When traders talk about building Expert Advisors (EAs), the debate between MetaTrader 4 (MT4) and MetaTrader 5 (MT5) inevitably surfaces. While both platforms share MetaQuotes’ DNA, their differences go far beyond version numbers. For developers, choosing the right environment can shape the efficiency, flexibility, and future-proofing of their trading systems.
Language & Syntax
- MT4 uses MQL4: A simpler, C-like language designed for straightforward trading automation. Great for beginners but limited in advanced structures.
- MT5 uses MQL5: More powerful, object-oriented, closer to C++. It allows complex data handling, custom classes, and advanced logic.
Order Handling
- MT4’s hedging-only system: Each trade is independent, making it intuitive for retail traders but restrictive for portfolio-style EAs.
- MT5’s netting and hedging: Offers flexibility. Netting suits institutional-style trading, while hedging remains available for retail strategies.
Backtesting & Optimization
- MT4’s single-threaded tester: Slower, less accurate, limited to one core. Historical data handling can be clunky.
- MT5’s multi-threaded tester: Faster, supports distributed computing, tick-by-tick modeling, and more precise simulations.
Market Access
- MT4 is forex-focused: Primarily designed for currency trading, with limited support for other asset classes.
- MT5 supports multi-asset trading: Includes stocks, futures, and commodities, making it more versatile for diverse portfolios.
Community & Ecosystem
- MT4 has legacy dominance: A massive library of indicators, scripts, and EAs. Easier to find community support.
- MT5 is growing steadily: Smaller ecosystem but expanding rapidly, especially as brokers push adoption.
Conclusion
For EA developers, MT4 remains a reliable workhorse with simplicity and community support. MT5, however, is the future—offering speed, flexibility, and multi-asset capabilities. The choice depends on whether you value legacy stability or modern scalability.