MetaTrader 5 is not a newer version of MetaTrader 4; it is a different platform built on a different programming language. MT5 has more timeframes, more pending order types, both hedging and netting accounts, a depth of market window and a built-in economic calendar. What it cannot do is run the indicators and expert advisors written for MT4, because MQL4 code does not work in MQL5.
Key takeaways
- MT5 has 21 timeframes; MT4 has 9.
- MT5 has six pending order types; MT4 has four.
- MT5 supports hedging and netting accounts; MT4 supports hedging only.
- MT4 tools written in MQL4 do not run on MT5 and must be rewritten.
- MT5 was designed to handle exchange-traded instruments as well as currencies.
| Released | MT4 in 2005, MT5 in 2010 |
|---|---|
| Timeframes | MT4: 9 · MT5: 21 |
| Pending orders | MT4: 4 · MT5: 6 |
| Account modes | MT4: hedging · MT5: hedging or netting |
| Programming language | MQL4 vs MQL5, not compatible |
| At Marketsall | MetaTrader 5 |
MT4 vs MT5 side by side
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Timeframes | 9 | 21 |
| Pending order types | 4: buy/sell limit and stop | 6: adds buy and sell stop limit |
| Account modes | Hedging | Hedging or netting |
| Partial close | Workarounds needed | Built in |
| Depth of market | No | Yes, where the broker provides it |
| Economic calendar | No | Built in |
| Strategy tester | Single currency, single thread | Multi-currency, multi-threaded |
| Programming language | MQL4 | MQL5 |
| Designed for | Currencies and CFDs | Currencies, CFDs and exchange-traded instruments |
Order types and account modes
The two extra order types in MT5 are buy stop limit and sell stop limit, which place a limit order once a stop level is reached; they are explained in how to place a pending order on MT5. The account mode matters more day to day. In a hedging account you can hold a buy and a sell on the same symbol at once; in a netting account one symbol has one net position, and an opposite order reduces it. See close, partially close or modify on MT5.
Why MT4 robots do not run on MT5
MQL5 is a different language with a different structure, so an expert advisor or custom indicator written for MT4 must be rewritten rather than copied across. Ready-made MQL5 versions exist for most popular tools, but settings and results will not match exactly. The same applies to templates and some chart objects. If a strategy depends on a particular MT4 tool, check that an MT5 version exists before switching.
Which one should you use?
| If you… | Then |
|---|---|
| Are starting now | Use MT5: it is the platform brokers are developing for |
| Depend on a specific MQL4 tool | Check for an MQL5 version first |
| Trade only a few currency pairs manually | Either works; the differences will rarely matter |
| Want a built-in calendar and depth of market | MT5 |
| Need netting accounts or exchange instruments | MT5 |
Marketsall provides MetaTrader 5 and Web Trader. Installation is covered in how to install MetaTrader 5, and the browser option in MetaTrader 5 vs Web Trader.
Common mistakes to avoid
Assuming tools transfer. MQL4 code does not run on MT5.
Assuming the account mode. Hedging and netting behave differently when you place an opposite order.
Expecting identical backtests. The testers work differently, so results are not comparable.
Running two platforms at once. It is easy to place an order on the wrong account.
Risk warning. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money.
Frequently asked questions
What is the difference between MT4 and MT5?
MT5 has 21 timeframes against MT4’s nine, six pending order types against four, both hedging and netting accounts, a built-in economic calendar and depth of market, and a faster strategy tester. MT5 uses the MQL5 language, so MT4 tools do not run on it.
Is MT5 better than MT4?
MT5 has more features and is the platform brokers are developing for, but “better” depends on your needs. A trader who depends on a specific MT4 expert advisor may find MT4 more practical until an MQL5 version exists.
Can I use an MT4 expert advisor on MT5?
No. Expert advisors and indicators written in MQL4 must be rewritten in MQL5. Many popular tools have MT5 versions, but settings and behaviour can differ.
How many timeframes does MT4 have compared with MT5?
MT4 has nine timeframes: M1, M5, M15, M30, H1, H4, D1, W1 and MN. MT5 has 21, including M2, M3, M10, M12, M20, H2, H3, H6, H8 and H12.
What is the difference between hedging and netting accounts?
In a hedging account you can hold buy and sell positions on the same symbol at the same time. In a netting account each symbol has a single net position, and an opposite order reduces or reverses it. MT5 supports both; MT4 supports hedging only.
Related reading
Rebuild your MT4 setup in MT5
Before recreating an old MT4 chart setup, walk through the core screens once with how to use MetaTrader 5, then save the rebuilt layout as an MT5 template using indicators and timeframes on MT5.
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