The new MT4

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What will be the important differences between MT4 and MT5 after "The Big CHANGE"

 
I think you're a little late... it was released ages ago
 
alladir:
I think you're a little late... it was released ages ago
It's not been release yet . . . it's in beta, there is a big difference.
 
ingvar_e:

What will be the important differences between MT4 and MT5 after "The Big CHANGE"

Read this thread: https://forum.mql4.com/56885
 
Oh haha, mis read
 
ingvar_e:

What will be the important differences between MT4 and MT5 after "The Big CHANGE"

I think we can resume the main differences as :

  • Trading system (remains unchanged), MT4 allow multiple concurrent position on the same symbol, MT5 use averaging and allow only 1 position by symbol.
  • Data, MT4 allow import of data (and creation of offline-charts), MT5 use only data from the broker, you can't use your own data.
  • Compatibility (MT4 should be backward compatible with old ex4), MT5 can only execute ex5.

There are probably other minor differences, feel free to complete the list, maybe I miss something important.

 
angevoyageur:

There are probably other minor differences, feel free to complete the list, maybe I miss something important.

There will be quite a lot of subtle differences on MT4 between legacy .ex4 code and newly-compiled code.

For example, the location of files using FileOpen() is changing, from <mt4>\experts\files to %appdata%\metaquotes\terminal\<xxxx>\mql4\files. Any legacy .ex4 code will stop working if it creates files and then expects to be able to pass their location to any sort of external program using TerminalPath(), e.g. opening a CSV file in Excel using ShellExecute(). Similarly, any external code will stop working if it expects to be able to pass data files into MT4 by saving them in <mt4>\experts\files. Any such code will need to be recompiled (and reissued to any external users). However, at the moment there would even be a problem with recompiling, because MT4 does not yet seem to have an equivalent to MT5's TerminalInfoString(TERMINAL_DATA_PATH), and therefore even newly-compiled code cannot yet determine where FileOpen() has created a file.

 
angevoyageur:

I think we can resume the main differences as :

  • Trading system (remains unchanged), MT4 allow multiple concurrent position on the same symbol, MT5 use averaging and allow only 1 position by symbol.
  • Data, MT4 allow import of data (and creation of offline-charts), MT5 use only data from the broker, you can't use your own data.
  • Compatibility (MT4 should be backward compatible with old ex4), MT5 can only execute ex5.

There are probably other minor differences, feel free to complete the list, maybe I miss something important.


I have an MT4 EA that I have contemplated to rework to MT5. Its quite a bit of code including 3 libraries so I estimate it will take 2+ manweeks (including the learning bit).

It is a Multi Currency EA that take 4 trades and scale out. The main arguments for converting to MQL5 is:

- Backtesting

- Multithreading (Nice, but not essential)

- OOP structure

- Better handling of history data.

Maybe I should wait for the new MT4. Or possibly start testing the beta version. Is it available?

 
ingvar_e:

I have an MT4 EA that I have contemplated to rework to MT5. Its quite a bit of code including 3 libraries so I estimate it will take 2+ manweeks (including the learning bit).

It is a Multi Currency EA that take 4 trades and scale out. The main arguments for converting to MQL5 is:

- Backtesting

- Multithreading (Nice, but not essential)

- OOP structure

- Better handling of history data.

Maybe I should wait for the new MT4. Or possibly start testing the beta version. Is it available?


As far as I know, backtesting and history data will remains different between MT4/MT5. The beta version is available on Russian forum only for now.
 
angevoyageur:
As far as I know, backtesting and history data will remains different between MT4/MT5. The beta version is available on Russian forum only for now.

Thanks. So there is still resons to switch to MT5. And I do not master the Russian language :-) -is there a target date fro release?
 
angevoyageur:

I think we can resume the main differences as :

  • Trading system (remains unchanged), MT4 allow multiple concurrent position on the same symbol, MT5 use averaging and allow only 1 position by symbol.
  • Data, MT4 allow import of data (and creation of offline-charts), MT5 use only data from the broker, you can't use your own data.
  • Compatibility (MT4 should be backward compatible with old ex4), MT5 can only execute ex5.

There are probably other minor differences, feel free to complete the list, maybe I miss something important.

  • I forgot backtesting, which is multicurrency with MT5 and automatically download data. You can also test indicators. But you can't use your own data as with MT4.
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