MT4 Trading software is very popular and sets industry standards across the entire industry. Through the MT4 trading platform, the majority of brokers offer forex trading. This trading platform was developed by a company named MetaQuotes in 2005. The company has added many features to MT4 over the years. Although the same company generates the MT5, its use is lower compared to MT4. We need to take a closer look at the characteristics of both of these platforms to understand why this difference is
MetaTrader is a trading software commonly used on the trading platform of Forex Traders. This software primarily automates their trading processes and is widely used by speculative foreign exchange traders. It is a platform where you trade with the broker of your choice and connect to other trading platforms that are different. It also allows smartphones or computers to trade with you.
What is MetaTrader 5?
Metatrader 5 is an online trading platform designed for the forex market that is multi-asset, fast, effective, and secure. The platform allows the use of an automated system and copy trading. It offers you excellent trading possibilities and technical analysis tools. It has built-in characteristics such as the trade robot market, freelance database, etc.
What are MetaTrader 5’s advantages?
The MQL5 environment supports algorithmic trading. It allows you to create and optimize robots according to your needs for custom trading.
MT5 provides advanced reports that quickly and easily help to analyze trading activity. That is to say. These reports are useful for monitoring the initial and final values that have been deposited. It also helps to understand the Z-score, Profit Factor, and GHPR indicators.
Trader Friendly Platform
To maintain their portfolio, modern stockholders and traders are fortunate that they can approach online platforms and contribution firms. MT5 is one of the most accomplished software platforms currently. It makes it possible to integrate several aspects of real-time trading designed primarily for instant access to the forex market. This helps to provide clear insight that might assist you in making an informed resolution.
MT5 is designed as a very user-friendly and reliable interface for easy exploration. A significant difference is a platform designed with large icons and a well-formed desktop. The difference is mainly because, in real-time, the volatile marketplace needs fast decision marketing.
Large Analytical Toolset
For maximum market insight, MT5 provides a broad range of analytical tools. MT5 has the most comprehensive and extensive tool suite. These tools offer more than 30 unique features that include historical data and advanced analytical trends. For those who require thorough market analysis, such information and trends can be convenient.
Basic Features Comparison for MT4 and MT5
MT4 is a single-thread, 32-bit platform, while MT5 is a multi-thread, 64-bit platform. The multi-thread platform, in other words, makes MT5 a much quicker and more efficient trading platform.
Timeframes help customers analyze trading, using charts such as 2-hour, 6-hour, 8-hour, or 12-hour for a specific period. MT5 comes with 21 timeframes, while only nine are available for MT4.
We use graphical objects for all analytical purposes. Text labels, graphs, bitmaps, arrows, etc., are such graphic objects. Around 44 graphical objects are provided by MT5, while MT4 supplies only 31 graphical objects. These tools help to mark on the chart patterns, areas, and levels.
Both MT4 and MT5 are highly effective when it comes to technical analysis. Future pricing changes are forecast by technical indicators. With 38 such indicators, MT5 empowers you. MT4 offers only 30 indicators for technical analysis in comparison with MT5. For more details on technical indicators, you can check out the links below.
MT5 and MT4 both have the backtesting feature. But the backtesting function in MT4 can only be performed by a single pair, but there is a slight difference. This allows time-consuming processing. MT5’s case comes with three features that make it much more comfortable, such as multi-thread, multi-currency, and real tick features.