MetaTrader 5 is the successor to MT4, offering enhanced features, more timeframes, and multi-asset capabilities. MT4 is still offered by many brokers, but its developer now steers brokers and new traders to MT5, which is the platform to learn if you are starting today.
MT5 Overview
Key Improvements Over MT4
More Timeframes:
- 21 timeframes vs MT4's 9
- Includes M2, M3, M4, M6, M10, M12, H2, H3, H6, H8, H12
More Order Types:
- Buy Stop Limit
- Sell Stop Limit
- More flexibility in pending orders
Economic Calendar:
- Built-in news calendar
- No need for external tools
Depth of Market:
- Better market depth view
- Level 2 data where available
Multi-Asset:
- Stocks, futures, options
- Single platform for all
Getting Started with MT5
Download and Installation
Same Process as MT4:
- Download from broker
- Run installer
- Log in with credentials
Interface Differences
Similar But Enhanced:
- Same general layout
- More modern appearance
- Additional panels and options
- Better graphics
New Timeframes
Additional Options
| MT4 | MT5 Additional |
|---|---|
| M1, M5, M15, M30 | M2, M3, M4, M6, M10, M12 |
| H1, H4 | H2, H3, H6, H8, H12 |
| D1, W1, MN | Same |
Benefits
- Better precision for analysis
- More options for strategies
- Custom timeframe combinations
- Fill gaps between existing TFs
Enhanced Order Types
Stop Limit Orders
Buy Stop Limit:
- Place above current price (like buy stop)
- But executes as limit order
- Better price control
Sell Stop Limit:
- Place below current price
- Executes as limit order
- Combines both order types
Practical Use
Example:
- Price at 1.1000
- Want to buy if breaks 1.1050
- But only at 1.1040 or better
- Buy Stop Limit: Stop at 1.1050, Limit at 1.1040
Built-In Economic Calendar
Accessing Calendar
Location:
- View → Toolbox → Calendar
- Or bottom panel → Calendar tab
Features
- Upcoming events
- Impact ratings
- Previous/forecast/actual data
- Filters by country and importance
Trading Benefits
- No external calendar needed
- Plan around events
- Set alerts
- Integrated experience
Depth of Market (DOM)
What It Shows
- Buy orders at different prices
- Sell orders at different prices
- Market depth visualization
- One-click trading from DOM
Using DOM
Access:
- Right-click chart → Depth of Market
- Or View → Depth of Market
Trading:
- Click to place orders
- See liquidity levels
- Professional tool
Technical Analysis Improvements
More Indicators
Built-In:
- All MT4 indicators
- Additional new ones
- Better customization
Custom Indicators:
- MQL5 language (more powerful)
- Marketplace available
- Community resources
Drawing Tools
Enhanced:
- More objects available
- Better Fibonacci tools
- Elliott wave tools
- More shapes and annotations
Chart Features
Improvements:
- Faster rendering
- More history available
- Better zoom and scroll
- Multiple chart windows easier
Strategy Tester
Major Improvement
MT5 strategy tester is significantly better:
Multi-Currency Testing:
- Test across multiple pairs
- More realistic results
- Portfolio testing
More Accurate:
- Real tick data mode
- Better simulation
- More reliable results
Faster:
- Multi-threaded
- Faster optimization
- Use full CPU power
Visual Mode
- Watch strategy execute
- See entries and exits
- Debug and improve
MQL5 Programming
Differences from MQL4
More Powerful:
- Object-oriented programming
- More functions
- Better performance
Learning Curve:
- Different syntax in places
- More complex
- Worth learning for serious developers
Compatibility
Note:
- MQL4 code doesn't run directly in MT5
- Requires conversion
- Not all EAs available
Multi-Asset Trading
Beyond Forex
MT5 supports:
- Forex
- Stocks
- Futures
- Options (where offered)
- CFDs
One Platform
Benefits:
- Single interface for all
- Unified account view
- Cross-asset analysis
- Convenience
MT5 Mobile
Similar to MT4 Mobile
Features:
- Full trading
- Economic calendar
- More indicators than MT4 mobile
- Charts and analysis
Improvements
- Better interface
- More tools
- Calendar included
- Enhanced features
MT5 vs MT4 Comparison
| Feature | MT4 | MT5 |
|---|---|---|
| Timeframes | 9 | 21 |
| Pending Order Types | 4 | 6 |
| Economic Calendar | No | Yes |
| Depth of Market | Basic | Enhanced |
| Multi-Asset | Forex only | Multi-asset |
| Strategy Tester | Single pair | Multi-currency |
| Programming | MQL4 | MQL5 |
| EA Library | Larger | Growing |
Should You Use MT5?
Choose MT5 If:
- You want multi-asset trading
- You need more timeframes
- You want built-in calendar
- You're starting fresh
- Your broker offers it
Stay with MT4 If:
- You have MT4 EAs/indicators
- You're comfortable with MT4
- Your broker only offers MT4
- You only trade forex
- Migration isn't worth it
Key Takeaways
- MT5 is the upgraded successor to MT4
- More timeframes, order types, and features
- Built-in economic calendar is convenient
- Better strategy tester for automation
- Supports multi-asset trading
- MQL5 is more powerful but different
- Not all MT4 tools work in MT5
- Choose based on your needs
What's Next?
Learn about cTrader platform as an alternative to MetaTrader.
This article is for educational purposes only and does not constitute financial advice.
Risk warning. This is education only, not financial, investment, tax or legal advice, and not a recommendation to buy or sell anything. Trading forex, CFDs, stocks, commodities, futures, options and crypto is high-risk; with leverage you can lose more than you deposit, and most retail traders lose money. Before you trade or invest in any form, check the local laws where you are and the rules of your country of residence, and consider your own financial situation; if in doubt, ask a licensed adviser. Past and tested results, and all examples, are for illustration only and do not guarantee future results.