Metatrader 5 is going to wipe out your Metatrader 4 indicators / systems | Forex Factory

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Metatrader 5 is going to wipe out your Metatrader 4 indicators / systems

  • #1
  • First Post: Dec 19, 2009 5:01pm Dec 19, 2009 5:01pm
It looks like from what I've read that Metatrader 5 is not backward compatible with Metatrader 4 which will effectively wipe out your indicators and systems in Metatrader 4. From what I hear most/all NFA brokers are likely to switch to Metatrader 5 because of the new NFA rules regarding hedging. I'm hoping some brokers / nonNFA brokers won't switch but most of the top Forex brokers in US are registered with the NFA that use Metatrader 4 so this will be a big blow to the small traders. I don't know about you but I have several yrs of collecting and having indicators modified not to mention indicators that I've paid for that will be useless when MT5 is released and opted by the NFA brokers. So far these brokers are expected to switch to
Alpari
Broco
FxOpen
Gallant FX
Tadawul FX
Tradeview Forex
ODL Markets

and a whole slew registered with the NFA are expected to follow.
It's obviously not a plus to have a new system come out that is not back-ward compatible with one that was proven.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #2
  • Dec 19, 2009 5:21pm Dec 19, 2009 5:21pm
The transition will be slow. Don't expect them to switch over to 5 and immediately drop 4. I have been testing 5 for over a month and the changes needed are very small.

Besides 99.999999999% of all the indicators out there are simply a waste of pixel space on the screen.
  • #3
  • Dec 19, 2009 5:25pm Dec 19, 2009 5:25pm
Quoting magnumfreak
I have been testing 5 for over a month and the changes needed are very small.
No that's not true the rules of the mt5 language are different so you won't be able to use the mt4 indicators period.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #4
  • Dec 19, 2009 5:27pm Dec 19, 2009 5:27pm
Quoting england33
No that's not true the rules of the mt5 language are different so you won't be able to use the mt4 indicators period.
The changes are minor. I have adapted about 30 indicators already. There are some nice features to mt5 as well.

How much programming have you done with mt5??
  • #5
  • Dec 19, 2009 5:36pm Dec 19, 2009 5:36pm
Quoting magnumfreak
The changes are minor. I have adapted about 30 indicators already. There are some nice features to mt5 as well.

How much programming have you done with mt5??
I'm not a programmer. You shouldn't have to code to be able to use indicators. How long as a programmer does it take you to convert your indicators? I personally have about a dozen mt4 indicators that I can't live without. actually more than a dozen lol more like 2 dozen.

Quote
"There is some bad news however, which many of you probably already know. MT4’s indicators and Expert Advisors will NOT work with the new MT5 platform. When I heard this I was shocked. I know MT4 didn’t support MT3 indicators, but I didn’t expect Metaquotes to make the same mistake yet again. Isn’t the whole point of an upgrade to support older users so that it makes the transition from old platform to new platform as seamless as possible? Why are they even calling it MT5? It’s totally unrelated to MT4, and is essentially...
MT5 VS MT4 – A Trader’s Perspective
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #6
  • Dec 19, 2009 5:43pm Dec 19, 2009 5:43pm
Depending on the complexity of the indicator usually around 10-15 minutes max. I would imagine that within a few months there will be web sites popping up everywhere that will convert them for you. There is also rumors of software coming out that will convert them automatically for you.
  • #7
  • Dec 19, 2009 5:46pm Dec 19, 2009 5:46pm
Quoting magnumfreak
Depending on the complexity of the indicator usually around 10-15 minutes max. I would imagine that within a few months there will be web sites popping up everywhere that will convert them for you. There is also rumors of software coming out that will convert them automatically for you.
Is there any chance you can send me a converted indicator with some comments in your code so I can learn how to do it? Please...
I'm trying to learn how to program in MT4 but the process has been slow. Perhaps I should learn MT5 but all my good indicators are in 4. I know there's no rush but I don't want to be stuck without a system when mt5 is adopted.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #8
  • Dec 19, 2009 5:54pm Dec 19, 2009 5:54pm
mt5 comes with a number of samples. Here is a good link to get you started http://www.mql5.com/en/articles/5

Don't think that the conversion to mt5 will happen overnight. You will see that the brokers will run it side by side with mt4 for a long time before dropping mt4. You won't see mt4 go away until at least the end of 2010.
  • #9
  • Dec 19, 2009 6:02pm Dec 19, 2009 6:02pm
Quoting magnumfreak
Besides 99.999999999% of all the indicators out there are simply a waste of pixel space on the screen.

Really?
Annoying Precision
  • #10
  • Dec 19, 2009 6:09pm Dec 19, 2009 6:09pm
Quoting erikte279
Really?
Yes. Name one beyond the basic ones that come with mt4 or mt5 that are absolutely needed for trading.

I have over 3,500 on my computer that I have tested and I have yet to find one that does anything special over what the basics do.
  • #11
  • Dec 19, 2009 6:11pm Dec 19, 2009 6:11pm
Quoting england33
Is there any chance you can send me a converted indicator with some comments in your code so I can learn how to do it? Please...
I'm trying to learn how to program in MT4 but the process has been slow. Perhaps I should learn MT5 but all my good indicators are in 4. I know there's no rush but I don't want to be stuck without a system when mt5 is adopted.
don't get too worked up about the change. I am sure you will find programmers here and on other sites who will convert your indicators for free.
  • #12
  • Dec 19, 2009 6:14pm Dec 19, 2009 6:14pm
Quoting magnumfreak
don't get too worked up about the change. I am sure you will find programmers here and on other sites who will convert your indicators for free.
Ok perhaps your right. thanks for the link.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #13
  • Dec 19, 2009 6:15pm Dec 19, 2009 6:15pm
Quoting magnumfreak
You won't see mt4 go away until at least the end of 2010.
I actually expect the side-by-side transition to take much longer. You can still find MT3 brokers if you look and MT4 is waaaay more popular than MT3. Plus the rest of the world doesnt need MT5. - MT5 is a USA NFA compliance product. Every other country still allows you to hedge, LIFO and trade as you wish without restriction. In fact Dukascopy is in Beta with MT4 right now. [http://www.dukascopy.com/swiss/engli...e_demo_login/] You will be able to trade MT4 for quite a while longer. Dont worry. - Hopefully US brokers will adopt the Duka and FXCM-UK software that allows MT4 to hedge and the backend nets the positions automatically. You trade like you want to but the platform creates NFA compliant positions.
  • #14
  • Last Post: Dec 19, 2009 6:18pm Dec 19, 2009 6:18pm
tRu
Annoying Precision
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