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MetaTrader

MetaTrader 4 or 5: Can you determine the best in analysis?

The MetaTrader 4 (MT4) system is an institutional-grade platform that is ideal for all traders. MT4 includes features such as interactive charts, technical indicators, and more. With its user-friendly and customizable design, MT4 allows you to personalize your trading experience.

MetaTrader 5 (MT5) is the next-generation trading platform.
With MT5, you get faster processing times, the ability to hedge positions, additional tradable tools, advanced pending order functionality. Many more tools and indicators to give traders an innovative advantage.
With BlackBull Markets, MT5 can trade individual stocks besides currencies, indices, and commodities.

Installation
MT4: Easy to install.
MT5: Installation is not as easy as MT4. The manufacturer’s simulated trading server (Metaquote) is the default setting during the account opening phase of the installation. Also includes the option to add a new trade server for the demo account from MT5.

Chart/Timeframe
MT4: There are nine (9) time frames. There is a limit to the number of charts that can open at the same time.
MT5–21 timeframes ranging from 1 minute to 1 month with an unlimited number of charts. We can open one hundred charts at the same time without limitation.

MetaTrader 4 or 5

MetaTrader 4 or 5

Fundamental Analysis (News Trading)
MT4–Forex Economic Calendar not included in the News tab.
MT5–The platform has a built-in Forex Economic Calendar tab with news events, timeline, impact, forecasts, previous events, and more.

Trade/Market
MT4 – The market utility tab is not integrated into the platform. You must visit MQL4.com to buy any of their products in their marketplace.
MT5–Market utility tab integrated within the platform. You can buy Forex products through the market tab.

Indicators and Analysis Objects
MT4: The MT4 platform comes pre-installed with 30 built-in indicators.
MT5–38 built-in indicators are pre-installed on the MT5 platform. The platform adds 22 analysis objects and 46 graphic objects.

Order
MT4–You only have two (2) market orders and four (4) pending orders.
MT5–More types of orders are included in the platform. There are two (2) market orders, six (6) pending orders and two (2) stop orders.

Expert Advisors
MT4–MQL Code Editor and Strategy Tester are the main utilities for designing EAs. It programmed expert advisors in the MQL programming language, which compiles faster. It is not possible to transfer Expert Advisor codes from MT4 to MT5. Therefore, Expert Advisors designed in MT4 will not work in MT5.
MT5: Comes with more utilities for designing Expert Advisors. The Strategy Tester utility has been updated and the Strategy Tester Agent Manager for remote optimization of EAs has also been added. They designed the Expert Advisor in C++. The compilation speed is slow because of the dynamic nature of the C++ programming language.

Forex Trading

MetaTrader 4 or 5

MetaTrader 4 or 5MetaTrader 4 or 5

Interface
MT4–Compared to MT5, the interface is easier to navigate. One-click trading and drag-and-drop functionality are only included in build 500.
MT5–The platform interface is different. We have included a search box on the platform, as well as a Details tab in the Market Watch window.

READ ALSO: Metatrader 4: Top 4 Benefits of Using a Free MT4 Platform

Trading (hedging, FIFO, etc.)
MT4: There are no restrictions on any trading method. However, the brokerage regulations were implemented on its proprietary MT4 platform.
MT5–does not support trade hedging and also implements a FIFO strategy by default.

Runners
MT4–Most brokers offer their services on MT4.
MT5: Fewer brokers are offering their services via MT5 than those offering their services via MT4.
MT5 has more features than MT4. But despite the enhanced features of MT5, why do most Forex traders still use MT4 for Forex trading? Here’s why.

ALSO READ: How to trade forex: Best for Beginner’s

  1. EAs designed using the MQL programming language cannot run on MT5. They also cannot transfer to MT5. The only way out is to rewrite the code in C++.
  2. The MT5 platform does not allow hedging and closing orders, regardless of your position. The platform enforces NFA rules.
    These two reasons are the main depressing facts about MT5. So most Forex traders still prefer to trade Forex with MetaTrader 4 over MetaTrader 5.
    Forex trading has a high potential for success, as well as a high chance of losing money. Forex success requires the best resources and skills BlackBull Markets offer.

MetaTrader 4 or 5

Photo by Tech Daily on Unsplash

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