The MT5 platform provides access to more chart timeframes than MT4.
While the latter has 9 timeframes, MT5 has 21! There are 7 hourly charts, 11 types of minute
charts as well as daily, weekly, and monthly charts.
While MT4 has four types of pending orders - buy stop, buy limit, sell
stop, and sell limit, the MT5 platform has six types of pending orders with buy stop-limit and
sell stop-limit the two to be added. Additionally, MT5 supports partial order filling policies.
The MT5 expert advisors (EAs) are much more powerful than those offered
on MT4. Remote optimisation is offered on MT5, which also allows concurrent back-testing for
MQL4, which is the programming language for MT4, needs multiple
functions to perform every trading operation, while MQL5, the programming language for MT5, is
much more efficient and easier to use. The language of MT5 works well in the MT4 platform, but
the language of MT4 is not compatible with MT5.
While MT5 allows both hedging (on-demand / request) as well as netting,
MT4 permits only hedging. It is possible to transfer funds between accounts on the MT5 platform,
but not on the MT4 platform. MT5 displays the DOM (Depth of Market) data, which is not shown in
MT4. DOM data is a graphical representation of all bids and offers for a financial asset. All
you need to do is click on the ALT+B buttons, and you can view the depth of markets.
The MetaTrader 5 platform comes with an integrated economic calendar, so
traders can view the schedules of economic data releases, the figures of the previous release,
and the market expectation for each. While both MT4 and MT5 have email integration, the latter
supports emails with attachments.
Another unique tool available on the MT5 platform is the investor
password. This allows someone other than the account holder to log in to an MT5 account for the
purpose of viewing trading activities and histories. This is a useful tool for those who are
seeking independent advice on their trading strategies and behaviour.
Finally, MT5 comes with technical support, which was missing in the MT4