Are you considering an upgrade from MT4 to MT5? You are not alone. Many traders today are contemplating this switch, especially now when the markets are so challenging. A modern platform means access to better resources and data that can ultimately help when making difficult decisions.
With MetaTrader 5, it’s possible to trade across the board, including on popular asset classes that have been active as of late. If you are thinking about making the shift, and even if you aren’t yet, here are some key differences between the two.
Alt-text: MetaTrader 5 vs. MetaTrader 4
More technical analysis tools
MetaQuotes, the company behind both MetaTrader 4 and 5, has made several improvements when it comes to technical analysis tools. By analyzing prices, traders can spot support/resistance levels, get a grasp on momentum swings, and also notice when trends are starting to reverse. That’s why it was important for MetaQuotes to go all the way.
Traders who use MetaTrader 5 have access to 38 technical indicators, 44 analytical objects, 21 timeframes, and an unlimited number of charts. Alongside all of these features, traders can also deploy Market Depth, a tool that shows bids and offers for financial securities at varying prices, depending on volume.
Major stock markets ended the first quarter of 2022 with the biggest quarterly loss in two years, as a wide range of factors, including high inflation, geopolitical tensions, and weakening economic growth, weighed on investors’ sentiment. Trading in a volatile environment makes accuracy an important feature, and traders can achieve a high level of accuracy by relying on useful technical analysis tools.
A new programming language
Like MT4, this platform comes with an integrated programming language. However, MQL5 (the coding language of MetaTrader 5) does not have anything to do with MQL4 (the coding language of MetaTrader 4), other than the name being similar. It is a completely different programming language, so knowledge of MQL4 is not helpful for understanding MQL5.
Most traders consider MQL5 more efficient and easier to use than its predecessor. If you wish to learn how to write Expert Advisors using MQL5, you can find plenty of free resources on the web. At the same time, there are free or paid EAs available as well that can save you the time and energy of learning. By putting the trading process on autopilot fully or partially, traders can remove subjectivity from the process. Trade execution is solid since operations are done by sending trade requests using just one function.
Whether currencies, stocks, commodities, or indices, all assets react impulsively to major news releases. On MetaTrader 5, there is a dedicated news section at the bottom of the platform, where traders can stay updated with the latest headlines. Developments related to the war between Ukraine and Russia are closely monitored by market participants these days, and this is a good example of how important the news feature on MT5 really is.
To conclude, MetaTrader 5 combines a wide range of tools that can be very helpful when trading online. This is no guarantee for returns, though. Traders must also learn how the industry works and design a strategy, alongside taking advantage of the features embedded into MT5. One way or another. millions of people rely on MT5, and that fact speaks for itself regarding how trusted this platform is.