MT4 vs MT5: Which Should You Use?

The most important thing to know in the MT4 vs MT5 debate: MetaTrader 5 (2010) is not simply a newer, better MetaTrader 4 (2005). They're separate platforms with different goals. MT4 is built around forex and CFDs and has the largest ecosystem of Expert Advisors and indicators; MT5 reaches into exchange-traded stocks and futures and adds more timeframes, a built-in economic calendar, Depth of Market, and faster backtesting. Neither replaces the other — which is why brokers offer both: our 2026 study of 21 brokers found all of them run both. This page is the decision guide; for the platform explainers, see what MT4 is and what MT5 is.

MT4 vs MT5 at a glance

Here is the full head-to-head. MT4 facts below reflect build 1460 (March 2026); MetaTrader 5 does not publish a single headline build number the way MT4 does, so we don't quote one.

The key difference

MT5 was built for a broader range of markets and uses a newer programming language, MQL5. That last point matters more than it sounds: because MQL4 and MQL5 aren't cross-compatible, the Expert Advisors and custom indicators you collect for MT4 won't run on MT5 (and vice versa) without being rewritten. For traders with a favourite MT4 tool or EA, that alone is often the deciding factor. Everything else — markets, timeframes, order types, backtesting — flows from MT5's "do more, with more assets" design versus MT4's "do forex, simply" focus.

Markets & instruments

MT4 was designed first and foremost for forex and CFDs. On MT4 you'll typically find currency pairs plus contracts-for-difference on metals (gold, silver), indices, energies and other commodities. It handles those extremely well, which is why it became the default forex platform.

MT5 keeps everything MT4 offers and extends into exchange-traded markets — most notably real stocks and futures — alongside the same forex and CFD line-up. That makes MT5 a genuine multi-asset terminal: a broker can let you trade currencies, shares, indices, commodities, futures and crypto CFDs from one login. The catch is that what you can actually trade is set by your broker's product list, not the platform itself. If your broker only offers forex and CFDs on MT5, the multi-asset advantage is theoretical for you. Always check the instrument list before assuming MT5 unlocks stocks or futures. If you mainly trade gold or indices as CFDs, both platforms cover you — see trading gold (XAUUSD) on MT4.

Timeframes & indicators

MT4 ships with 9 timeframes — M1, M5, M15, M30, H1, H4, D1, W1 and MN — and roughly 30 built-in indicators across trend, oscillator, volume and Bill Williams groups. For most forex strategies that is plenty, and the gaps are filled by the enormous library of free and paid custom indicators.

MT5 raises this to 21 timeframes, adding intermediate periods such as M2, M3, M4, M6, M10, M12, M20, H2, H3, H6, H8 and H12 — useful if you want finer control over chart granularity or build systems on non-standard periods. It also bundles 38 or more built-in indicators. In practice the timeframe difference matters most to discretionary chartists and to strategy developers; a swing trader on H4 and D1 won't feel constrained on MT4. If you want to add tools on either platform, our guide to installing indicators on MT4 walks through the MQL4/Indicators folder via File ▸ Open Data Folder.

Order & pending-order types

Both platforms cover market orders, stop-loss, take-profit and trailing stops. The difference is in pending orders. MT4 offers four: Buy Limit, Sell Limit, Buy Stop and Sell Stop. MT5 offers six, adding Buy Stop Limit and Sell Stop Limit — a "stop that, once hit, places a limit order," which gives more precise entries in fast or gapping markets.

On either platform you place an order the same way: right-click the chart ▸ Trading ▸ New Order (or press F9), then choose Market Execution or a Pending Order type. The two extra MT5 order types are a genuine plus for execution-sensitive traders, but they are not something most forex beginners will miss. New to order types? Our how to use MT4 guide covers placing your first trade step by step.

Hedging vs netting

MT4 uses a hedging model only: you can hold a buy and a sell on the same symbol at the same time, and each position is tracked separately. Many forex traders prefer this.

MT5 supports both hedging and netting, set at the account level by your broker. Under netting, all trades on one symbol are combined into a single net position — common for stock and futures trading and on some exchange-style accounts. Under hedging on MT5, it behaves like MT4. So MT5 isn't "better" here; it's more flexible, and the right mode depends on what you trade and how your broker configures the account. If holding opposing forex positions matters to you, both platforms support it via hedging.

MQL4 vs MQL5: tools don't transfer

This is the single biggest practical difference, and it's worth stating plainly: MQL4 and MQL5 are different languages, and code does not move between them. An Expert Advisor or custom indicator built for MT4 (MQL4) will not load on MT5, and an MQL5 tool won't run on MT4 — each must be rewritten and recompiled for the other platform.

The folders differ too. On MT4, EAs live in MQL4/Experts and indicators in MQL4/Indicators, reached via File ▸ Open Data Folder; MT5 uses an equivalent MQL5/ structure. MQL5 is the more powerful, modern language (object-oriented, with access to MT5's extra features), which is why new automated tools are increasingly written for it. But MT4's head start means its catalogue of ready-made EAs and indicators is still the largest anywhere. If you depend on a specific MT4 EA that has no MQL5 version, that's a strong reason to stay on MT4. To go deeper on automation, see our MT4 Expert Advisors guide.

Backtesting & the Strategy Tester

Both platforms include a built-in Strategy Tester for backtesting EAs against historical data, but MT5's is more capable. MT4's tester is single-threaded and tests one symbol at a time.

MT5's tester is multi-threaded (it uses all your CPU cores, and can even distribute across a local network or the MQL5 Cloud), supports multi-currency testing of strategies that trade several symbols at once, and offers more accurate real-tick modelling. For anyone optimising parameters or testing portfolio strategies, MT5 is meaningfully faster and more realistic. For a single forex EA on one pair, MT4's tester is perfectly adequate. Either way, always backtest before going live — see our MT4 Strategy Tester guide.

Built-in economic calendar & Depth of Market

MT5 bundles two tools MT4 lacks natively. A built-in economic calendar puts upcoming news releases and their forecast/actual figures right inside the terminal, which is handy if you trade around data. And Depth of Market (DOM) shows the queue of buy and sell orders at each price level — most useful for exchange-traded instruments and order-flow-aware trading.

On MT4 you can get similar functionality through third-party indicators or your broker's add-ons, but it isn't part of the standard terminal. If a native economic calendar or DOM is on your must-have list, that points towards MT5.

Which should you use?

• Choose MT4 if you trade forex and CFDs, want the simplest path and the biggest ecosystem of EAs and indicators, rely on a specific MT4 tool, or you're a beginner. Start with downloading MT4, or set it up via MT4 for PC or Mac.
• Choose MT5 if you want to trade exchange-traded stocks or futures, value a built-in economic calendar or Depth of Market, need netting, or run heavy multi-currency backtests. Start with downloading MT5 or read what MT5 is.
• You may not have to choose — almost every broker offers both, so you can try each on a demo and switch freely.

Is MT5 a replacement for MT4?

No — and this is a common misconception. MetaQuotes positions MT5 as the newer flagship, and it stopped selling new MT4 licences to brokers years ago, but it has not retired MT4 for traders. MT4 is still actively maintained (build 1460, March 2026), and the two platforms coexist. Our 2026 audit of 21 leading brokers found every single one offers both MT4 and MT5 side by side. So you are never forced to migrate: you can keep your MT4 charts and EAs, open MT5 when you need its extras, and run both with the same broker. The honest takeaway is that neither platform is simply "the winner" — they suit different needs, and the right choice is the one that fits what you trade.

Related guides

New to the platform? Read what MT4 is. Ready to install? See MT4 for PC or Mac, learn how to use MT4, or compare the best MT4 brokers.

Leaning towards MetaTrader 5? Read what MT5 is, follow the MT5 download guide (for PC, Mac, Android or iPhone), see how to install MT5, or compare the best MT5 brokers.

Frequently asked questions