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Platform2024-12-10•10 min read

MT4 vs MT5 for EA Development: Which Platform Should You Choose?

Table of Contents

Platform Overview

MetaTrader 4 (MT4) has been the industry standard since 2005. MetaTrader 5 (MT5) was released in 2010 with significant improvements. Both platforms remain widely used, and the choice between them impacts your EA development.

MT4 Statistics:

  • Used by 70%+ of retail forex brokers
  • Simpler API, easier to learn
  • Larger community and code library
  • Limited to forex/CFDs at most brokers

    • MT5 Statistics:

  • Growing adoption, especially for stocks
  • More powerful backtesting
  • Better multi-currency support
  • Access to exchange-traded instruments

    • Language Differences

    MQL4 Characteristics

  • C-like syntax
  • Simple order functions (OrderSend, OrderModify)
  • Direct indicator access
  • Easier to learn for beginners

    • MQL5 Characteristics

  • Object-oriented programming support
  • Handle-based indicator system
  • More complex but more powerful
  • Better code organization for large projects

    • Testing Capabilities

    MT4 Strategy Tester:

  • Single currency testing only
  • "Every tick" or "Open prices only"
  • Basic optimization
  • Good for simple strategies

    • MT5 Strategy Tester:

  • Multi-currency testing
  • Real tick data support
  • Forward testing built-in
  • Visual mode improvements
  • Cloud optimization (MQL5 Cloud Network)

    • For serious backtesting, MT5 is significantly better.

    Order Execution

    MT4 (Hedging by default)

  • Can have multiple positions on same symbol
  • Simple position management
  • OrderSend for all operations
  • Limited order types

    • MT5 (Netting or Hedging)

  • Netting mode: One position per symbol
  • Hedging mode: Multiple positions (like MT4)
  • More order types (Buy Stop Limit, etc.)
  • Position-based accounting

    • When to Choose MT4

    Choose MT4 when your broker only offers MT4, your strategy is simple (single pair, single timeframe), you need to use existing MT4 indicators/EAs, target audience primarily uses MT4, or quick development is priority.

    When to Choose MT5

    Choose MT5 when building multi-currency portfolios, need accurate tick-by-tick backtesting, trading stocks or futures, building complex scalable systems, or for long-term projects with ongoing development.

    Our Recommendation: For new projects in 2024+, we recommend MT5 unless you have a specific reason to use MT4.

    Need help deciding? Contact us for a consultation.

    🧑‍💻

    TradeMetrics Pro Team

    Expert EA developers with 10+ years of experience in automated trading systems.

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