Both MT4 and MT5 provide pioneering automated trading systems with expert advisors. However, they each serve a very different function and, contrary to popular belief, MT5 is not an upgrade of MT4.
MT4 was specifically built for forex traders, whereas MT5 was designed to provide traders with access to CFDs, stocks and futures.
Determine which platform is right for you with this handy infographic.
Charts
Candlestick
There are many candlestick patterns to guide traders to identify bullish reversals, bearish reversals and continuation of the existing trend.
Bar Chart
There are also few price patterns using bars that reveal the market's sentiment. For example, up day, down day, inside day and outside day.
Line Chart
The simplicity and ease of use of the line chart sacrifices the extra information of open, high and low price.
MT4 Interface
MetaTrader 4 is simple and easy to use for forex traders. The platform allows users to customize the interface to their trading needs.
MT5 Interface
MetaTrader 5 is the successor of MetaTrader4 and with additional trading features including the option to trade futures and stocks.
The MT5 interface as a similar layout however it comes with many additional timeframes, services and advantages.
MetaTrader Time frames
MT4 has 9 time frames while MT5 has 21 time frames which include 11 types of minute charts, 7 types of hourly charts and daily, weekly & yearly time frames, which allows room for more analysis of the market.
MetaTrader Pending orders
MT4 offers 4 types of pending orders, whereas MT5 offers 6 types.
MQL4 and MQL5
MQL4 - MetaQuotes Language 4 is a built-in language for programming trading strategies.
MQL5 - MetaQuotes Language 5 is a high-level language designed for developing technical indicators, trading robots and utility applications.
MT4
Allows only hedging
Offers technical analysis tools which allow you to analyze markets of any complexity level – 30 built-in indicators and other 2000 free custom indicators and 700 paid
No Market depth
No Economic calendar
MT5
Allows both hedging (by request) and Netting
Offers 38 technical indicators, 44 analytical objects, 21 timeframes and an unlimited number of charts
Provides Market depth
Provides an economic calendar
