MT4 or MT5: which platform to choose for automated trading
Both platforms come from MetaQuotes and both run Expert Advisors. For developing and testing algorithms, though, the differences matter.
Key differences
| Parameter | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| EA language | MQL4 | MQL5 (object-oriented; MQL4 code does not run without porting) |
| Position accounting | each order is a separate position | two account modes: netting (one position per symbol) and hedging (several positions) |
| Timeframes | 9 | 21 |
| Strategy tester | single-threaded, modelled ticks | multi-threaded, "every tick based on real ticks" mode, multi-currency testing |
| Asset classes | mainly Forex and CFDs | Forex, CFDs and exchange instruments (depends on the broker) |
| Depth of Market | no | yes |
What it means for grid and multi-order EAs
- A grid EA needs MT5 hedging mode (or MT4): in netting mode opposite positions on a symbol collapse into one.
- MT5 real-tick testing shows behaviour in sharp moves and spread widening more accurately — critical for grids.
- An MT4 EA does not move to MT5 "as is": MQL5 trading functions work differently, so it needs porting and re-testing.
When to choose MT4
- You already have a proven MQL4 EA and no resources to port it.
- The broker or account type you need is available only on MT4 (for example, Alpari Micro and ECN accounts are MT4-only).
When to choose MT5
- New development.
- You need accurate real-tick testing and multi-currency tests.
- You need exchange instruments or stock CFDs (MT5-only at several brokers).
How FOX does it
FOX Professional analytics takes its quotes from a MetaTrader 4 terminal on the Alpari-Pro.ECN server. FOX researches algorithms in the MetaTrader 5 tester on real ticks; tester results are research, not client returns.
Sources
The materials are for information only and are not investment advice. Leveraged trading carries a high risk of losing money.
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