What are the differences between MT4 and MT5 platform, is their really a necessity to migrate?

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Hi fellow forumer, I been in this business for quite a while and I have seen and heard about MT5 platform but I am still hesitant in using it, may I ask opinion from those traders that are already using MT5, what are the possible benefits that traders can get if they use MT5, because in my opinion platform does not have a direct effect in as far as profitability in forex is concern, so why migrate to MT5?  kindly share your opinion, just a few insights...thank you 
 
Angelito Cartagena:
Hi fellow forumer, I been in this business for quite a while and I have seen and heard about MT5 platform but I am still hesitant in using it, may I ask opinion from those traders that are already using MT5, what are the possible benefits that traders can get if they use MT5, because in my opinion platform does not have a direct effect in as far as profitability in forex is concern, so why migrate to MT5?  kindly share your opinion, just a few insights...thank you 
Dont panic
the concepts remain same
But the mt5 has an advanced back tester and development options rather than mt4
 
Mohammad Soubra:
Dont panic
the concepts remain same
But the mt5 has an advanced back tester and development options rather than mt4

So, in your opinion MT5 are more suitable for developer and those that are using EA's? any other benefits? 

 
Angelito Cartagena:

So, in your opinion MT5 are more suitable for developer and those that are using EA's? any other benefits? 

Are you developer?
If yes then you have to get some time learning it because it is best
But if you are looking for trading only then they are same
 
Mohammad Soubra:
Are you developer?
If yes then you have to get some time learning it because it is best
But if you are looking for trading only then they are same

Plus the Economic Calendar will be added in MT5 and might be accesible by EA's and Indicators.
Thats a  big advance when it occurs. ;)

 

Just about MT4 vs MT5 - 

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Why is it better MT5 than MT4?? Does it have fewer limitations ???

Forum on trading, automated trading systems and testing trading strategies

Why is it better MT5 than MT4?? Does it have fewer limitations ???

Jose Francisco Casado Fernandez, 2017.01.21 14:29

Well, due to the conversation of this thread, I have considered it opportune to open a new one to expose the pros and cons of MT4 versus MT5, and why I consider MT5 to be better.

Basically, MT5 has many more interesting features that help in trading, and MT4 has too many limitations in my opinion.

Let's cite some of them below.

     

  • MT5 is faster than MT4. It is a 64-bit, multi-threaded platform. MT4 is a 32-bit, mono-threaded platform with a 2 Gb (or 4 Gb memory limit if you use it on a 64-bit operating system, in which case a 32-bit system is emulated, which is not optimum). It is important, especially to do backtesting, since if your historical data file exceeds this limit (which happens especially if you use tick data), you have to split this file into several parts and do an individual backtest of each part. If you use tick data usually that memory limit is exceeded with a history of 2 years or so, but can also be exceeded even if you use standard M1 bar data.
  • MT5 is a Multi-Market platform, which means that you can trade in both
    • Centralized Markets (Stock Exchanges, Futures markets, etc.) where you can trade stocks, indices, commodities, futures on all of them, etc,  and 
    • Non-Centralized Markets, like Forex and other OTC markets.

In MT4 you can only trade in OTC markets (mainly Forex). If you trade other assets through MT4, these are CFDs, which are issued by OTC brokers for a kind of domestic market only for their customers, so they act as market makers in these assets (they make you the counterpart).

  • Due to this, in MT5 it is possible to get real volume traded data, and not only tick volume data. In MT4 it's not possible. The tick volume means the number of price changes that have occurred in the course of the bar. Nothing else. You do not know the real volume (contracts, or lots) that has been traded.
  • In MT5 you can download and consult ticks history from your broker. In MT4 you can't, you only can save tick data by yourself (with the help of some tool), but it has many limitations. You must have platform turned on 24 hours a day, and still you'll NEVER keep all the ticks, for many reasons.

Why is this important ??? It's a very easy thing. There are many traders who use tools like Market Profile, Delta Volume, etc., etc.

Well, in MT4 you can never know what exactly was the most traded price or cluster in the selected range. You have to make an approximation / estimation using only M1 bars. For example, if you are in M15 timefame you would have to analyze the 15 M1 bars in that section, see their maximum and minimum prices and the tick volume of each one of them and assign that volume in equal parts (or use the criterion that you want) to each of the prices or clusters between the maximum and minimum prices of that M1 bar. And so, try to calculate APPROXIMATELY, how much could be traded at each price. The real data you never know, you have to estimate it.

That is why in MT4 these types of tools are not very useful. There are many people who use them without knowing all these things, and believe that they offer you the real POC / VWAP / Profile, levels. But it's not like that. In MT4 I do not recommend using these tools.


  • In MT5 you have access to the tape (Times & Sales), so you can create Order Flow, Cumulative Delta, etc. indicators. In MT4 you have not.
  • In MT5 you can backtesting robots with the closest possible conditions to the real market natively  (real tick data, real variable spreads, lag, slippage, etc). In MT4 you can't natively. You only can if you pay for a third-party software. If so, you also have to download history data from a few sources (there are many few, almost everyone uses the same source), transform it to MT4 format and open the platform through this third-party software in order to patch MT4 behavior. You take many hours to complete this process, and you have to repeat it every time you want to incorporate new data.
    We have all seen hundreds of robots that obtained spectacular results in backtesting, but when operating in real account the results were very bad. This is mainly because they were made with conditions that had nothing to do with real market conditions.
  • In MT5 you can backtesting Multi-Symbol strategies natively. In MT4 you can't.
  • In MT5 is not possible to import your own historical data.  In MT4 it's possible.
    Really, how many tick data sources do you have available in MT4 to import ???, Dukascopy and Integral / Pepperstone ???. Just the two of them mostly, right? .
    Almost everyone uses Dukascopy data, and almost nobody has the real tick data of their broker, does it matter so much ??? Who has the real tick data of their broker ??.
    For me it is not very important because in MT5 if you have the data of your broker. Although you can not import those of Dukascopy.

    Is everyone a Dukascopy customer ??? Or does everyone want their own broker's data ?? "

    I think that almost everyone wants their broker's data and not those of Dukascopy. In MT5 you can have the tick data of your broker and you do not have to import those of Dukascopy.

    If you are a client of FxPro, ActivTrades or RoboForex, what do you want the Dukascopy tick data for ???. I'll tell you, that's because in MT4 you did not have tick data, so if you wanted tick data it was only possible if you imported Dukascopy data, but in MT5 there is no need for Dukascopy data, since you can Have the tick data of your broker.

    Therefore, in my opinion, it is not a relevant feature in MT5.

  • In MT5 you can't create offline charts. In MT4 you can. In my opinion this is the most important thing (perhaps the only) that MT5 lacks.


This is just a few limitations from all the ones MT4 has.

To be continue.


Regards.



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New MetaTrader 5 Android build 1262 features hedging!

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MetaTrader 5 Now Features Hedging Option

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MQL5 vs QLUA - Why trading operations in MQL5 are up to 28 times faster? - the article
 

The Video from MQ: demonstration of the calculations on the GPU in MQL5 code and the graphics capabilities of the terminal 

Forum on trading, automated trading systems and testing trading strategies

Something Interesting in Financial Video May 2017

Sergey Golubev, 2017.05.10 17:29

Metatrader 5:

Форум по трейдингу, автоматическим торговым системам и тестированию торговых стратегий

Вот что можно сделать с OpenCL прямо в терминале MetaTrader 5 без всяких DLL

Renat Fatkhullin, 2016.12.10 01:10

It demonstrates not only the calculations on the GPU in MQL5 code, but also the graphics capabilities of the terminal:


Full source code in the form of a script is attached. The bug on OpenCL 1.2 was fixed

This video was created by MetaQuotes. The script is attached to the original post here.

The articles:


Files:
Seascape.mq5  39 kb
 

mql5 has more than 8000 free indicators? no

metatrader 5 has offline charts? no

metatrader 5 has the majority of broker with lowest spreads? no


metatrader 4 is the best platform a trader will ever need if you use technical analysis 

 
mrluck012:

mql5 has more than 8000 free indicators? no

metatrader 5 has offline charts? no

metatrader 5 has the majority of broker with lowest spreads? no


metatrader 4 is the best platform a trader will ever need if you use technical analysis 


That is not a true.

1. Indicators - more then 3K indicator for MT5 in CodeBase only

2. Offline charts? Why do we need it?

3. Majority of the brokers ... can you provide your source of stats? Because it is rerlated to the item #4 in your post (waiting for your honest reply).

 
mrluck012:

....

metatrader 4 is the best platform a trader will ever need if you use technical analysis 


It is not true as well.
i am making technical analysis and I can say that MT5 is the best for that (compare with MT4 for example).

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