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Thread: MetaTrader 5 VS MetaTrader 4

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    MetaTrader 5 VS MetaTrader 4

    Hi guys! I wonder what you think about the MT5 trading platform. Do you enjoy using it? What are the pros and cons compared to the MT4?

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    I was confused and a little disappointed that there were no lock positions!

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    Quote Originally Posted by Alex View Post
    I was confused and a little disappointed that there were no lock positions!
    There is simple way to solve this problem! Open two accounts: one for buy deals and another – for sell deals, so you get complete model of lock trading but divided into two accounts. So any restrictions can be worked around. Those who trade using lock and such model can easily proceed to the classic trading. At the same time, you get opportunity to compare trading with lock and without.

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    I want to emphasize that MT4 will be in use along with MT5 as the latter only extends the product line of MetaQuotes. It wasn’t created with the purpose to replace MT4. From the website of developers: One can continue trading on MetatTrader4 and be sure of that its support will not be terminated after the release of a new platform MetaTrader5.

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    alexcee is a glorious beacon of light alexcee is a glorious beacon of light alexcee is a glorious beacon of light alexcee is a glorious beacon of light alexcee is a glorious beacon of light alexcee is a glorious beacon of light alexcee's Avatar
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    Development time:

    Developers spent 3 years creating MetaTrader5; Development of MetaTrader4 took only 20 months.

    Compatibility:

    Custom indicators and EAs developed in MetaTrader4 Programming Language (MQL4) will not work with MetaTrader5 (MQL5). MQL5 improves language and execution speed, and as a result, sacrifices backward-compatibility – to the regret of some existing MT4 clients.

    Position/Order Management:

    One of the most improved aspects in MetaTrader5 is the position handling. MetaQuotes have changed the entire core of position handling so as to meet with Forex industry standards; in MT5, it will therefore only be possible to keep one position of any single trading instrument / currency-pair.
    Hedging in MT5 has also been removed, as has the ability to manage two separate different-in-time orders on the same currency-pair.

    User Interface / Charting:

    Managing multiple trading accounts is now easier in MT5 – the Navigator’s Accounts window allows for simple and fast movement between accounts, facilitating the use of differing strategies in separate accounts, with practically no delay or difficulty.

    The primary focus of the interface is on the main window, where it is possible to simultaneously display numerous forex price graphs, or concentrate on a single, large panel in which to trade your preferred currency-pair effortlessly. During the Beta phase, some of the buttons and icons found at the top of the MT4 panel will be disabled by default in MT5. As the Beta phase ends, those features will once again be put into operation.

    Charting has remained largely unchanged, but for one very useful additional feature: In MetaTrader4, you had the standard M1, M5, M15, M30, H1, H4, D1, W1, MN timeframes, but MetaTrader5 introduces intermediate timeframes into the mix.

    Advanced Features:

    For traders preferring to automate their trading, the new MT5 platform includes advances trading scripts and a more powerful Expert Advisor (EA). The MT5 script has undergone a major over-haul, in which many errors and bugs have been addressed, the language condensed and improved to be more accessible and user friendly. To better analyse a technical strategy that is being tested, the Expert Advisor in MT5 includes the pre-made chart-in-chart style.

    Indicators/EAs:

    MetaTrader4 was shipped complete with a substantial collection of technical analysis indicators. MetaTrader5 manages to improve on this further! In this new version, forex indicators are now categorized into four groups: "Trend", "Oscillators", "Volumes", and "Bill Williams". An additional fifth group “Custom” is also available – here, traders can store developed or imported items. By categorizing the indicators into groups in this way, it makes access much faster and more convenient .

    Amongst the new trend indicators are; the Fractal Adaptive MA, the Adaptive MA, the Double and Triple Exponential Moving Averages, and the Variable Index Dynamic Average.

    The DEMA (Double Exponential Moving Average) indicator is a sophisticated tool with superior accuracy and less lag than a standard EMA: it is calculated by using (2 * n-day EMA) - (n-day EMA of EMA). Likewise, the TEMA (Triple Exponential Moving Average) is a unique combination of a single exponential moving average, a double exponential moving average, and a triple exponential moving average that yields less lag than any of the three individually. It is not simply a moving average of a moving average of a moving average. It can replace traditional moving averages for smoothing price data or other indicators.

    Resource:

    In terms of efficiency, my experience proved that MT5 uses approximately 3 times more memory than its predecessor MT4. However, remember that those tests have been performed using a Beta (not final) release. It’s hard to know if the final version will be less memory hungry, even with a variety of custom indicators.

    Summary:

    It is difficult to find too many points by which to criticize the new MT5 release. All of the great features of MT4 have been reproduced here, in a more user-friendly and organized way than before. I’m glad to note that the development team have refrained from changing too much – after all, if it isn’t broken, why fix it? MT4 is excellent – MT5 is just better.


    http://www.dailyfxtips.com/trader-tips/12-57/MT5-vs-MT4
    Last edited by alexcee; 12-29-2010 at 06:03 PM.

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    It’s great that MT5 operates with not only Forex market but also with stocks, futures and other financial instruments.

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    The advantage consists in MT5 allowing to create your own modules of trading signals, trailing stop and money management with the help of generated Expert.

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    Quote Originally Posted by Den86 View Post
    The advantage consists in MT5 allowing to create your own modules of trading signals, trailing stop and money management with the help of generated Expert.
    Thats exactly what it is....

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    I dont have much knowledge about MT5.I have used them once.They are good looking but i dont know that extra feature they have.
    I like using MT4 not just because everybody supports.Because its easy get indicators for mt4.

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    Quote Originally Posted by Den86 View Post
    The advantage consists in MT5 allowing to create your own modules of trading signals, trailing stop and money management with the help of generated Expert.
    mt4 can do it also..so whats make difference? just coding ?

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