The Switch From MT4 to MT5
When MT5 came out in 2010 the only sensible thing to do seemed as though was to switch to mt5. And even those who get into forex now simply choose MT5 over MT4 because…. Well… It has a higher number. 5 is clearly ahead of 4, right? So Metatrader 5 should be ahead of Metatrader4. What some traders do not realize though in the process is the fact that Metatrader 5 is not an upgrade of Metatrader 4. Yes, MT4 was released 5 years prior to the release date of MT5 but the latter is not necessarily an upgrade of the former.
The major difference rather is in the trading assets that the two tend to support more. Metatrader 4 on one hand, is more designed to support forex traders and thus tends to lean more towards forex pairs whereas, on the other, Metatrader 5 is designed to support broader applications like stocks, futures, and even CFDs. This said and done, the major distinction between the two having been clearly stated as not of upgrades but the assets focused on let us focus on a few characteristics that differentiate the 2.
The first thing is that the two have different chart time offerings. MT4 offers only 9 as compared to the 22 that are on MT5. Well, this just proves to be true because for forex 22 timeframe offerings.
Both have the conventional 4 order types but MT5 also has buy stop-limit and sell stop-limit orders as the extra two types of orders. These two however are not used daily and are only used by professionals mainly.
The choice between the two cannot be objectively arrived at objectively. There isn’t anyone that is objectively better than the other but subjectively one can evaluate depending on their personal trading strategy the one that they see as the best for them.