Here you will find an approximation to the trading platforms MetaTrader 4 and MetaTrader 5. You will be able to answer basic questions such as: “What is MT4?” or “What is MT5?”. We also offer you links and videos that will allow you to make a first approach to this trading platform essential for automatic trading. Additionally, you will have two direct links to download both platforms so you can start with the action. From here you will have the primary knowledge to delve deeper into the wide MetaTrader 4 world.
Table of contents
What is MetaTrader?
It is the name of a free online trading platform developed by MetaQuotes Software Corp. Currently, there are two versions of this platform: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Some think that MT4 will stop being used in the short term but we do not share that opinion. In any case, in the post “MetaTrader 4 is over! How will this impact your trading?” you will find additional information that will help you create your own opinion about it.
MetaTrader platform can be used on almost any device, from smartphones with Android or iOS to desktop computers. The most complete and recommended version is desktop computers that you can download here for MT4 and here for MT5. Currently, there is also a WebTerminal that allows the access to the platform directly from a web browser.
MetaTrader 4 (also known as MT4)
MT4 is the electronic trading platform most used worldwide mainly for online Forex trading. Some brokers offer the ability to trade CFDs through the same platform.
There are different opinions on whether MT4 is the best program of its kind. The truth is that it is a very comprehensive tool for automatic trading in Forex. In our opinion, it is a trading platform that a trader should not ignore.
One of its strengths is the cost: free. Indeed the possibility of acquiring this platform at no cost causes it to be used by traders of any level (from beginners to experts) and of any purchasing power. In other words, anyone interested in automatic trading can acquire and use this platform. That makes it extremely popular.
Another thing in his favor is that MetaTrader 4 uses a programming language (MQL4) very simple. MQL4 is based on C++ language, which allows anyone with basic programming skills to develop trading tools such as Expert Advisor (EA), Indicators and Scripts. Many of these tools are distributed free of charge. That allows further enrich the MetaTrader environment, greatly expanding the already large catalog of tools that come installed by default in MT4.
MetaTrader 4 is also the third-party trading platform most used by brokers. This is offered by most brokers as one of the options to operate the Forex market. So being familiar with MT4 allows the user the automatic trading on all those brokers which include MT4 among their platforms.
MetaTrader 4 is a Windows-based application. However, it can also be used on Linux and Mac environments using the WINE tool.
We have excellent MT5 and MT4 programmers which can develop any tool (EA, Indicator and Script) for any of those platforms. They can also convert any code between MQL4 and MQL5. So don’t hesitate to ask a free quote for your project here.
MetaTrader 5 (also known as MT5)
MT5 is the latest version of MetaTrader but has not yet achieved the level of popularity of its predecessor. MetaTrader 5 should have been the natural successor to MetaTrader 4 but this has not yet been the case. Not even in spite of the efforts of MetaQuotes (MetaTrader developer company) to impose MT5 over MT4. In fact, the company has already openly expressed its decision not to continue supporting MetaTrader 4 to focus all its resources on MetaTrader 5.
Unlike MT4, MT5 was designed to operate the Forex and stock markets. MT5 has more facilities especially from the graphical point of view. It is a faster and more stable platform, with a more robust Strategy Tester which facilitates the backtesting. Also, it uses an object-oriented high-level programming language (MQL5) that is very similar to C++. MQL5 modernizes the platform bringing it closer to modern programming techniques.
However, MT5 has not been anywhere near the expected acceptance. This has been in part because MetaTrader 5 was inexplicably restricted by the rules of the NFA (self-regulatory organization for the U.S. derivatives industry) during several years. Therefore MT5 was not allowing hedging, which is a trading technique used by many operators. So this restriction made traders more inclined towards the platform that remained unrestricted, this is MT4. Nowadays MT5 offers the possibility of hedging trading but MetaTrader 4 continues to outstrip MetaTrader 5 in the huge amount of existing programs for that platform and in the number of brokers that continue offering it among their trading platforms.
Moreover, the change in the programming language makes that MQL5 and MQL4 are incompatible. Because of that, tools developed for MetaTrader 4 (MQL4) cannot be used in MetaTrader 5 (and vice versa). For doing that a specialized programmer must make adjustments to the code. Since built 600 of MetaTrader 4 the integration between MQL5 and MQL4 languages has been improved considerably. That includes a compiler capable of processing codes of both languages. However, MQL5 and MQL4 are not yet fully compatible.
Interesting discussions about MetaTrader
- Is MT5 better than MT4?– Taken from fxstreet.com
- Metatrader 4 vs Metatrader 5!– Taken from forexfactory.com
- Some ‘Basic’ Comparisons between Mt4 and Mt5– Taken from forex-tsd.com
- Metatrader vs other platforms– Taken from forexfactory.com
- Easy Language vs. Metatrader– Taken from forexfactory.com
- Ninja Trader or MT4– Taken from forexfactory.com