MetaTrader 4 vs MetaTrader 5: Complete Comparison

MT5 significantly expands charting capabilities compared to MT4. Where MT4 provides 9 timeframes (M1, M5, M15, M30, H1, H4, D1, W1, MN), MT5 offers 21, including M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, and H12. These additional timeframes give traders much finer granularity when performing multi-timeframe analysis.

MT5 also ships with 38 built-in technical indicators versus MT4's 30, and 44 graphical objects (trend lines, channels, Fibonacci tools) versus 31. Both platforms support custom indicators written in their respective programming languages, but MT5's MQL5 offers object-oriented programming capabilities that allow for more sophisticated indicator development.

One significant MT5 advantage for fundamental traders is the built-in economic calendar. MT4 requires a third-party plugin or a separate website to track economic events, while MT5 integrates this directly into the platform with filterable event data, impact levels, and historical comparisons.

MT4 supports four types of pending orders: Buy Limit, Sell Limit, Buy Stop, and Sell Stop. MT5 adds two more: Buy Stop Limit and Sell Stop Limit. These hybrid orders combine the logic of stop and limit orders, activating a limit order once a specified stop price is reached. This is particularly useful for breakout traders who want to enter at a better price after a level is broken.

MT5 also introduces the concept of a netting position system alongside the traditional hedging system that MT4 uses exclusively. In netting mode, if you hold a long position and open another long position in the same instrument, the system combines them into a single position with an averaged entry price. EU forex brokers typically offer MT5 in hedging mode, which behaves similarly to MT4, but the netting option is available if your broker enables it.

Depth of Market (DOM) is available natively in MT5, displaying the current bid and ask orders at various price levels. This Level II data is valuable for understanding supply and demand dynamics, especially for traders using ECN accounts with direct market access.

MT4's MQL4 programming language is procedural and relatively simple to learn, which is one reason the platform amassed such an enormous library of free and commercial Expert Advisors. Thousands of EAs, indicators, and scripts are available on the MQL5 marketplace and from third-party developers.

MT5's MQL5 is object-oriented, offering classes, inheritance, and more advanced data structures. While more powerful, MQL5 has a steeper learning curve. Crucially, MQL4 and MQL5 are not compatible. You cannot run an MT4 EA on MT5 without rewriting it, and there is no automated conversion tool that handles all cases reliably.

MT5's strategy tester is multi-threaded, meaning it can utilize multiple CPU cores to backtest strategies significantly faster than MT4's single-threaded tester. MT5 also supports multi-currency and multi-timeframe strategy testing, allowing you to test portfolio-level strategies that trade multiple instruments simultaneously.

Migrating from MT4 to MT5 is not a simple upgrade. Because the platforms use different programming languages and architectures, the transition requires planning. Here is what to expect:

1. Expert Advisors must be rewritten. MQL4 code does not run on MT5. If you use custom EAs, you will need to port them to MQL5 or hire a developer to do so. Simple scripts may convert with minor changes; complex EAs with indicator calls and custom functions will require significant rework.
2. Custom indicators need recreation. Your MT4 custom indicators must be rebuilt in MQL5. The indicator framework in MT5 is fundamentally different, with separate buffer handling and event models.
3. Templates and profiles do not transfer. Chart templates, color schemes, and workspace profiles from MT4 cannot be imported into MT5. You will need to recreate your workspace manually.
4. Historical data formats differ. MT4 uses .hst files while MT5 uses a different internal format. You cannot directly import MT4 historical data into MT5, but MT5 can download its own history from your broker.
5. Account migration requires broker action. Your broker must set up a new MT5 account for you. Trade history from your MT4 account typically cannot be merged into the MT5 account.

Most major EU-regulated brokers still offer MT4, though many now offer MT5 as well or are actively encouraging clients to migrate. Some brokers, particularly newer ones, only offer MT5 since MetaQuotes stopped issuing new MT4 licenses.

When choosing a broker, consider which platform they support and whether they offer the same trading conditions on both. Some brokers offer tighter spreads or additional instruments on MT5 compared to their MT4 offering. Always verify that your broker's MT5 account provides hedging mode if that is important to your strategy.

Use our broker finder tool to filter EU brokers by supported trading platform and compare their conditions across MT4 and MT5.