The incredible resilience of MT4 vs MT5 | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Scalping tops and bottoms with incredible accuracy 45 replies

Looking for this incredible EA 11 replies

Does all EA in MT4 can run in coming MT5? 6 replies

Attachments: The incredible resilience of MT4 vs MT5
Exit Attachments

The incredible resilience of MT4 vs MT5

  • #21
  • Nov 8, 2017 10:13pm Nov 8, 2017 10:13pm
Quoting hanover
{quote} IMO indicators generally don't make profitable signal generators, but apparently I'm in the minority of amateur traders. The number of downloads in threads this like this, and number of requests in threads like this (> 21,000 posts!), highlights just how popular indicators are. I suspect that amateur traders tend to prefer indicator based systems and EAs, as they remove a lot of ambiguity and guesswork from...
I think it is because PA is hard to learn, primarily because you have to put the candle you see into the correct context. Also, most FX traders on this board are quite young, and a fancy looking trading room with three 55 inch monitors and Christmas tree charts looks impressive to the girls( or guys if you are that way inclined). You are not going be cool carrying a laptop with a naked chart on it.
If you are good at something, never do it for free--Joker
  • #22
  • Nov 8, 2017 11:21pm Nov 8, 2017 11:21pm
Quoting jmn5611
I think it is because PA is hard to learn, primarily because you have to put the candle you see into the correct context. Also, most FX traders on this board are quite young, and a fancy looking trading room with three 55 inch monitors and Christmas tree charts looks impressive to the girls( or guys if you are that way inclined). You are not going be cool carrying a laptop with a naked chart on it.
Totally agree.

Although having been recently coached by an institutional trader I've learned that applying the right kind of FA+OFA+intermarket analysis can trump PA (more here and here). Anyway, FWIW that's the way that I'm inclined nowadays, LOL.
  • #23
  • Nov 9, 2017 12:04am Nov 9, 2017 12:04am
Quoting hanover
{quote} Totally agree. Although having been recently coached by an institutional trader I've learned that applying the right kind of FA+OFA+intermarket analysis can trump PA (more here and here). Anyway, FWIW that's the way that I'm inclined nowadays, LOL.
Hi Hanover,
thanks for your interesting post.
According to your knowledge, as PA is not a problem with MT4, is there any suitable OFA for MT4 ?
TKS
Tomcat98
  • #24
  • Nov 9, 2017 12:44am Nov 9, 2017 12:44am
Quoting hanover
{quote} Totally agree. Although having been recently coached by an institutional trader I've learned that applying the right kind of FA+OFA+intermarket analysis can trump PA (more here and here). Anyway, FWIW that's the way that I'm inclined nowadays, LOL.
Totally agree. FA comes first. I would hope that it would go without saying, but, there are different levels of market understanding. The FA drivers will determine our overall market bias, then comes the rest.
If you are good at something, never do it for free--Joker
  • #25
  • Nov 9, 2017 3:46am Nov 9, 2017 3:46am
Quoting Tomcat98
According to your knowledge, as PA is not a problem with MT4, is there any suitable OFA for MT4 ?
I haven't seen anything in MT4 that looks like the pic in my above link. There are some market profile indicators for MT4 (I've attached one) around. Keep in mind that all orderflow is volume based and spot FX is a decentralized market; MT4 displays only tick volume, and only transactions processed by your br0ker, hence it's not ideally suited to OFA/liquidity/volume analysis. Some institutional traders have access to bank and other large player volumes; others use FX future volumes as a proxy. Neither of which is available on MT4, as far as I'm aware. The retail trader is generally at a significant disadvantage, information-wise.
Attached File(s)
File Type: ex4 Market Profile ay-MarketProfileDWM.v1.31rev.ex4   17 KB | 305 downloads
  • #26
  • Nov 9, 2017 4:02am Nov 9, 2017 4:02am
Quoting hanover
{quote} I haven't seen anything in MT4 that looks like the pic in my above link. There are some market profile indicators for MT4 (I've attached one) around. Keep in mind that all orderflow is volume based and spot FX is a decentralized market; MT4 displays only tick volume, and only transactions processed by your br0ker, hence it's not ideally suited to OFA/liquidity/volume analysis. Some institutional traders have access to bank and other large player volumes; others use FX future volumes as a proxy. Neither of which is available on MT4, as far...
Sometimes have limited information is an advantage. Much information normally do more confusion that benefit... Really all is compressed in trader skills
Try don't lose pants never...
  • #27
  • Nov 9, 2017 4:07am Nov 9, 2017 4:07am
Quoting hanover
{quote} I haven't seen anything in MT4 that looks like the pic in my above link. There are some market profile indicators for MT4 (I've attached one) around. Keep in mind that all orderflow is volume based and spot FX is a decentralized market; MT4 displays only tick volume, and only transactions processed by your br0ker, hence it's not ideally suited to OFA/liquidity/volume analysis. Some institutional traders have access to bank and other large player volumes; others use FX future volumes as a proxy. Neither of which is available on MT4, as far...
Great Insights as always Hanover.
here is my nearest approximation to OFA on Mt4 , of course yclusters in the market has some other observations.
this uses a mix of timeframe candles and volume profiles, enjoy.
Pho
Attached Image (click to enlarge)
Click to Enlarge Name: nYdvrtD.png Size: 79 KB
  • #28
  • Nov 9, 2017 4:31am Nov 9, 2017 4:31am
Quoting hanover
{quote} I haven't seen anything in MT4 that looks like the pic in my above link. There are some market profile indicators for MT4 (I've attached one) around. Keep in mind that all orderflow is volume based and spot FX is a decentralized market; MT4 displays only tick volume, and only transactions processed by your br0ker, hence it's not ideally suited to OFA/liquidity/volume analysis. Some institutional traders have access to bank and other large player volumes; others use FX future volumes as a proxy. Neither of which is available on MT4, as far...
Thanks very much Hanover
happy trading
Tomcat98
  • #29
  • Edited 4:53am Nov 9, 2017 4:34am | Edited 4:53am
Quoting hanover
{quote} IMO indicators generally don't make profitable signal generators, but apparently I'm in the minority of amateur traders. The number of downloads in threads like this, and number of requests in threads like this (21,000+ posts; 9,000+ downloadable files, the first three alone have been downloaded 6,000 times each), highlights just how popular indicators are. I suspect that amateur traders tend to prefer indicator...
I started out with FX as a pure price action trader 10 years ago. Using only clean bar charts, drawing lines....all classic technical analysis.
As I progressed over the years I came to the conclusion that charts are not necessary in trading. (Charts only do more damage and add unnecessary confusion and noise making trading harder!)
In fact you can be successful only by watching the current price, daily high/low, and percent change. (or atr) I even traded like this for about 1 year.

Later I realized that 90% of my decisions (where I've made the best trades) are based on derivative information and have absolutely nothing to do with classical technical analysis. So I took steps to extract this derivative information. And as they say, the rest is history. I've used all kinds of tools, a few of which I posted here in FF.
I have not used charts for more than 5 years and I'm pretty happy with that choice! It's just a completely different mindset and it goes all the way back to the techniques used by the original day traders and scalpers - the floor traders! These guys knew what's up! And in contrast with traders today, most of these guys made millions!
How many charts do you see here?
Attached Image
  • #30
  • Nov 9, 2017 7:14am Nov 9, 2017 7:14am
Quoting hanover
{quote} I haven't seen anything in MT4 that looks like the pic in my above link. There are some market profile indicators for MT4 (I've attached one) around. Keep in mind that all orderflow is volume based and spot FX is a decentralized market; MT4 displays only tick volume, and only transactions processed by your br0ker, hence it's not ideally suited to OFA/liquidity/volume analysis. Some institutional traders have access to bank and other large player volumes; others use FX future volumes as a proxy. Neither of which is available on MT4, as far...
There are indicators out there (here in germany we have one developer who calculates that from futures) but cost monthly fee.

So if you need such informations go and make an own webservice and feed your indicators/eas from that. I don't see the problem there it's more are the trader is willing to invest in better informations (by subscribing data feeds)? On the other hand if your strategy depends on that information why not move to a plattform that has it out of the box even when you have to pay monthly fee?
  • #31
  • Edited 8:45am Nov 9, 2017 8:26am | Edited 8:45am
Quoting alphaomega
{quote} I started out with FX as a pure price action trader 10 years ago. Using only clean bar charts, drawing lines....all classic technical analysis. As I progressed over the years I came to the conclusion that charts are not necessary in trading. (Charts only do more damage and add unnecessary confusion and noise making trading harder!) In fact you can be successful only by watching the current price, daily high/low, and percent change. (or atr) I even traded like this for about 1 year. Later I realized that 90% of my decisions (where I've made...
These guys made millions front running and were all replaced by HFT. How many floor open-outcry traders are there nowadays? 0. If you look at the old CME building now you know what's there? BP. Every single one of their traders had at least 6 monitors at their work station. Yes, they all use charts as well.
  • #32
  • Nov 9, 2017 8:30am Nov 9, 2017 8:30am
Quoting Nicholishen
{quote} These guys made millions front running and all were replaced by HFT. How many floor traders are there nowadays? 0. If you look at the CME building now you know what's there? BP. Every single one of their traders had at least 6 monitors art their work station. Yes, they all use charts as well.
There are still a few (440)! http://www.chicagotribune.com/busine...802-story.html Now that hft's do not work as efficient they might be replaced again by floor traders
  • #33
  • Nov 9, 2017 8:40am Nov 9, 2017 8:40am
Quoting sakisf
{quote} There are still a few (440)! http://www.chicagotribune.com/busine...802-story.html Now that hft's do not work as efficient they might be replaced again by floor traders
"To enhance the customer experience" ...it's all going to be a dog and pony show. The CBOE floor looks nothing like the old CME pits.
Attached Image
Attached Image
  • #34
  • Nov 9, 2017 8:58am Nov 9, 2017 8:58am
Quoting Nicholishen
{quote} "To enhance the customer experience" ...it's all going to be a dog and pony show. The CBOE floor looks nothing like the old CME pits. {image}{image}
True, but I see only DOM's there, no charts. And someone is scouring FF (the guy in blue & red) for indicators!
  • #35
  • Nov 9, 2017 9:31am Nov 9, 2017 9:31am
One of the reason for the vast majority to use MT4 indicators is more I would say due to mass market.
Everyone with low level of education in trading are jumping in buying and downloading fancy chart with just buy and sell arrow or complex indicators template.
It give them the impression of mastering the trading. In fact, majority of them didn't took the time to really learn what is being. So there is still a lot of place for holy grail indicators and "amazing ea". When indicators are going deeper in the system, without chart or other, you see really low level of excitement from the vast majority.
I think metaquotes knows that and thanks to all the people looking for easy and winning indicators they create a marketplace giving them the ability to maximize their profit.
BetaPipsTP2SL5 All Time Return: 4.6%
  • #36
  • Nov 9, 2017 9:33am Nov 9, 2017 9:33am
Quoting sakisf
{quote} True, but I see only DOM's there, no charts. And someone is scouring FF (the guy in blue & red) for indicators!
Haha. Nice.

I suppose the point is that traders use tech now. A chart is a technical indicator and you don't need DOM in forex to know where liquidity is - you just need a chart. For example if I come to my charts and see false breakouts to the upside with a pullbacks into accumulation and or stop run then I can tell the dealers/market makers are most likely building long positions and stop orders are accumulating behind S/R. If you can successfully trade forex without the minimum advantage of information like time value then more power to you, but 99.99% of successful traders at least know the historical time value (chart) of the instrument they're trading.
  • #37
  • Nov 9, 2017 10:34am Nov 9, 2017 10:34am
Quoting PFisherman
Like many of us I discovered forex and trading across websites, blogs, forums. Just after, you find a (doesn’t look too much as a scam) broker, open a demo account and then download the first platform available to start your new life. On the next months you have downloaded dozen, hundred, thousands? amazing, useless, awful, must to have indicators and applied many holy grail strategies (ok, not as good as that, but the next one will be the good one). Quite recently after reading a nice article on a new product I discovered that the indicator was...
I've been coding MQL4 since 2013 and MQL5 since last year, and what I could say about two platforms and languages are completely different.

The thing is MT4 is build and designed for Forex and MT5 is designed and build for Exchange Markets (Futures etc). That's why there is no heding in MT5 by default (could be adapted if broker wants to use it) and there is DoM in MT5.

I think they have started developing MT5 for exchange only as a seperate product but change their mind proposed it as MT5 instead of MT4-Exchange. This made the confusion and people expected backward compatibility between two platforms. Atferwards by build600+ they would like to upgrade the MQL4 aiming to closer to MQL5 but it was completely bullshit unfortunately. These two platforms can never and ever merge to one platform unless you kill one of them.

It seems that they decided to merge web pages at least and MQL4.com and MQL5.com merged as MQL5. This is a sign that they will kill MQL4 some how or at least they are aiming. And moreover, if you visit metaquotes.net you cannot download MT4 platform, only available platform is MT5.

If you ask my opinion about MQL5, it's a "pain in the ass"; a lot of confusion, indexing is different, working with DoM is very hard, too many functions doing the similar things, not easy to do anything without trade classes and they sucks.

I do not trust metaquotes company, their products are designed for brokers and they play with the slipage, spreads, time constraints etc.(check Metatrader Virtual Dealer plugin in youtube). Unfortunaletly the other products are not widespread availabe and currently still best option is MT4 if you can find a honest broker. I personally willing to upgrade my MQL4 robot to MQL5 as I see no future in MQL4 although it is a better platform for me; afterwards willing to convert it to C++ via API on long term.

Just my2cents, regrads.
If u want to be successful, u must respect one rule: Never lie to yourself.
  • #38
  • Nov 9, 2017 2:55pm Nov 9, 2017 2:55pm
Hello
Can anybody tell me how to or if its possible to show MT4 in multiple screens connected to one computer? Basically I would then have a different profile showing on each screen.
thanks
Let the Market come to you
  • #39
  • Edited 3:55pm Nov 9, 2017 3:41pm | Edited 3:55pm
Quoting AlGer
Hello Can anybody tell me how to or if its possible to show MT4 in multiple screens connected to one computer? Basically I would then have a different profile showing on each screen. thanks
No problem
it may help to run MT4 as portable ie Terminal/p ( made an exe using BAT to EXE to create usefull shortcuts) to keep all the files local, but not nescessary,
as for logging into the same account more than once I havent tried, but I regularly run 2 mt4 and 1 mt5 for futures, just remember if you have a lot of indies the CPU may struggle, I run an octacore Xeon.
happy pips
Pho
edit
exe attached for terminal and editor.
Install mt4 to a folder and DO NOT RUN IT.
Drop these in the folder and always run from these, they can be attached to shortcuts in win10 etc.
They just look in the folder for terminal and run terminal.exe/p so all files are local

happy pips Pho
Attached File(s)
File Type: zip portable..zip   125 KB | 334 downloads
  • #40
  • Nov 9, 2017 3:47pm Nov 9, 2017 3:47pm
Quoting PFisherman
One of the reason for the vast majority to use MT4 indicators is more I would say due to mass market. Everyone with low level of education in trading are jumping in buying and downloading fancy chart with just buy and sell arrow or complex indicators template. It give them the impression of mastering the trading. In fact, majority of them didn't took the time to really learn what is being. So there is still a lot of place for holy grail indicators and "amazing ea". When indicators are going deeper in the system, without chart or other, you see really...
Dear PF
probably a bit harsh "Everyone with low level of education" there are many well educated but not in the trading field people buying and or being coersed into buying many systems and real life products, calling them low level educated is not the best quote. Just look at all the millions of Iphones sold to all levels of education and age, many buying them just because they keep it simple to operate and consistent during upgrades, this just proves a point .
Pho
100% Android
0 traders viewing now