Why is MT4 preferable to MT5? | Forex Factory

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Why is MT4 preferable to MT5?

  • #1
  • First Post: Oct 22, 2013 12:13am Oct 22, 2013 12:13am
Yes, as most of us know MT4 as the widely used and best compatible platform.

Most forex brokers provide this platform. What about the more recent version MT5?

Why isn't being used as widely as MT4? What are its (MT5) drawbacks?

We can share more knowledge here, so start sharing and experts enlighten the juniors.
  • #2
  • Oct 22, 2013 12:18am Oct 22, 2013 12:18am
Quoting GVglobal Ltd
Yes, as most of us know MT4 as the widely used and best compatible platform. Most forex brokers provide this platform. What about the more recent version MT5? Why isn't being used as widely as MT4? What are its (MT5) drawbacks? We can share more knowledge here, so start sharing and experts enlighten the juniors.
MT5 was made for brokers ... with great cosmetics to attract traders.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Oct 22, 2013 12:37am Oct 22, 2013 12:37am
Quoting GVglobal Ltd
What are its (MT5) drawbacks?
Here are some:
- The position based model was replaced with an order based model for handling trades.
- Hedging not allowed.
- FIFO order sequence enforced.
- One cannot import historical data for use in the strategy tester.
- Historical data is encrypted.
  • #4
  • Edited 1:25am Oct 22, 2013 1:05am | Edited 1:25am
Quoting FerruFx
{quote} MT5 was made for brokers ... with great cosmetics to attract traders.
and you think MT4 wasn't

@ thread starter

MT5 is superior in many ways to MT4 especially if you are looking to code. On the other side of the argument if you are looking to code but a novice at coding then MT5 is harder to code.

With regards to order handling this is much faster in MT5 but you have the limitations of single position, but there are ways to manage this if you wish to.
You can interact with the programs whilst they are running to change inputs etc
You can control the environment much more
Testing is more reliable than mt4 although I believe in modelling outside of MT altogether
  • #5
  • Oct 22, 2013 1:23am Oct 22, 2013 1:23am
Quoting MaxDoom
and you think MT4 wasn't
Yes of course ... but MT5 is even worse (restriction) in my opinion.
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Oct 23, 2013 7:41am Oct 23, 2013 7:41am
Quoting Xaphod
{quote}...One cannot import historical data for use in the strategy tester...
This is the single biggest reason why I won't even look at MT5.
You are in a maze of twisty little passages, all alike.
  • #7
  • Edited 12:01pm Oct 23, 2013 11:33am | Edited 12:01pm
I would guess that one HUGE reason why MT5 has been slow to gain acceptance is that all of the millions of third party indicators and EAs that have been written for MT4 won't run on MT5, without being completely rewritten. Most traders are not programmers.

Hence I doubt that, unless or until a free code translator is provided (assuming that is even possible — look at the outcome here, for example), no br0ker will be bold enough to stop offering MT4, for fear of losing a great number of his client traders to other br0kers. To whatever extent that remains true, MT4 is here to stay.

Other major reasons have been covered earlier in the thread.

[EDIT] you might like to check out these similar threads (here and here). One of these is more than 2 years old now, and judging by the comments, MT5 is no closer to being widely accepted now, than it was back then.
  • #8
  • Oct 23, 2013 7:23pm Oct 23, 2013 7:23pm
MT5 is going slowly just because MT4 is very good and for regular trader MT4 is more than enough. But it will be same like with MT3 and MT4, slowly slowly MT5 will be more and more poppular. It's always like that.
  • #9
  • Oct 23, 2013 8:03pm Oct 23, 2013 8:03pm
Quoting Max FX
But it will be same like with MT3 and MT4, slowly slowly MT5 will be more and more poppular.
Slowly and slowly it will be less popular as traders will see their trading more and more restricted ... by MT5 brokers.
MT4/MT5 EAs/Indicators/Alerts coder
  • #10
  • Oct 23, 2013 10:22pm Oct 23, 2013 10:22pm
Quoting FerruFx
{quote} Slowly and slowly it will be less popular as traders will see their trading more and more restricted ... by MT5 brokers.
What restrictions are you talking about?
  • #11
  • Oct 23, 2013 10:36pm Oct 23, 2013 10:36pm
Quoting Max FX
{quote} What restrictions are you talking about?
Most were already pointed out in the thread ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #12
  • Oct 23, 2013 10:55pm Oct 23, 2013 10:55pm
For manual traders most of all these restrictions is not the issue.
For ea user's maybe.
  • #13
  • Oct 23, 2013 11:05pm Oct 23, 2013 11:05pm
Quoting Max FX
For manual traders most of all these restrictions is not the issue. For ea user's maybe.
If all restrictions aren't affecting your trading style ... so that's fine.
MT4/MT5 EAs/Indicators/Alerts coder
  • #14
  • Last Post: Oct 23, 2013 11:14pm Oct 23, 2013 11:14pm
BTW I still prefer to use MT4. Removing hedge positions from MT5 maybe made it looks more professional but most of traders using MT not professionals) I like more how positions looks in MT5. It's not such big mess if you have many positions and you can see average price.
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