MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are both popular trading platforms developed by MetaQuotes software corporation. They are widely used by traders in the forex, commodities, and stock markets for their advanced charting capabilities, automated trading capabilities, and customizable indicators. While MT4 and MT5 share many similarities, there are also several key differences between the two platforms.
One of the main differences between MT4 and MT5 is the number of supported markets. MT4 is primarily used for forex and CFD trading, while MT5 also supports futures and stocks trading. Additionally, MT5 has 21 timeframes, while MT4 has 9, that help traders to analyze short-term, long-term trends, and even minute-by-minute price fluctuations.
Another difference between the two platforms is the programming language used to create custom indicators and expert advisors (EAs). MT4 uses MQL4, while MT5 uses MQL5. MQL5 is more advanced and powerful than MQL4, with additional features such as a built-in strategy tester and automated trading capabilities.
Both platforms have custom indicators and EAs, and while they have the same features they will have to be programmed in different languages. This can be a learning curve for traders and developers who are not familiar with the language.
One of the Pros of MT4 is its proven track record and stability, a lot of traders and brokers trust it for its good and reliable performance. On the other hand, MT5 is more advanced and offers more features for traders who need it. One of the cons for MT4 is that it does not support as many markets as MT5 does. As for MT5, one of the cons is that it is relatively new, which means it’s not as widely adopted as MT4, but this is slowly changing as more brokers offer the platform.
If you’re interested in learning how to program EAs and indicators for these platforms, here are a few steps you can take to get started.
- Get familiar with the basics of the MQL4 or MQL5 programming language: The first step in learning how to program EAs and indicators is to get familiar with the basics of the programming language. This includes learning the syntax, data types, variables, and control structures. There are many resources available online, such as tutorials and documentation, that can help you get started.
- Learn how to use the MetaTrader platform: In order to program EAs and indicators for MT4 or MT5, you need to be familiar with the platform itself. This includes learning how to navigate the interface, access historical data, and use the built-in tools and resources.
- Study existing EAs and indicators: A great way to learn how to program EAs and indicators is to study existing ones. You can find many examples of EAs and indicators online or on the MetaTrader marketplace. You can also reverse engineer the code to understand how it works.
- Practice, Practice, Practice: Once you have a basic understanding of the programming language and the MetaTrader platform, the best way to improve your skills is to practice programming. Start by creating simple EAs and indicators, and gradually work your way up to more complex ones.
- Take courses or get mentorship: There are many online courses and tutorials that can help you to learn programming of MQL4 or MQL5. also, you can find experienced programmers or traders who can mentor you and guide you through the learning process.
Keep in mind that learning a programming language and creating successful EAs and indicators takes time and effort. It’s important to be patient with yourself and to keep practicing and learning as you go. Also, be sure to test your code thoroughly to ensure that it works as expected and to look for any bugs or errors that may occur during execution.
In conclusion, both MetaTrader 4 and MetaTrader 5 are powerful trading platforms with their own set of features and capabilities. MT4 is a more established and reliable platform, while MT5 offers more advanced features for traders and investors who need them. It ultimately comes down to the trader’s needs and preferences when choosing between the two.
Once you have learned the programming languages and have created your own EAs or indicators, the next step is to install them on a virtual private server (VPS) so that they can run continuously and automatically. A VPS is a remote server that allows you to run your trading platform and EAs without the need for a physical computer. It also allows you to access your platform and EAs from any location with internet access.
Here are the steps to install MetaTrader 4 or 5 on a VPS:
- Choose a VPS service provider: There are many VPS service providers to choose from, such as Amazon Web Services, Google Cloud, and Vultr.
- Create a new virtual machine (VM) on the VPS provider, and choose the operating system that MetaTrader is compatible with.
- Once the VM is set up, you can install MetaTrader 4 or 5 on the VPS just like you would on a local computer.
- Once the installation is complete, you can then transfer your EAs and indicators from your local machine to the VPS.
When it comes to trading with EAs, VPS is of great importance. Running EAs on your personal computer might not be always possible, if you’re away from your computer or if your internet connection is unstable. A VPS ensures that your EAs are running continuously and automatically, even when you’re not physically present. Also, a VPS is more secure than a personal computer, as it has multiple layers of security, including firewalls, intrusion detection systems, and regular backups.
A VPS is also useful for running multiple EAs at the same time, which can increase the chances of profitability. Additionally, a VPS allows you to run your EAs on different markets and with different strategies, which can also increase your chances of success.
Another important factor to consider is that most reputable brokers offer the possibility to connect your account with a VPS, so you can trade with EAs without any interruption.
In conclusion, a VPS is an essential tool for traders who use EAs. It ensures that your EAs are running continuously, automatically, and securely. It also allows you to access your platform and EAs from any location with internet access.