MetaTrader 4 vs MetaTrader 5: the real differences

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two separate trading platforms from the same developer, MetaQuotes. MT5 offers more timeframes, more order types, a built-in economic calendar, market depth and a far more capable strategy tester, while MT4 is simpler and still has the larger library of older custom indicators and automated strategies. The two are not compatible: an MT4 account, indicator or Expert Advisor will not run on MT5 without being rewritten. For most traders starting out today, MT5 is the better default.

This guide sets out the practical differences, the history that explains why both still exist, what to think about if you use automated strategies, and how to decide.

A short history

MetaQuotes released MT4 in 2005. It became the standard retail forex platform over the following decade, largely because brokers could license it cheaply, it ran on modest computers and its programming language, MQL4, made it easy for traders and developers to write custom indicators and automated strategies, called Expert Advisors (EAs).

MT5 followed in 2010. It was designed as a multi-asset platform for exchange-traded markets as well as forex, with a new and more powerful language, MQL5. Early versions were unpopular with forex traders for one specific reason: MT5 originally used a netting model, in which you could hold only one position per instrument. Buying and selling the same pair simply netted off. Forex traders used to opening several independent trades on the same pair, including opposite ones, stayed on MT4. In 2016 MetaQuotes added a hedging mode to MT5, which removed the main obstacle.

Since then MetaQuotes has been pushing the industry towards MT5. Industry reports in early 2018, such as this BabyPips report, said it had stopped selling new MT4 licences to brokers, and the platform has received limited development compared with MT5. Brokers that already held MT4 licences have kept running it, which is why it remains widely available. But some have begun to close it down. OANDA's Japanese unit, for example, set 27 November 2026 as the end of its MT4 service, citing cybersecurity requirements and the lack of ongoing maintenance from MetaQuotes.

There is no single industry-wide switch-off date for MT4 that we are aware of. The direction of travel is clear enough, though.

The differences that matter in practice

Timeframes

MT4 offers nine chart timeframes: one minute, five minutes, fifteen minutes, thirty minutes, one hour, four hours, daily, weekly and monthly. MT5 offers 21, adding intervals such as two, three, ten and twenty minutes and two, three, six, eight and twelve hours. Whether this matters depends on your method. If you work on the four-hour and daily charts, MT4's set is enough. If you like a two-hour or six-hour view, you need MT5 or a workaround. Candlestick reading across timeframes is covered in our guide to how to read candlestick charts.

Order types

MT4 has four pending order types: buy limit, sell limit, buy stop and sell stop. MT5 has six, adding buy stop limit and sell stop limit. A stop limit order becomes a limit order once a trigger price is reached, which lets you enter on a breakout but cap the price you are willing to pay. Our order types guide explains each type.

MT5 also supports different fill policies (such as fill or kill and immediate or cancel) more explicitly, which matters mainly to traders dealing in larger size or on exchange-traded instruments.

Netting and hedging

MT5 accounts are set up by the broker in either netting or hedging mode. Most forex and CFD brokers use hedging mode for retail accounts, which behaves like MT4: each trade is a separate position with its own stop-loss and take-profit. In netting mode, a second buy order on EUR/USD adds to the existing position and a sell order reduces it. If you open an MT5 account and the platform behaves strangely when you place a second trade on the same pair, check which mode it is in.

Built-in indicators and drawing tools

MT4 ships with 30 built-in technical indicators; MT5 ships with 38. Both include the standard tools, such as moving averages, RSI, MACD, Bollinger Bands and the stochastic oscillator. In practice, the gap rarely matters, because thousands of custom indicators exist for both. Our guides to trend following and moving averages and RSI and MACD apply equally on either platform.

Economic calendar

MT5 has an economic calendar built into the platform, with releases shown on the chart. MT4 does not; you need a separate website or a third-party add-on. If you trade around scheduled releases, this is a genuine convenience. See how to use an economic calendar for what to look at.

Depth of market

MT5 includes a depth of market window that can show prices and volumes at several levels, where the broker supplies that data. For spot forex with most retail brokers, the depth shown reflects the broker's own liquidity rather than a central order book, so it is less informative than on an exchange. For exchange-traded futures or shares offered through MT5, it can be useful.

The strategy tester

This is the largest technical difference and the one that matters most to anyone who builds or buys automated strategies.

• MT4's tester is single-threaded, tests one currency pair at a time, and by default generates intrabar price movement from one-minute data. Results on short-term strategies can be badly misleading, because the tester invents ticks that may not reflect what happened.
• MT5's tester is multi-threaded, can use all cores of your computer and remote agents, can test strategies that trade several symbols at once, and can run on real tick data where the broker provides it. Optimisation runs that take hours on MT4 can take minutes on MT5.

If you plan to test strategies, read our guide to how to backtest a strategy, particularly the section on overfitting. A faster tester makes overfitting easier too.

Programming language

MQL4 and MQL5 are related but not compatible. MQL5 is closer to C++, more object-oriented and more powerful. MQL4 was updated in 2014 to borrow much of MQL5's syntax, which made porting easier, but code still has to be converted and tested. An EA written for MT4 will not run on MT5 as it is.

Asset coverage

MT4 was built for forex and CFDs and that is what it does well. MT5 was built for multiple asset classes and is used by some brokers to offer exchange-traded stocks and futures as well as CFDs. In practice, what you can trade depends on what your broker loads onto its server, not on the platform version. Many brokers offer an identical CFD range on both.

Speed and resources

MT5 is a 64-bit application and handles large amounts of history and many charts better. MT4 still runs fine on modest hardware. Neither is meaningfully faster at executing your orders; execution speed is determined by the broker's servers and liquidity arrangements, not by the platform you click on. Our guide to ECN, STP and market maker execution explains what does affect fills, and slippage explained covers what happens when prices move during execution.

What is the same

A lot of the experience is identical, which is why many traders switch with little trouble.

• The layout: Market Watch, Navigator, chart windows, Terminal (called Toolbox in MT5) with trade, history and journal tabs.
• One-click trading, chart trading, trailing stops and alerts.
• Mobile apps for iOS and Android, and a web terminal.
• Prices, spreads and swaps, which come from the broker, not from MetaQuotes. The same broker may set different costs on its MT4 and MT5 accounts, so compare them directly. See spreads and commissions.
• Lot sizes and contract specifications. One standard lot is 100,000 units of the base currency on both. If you need a refresher, see lot sizes and position sizing.

Worked example: moving a manual trader from MT4 to MT5

Illustrative case. A trader uses MT4 with two custom indicators, a template with three moving averages and an RSI, and a habit of placing two separate EUR/USD positions with different targets. What actually has to change?

1. Open an MT5 account. It is a new account with a new login and server. Balances do not transfer automatically; you request an internal transfer from the broker's client area.
2. Check the account mode. Confirm with the broker that it is a hedging account, so the two-position habit still works.
3. Rebuild the template. Moving averages and RSI are built in, so the template takes five minutes to recreate. Templates do not copy across between platforms.
4. Replace the custom indicators. Search the MQL5 code base and Market for MT5 versions. Widely used indicators usually have one. If an indicator was bought or commissioned, ask the developer whether an MQL5 version exists.
5. Run both side by side on demo for a week. Compare that the charts and indicator values match. Small differences in values are normal if the broker's price feed differs between servers, but large differences mean something is set up differently.
6. Check costs and swaps on the new account against the old one.

For a manual trader this is a few hours' work. For a trader dependent on a closed-source EA with no MT5 version, it may not be possible at all, which is the main reason people stay on MT4.

Expert Advisors: special considerations

Automated trading is where the choice really matters.

• Existing MT4 EAs need rewriting in MQL5. Simple ones convert easily. Complex ones, particularly those using MT4-specific order handling, need careful testing, because MQL5 handles orders, deals and positions as separate concepts.
• Bought EAs are a mixed picture. Many commercial EAs make big claims based on backtests that are unrealistic, and a more accurate MT5 tester sometimes exposes that. Treat any EA sold with performance promises with scepticism; our guide to forex scam red flags lists the warning signs.
• Running an EA 24 hours a day usually requires a virtual private server (VPS). Some brokers provide one free above an activity threshold; otherwise it is a monthly cost to add to your hidden broker fees check.
• Automation does not remove risk. An EA can lose money faster than a person, especially if it uses grid or martingale sizing. Apply the same position sizing principles to an EA as to manual trading.

Which should you choose?

Choose MT5 if

• You are new and have no existing MT4 tools.
• You want to backtest or build automated strategies.
• You want the built-in economic calendar, extra timeframes or stop limit orders.
• Your broker offers exchange-traded instruments only through MT5.
• You want a platform with a longer development future.

Stay on MT4 for now if

• You depend on a specific indicator or EA that exists only for MT4 and cannot be replaced.
• Your broker still supports it, and you accept that you may need to move later.

Consider something else if

• You mainly want charting and analysis. TradingView's charts are generally regarded as more modern, and many brokers now connect to it directly.
• You want a cleaner interface or more transparent order information. Our guide to cTrader and TradingView compares the main alternatives.

The platform matters less than the broker behind it. A good platform on a poorly regulated broker is still a poorly regulated broker. Check the firm first, using how to choose a forex broker and our list of regulator registers.

Common mistakes

• Assuming MT5 is MT4 with extra features. The code, files and accounts are separate. Plan the move.
• Downloading MetaTrader from a third-party site. Download it from your broker or from MetaQuotes. Fake installers and fake apps have been used in scams.
• Believing the platform gives better execution. Fills depend on the broker, not on the version.
• Trusting MT4 backtests on short timeframes. Interpolated ticks can make a scalping EA look excellent and trade very differently live.
• Opening an MT5 netting account by accident and being confused when positions merge.

Frequently asked questions

Is MT5 better than MT4?

For most new traders, yes. It has more timeframes and order types, a built-in economic calendar, and a much faster, more accurate strategy tester, and it is where MetaQuotes is focusing development. MT4 remains a reasonable choice only if you depend on tools that exist solely for MT4.

Can I use MT4 indicators and Expert Advisors on MT5?

Not directly. MT4 uses MQL4 and MT5 uses MQL5, which are not compatible. Code has to be rewritten or converted and then tested. Many popular indicators already have MT5 versions, so check the MQL5 code base or ask the developer before assuming you need to rewrite anything.

Is MetaTrader 4 being discontinued?

There is no single industry-wide switch-off date that we have seen. MetaQuotes stopped selling new MT4 licences to brokers years ago and focuses development on MT5, and some brokers have started closing their MT4 services. If you use MT4, check your own broker's plans and be ready to move.

Can I hedge on MT5?

Yes, if your broker sets up your account in hedging mode, which most forex and CFD brokers do for retail clients. In hedging mode you can hold several positions on the same instrument, including opposite ones. In netting mode, a new order adds to or reduces your single existing position.

Do MT4 and MT5 have different spreads?

The platforms do not set spreads; brokers do. The same broker may price its MT4 and MT5 accounts differently or offer different account types on each, so compare the all-in cost per lot on the specific account you would open.

Can I log into my MT4 account using MT5?

No. MT4 and MT5 accounts sit on different servers. You need a separate MT5 account, which most brokers let you open from the client area, and then move funds between accounts.