MT4 is the most popular forex trading platform in the world. In 2010, the company behind MT4 released MT5. However, MT4 is still quite popular after 10 years. So, MT4 vs MT5: Which Platform Is Better for Algorithmic Trading? Let’s find out in the article below.
The advantages of using the MT4 platform
Easy to install
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Installing MT4 is faster and easier than installing MT5.
This may be due to the lighter requirement for MT4, which came before MT5. The initial setup and getting used to trading is also quite simple.
Compiling code is easier
The MT4 and MT5 platforms have several EA features. As for MT4, it is designed on the basis of the MQL programming language. Compared to other modern languages, most programmers find it easy to compile these codes. However, if you are using MT4, you will not be able to transcode to MT5.
The user interface is easy to use
Most people prefer the MT4 platform because MT4 is easy to use. This is also the reason for its popularity. Although various feature-rich platforms have been launched since then, the simplicity of MT4 has kept it popular among many people.
Suitable for different trading methods
Various features added in the latest trading platforms such as FIFO are not suitable for some trading styles. Since the MT4 platform is still the only one that supports hedging, it is suitable for certain trading styles.
Popular with traders and brokers
The strength of MT4 is its popularity with the large number of traders who use it. Most forex brokers offer MT4, that’s why traders love the platform.
The advantages of using the MT5 platform
Better times and charts
MT5 offers a greater number of time intervals (21 time intervals compared to 9 time intervals on MT4). Charting options are unlimited, and traders can open more than a hundred trades at once.
Supports fundamental analysis
MT5 offers a market calendar that includes new events, forecasts, expected impacts and more, targeting traders who wish to incorporate fundamental analysis into their trading strategy.
MT5 comes with trade integration, allowing traders to buy currency products directly. You can access this feature through the market lab.
MT5 has 38 built-in indicators and 22 analytical objects and 46 graphical objects. On the other hand, MT4 has 30 indicators.
MT4 vs MT5: Which is Best for Algorithmic Trading?
Compared to MT4, MT5 has improved and adds many more features and tools.
The main advantage of using the MT5 platform is that traders don’t just use the built-in analytical resources. In addition, MT5 uses the MQL5 programming language, so that traders can create their own indicators. With a little knowledge of coding, traders can create trading robots called Expert Advisors.
One of the main reasons why MT5 is simply better for algorithmic trading is that companies and people adapt to changes over time. In 2005, MT4 was released and introduced algorithmic trading. With the growing popularity of automated trading, MT5 was created to help traders maximize their profits. Today, the programming languages offered with MT5 are far superior to those offered with MT4.