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Metatrader 4 vs Metatrader 5!

  • Poll

  • Metatrader 4 vs Metatrader 5 which will win traders heart on long run!!!
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  • #1
  • First Post: Oct 6, 2010 7:22am Oct 6, 2010 7:22am
Hello all,

In long run which platform will sustain among traders, so far i see MT 5 is not getting as popular as its expected to be!!! Are traders already using MT 4 pretty satisfied with it, and don't want to move to MT 5 irrespective of advantages! it have, in long run which platform will win the race and get a place in traders heart? its MT 4 or MT 5 or some thing else, if something else then which one likely? NJ Trader!
  • #2
  • Oct 6, 2010 10:27am Oct 6, 2010 10:27am
Quoting amarfx
Hello all,

so far i see MT 5 is not getting as popular as its expected to be!!!
It has just been released only two or three months ago, what do you expect?
  • #3
  • Oct 6, 2010 5:21pm Oct 6, 2010 5:21pm
Also, for it to be popular with traders their brokers need to offer it and so far I see few brokers offering it.

Mt3 was around for several years after mt4 was released. I expect about the same with mt4 to mt5 integration.
  • #4
  • Oct 6, 2010 5:28pm Oct 6, 2010 5:28pm
Something else like ProTrader that can run MQL, Easy Language, C# and VB.NET all in one package - http://profstation.com/automated-tra...ng_PTL_builder
I expect MT4 to be around for a loooooong time since there will always be a ton of EA's, Scripts and indicators that people want to run and Brokers can easily setup a server to accommodate the people that want to trade with it.

As long as MT4 is popular and new traders have cash to invest (lose to the broker) it'll be around. MT5 seems to be an acquired taste and so far its looking like the 'Vista' of Forex. Nowhere on the net can I find a group of programmers excited about MT5 unless Metaquotes is pushing the blog/website/contest. They're trying to get us to like MT5 but Seinfeld, Bill Gates and a load of cash couldn't boost the sales of Vista - A product that the end-user just didnt like.
  • #5
  • Oct 7, 2010 1:05pm Oct 7, 2010 1:05pm
I too have heard about metetrader 5. One simple , staightforward question - will I be able to transfer custom indicators and EAs from MT4 to MT5? I haven't actually heard whether or not MT5 will take MT4 indicators.
  • #6
  • Edited 2:38pm Oct 7, 2010 2:07pm | Edited 2:38pm
Quoting mcmillan
I too have heard about metetrader 5. One simple , staightforward question - will I be able to transfer custom indicators and EAs from MT4 to MT5? I haven't actually heard whether or not MT5 will take MT4 indicators.

For a whole lot of technical reasons, MQL4 code can't be ported directly to MQL5. I went through the exercise myself with a very simple indicator and it took me more time to write the MQL5 code than the original MQL4. That will change of course with more familiarity with MQL5.

Some people are touting automated conversion scripts. I am sure they will do the grunt work. But for things as simple as finding out the high of the third newest bar, requires a very live programmer. As well there are new features in MQL5 that have no correspondence in MQL4 that should be used such as drop down lists of enumerated values. That's a fancy way of saying that a user can select from a drop down rather than typing in a value.
  • #7
  • Oct 7, 2010 3:03pm Oct 7, 2010 3:03pm
Quoting mcmillan
will I be able to transfer custom indicators and EAs from MT4 to MT5?
You dont have to. People on the forums will port all indicators to mql5 faster than you can ever try them all out. And in the rare case some unknown indicator has not yet been ported you just have to mention it on one of the mql5 forums and wait ~2 days and will get ~5 different mql5 versions of it, most of them will even have additional improvements over the original version.

I don't see any problem here.
  • #8
  • Oct 14, 2010 12:15am Oct 14, 2010 12:15am
Quoting 7bit
You dont have to. People on the forums will port all indicators to mql5 faster than you can ever try them all out. And in the rare case some unknown indicator has not yet been ported you just have to mention it on one of the mql5 forums and wait ~2 days and will get ~5 different mql5 versions of it, most of them will even have additional improvements over the original version.

I don't see any problem here.
But so far not even most popular age old indicators of mq4 like brain trend, trend manager, price channel stop, BB Band Stop etc are not available on MT 5, the list is still endless
  • #9
  • Oct 14, 2010 12:19am Oct 14, 2010 12:19am
Quoting Aja
Something else like ProTrader that can run MQL, Easy Language, C# and VB.NET all in one package -...
My broker offers it but i didn't tried PT yet and i am still playing around with age old MT 4
  • #10
  • Oct 14, 2010 1:05am Oct 14, 2010 1:05am
I dont think there is much difference between mt4 and mt5 and i dont find any need for any other version but it would be great if they can add on more time frames like 6hr and 8hrs.
  • #11
  • Oct 14, 2010 6:06am Oct 14, 2010 6:06am
The demo I have used for MT5 has not convinced me at all yet, I hope my broker keeps going with MT4.

The only advantage I have heard from the metaquotes guys is that there will be a web based version available.
  • #12
  • Oct 14, 2010 6:16am Oct 14, 2010 6:16am
Quoting jointhepips
The demo I have used for MT5 has not convinced me at all yet, I hope my broker keeps going with MT4.

The only advantage I have heard from the metaquotes guys is that there will be a web based version available.
Yes but emulated type web edition of MT 4 do already exits on market, its not the big reason for brokers to switch and offer MT 5 because they have web edition, it may be taken like add on stuff not a major thing.
  • #13
  • Oct 14, 2010 6:21am Oct 14, 2010 6:21am
I only use MT charting and don't see a huge difference from MT5 to MT4 other than the additional timeframes. Plan to stick with MT4 for now. Maybe MT5 if they started offering it on iPhone.
  • #14
  • Oct 14, 2010 6:41am Oct 14, 2010 6:41am
Quoting JP_s
I only use MT charting and don't see a huge difference from MT5 to MT4 other than the additional timeframes. Plan to stick with MT4 for now. Maybe MT5 if they started offering it on iPhone.
But if one want to trade professionally, stuff like phone platforms are pretty useless, may be they add comfort for traders trading at leisure not for desktop trading professionals
  • #15
  • Oct 28, 2010 12:29am Oct 28, 2010 12:29am
Quoting jointhepips
The demo I have used for MT5 has not convinced me at all yet, I hope my broker keeps going with MT4.

The only advantage I have heard from the metaquotes guys is that there will be a web based version available.
Yes but once we see, MT 5 Client API situation might change entirely too, who knows?
  • #16
  • Nov 5, 2010 4:25am Nov 5, 2010 4:25am
Quoting Aja
Something else like ProTrader that can run MQL, Easy Language, C# and VB.NET all in one package -...
Is the fact that ProTrader is compatible with strategies from other platforms like MT4 unique, or are there any other platforms that can do this?
  • #17
  • Nov 5, 2010 9:37am Nov 5, 2010 9:37am
So far Protrader seems to be the only multi-language development tool at the moment. Hopefully more are on the way.
  • #18
  • May 20, 2011 4:47am May 20, 2011 4:47am
Hi,

I just run across this thread.
I’d like to know your opinion on NinjaTrader, as it is one of the other popular trading platforms.

I know MetaTrader has several advantages (free, not resource hug, no freezes, tons of indicators, EAs and stuff, lots of brokers, easy to use, flexible position sizing)…

What do you think about NinjaTrader? Does it have any advantage compared to MetaTrader?
  • #19
  • Mar 11, 2012 5:21pm Mar 11, 2012 5:21pm
Reactivating this trade. Who is trading with MT5 in a real account? How is your experience?
  • #20
  • Jun 27, 2012 12:04am Jun 27, 2012 12:04am
Quoting noprogra
Reactivating this trade. Who is trading with MT5 in a real account? How is your experience?
Not yet trading mt5 in real account. But I have tried porting over custom indicators. mt5 uses more ram. I would expect it to use more, but even with only 1 chart with little historical data (2000 bars in chart), it can still use up 80-100MB. On the flip side, multiple charts don't seem to increase ram significantly. with mt4, the amount of charts you have and "bars in chart" had a huge impact on the amount of ram the program used.

also, when developing dll, you must develop a 32 bit and 64 bit dll separately.

There was a bug that prevented email alerts to be sent. Not sure if this bug was fixed in future builds....been a while since i toyed with it.
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