The MT5 platform was first introduced in 2010 and has slowly worked to replace its predecessor in the marketplace. To encourage the transfer of accounts to its newest platform, MetaQuotes recently announced its decision to discontinue selling new licenses for the MT4 platform.
A number of recent changes have been made to the MT5 platform which have increased the usability and popularity of the platform:
- Tooltips have now been added to trade execution buttons. This feature enables a display of the number of units of assets being traded, which informs traders about the value of every trade placed in the market.
- Market depth information is now displayed in the terminal window.
- The journal tab now features older entries first before newer ones, making it easier to track and follow market occurrences.
- The automatic copying of TP and SL settings from existing trades to new trades on the same currency pair has been removed.
- MT5 offers expanded time frames with 21-time frames available so that traders can now choose the type of quote visualization that best suits their trading system.
- The hedging of trades has been introduced.
- Trade volumes are now displayed alongside the asset price of new positions.
- The XML format is now available for documentation.
- The number of technical indicators has been expanded.
- The use of libraries in MQL5 to convert EAs and indicators built with MQL4, in order for them to work in MT5, is now possible.
- New statistical functions, as well as updates of existing ones, have been added to the Standard Library.
- Advanced settings are now added to the strategy tester.
- The MT5 mobile version has a new chat functionality which allows users to interact with other members of the MT5 community website from within the MT5 platform.
Comparing MT5 vs MT4
While both the MT5 and MT4 platforms have the same origin and developer, they have different coding and incorporate functional variances that might significantly impact a trader’s profitability. While MT4 has years of community programming support behind it, MT5 has some nice advanced features that may suit certain traders.
The table below summarises some of the more prominent differences between the two platforms at a glance.
|
MT4 |
MT5 |
| Time Frames |
9 |
21 |
| Maximum Number of Charts Open |
128 |
Unlimited |
| Interface |
Easy, and good for beginners. |
Harder to use, but better for advanced traders. |
| Trading |
No innate restrictions on trading methods or strategies (like scalping for example), unless modified by a broker. Hedging is allowed. |
No innate restrictions on trading strategies, and hedging can be allowed or not, depending on the account. Accounts without hedging use the FIFO rule. |
| Economic Calendar |
No |
Yes |
| Technical Analysis |
30 built-in indicators plus thousands of custom indicators and EAs. Lacks Market Depth indicator. |
38 built-in indicators plus 22 additional analytical objects and 46 graphical objects. Has Market Depth indicator. |
| Broker Support |
Large number |
Small number |
MT5 Supported Platforms
Like the MT4 platform, the MT5 platform is available as the following:
MT5 desktop client
The MT5 desktop terminal is the downloadable version of the MT5 which is designed to work on Windows computers. Both demo and real account options are available with the desktop version, as well as more than 100 interactive charts, complete with more than 80 indicators and 21-time frames for in-depth technical analysis of currencies, exchange futures, stocks and spot metals.
MT5 WebTrader
The MT5 Web Trader is a web-based version of the MT5 platform which can be accessed from any browser or operating system and does not require the download of any software. The broker will provide a unique URL from which the service can be accessed with the trader’s login details. However, this is a light version of the MT5 and only carries only 24 interactive charts and 30 technical indicators.
MT5 mobile app
The MT5 mobile versions come in two formats: one for the Android phones/tablets and another for the iPhone and iPad. Just like the Web Trader, the MT5 mobile app features 30 built-in indicators. Though a light version of the platform, the MT5 mobile version can send all order types and features the One Click Trading option. The MT5 trading app is available on both the Google Play store and on iTunes.
MT5 Multi-Asset Institutional platform
The MT5 multi-asset institutional platform is ideal for brokerage operations and features assets listed in the forex, stocks, exchange index and commodities futures markets. It is an all-in-one interface which supports white-label licenses, an enhanced back-office, exchange connectivity, and numerous APIs for website integration. Unlike the MT4, the MT5 comes with full hedging functionality.
MT5 Supported Special Functions
MQL5 IDE
A highly sought-after feature of MT5 is its algorithmic trading suite. This feature enables the use of forex robots built with the MQL5 programming language. Traders and programmers can use the MQL5 Development Environment to build, test, debug and optimise automated trading robots. There is also a development assistant which enables traders with no experience whatsoever to compile very simple robots. The MQL5 is a step higher than the MT4 equivalent as it features elements of C++ to enable developers with advanced training to build more complex expert advisors within the MQL5 IDE. In addition, programmers also have access to sell their programming skills to perform new robot development projects or to sell existing EAs and indicators using the code base.
Strategy Tester
The Strategy tester enables the optimisation and testing of all software built with MQL5 before they are run on live accounts. Anyone who wants to purchase an EA from the MT5 Community should use the Strategy Tester to evaluate the software before purchase. This can also be done using the demo version of the software.
