Simple reason is there are much more MT4 custom indicators, scripts and EAs available compared to MT5. Unless you are programming yourself, there's no choice. I use MT4 only for quality MT4 custom indicators which are mostly freely available. Otherwise, I wouldn't have used any products from this Russian company.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
MT4 vs MT5?
- Thread starter farmerjohn1324
- Start date
Can someone recommend a Forex broker? I'm currently using IG. I know nothing about these companies or if they're legit, and I plan to wire them money in the future.
I need a broker compatible with MT4.
I need a broker compatible with MT4.
I think that there are two reasons: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?
(1) Many forex brokers don't see the added benefit of offering MT5, so they only offer MT4.
(2) MT4 (MQL4) legacy code. Many people don't want to spend the time and effort to rewrite their existing code base for MT5/MQL5. MQL4 legacy code does not run in MT5.
I think that there are two reasons:
(1) Many forex brokers don't see the added benefit of offering MT5, so they only offer MT4.
(2) MT4 (MQL4) legacy code. Many people don't want to spend the time and effort to rewrite their existing code base for MT5/MQL5. MQL4 legacy code does not run in MT5.
Ok. So now I need to know...
1. Where to download good EA's
2. How to upload them in MT4
3. How to backtest/verify them
4. How to run them in demo account
5. How to run them in live account
I think I know #1, but can't figure out how to open it in MT4
Most brokers who offer MT4 let you open demo accounts. MT4 and MT5 have built-in backtest capabilities, called the Strategy Tester. Be aware though that not all EA's allow you to do that: they blocked the ability to run backtests. Which, in my view, is a telltale.Ok. So now I need to know...
1. Where to download good EA's
2. How to upload them in MT4
3. How to backtest/verify them
4. How to run them in demo account
5. How to run them in live account
I think I know #1, but can't figure out how to open it in MT4
Most brokers who offer MT4 let you open demo accounts. MT4 and MT5 have built-in backtest capabilities, called the Strategy Tester. Be aware though that not all EA's allow you to do that: they blocked the ability to run backtests. Which, in my view, is a telltale.
Ok. I finally got my demo account working on my laptop. Can you recommend a strategy to buy that I can backtest myself? Do you personally buy from MQL5 community website?
I am running into a problem. It seems as though most of the trading robots (EA's) that are for sale online are using MT5. I cannot even find a Forex broker so far that will support MT5. Can anyone suggest one? After I get this problem solved, then I will hopefully be able to start downloading EA's, backtesting, paper trading, and then finally.... live trading.
No, I never bought anything. I only developed my own MT5 EA as I was curious how it would be to develop something using this MT5/MQL5 platform.Ok. I finally got my demo account working on my laptop. Can you recommend a strategy to buy that I can backtest myself? Do you personally buy from MQL5 community website?
Edit: I opened an account at Pepperstone, for two reasons: (1) they are an Australian company and thus have to follow Australian rules and oversight, and (2) they are one of the few I found which have MT5. I didn't want to have an account at a broker based in some unregulated banana republic.
No, I never bought anything. I only developed my own MT5 EA as I was curious how it would be to develop something using this MT5/MQL5 platform.
I'm hoping to buy EA's and edit the scripts if necessary. I haven't done any computer programming since the late 1990's and that was just simple HTML.
You won't get access to the source code and thus will not be able to modify the code. Only certain parameter settings (depending on the EA) will be available.I'm hoping to buy EA's and edit the scripts if necessary. I haven't done any computer programming since the late 1990's and that was just simple HTML.