MT4 vs MT5?

farmerjohn1324 · Oct 6, 2020

From what I've read, MetaTrader4 is for Forex only, and MT5 is Forex plus futures, stocks, and other things. Yet people still suggest using MT4 for Forex. Why is that?

I'm browsing the MQL5 community for robot trading scripts, and I think they're all written for MT5. How do I find scripts for MT4?

ph1l · Oct 6, 2020

farmerjohn1324 said:
How do I find scripts for MT4?

https://www.mql5.com/en/code/mt4/scripts

MQL4 Source Codes of Scripts for MetaTrader 4

Scripts are small applications that perform one-time actions. For example, you can delete all objects from a chart or place a set of orders for an open position. Find here hundreds of applications that can automate small analytical or trading functions.

Scripts are free to download and run in MetaTrader 4.

farmerjohn1324 · Oct 6, 2020

ph1l said:
https://www.mql5.com/en/code/mt4/scripts

Thanks.

Do you know why people still suggest using MT4 for Forex? I suppose MT5 isn't simply an updated version of MT4?

xandman · Oct 6, 2020

https://www.mql4.com/about

https://www.mql5.com/

MT5 was created for compatibility with other markets. They were over reaching and the adoption was short of expectations.

farmerjohn1324 · Oct 6, 2020

xandman said:
https://www.mql4.com/about

https://www.mql5.com/

MT5 was created for compatibility with other markets. They were over reaching and the adoption was short of expectations.

Is there any good program to run scripts for instruments other than Forex?

farmerjohn1324 · Oct 6, 2020

I should have asked where I can find/buy "Expert Advisers" for MT4. (not scripts)

ph1l · Oct 6, 2020

farmerjohn1324 said:
I should have asked where I can find/buy "Expert Advisers" for MT4. (not scripts)

https://www.mql5.com/en/market/mt4

Expert Advisors and Indicators for MetaTrader 4

Do you know why the MetaTrader Market is the best place to sell trading strategies and technical indicators? No need for advertising or software protection, no payment troubles. Everything is provided in the MetaTrader Market.

ph1l · Oct 6, 2020

farmerjohn1324 said:
Do you know why people still suggest using MT4 for Forex?

It could be MT4 is more popular among brokers. For example, https://www.forexchurch.com/mt4-forex-brokers lists 138 brokers supporting MT4, but https://www.forexchurch.com/mt5-forex-brokers list 26 brokers supporting MT5.

Turveyd · Oct 6, 2020

MT4 has buttons on chart, 1 click and your in, MT5 strangely didn't 2years back have this feature, so I stuck to MT4.

farmerjohn1324 · Oct 6, 2020

ph1l said:
https://www.mql5.com/en/market/mt4

I'm trying to download a free EA just to try out so I know how it all works.

https://www.mql5.com/en/market/product/11429#!tab=overview

This is the one I'm trying to get. I click on it and it says it needs to open the link in MT4. Then, MT4 opens and nothing is changed. I don't know how to use this link on this website. Let alone how to backtest and verify the EA.