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The incredible resilience of MT4 vs MT5

AniLorak
Oct 24 2018 at 12:49
920 ieraksti
hotakac posted:
I've been using MT4 and I'm doing very well, I'd have to think if I can actually go to the other platform, but actually I've done quite well with MT4


This is very common scenario actually! Same here, I am also quite happy on Mt4; that’s why never tried for Mt5 or others trading platform.

vontogr (togr)
Oct 24 2018 at 13:29
4862 ieraksti
PipsFisherman posted:
Like many of us I discovered forex and trading across websites, blogs, forums. Just after, you find a (doesn’t look too much as a scam) broker, open a demo account and then download the first platform available to start your new life.
On the next months you have downloaded dozen, hundred, thousands? amazing, useless, awful, must to have indicators and applied many holy grail strategies (ok, not as good as that, but the next one will be the good one).

Quite recently after reading a nice article on a new product I discovered that the indicator was a MT5 one’s. During the last 5 years, I have to admit that I didn’t met too many of them and often I don’t go further. But this time, I really wanted to learn more and decided to download and install the MT5 platform. Boring process across a lazy VPS, but was finally able to make everything properly working. Just needed a bit of time to load properly the indicator in the good file process.

And so what ?

Well, ok, you have your MT5 indicator loaded on the new platform, but all your strategies, all your others indicators are not here, you feel a bit like when you have a totally new computer, a bit naked, and you don’t know where to start. I came back to my lovely MT4 platform and decided to investigate a bit more, why MT4 is still in the place ?!

For the story, MT4 was released in 2005, more than 12 years ago ! MT5 was released 5 years later in 2010. It’s obvious that MT5 didn’t took the lead. Often when a company release a new version of a product you can observe a period of transition before shifting to the new one. You have what is call the Early Adopter, people always trying and buying the new product and then people shifting when the current version become too old. When Microsoft launch a new version you can expect a 3 years transition. When Google launch a new Android system, you have to wait before seeing the proper shift. But here we are reaching more than 7 years after the new versions and nothing is changing. When you take a look to Google Trends you can see the huge difference and the fact that MT5 is not trending at all or taking more share.

I took a look to 10 different famous brokers. They are one of the main providers for the trading platforms. 8 of 10 are not proposing the MT5 system. Meaning that the main companies working with Metatrader are not convinced or didn’t saw the interest of having the new platform available. It has a huge impact in the low adoption level.

Finally, 90% of indicators and strategies available to download are under MT4. MT5 is a totally different coding language and converting a MT4 to MT5 is not a one stop click situation. More the code is complex less it is easy to transform from one to the other. As majority of the top indicators and strategies are not available on the new platform, nobody will shift to this one.

MT5 is giving some new interesting features such as:
6 types of pending orders (vs 4 in MT4)
Additional Chart time frame (M2, MI3, MI..)
Built-in economic calendar
Depth of Market

But it seems it’s not enough to convince programmers to make the move and Metaquotes doesn’t want to kill the MT4 platform for creating an artificial shift from one to another. They are afraid to loose the current market share they have. MT4 still here for a long time !

And you, why are you still on MT4?

PipsFisherman


I am trading on both platforms
MT5 advantage is functional and precise backtesting at which area MT4 simply sucks.
MT5 disadvantage is completely different programming language, so there are not so many tools as for mt4

AmDiab
Oct 28 2018 at 08:55
718 ieraksti
togr posted:
PipsFisherman posted:
Like many of us I discovered forex and trading across websites, blogs, forums. Just after, you find a (doesn’t look too much as a scam) broker, open a demo account and then download the first platform available to start your new life.
On the next months you have downloaded dozen, hundred, thousands? amazing, useless, awful, must to have indicators and applied many holy grail strategies (ok, not as good as that, but the next one will be the good one).

Quite recently after reading a nice article on a new product I discovered that the indicator was a MT5 one’s. During the last 5 years, I have to admit that I didn’t met too many of them and often I don’t go further. But this time, I really wanted to learn more and decided to download and install the MT5 platform. Boring process across a lazy VPS, but was finally able to make everything properly working. Just needed a bit of time to load properly the indicator in the good file process.

And so what ?

Well, ok, you have your MT5 indicator loaded on the new platform, but all your strategies, all your others indicators are not here, you feel a bit like when you have a totally new computer, a bit naked, and you don’t know where to start. I came back to my lovely MT4 platform and decided to investigate a bit more, why MT4 is still in the place ?!

For the story, MT4 was released in 2005, more than 12 years ago ! MT5 was released 5 years later in 2010. It’s obvious that MT5 didn’t took the lead. Often when a company release a new version of a product you can observe a period of transition before shifting to the new one. You have what is call the Early Adopter, people always trying and buying the new product and then people shifting when the current version become too old. When Microsoft launch a new version you can expect a 3 years transition. When Google launch a new Android system, you have to wait before seeing the proper shift. But here we are reaching more than 7 years after the new versions and nothing is changing. When you take a look to Google Trends you can see the huge difference and the fact that MT5 is not trending at all or taking more share.

I took a look to 10 different famous brokers. They are one of the main providers for the trading platforms. 8 of 10 are not proposing the MT5 system. Meaning that the main companies working with Metatrader are not convinced or didn’t saw the interest of having the new platform available. It has a huge impact in the low adoption level.

Finally, 90% of indicators and strategies available to download are under MT4. MT5 is a totally different coding language and converting a MT4 to MT5 is not a one stop click situation. More the code is complex less it is easy to transform from one to the other. As majority of the top indicators and strategies are not available on the new platform, nobody will shift to this one.

MT5 is giving some new interesting features such as:
6 types of pending orders (vs 4 in MT4)
Additional Chart time frame (M2, MI3, MI..)
Built-in economic calendar
Depth of Market

But it seems it’s not enough to convince programmers to make the move and Metaquotes doesn’t want to kill the MT4 platform for creating an artificial shift from one to another. They are afraid to loose the current market share they have. MT4 still here for a long time !

And you, why are you still on MT4?

PipsFisherman


I am trading on both platforms
MT5 advantage is functional and precise backtesting at which area MT4 simply sucks.
MT5 disadvantage is completely different programming language, so there are not so many tools as for mt4


Hello mate, for the same trading instruments? Or you have listed pairs for Mt5 only?

vontogr (togr)
Oct 29 2018 at 08:32
4862 ieraksti
AmDiab posted:
togr posted:
PipsFisherman posted:
Like many of us I discovered forex and trading across websites, blogs, forums. Just after, you find a (doesn’t look too much as a scam) broker, open a demo account and then download the first platform available to start your new life.
On the next months you have downloaded dozen, hundred, thousands? amazing, useless, awful, must to have indicators and applied many holy grail strategies (ok, not as good as that, but the next one will be the good one).

Quite recently after reading a nice article on a new product I discovered that the indicator was a MT5 one’s. During the last 5 years, I have to admit that I didn’t met too many of them and often I don’t go further. But this time, I really wanted to learn more and decided to download and install the MT5 platform. Boring process across a lazy VPS, but was finally able to make everything properly working. Just needed a bit of time to load properly the indicator in the good file process.

And so what ?

Well, ok, you have your MT5 indicator loaded on the new platform, but all your strategies, all your others indicators are not here, you feel a bit like when you have a totally new computer, a bit naked, and you don’t know where to start. I came back to my lovely MT4 platform and decided to investigate a bit more, why MT4 is still in the place ?!

For the story, MT4 was released in 2005, more than 12 years ago ! MT5 was released 5 years later in 2010. It’s obvious that MT5 didn’t took the lead. Often when a company release a new version of a product you can observe a period of transition before shifting to the new one. You have what is call the Early Adopter, people always trying and buying the new product and then people shifting when the current version become too old. When Microsoft launch a new version you can expect a 3 years transition. When Google launch a new Android system, you have to wait before seeing the proper shift. But here we are reaching more than 7 years after the new versions and nothing is changing. When you take a look to Google Trends you can see the huge difference and the fact that MT5 is not trending at all or taking more share.

I took a look to 10 different famous brokers. They are one of the main providers for the trading platforms. 8 of 10 are not proposing the MT5 system. Meaning that the main companies working with Metatrader are not convinced or didn’t saw the interest of having the new platform available. It has a huge impact in the low adoption level.

Finally, 90% of indicators and strategies available to download are under MT4. MT5 is a totally different coding language and converting a MT4 to MT5 is not a one stop click situation. More the code is complex less it is easy to transform from one to the other. As majority of the top indicators and strategies are not available on the new platform, nobody will shift to this one.

MT5 is giving some new interesting features such as:
6 types of pending orders (vs 4 in MT4)
Additional Chart time frame (M2, MI3, MI..)
Built-in economic calendar
Depth of Market

But it seems it’s not enough to convince programmers to make the move and Metaquotes doesn’t want to kill the MT4 platform for creating an artificial shift from one to another. They are afraid to loose the current market share they have. MT4 still here for a long time !

And you, why are you still on MT4?

PipsFisherman


I am trading on both platforms
MT5 advantage is functional and precise backtesting at which area MT4 simply sucks.
MT5 disadvantage is completely different programming language, so there are not so many tools as for mt4


Hello mate, for the same trading instruments? Or you have listed pairs for Mt5 only?


Mostly I trade EURUSD.

Astronautica
Oct 29 2018 at 13:16
10 ieraksti
You say that MT5 is better for backtesting but how do you get long periods of historical tick data? For MT4 you can use tickstory but I do not know anything that is available for MT5.

AmDiab
Nov 29 2018 at 14:47
718 ieraksti
mwfx posted:
Biggest problem with MT5 is that it doesn't have the Ticket Order system as MT4. Means you can't have multiple (opposite) positions, but only one where you average in and out. At least that was when I last checked MT5 almost 2 years ago and that was the reason I neglected it and went back to MT4.


Oh really? Then, it’s such a minus point for sure. Basically, I have never tried for Mt5, since I’m quite satisfied on Mt4.

vontogr (togr)
Nov 29 2018 at 14:48
4862 ieraksti
Astronautica posted:
You say that MT5 is better for backtesting but how do you get long periods of historical tick data? For MT4 you can use tickstory but I do not know anything that is available for MT5.


In MT5 you do NOT need to provide data.
These are downloaded from broker directly.

AmDiab
Apr 30 2019 at 17:16
718 ieraksti
togr posted:
Astronautica posted:
You say that MT5 is better for backtesting but how do you get long periods of historical tick data? For MT4 you can use tickstory but I do not know anything that is available for MT5.


In MT5 you do NOT need to provide data.
These are downloaded from broker directly.


I think, which traders using EA or automatic trading; for them mt5 is the better choice.

Adribaasmet
Jul 30 2019 at 04:25
951 ieraksti
AmDiab posted:
togr posted:
Astronautica posted:
You say that MT5 is better for backtesting but how do you get long periods of historical tick data? For MT4 you can use tickstory but I do not know anything that is available for MT5.


In MT5 you do NOT need to provide data.
These are downloaded from broker directly.


I think, which traders using EA or automatic trading; for them mt5 is the better choice.


I don’t see any problem for the manual trader! Even, mt5 is the latest version; so no way to ignore!

Aqissiaq
Jul 30 2019 at 09:47
11 ieraksti
togr posted:
Astronautica posted:
You say that MT5 is better for backtesting but how do you get long periods of historical tick data? For MT4 you can use tickstory but I do not know anything that is available for MT5.


In MT5 you do NOT need to provide data.
These are downloaded from broker directly.


How many years of data can you get? Is it tick data? I looked once before and only saw a years worth of data

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