What Is the Difference Between MT4 and MT5?

MetaTrader 4 and MetaTrader 5 are the two most widely used trading platforms in retail forex. Both were developed by MetaQuotes Software and share a similar interface and general structure, but they differ in several meaningful ways that affect which is more suitable for different traders and trading approaches.

The short version is that MT4 was built specifically for forex trading and remains the dominant platform for currency traders. MT5 is a newer, more technically advanced platform designed for multi-asset trading across forex, stocks, futures, and other instruments.

Timeframes

MT4 offers nine timeframes: M1, M5, M15, M30, H1, H4, D1, W1, and MN.

MT5 offers twenty-one timeframes, adding M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8, and H12 to the MT4 set.

For most traders, the nine timeframes available on MT4 cover every practical analysis need. The additional timeframes on MT5 are useful primarily for certain algorithmic strategies that require intermediate intervals not available on MT4.

Order Types

MT4 supports four pending order types: Buy Limit, Sell Limit, Buy Stop, and Sell Stop.

MT5 adds two more: Buy Stop Limit and Sell Stop Limit. These combined orders allow a trader to set a stop trigger that, when reached, activates a limit order rather than a market order, providing more precise control over entry price in specific conditions.

MT4 has one order fill policy: Fill or Kill. MT5 offers three: Fill or Kill, Immediate or Cancel, and Return. These additional fill policies give algorithmic traders more flexibility in how partial fills are handled.

Strategy Tester

The strategy tester is one of the most significant practical differences between the two platforms.

MT4’s strategy tester is single-threaded, meaning it tests one currency pair at a time using historical tick data for that pair. This limits the complexity of strategies that can be meaningfully tested, particularly those involving multiple instruments simultaneously.

MT5’s strategy tester is multi-threaded and supports multi-currency testing and testing with real tick data across multiple instruments simultaneously. This makes it significantly more capable for developing and validating complex algorithmic strategies, particularly those that trade multiple pairs or instruments as part of the same logic.

Programming Language

MT4 uses MQL4 for coding expert advisors, indicators, and scripts. MT5 uses MQL5. The two languages are different enough that MQL4 expert advisors are not directly compatible with MT5 and require rewriting to run on the newer platform. This is one reason many traders who have an existing library of MT4 expert advisors remain on MT4 rather than switching.

MQL5 is the more capable language and supports object-oriented programming more fully, making it better suited for complex algorithmic development. For traders who code their own systems, MT5 offers more flexibility and power.

Economic Calendar

MT5 includes a built-in economic calendar within the platform interface. MT4 does not have a built-in economic calendar. Traders using MT4 who want to track upcoming news events need to refer to an external source.

Asset Coverage

MT4 was designed specifically for forex and is most naturally suited to currency pair trading. MT5 was designed with multi-asset trading in mind and handles stocks, futures, options, and other instruments more natively than MT4. Brokers that offer a wide range of instruments beyond forex pairs often support MT5 for this reason.

Which to Choose

For traders focused exclusively or primarily on forex, MT4 remains a highly capable platform with a large community, extensive resources, and a vast library of existing expert advisors and indicators. The limitations of MT4 relative to MT5 are not meaningful for traders whose needs are covered by the nine timeframes and four pending order types it supports.

For traders who want access to a wider range of instruments, more advanced strategy testing, MT5’s additional order types, or MQL5 programming capabilities, MT5 is the more appropriate choice.

Many brokers now offer both platforms, allowing traders to choose based on their specific needs. Some brokers offer MT5 only as they move toward the newer platform as their standard offering.

Frequently Asked Questions

What is the main difference between MT4 and MT5? MT4 was built specifically for forex and has nine timeframes, four pending order types, and single-threaded strategy testing using MQL4. MT5 is a multi-asset platform with twenty-one timeframes, six pending order types, multi-threaded strategy testing with real tick data, a built-in economic calendar, and MQL5 programming. MT5 is more technically advanced, but MT4 remains widely used, particularly among forex traders with existing MQL4 expert advisors.

Can I use MT4 expert advisors on MT5? No. MT4 uses MQL4 and MT5 uses MQL5. These are different programming languages and MQL4 expert advisors are not directly compatible with MT5. They require rewriting in MQL5 to run on the newer platform.

Is MT5 better than MT4? MT5 is more technically advanced and supports more instruments, timeframes, and order types. Whether it is better depends on what you need. For pure forex trading with existing MQL4 tools, MT4 may be more practical. For multi-asset trading, complex algorithmic development, or access to a wider range of timeframes and order types, MT5 is the stronger platform.

Which platform is more popular for forex trading? MT4 has historically been the dominant retail forex platform and retains a large installed base. MT5 adoption has grown as brokers move toward the newer platform, but MT4 remains widely used, particularly among traders with existing expert advisors and tools built in MQL4.

Does MT5 have more indicators than MT4? MT5 includes thirty-eight built-in technical indicators compared to thirty on MT4. MT5 also includes forty-four graphical objects compared to thirty-one on MT4. Both platforms support custom indicators, and a large library of custom indicators exists for both platforms through the MQL5 community marketplace.

Can I have both MT4 and MT5 accounts with the same broker? This depends on the broker. Some brokers offer both platforms and allow clients to open separate accounts on each. Others have moved exclusively to MT5. It is worth checking what your specific broker offers if access to both platforms is important.

Is the mobile version of MT4 and MT5 the same? Both MT4 and MT5 have iOS and Android mobile applications that support real-time market data, one-click trading, and account management. The mobile versions support nine timeframes and thirty indicators regardless of platform. Expert advisors cannot be run on mobile versions of either platform as EA execution requires the desktop terminal.