Platforms · MT4 vs MT5
MT4 vs MT5: key differences and which platform to choose
MetaTrader 4 and MetaTrader 5 look alike but work differently. This guide compares features, languages and testing, and explains which suits which trader.
What is the difference between MT4 and MT5?
MetaTrader 4 (MT4) is the older platform, built mainly for forex and CFD trading. MetaTrader 5 (MT5) is the newer one from the same developer, MetaQuotes. It adds more timeframes, more order types, a depth of market view, a built-in economic calendar and a faster strategy tester. MT5 is a separate platform, not an update to MT4.
The two platforms look alike, which leads many traders to assume they are interchangeable. Programs written for one do not run on the other. This page covers the features of the MetaQuotes platforms themselves. What is available on a given account depends on the broker that offers it.
MT4 vs MT5: feature comparison
The table lists the main differences in the platforms as published by MetaQuotes. Check the current platform documentation for exact figures, since versions change over time.
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Chart timeframes | 9 timeframes, from 1 minute to 1 month | 21 timeframes, from 1 minute to 1 month, including steps such as 2, 3, 4, 6, 10, 12 and 20 minutes |
| Pending order types | 4: buy limit, sell limit, buy stop, sell stop | 6: adds buy stop limit and sell stop limit |
| Depth of market | Not built in | Built in, where the market data is available |
| Economic calendar | Not built in | Built in |
| Programming language | MQL4 | MQL5, with a larger standard library and a different event and order model (MQL4 has supported classes since build 600) |
| Strategy tester | Single-threaded, one currency pair per test | Multi-threaded, supports multi-currency testing and a cloud network of agents |
| Asset coverage | Built mainly for forex and CFDs | Built for forex, CFDs, exchange-traded stocks and futures, depending on the broker |
| Position accounting | Hedging only | Netting or hedging, set per account by the broker |
| Expert advisors | Files with the .ex4 extension | Files with the .ex5 extension |
Both platforms offer one-click trading, market watch, a mobile app and a library of technical indicators. Both support expert advisors (EAs), which are programs that trade automatically.
How do hedging and netting differ?
Hedging lets you hold buy and sell positions in the same instrument at the same time. Netting combines all trades in one instrument into a single position. MT4 uses hedging. MT5 supports both, and the broker decides which one an account uses.
Hedging
Each trade stays as its own position. You can hold a long and a short on the same pair and close them separately.
Netting
A new trade in the opposite direction reduces or closes the existing position. There is one net position per instrument.
Why it matters
Strategies built around several open positions on one instrument can behave differently under netting. Check the account mode before you run them.
What do the extra order types and the tester change?
The two extra MT5 pending orders let you combine a trigger price with a limit price. The stronger tester lets you check an automated strategy against past data across several symbols at once. Both help with planning and testing, but neither changes the risk of a live trade.
Buy stop limit and sell stop limit
When the price reaches a stop level, the platform places a limit order at a second price you set. This sets a limit on your fill price after the stop triggers: a ceiling for a buy, a floor for a sell.
Depth of market
Depth of market lists the buy and sell orders waiting at different price levels. It shows only what the data feed provides, so what you see depends on the instrument and the source.
Strategy tester
Both platforms replay history to test an EA. MT5 can use several processor cores and test more than one symbol in a single run. Back-tests use past data and do not predict live results.
Which platform should you choose?
Choose MT4 if you rely on existing MT4 tools or want a simple platform for forex. Choose MT5 if you want more order types, more timeframes, depth of market, a built-in calendar or better testing. Neither is better for everyone, and many traders try both on a demo account.
MT4 may suit you if
You trade forex and CFDs only. You already use MQL4 indicators or EAs that you do not want to rewrite. You prefer a platform with a long track record and a large library of third-party tools.
MT5 may suit you if
You want finer timeframes, more pending order types and depth of market. You build or test automated strategies and need multi-currency testing. You want an economic calendar inside the platform.
Can I use my EAs on both MT4 and MT5?
No, not directly. An MT4 expert advisor is written in MQL4 and compiled to an .ex4 file. MT5 runs MQL5 programs compiled to .ex5. To move a strategy across, the code has to be rewritten in the other language and tested again. The same applies to custom indicators and scripts.
A rewritten EA can behave differently, even when the logic is the same. Order handling, position accounting and the tester all differ. Run any converted EA on a demo account first and compare it with the original before you use real money.
Where can I read more about each platform?
AQ Markets offers both MetaTrader 4 and MetaTrader 5. Each has its own page. You can also try the browser version, and the platforms overview compares everything in one place. Try a free demo account on either platform before you trade with real money.
MetaTrader 4
See the MT4 page for features and downloads.
MetaTrader 5
See the MT5 page for features and downloads.
Platforms overview
Read the platforms page, or open the web platform in your browser.
Risk warning. A platform does not change the risk of trading, and a demo account is not the same as live trading. CFDs are leveraged and losses can exceed your deposit. This guide is education, not advice. Read our Risk Disclosure before trading.
Sources
Sources
Official references behind the facts in this guide. They are outside sites that we do not control.
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