Choosing the Best: Meta Trader 4 Vs Meta Trader 5
Trading online is quite popular these days. Just like the rest of the things that we do online, trading can also be done with ease and convenience. The convenience and reliability factors are paramount for trading in an offline mode and they become equally important or rather more important when doing the same thing online. A lot of the worries that traders have while doing online trading are acknowledged by several good online trading platforms. If you have the right knowledge about these trading platforms then trading through online portals will be nothing less than a cakewalk. In this blog, we are going to discuss Meta Trader 4 Vs 5 to give you a fair idea about what you must check while choosing an online trading platform.
You must be surprised by the term Meta Trader 4 Vs 5 because a lot of people think that Metatrader 5 is an upgraded version of the Metatrader 4. But this is a misconception. Both the platforms irrespective of their popularity is very different as far as the trading is concerned. We will discuss in detail the differences between these two leading trading platforms.
Let us first talk about the interface of both these platforms:
- Metatrader 4: Metatrader 4 is quite a popular online trading platform and the foremost reason for its popularity is its simple and easy interface, while it also gives its customers the freedom of customizing the interface according to their trading requirements.
- Metatrader 5: Mt5 is also a popular trading platform, is popular because of the innovative and new trading options that it provides to its customers. Though it does have some additional features like timeframes.
DIFFERENCE IN THE PENDING ORDERS
Whenever you want to purchase or sell a security in the future at a price that is defined based on some market analysis is called pending orders. Both these platforms provide different types of pending orders.
Metatrader 4: In MetaTrader 4 you will get four types of pending orders these are:
- Buy stop
- Buy limit
- Sell limit
- Sell stop.
Metatrader 5: Metatrader 5 offers is its customers six types of pending orders these are:
- Buy stop
- Buy limit
- Buy Stop limit
- Buy limit
- Sell stop
- Sell limit
- Sell Stop limit
- Sell limit
If you are someone from a technical background who is into trading now, you will surely imagine what languages have been used in developing these trading platforms. The languages are MQL4 and MQL5 respectively. These are special languages that are dedicated to developing robots specially for trading. Now we will study the implications of these languages on the trading project which are the result of using these languages.
MQL4: This is used for developing trading systems that can work on the Order System of the trading. This is comparatively simple to MQL5 but still needs multiple functions to perform even a single operation related to trading. One can face compatibility issues when trying to run the programs of MT4 on MT5.
MQL5: It is used to implement platforms that can implement the Positional Systems. This develops platforms that are comparatively easy to use and are more efficient in their work. It also allows its customers to write and change the scripts. It does not need many functions to perform one task, so its complexity is less than MQL4.
If you are a regular trader then you will be aware of hedging and netting. Those who are not aware of these terms or are new to the trading environment hedging is opening multiple positions whether they are long or short with this same instrument whereas if you want to consolidate on those points that you have opened while hedging then the consolidation is possible only if you are allowed netting by your trading platform. MT4 allows only hedging to its users while with the Mt5 trading platform you will be allowed to use both hedging and netting.
Market analysis is an important part of online trading. It is this analysis that will make you aware of the market ups and downs based on which you can make your decision of investing in a particular thing or not. When we talk of the analytical difference of Meta Trader 4 Vs 5 we will see that MT4 has about 30 built-in indicators whereas the technical indicators in MT5 are around 38. MT4 has more than 2000 free custom indicators, whereas MT5 has 44 analytical objects. Talking of the paid indicators and timeframes MT4 has about 700 paid indicators while MT5 has 21-time frames with an unlimited number of charts which will give you an in-depth analysis of the market with a detailed study of the risk involved in the investments or the prospects of the Investments.
If you are a trader who wants to be aware of the market happenings then you must visit some good trading websites like Xtreamforex. If you are the one who visits these kinds of websites then you have a fair idea about the importance of the study of the market depths which is undoubtedly offered in a very detailed manner by MT5 they will give you a fair idea of the bids and offers of the securities which will be based on the volumes at which they are available. Moreover, MT5 will also give you a detailed economic calendar so that you can have a bird’s eye view of the economic happenings of all the countries around the world.
It is imperative to be well informed if you want to be a successful trader for that you can visit good trading websites like Xtreamforex which give you all the important information and knowledge about trading and from there you can get a fair idea about how to choose the best in the race of Meta Trader 4 Vs 5 so that you can end up reaping profits of your investments.