MetaTrader 4 has been the default forex platform for almost two decades, and MetaTrader 5 has been its successor for more than ten years. Both are still used by millions of traders, which raises the same question again and again: MT4 or MT5? The short answer for most traders today is MT5 — but the reasons matter, especially if you use expert advisors.
- MT5 offers 21 timeframes, 6 pending order types, a built-in economic calendar and a far more realistic strategy tester.
- MT4 programs (.ex4) do not run in MT5 (.ex5) and vice versa — you need a separate version of each tool.
- MT5 supports both hedging and netting accounts; most forex brokers use hedging by default.
- New brokers and account types increasingly launch on MT5 only.
- For EAs, gold and multi-symbol trading, MT5 is the better choice in almost every case.
- Stay on MT4 only if you depend on a tool that has no MT5 version yet.
Quick comparison
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Timeframes | 9 | 21 |
| Pending order types | 4 | 6 (adds Buy/Sell Stop Limit) |
| Strategy tester | Single-thread, mainly M1 data | Multi-thread, real ticks, cloud agents |
| Position accounting | Hedging | Hedging or netting |
| Economic calendar | No (external) | Built in |
| Depth of Market | No | Yes (where broker supports) |
| Programming language | MQL4 | MQL5 |
| Asset classes | Mainly forex and CFDs | Forex, CFDs, stocks, futures |
| Architecture | 32-bit legacy core | 64-bit, multi-threaded |
Differences for manual traders
For a manual trader the platforms feel similar: the same chart windows, Market Watch, Navigator and one-click trading. The practical differences are:
- More timeframes in MT5 — M2, M3, M10, M20, H2, H3, H6, H8, H12 and others. Useful for traders who like a "middle" timeframe between M15 and H1.
- Stop Limit orders — a pending order that becomes a limit order after a trigger price is hit, handy for breakout-and-retest entries.
- Built-in calendar with news on the chart, so fewer external tools are needed.
- Faster charts and terminal with many symbols open, thanks to the 64-bit, multi-threaded architecture.
Differences for algo traders and EA users
This is where MT5 clearly wins. Its Strategy Tester can model every tick based on real ticks from the broker, run optimisations on all CPU cores and even on the MQL5 Cloud Network, and test multi-symbol EAs that trade several instruments from one chart. MT4's tester is single-threaded and mostly works from M1 bars with interpolated ticks, which is often too optimistic for scalpers and gold EAs.
MQL4 and MQL5 programs are not compatible. An .ex4 file runs only in MT4 and an .ex5 file only in MT5. Many vendors, including WONNFX, publish separate versions for each platform.
Hedging vs netting
MT4 always allows several opposite positions on one symbol (hedging). MT5 supports two account modes: netting, where all trades on a symbol merge into one position (common for exchange instruments), and hedging, which works like MT4. Most forex brokers open MT5 hedging accounts by default, so EAs that manage several positions work as expected — check the account type if an EA behaves strangely.
Broker support in 2026
MetaQuotes, the developer of both platforms, has for years focused on MT5 and stopped issuing new MT4 licences to brokers, so new brokers and new account types increasingly launch on MT5 only. MT4 still works at many established brokers, but the long-term direction is clear: new features, new instruments and new tools arrive on MT5 first.
Which one should you choose?
| You are… | Recommendation |
|---|---|
| New to trading | MT5 — modern, supported, more tools |
| Using a specific MT4-only EA or indicator | Stay on MT4 for that tool, test an MT5 version |
| Trading gold or several symbols with EAs | MT5 — better tester and multi-symbol support |
| Copying MQL5 signals | Either; MT5 offers more broker choice |
| Trading stocks or futures | MT5 — MT4 is mainly forex/CFDs |
Strategy Tester: why it matters so much
For anyone buying or building expert advisors, the tester is the single most important difference between the platforms. In MT4 a typical backtest uses M1 bars and generates artificial ticks inside each minute. For a strategy with a 5-pip stop on gold, the order in which those invented ticks hit the stop and the target can decide the whole result — and the tester simply guesses.
MT5 can replay the broker's real recorded ticks, including the real spread at every moment. It also tests multi-currency EAs properly, because it synchronises the history of every symbol the EA uses. On top of that, optimisation runs on all CPU cores at once and can be distributed to remote agents, so a search that takes a night in MT4 often takes minutes in MT5.
| Tester feature | MT4 | MT5 |
|---|---|---|
| Tick source | Generated from M1 bars | Real ticks or generated |
| Real variable spread | No (fixed per test) | Yes, with real ticks |
| Multi-symbol testing | Very limited | Full support |
| Optimisation cores | One | All local cores + remote/cloud agents |
| Forward testing | Manual | Built-in forward period |
For developers: MQL4 vs MQL5
MQL5 is a more modern, object-oriented language with better performance and richer standard libraries for trading, charts and graphics. It also separates orders, deals and positions, which makes trade management more precise but means MQL4 code cannot simply be copied across. Since 2014 MQL4 has adopted much of the MQL5 syntax, so many developers maintain one shared code base with small platform-specific parts — the approach used for the WONNFX MT4 and MT5 tools.
Moving from MT4 to MT5
- Open an MT5 demo account with your broker and copy your chart templates manually — templates are not transferable between platforms.
- Find MT5 versions of the indicators and EAs you use. Most popular tools have one; WONNFX tools such as TradePanel, iSTATS, MONITOR, NEWS FILTER and INFOLINE are available in both versions.
- Backtest your EAs again in MT5 on real ticks — results may differ from MT4, usually because MT5 is more realistic.
- Run both platforms in parallel on demo for a few weeks before switching live money.
Common myths
- "MT5 has worse execution." Execution depends on the broker and account type, not the platform.
- "MT5 can't hedge." It can, on hedging accounts, which are standard at most forex brokers.
- "MT4 backtests are good enough." For slow H4 strategies they may be; for intraday and gold EAs, MT5 real-tick tests are far more reliable.
Frequently asked questions
Educational content only, not financial advice. Leveraged trading carries a high risk of loss. Past performance does not guarantee future results. Broker and prop-firm rules change — always check the current conditions of your provider.
