Platforms MetaTrader 5

MetaTrader 5 (The Modern Upgrade)

MetaTrader 5 (MT5) is the successor to MT4, built by MetaQuotes and released in 2010. It offers more timeframes, better backtesting, a built-in economic calendar, and a more powerful programming language. MT5 is where MetaQuotes is putting all new development, making it the future of the MetaTrader ecosystem.

Risk warning: This content is for educational purposes only and not financial advice. Forex trading involves risk, and you can lose money.

Forex metatrader 5

MetaTrader 5 (MT5) is the successor to MT4, built by MetaQuotes and released in 2010. It offers more timeframes, better backtesting, a built-in economic calendar, and a more powerful programming language. MT5 is where MetaQuotes is putting all new development, making it the future of the MetaTrader ecosystem.

  • Why MT5 is gaining ground
  • What MT5 can do
  • Where MT5 falls short
MT5 is what MT4 would be if it were built today. More tools, same reliability.

Why MT5 is gaining ground

  • 21 timeframes instead of MT4's 9. More ways to analyze the same market.
  • 38 built-in indicators instead of 30. More tools out of the box.
  • Multi-threaded backtesting. Test strategies much faster than on MT4.
  • Built-in economic calendar. See news events directly on the platform without external tools.
  • Depth of Market (DOM). See pending orders at different price levels.
  • More order types. Includes buy stop limit and sell stop limit orders.
  • MQL5 is more powerful. Object-oriented programming, better performance, and more capabilities than MQL4.

What MT5 can do

  • Advanced charting: 21 timeframes, 38 indicators, 44 drawing tools.
  • Powerful automation: write Expert Advisors in MQL5 with multi-currency support.
  • Custom indicators: access the MQL5 Code Base directly from within the platform.
  • Strategy Tester: multi-threaded, multi-currency, with optimization capabilities.
  • Economic calendar: plan trades around news events without leaving the platform.
  • Available on: desktop (Windows, macOS via Wine), mobile (iOS, Android), and web browser.

Where MT5 falls short

  • Not backwards compatible with MT4. Your MQL4 EAs and indicators will not run on MT5 without conversion.
  • Smaller EA library. Many popular EAs are still MQL4 only and have not been ported to MQL5.
  • FIFO rule enforced. MT5 does not allow hedging in the same way MT4 does (though hedging mode exists in some broker setups).
  • Slightly steeper learning curve. More features means more to learn.
  • Interface still looks dated compared to TradingView or cTrader.

Who should use MT5?

  • New traders starting fresh who have no existing MT4 EAs to worry about.
  • Traders who want more timeframes and better analysis tools.
  • EA developers who want the power of MQL5 and faster backtesting.
  • Traders who use fundamental analysis and want the built-in economic calendar.
  • Multi-asset traders who want to trade forex, stocks, and futures from one platform.

If you are deciding between MT4 and MT5, read the MT4 vs MT5 comparison.

Brokers that offer MT5

Getting started with MT5

  1. Download MT5 from your broker's website.
  2. Start with a demo account.
  3. Explore the extra timeframes. Try the 2-hour or 8-hour charts for a different perspective.
  4. Check the built-in economic calendar before placing trades.
  5. If you plan to automate, start learning MQL5 or browse the Code Base for free EAs and indicators.

Related lessons

MetaTrader 5 (The Modern Upgrade)