has improved in many ways, slowly gaining its own userbase. A quick comparison of features, useability, and functionality between MT4 and MT5 should help us determine whether the latter has finally managed to surpass the former as the core forex trading interface.
Technical Indicators
MetaTrader 4 comes with 30 built-in technical indicators, while MetaTrader 5 comes with 38. You can further ramp up the advantage of MT5’s more native technical indicators with this broker’s custom MT5 download which comes with more than 80 technical indicators right off the bat.
Both platforms have an ever-growing list of additional technical indicators that you will also be able to download and install for further enhancements. They are not all free though, so keep the additional costs in mind when deciding between the two.
Analytical Objects
To put it plainly, MT5 comes with 46 analytical objects, while MT4 comes with 24. The numerical advantage of having almost double the number of analytical tools to work with on the MetaTrader 5 platform is just too high to ignore.
Both trading interfaces have the tools categorized broadly under lines, geometric shapes, arrows, channels, Gann, and Fibonacci, but MT5 fleshes out each of those options with several more objects under each category than MT4. On top of that, MT5 also adds Elliott tools to Meta Trader.
Tradeable Assets (Markets)
MetaTrader 4 has a rich and well-established database for forex and CFD trading in particular, but MetaQuotes has not limited their older platform’s functions to just those. You can also trade in Forex Exotic, stocks, indices, precious metals, oil, cryptocurrencies, etc., via the MT4 interface. Ignore any misleading information about MT4 not supporting crypto trading at all that you might see online.
MetaTrader 5 also supports trading in Forex, Forex Exotic, stocks, indices, precious metals, oil, cryptocurrencies, and more. Technically, this should put MT4 and MT5 onto equal footing. In practice, however, that’s not exactly right. What you can or cannot trade will be decided by your brokerage platform and not MetaTrader. This means you might not be able to trade in crypto via MT4 or MT5 on a broker’s platform if the platform itself does not deal in it.
That being clarified, there is still an advantage with MT5 which we need to consider. Almost all brokerage platforms support both MT4 and MT5 interfaces for trading in forex, CFD, shares, and other traditional assets. Nevertheless, you will find that for newer asset classes like cryptocurrencies, MT5 is the default supported interface over MT4 on most brokering sites. MT5 also comes with 21 timeframes in comparison to MT4’s 9. It clearly indicates that MetaTrader 5 is better equipped to support the trading interests of professional traders across a much broader range of assets than its predecessor.