MT4 or MT5 for Forex Expert Advisors?
- Forex traders are given a freehand to select the platform of their own choice. However, this selection is entirely based on the selection of a forex broker. Remember, not every kind of trading platform is supported by every broker. Although, brokers use several types of software to get access to those platforms, if the bridge is defected, it can negatively impact the overall trading process.
Forex Trading Platforms
Let’s face it, forex trading is not the same as it was a decade ago. Trading platforms were introduced in the late 90’s and after that we have seen numerous programmers creating specialized software called platforms or terminals.
What is MT4?
Developed by MetaQuotes Software Corp, MT4 has been a well-known trading platform for more than 10 years. The best bit? The traders can download it for FREE. Simply put, trading platforms are a podium used by forex traders to trade on crypto currencies.
MT4 – Features
· EA programmed through platform’s native language
· Employs LIFO as a basic trading strategy
· Can smoothly work on various devices due to less memory usage
· Still believed to be the most popular trading platform as it’s having consistent support and acknowledgement from the seasoned market traders
What is MT5?
Since MT5 was released five years after MT4, there is a misconception that it was a revamped version of the MT4 terminal. However, the fact is, it is designed for a completely different target market. Hence, it’s actually pointless to compare two entirely different platforms in the first place.
Actually, MT5 was constructed to be able to use other markets apart from forex like stocks and commodities. Forex, as we all know is a highly volatile market. The stocks and commodities, in comparison, are primarily traded as future contracts. Simply put, MT5 was created to captivate non-forex or U.S. markets.
MT5 – Features
· Can effortlessly manage 6 pending and 2 stop order types
· Incorporates different chart timeframes
· There is an in-built economic calendar for the users
· Employs an up-to-the-minute MQL language for developing Expert Advisors (EAs)
MT4 is Better!
As mentioned earlier, when it comes to trading in a decentralized forex structure, MT4 is certainly the better choice.
Benefits of MT4:
Flexibility: As MT4 is a mobile platform, it does not only let traders use the computer but they can also place trades through their smartphones and tablets. Generally, there are three MT4 formats available to the traders including desktop, browser and mobile. Notably, both iOS and Android and the Metatrader Web Terminal are completely in sync with the desktop platform.
For instance, if you use your desktop to open an order, you can use tablet or your smartphone to manage the trade. The data display is also amazing. Time and place independence are two major aspects that make browser and mobile trading super easy and effective.
Multi-functionality: The Company which has developed MT4 has applied plethora of trading functions in its platform. MT4 is great for the traders and EAs as it has so much to offer for its users.
Algorithmic Trading – the Basic MT4 Strength: Algorithmic trading, as its name implies is trading done with the help of automated solution or robots also known as EAs.
EA or a forex robot use pre-planned instructions to place a trade. You can develop your own EA by using MQL4 IDE that is integrated into the terminal.
Much More Safe and Efficient: While using MT4, the trader can conveniently transmit information to the platform. The terminal lands with an advanced security mechanism developed on RSA that ensures that all data exchange remains safe and protected.
Used with Expert Advisors for Years: Since its inception, MT4 has been widely used to design great EAs for the forex traders. MetaTrader EA is actually an automated trading system that is used to handle trades without any human interference. From sending orders to handling and modifying stop limits, EAs working on MT4 are exclusive and fully-functional.
The best forex MT4 EA can allow investors to work on a disciplinary trading mechanism without altering any predetermined instructions.
Lastly, all the major forex indicators are accessible in the MT4 terminal that can be used by forex robot. Plus, you can also design your own personalized indicators that can seamlessly integrate with your EA and deliver great results.
Before deciding on the best forex ea for MT4/MT5 , it’s important that you go through the benefits of each platform and then take your decision accordingly.
According to babypips , the best thing about MT4 is that it can be used by traders to connect their EAs in order to track available trade opportunities in the market.
MT4 is Still the Best Platform in 2019
As mentioned earlier, comparing MT4 with MT5 is just worthless as both these platforms are designed for different purposes. In addition to that, both of them cater to entirely different markets. All in all, when it comes to forex trading, MT4 is still the best trading platform for automated trading in 2019.