Forex traders have a choice of which trading platform to use. However, this choice is interlinked with the choice of Forex broker, as not every type of trading platform is offered by every broker. MT 4 (MT4) and MT5 (MT5) are among the popular trading platforms in the foreign exchange market. Providing information in the form of quotes and charts is one of the benefits of using a trading platform.
MT 4 is simple and user-friendly software You can find some differences in features of expert advisor between MT4 and MT5. MT4 is designed with MQL code language, which is faster and easier to compile. But data transfer from MT4 to MT5 cannot occur. MT 4 has easy to navigate interface. This makes this trading platform popular among forex traders. MT4 offers almost all types of trading methods – hedging and LIFO. MT4 takes up less memory space compared to MT5. It has been found that many brokers offer Metatrder4 compared to MT5. So if a trader selects MT4 for trading, s/he can select a broker from a wide range. Moreover, majority of brokers offer key services on MT4 only.
MT5 offers 21 timeframes, whereas MT4 offers only 9. Moreover, MT5 offers unlimited number of charts, out which 100 can open at a time.MT5 user gets the benefit of an inbuilt forex calendar. Features like news events, schedules, expected impacts, forecasts are also included in this calendar.MT4 does not have this feature. MT5 offers 38 inbuilt indicators, 22 analytical tools and 46 graphical objects, whereas MT4 offers 30 inbuilt indicators and 33 analytical objects. A trader can send 2 market orders, 6 pending orders and 2 stop orders through MT5 whereas, MT 4 allow a trader to send 2 market orders, 4 pending orders, 2 execution modes, 2 stop orders and a trailing stop.
Mar 12, 2019
Mar 12, 2019