MT4 vs MT5: the real feature differences, side by side
MetaTrader 4 and MetaTrader 5 look almost the same when you open them. Underneath, they differ in timeframes, order types, testing and code. Here are the facts, side by side, so you can match one to what you need.
The short answer
MetaTrader 4 (MT4) came out in 2005. It was built mainly for forex and CFDs.
MetaTrader 5 (MT5) came out in 2010. It was built to handle more market types, including exchange-traded ones like stocks and futures where a broker offers them.
Both are made by MetaQuotes. Both are free to download. Your broker decides which one you can use, and which markets you see in it.
This page sticks to features. It doesn't pick a winner, because the right one depends on your broker and what you plan to do.
Side by side
| MT4 | MT5 | |
|---|---|---|
| Released | 2005 | 2010 |
| Chart timeframes | 9 (1 minute to 1 month) | 21 (adds options like 2-, 3-, 10-minute and 2-, 6-, 12-hour) |
| Pending order types | 4: buy/sell limit, buy/sell stop | 6: adds buy stop limit and sell stop limit |
| Built-in economic calendar | No | Yes |
| Depth of Market (order book view) | No | Yes, where the market and broker provide it |
| Coding language | MQL4 | MQL5 |
| Strategy tester | Single-threaded, one symbol at a time | Multi-threaded, can test several symbols together |
| Position modes | Hedging (several trades per symbol) | Netting or hedging, set by the broker |
| Markets | Mainly forex and CFDs | Forex, CFDs, and exchange markets where offered |
| Desktop, web and mobile apps | Yes | Yes |
Feature lists change with updates. Check MetaQuotes' site and your broker for the current version.
Timeframes
MT4 has 9 timeframes: 1, 5, 15 and 30 minutes, 1 hour, 4 hours, daily, weekly and monthly.
MT5 has 21. The extra ones fill the gaps, like 2-minute, 10-minute, 2-hour or 12-hour charts.
Most beginners use only a few. A bigger chart for direction and a smaller one for timing is enough. See multiple timeframe analysis.
Order types
Both have Market orders, Limit orders and Stop orders, with a stop loss and take profit on each trade.
MT5 adds the stop limit order. It becomes a limit order once price reaches a trigger price. That gives more control over the fill, with the risk that it may not fill. See stop loss vs stop-limit.
Testing and code
Both platforms can run Expert Advisors (EAs), which are programs that place trades by rules.
- MT4 EAs are written in MQL4. MT5 EAs are written in MQL5.
- Code doesn't move between them without rewriting. An MT4 EA won't run on MT5.
- MT5's strategy tester can use several CPU cores and test strategies across several symbols at once.
A test result is still a test result. Look-ahead mistakes and over-tuning can make a test look better than live trading. See Expert Advisor basics.
Hedging, netting and US rules
MT4 lets you hold several trades on the same symbol, even in opposite directions. That's called hedging.
MT5 supports two modes. Netting combines everything on one symbol into a single position. Hedging works like MT4. Your broker picks the mode for your account.
US traders: NFA rules for US forex accounts don't allow holding opposite trades on the same pair, and require closing the oldest trade first (often called FIFO). That applies whatever platform you use. US retail forex leverage is also capped at 50:1 on major pairs and 20:1 on others.
Which fits you?
Start with your broker, not the platform:
- Which platforms does your broker offer? Many offer both; some only one.
- Which markets do you want? If you want exchange-traded markets, check whether your broker offers them in MT5.
- Do you plan to code? New EAs are mostly written in MQL5. If you already own MT4 code, you'd need MT4 or a rewrite.
- Do you want the extras? The built-in calendar, extra timeframes and stop-limit orders are MT5-only.
If you mostly want to read charts, either one works. Some traders chart elsewhere, such as on TradingView, and use MetaTrader only to place orders.
Common mistakes
- Buying an MT4 EA for an MT5 account. It won't run.
- Assuming every market shows up. The broker decides what's in your list.
- Trusting a strategy tester screenshot. Past tests don't promise future results.
- Mixing up lots. A standard lot is 100,000 units. Check your pip value with the pip value calculator.
Questions
What is the main difference between MT4 and MT5?
MT5 adds more timeframes (21 vs 9), two extra pending order types, a built-in economic calendar, Depth of Market, a faster multi-symbol strategy tester, and uses MQL5 instead of MQL4.
Can I use MT4 indicators and EAs on MT5?
Not directly. MT4 uses MQL4 and MT5 uses MQL5, so code needs to be rewritten to work on the other platform.
Is MT4 still available?
Many brokers still offer MT4, though MetaQuotes has focused new development on MT5. Check which versions your broker supports.
Can US traders use MetaTrader?
Some US-regulated forex brokers offer MetaTrader. US NFA rules on hedging and FIFO apply either way, so check your broker's platform list and account rules.
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