The most powerful and stable Forex Trading platform MetaTrader5 Terminal
We all know that the MT4 platform, which is almost 15 years old, is used by most traders. The tech world has changed a lot during that time, but traders stick with the old MT4. In this article, we will try to figure out the differences between MT4 and MT5 features and see which features have more restrictions.
The truth is that MT4 has too many limitations while MT5 offers more interesting features to help you trade.
MT5 is faster than MT4.
MT5 is a 64-bit multi-flow platform, whereas MT4 has 2 Gb of memory (or 32-bit systems simply emulated, which is bad). This is especially important for backtesting. If the file with the transaction history is heavier (which can happen if you are using tick data) you will need to split the file into multiple files and analyze them individually.
MT5 is a multi-market platform.
Centralized market (stock exchange, futures market, etc.) for trading stocks, indices, commodities, futures, etc.
Decentralized markets such as Forex and other OTC markets.
On MT4, you can only trade on OTC markets (mainly Forex). When you trade other assets on MT4, you act as a market maker on this asset as the OTC broker only offers CFDs to its clients on the internal market.
In MT5 you will receive data on actual volume, not tick volume. This is not possible in MT4. The volume of a tick refers to the number of price changes that have occurred in the bar, nothing else. Therefore, you will never know the actual quantity (contract and lot) sold.
Access to Times&Sales
This MT5 feature allows you to access feeds (Times&Sales). You can use Times&Sales to create order flows, cumulative data, and other metrics. There is no such opportunity in MT4.
This is one of the MT5 features that allows you to test multi-symbol strategies on the box. This is not possible in MT4.
Get transaction history
But some features make MT4 advantageous. User transaction history cannot be imported in MT5. In MT4 you can do that.
You cannot create offline charts in MT5. In MT4, this is possible. In my opinion, this is the most important and probably the only one in MT5.