Summary: MT4 and MT5 serve different trading needs. This article compares their core differences in timeframes, pending orders, built-in indicators, and MQL versions to help you choose.




Step 1: Understand the Timeframe Difference
MT4 offers 9 timeframes (from 1 minute to 1 month). MT5 offers 21 timeframes, including 2-minute, 3-minute, and 4-hour. If you need more granular chart analysis, MT5 is better. Screenshot: MT5 timeframe dropdown menu showing 21 options.
Step 2: Compare Pending Order Types
MT4 has 4 pending order types (Buy Limit, Sell Limit, Buy Stop, Sell Stop). MT5 adds Buy Stop Limit and Sell Stop Limit – two more advanced order types. Screenshot: MT5 order window with 6 pending order options.
Step 3: Check Built-in Indicators and Graphics
MT4 comes with 30 built-in technical indicators and 23 graphical objects. MT5 has 38 indicators and 44 graphical objects. For advanced technical analysis, MT5 wins. Screenshot: MT5 indicator list showing more than 30 items.
Step 4: Understand the Programming Language
MT4 uses MQL4. MT5 uses MQL5. MQL5 is more powerful but not backward compatible. EAs written for MT4 will NOT work on MT5. You must rewrite or find an MT5 version. Screenshot: MetaEditor window comparing MQL4 and MQL5 code.
Step 5: Decide Based on Your Needs
  • Choose MT4 if: you use legacy EAs, prefer simplicity, or your broker only offers MT4.

  • Choose MT5 if: you need more timeframes/indicators, trade stocks/commodities (multi-asset), or want advanced backtesting (multi-currency pair testing).

    • Step 6: Download Your Chosen Platform
    Go to your broker’s website or official MetaQuotes site. Download the MT4 or MT5 installer for Windows/macOS. Follow the installation wizard. Screenshot: MetaQuotes official download page with MT4 and MT5 buttons.
    Reference: MetaQuotes official comparison page - MT4 vs MT5.