MT4 vs MT5 for Expert Advisors: which platform should you choose?
By Praveen Divvala · · 4 min read
Short answer
Choose MT5 if you want a more capable Strategy Tester, more instruments such as stocks and indices, and a newer language in MQL5. Choose MT4 if your broker or prop firm only offers it or your existing EAs are already in MQL4. The best choice usually depends on what your broker supports.
The quick comparison
Both platforms run Expert Advisors, but they are different products with different languages.
- MT4 uses MQL4. It is older, simpler and still widely offered by forex brokers.
- MT5 uses MQL5. It supports more asset classes, including stocks and indices where the broker provides them.
- The MT5 Strategy Tester can test on real ticks and supports multi-currency testing and faster optimisation.
- EAs are not interchangeable: an MQL4 robot must be converted and re-tested to run on MT5.
Account types matter
MT4 accounts allow hedging, meaning several opposite positions on the same symbol. MT5 accounts may be netting or hedging depending on the broker. A strategy that opens multiple positions per symbol, such as grid or recovery systems, needs a hedging account, so check this before you build.
Broker and prop firm availability
Many brokers and prop firms offer both platforms, but not all. Confirm which one your account uses before commissioning an EA, because that decides the language it is written in.
Which one for forex, gold and stocks?
For forex and gold, either works, and the deciding factor is usually the broker. For stocks, indices and CFDs, MT5 is generally the better fit where those instruments are offered.
Can I switch later?
Yes. An existing EA can be converted between MQL4 and MQL5, then re-tested, because the two languages differ in how they handle orders and positions.
General information about software and trading platforms, not investment advice. Trading leveraged products carries a high risk of loss. See the risk disclosure.