MetaTrader has two types, MT4 and MT5. MT4 is a highly functional graphical software released in 2005, MT5 launched in 2011 is considered a new version of MT4.
However, MT4 and MT5 operate on completely separate systems, so incompatibility between MT4 and MT5 is a downside.
The table comparing the difference between MT4 and MT5
|Time frame||9 frames|
(1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week, 1 month)
(1 minute, 2 minutes, 3 minutes, 4 minutes, 5 minutes, 6 minutes, 10 minutes, 12 minutes, 15 minutes, 20 minutes, 30 minutes, 1 hour, 2 hours, 4 hours, 8 hours, 12 hours, 1 day, 1 week, 1 month)
Memory card consumption is low so PC does not have to be highly functional
Memory card consumption is low so PC should be highly functional
|Changing indicator||Difficult to change||Easy to change for each folder|
|Indicator||It is possible to use dedicated indicator for MT4||Can use dedicated indicators for MT5
(Indicators on for MT5 is less than on MT4)
In addition, it was not possible to use Strategy tester on MT5 a few years ago MT5 but now it is ok.
MT4 and MT5 are incompatible
As mentioned above, since MT4 and Mt5 have separate systems, there is no compatibility. Therefore, it is not possible to log into MT5 using MT4 account, if you want to use MT5 you need to open a dedicated account for MT5.
In addition, the EA and the indicators used on MT4 can not be used, on MT5 so it is necessary to use the MT5 indicators. And this is also a disadvantage of MT5.