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In this tutorial
Before you start
- Your broker's name (or the brokers you're considering).
- A rough idea of the kind of tool you want — an Expert Advisor, an indicator or a utility.
What you'll learn
- Know which platforms your broker supports.
- Understand the practical differences that affect which tools you can use.
- Filter for tools that match your platform before you download or buy anything.
Steps
Step 1: Check which platform your broker offers
Look on your broker's website or ask support whether they offer MT4, MT5 or both, and for which account types. This is the deciding factor: a tool is only useful on a platform your broker supports.
Step 2: Check the file type of the tool you want
Compiled MT4 programs are
.ex4files and MT5 programs are.ex5. An.ex4won't run in MT5 and an.ex5won't run in MT4 — they're written in different languages (MQL4 and MQL5). Some developers sell separate builds for each platform.Step 3: Decide what you need from testing
If you plan to backtest Expert Advisors seriously, MT5's Strategy Tester can test on real tick history, use several CPU cores and test strategies that trade more than one symbol. MT4's tester is simpler and single-symbol.
Step 4: Check your account mode
MT4 accounts allow several positions on the same symbol (hedging). MT5 accounts can be hedging or netting (one combined position per symbol), depending on the broker. Some EAs only work in hedging mode — their documentation should say so.
MT4 and MT5 at a glance
| MetaTrader 4 | MetaTrader 5 | |
|---|---|---|
| Program files | .ex4 (source .mq4) | .ex5 (source .mq5) |
| Programming language | MQL4 | MQL5 |
| Timeframes | 9 | 21 |
| Pending order types | 4 | 6 (adds Buy Stop Limit and Sell Stop Limit) |
| Strategy Tester | Single symbol, single thread | Multi-threaded, real ticks, multi-symbol |
| Account modes | Hedging | Hedging or netting, set by the broker |
| Built-in economic calendar | No | Yes |
Neither platform is "better" for every trader. The right one is the one your broker supports that runs the tools you want to use.
Expected result
You know which platform you'll use and you're browsing only tools built for it, so every file you download will actually load in your terminal.
Troubleshooting
- A tool I want only exists for the other platform
- Ask the seller with Contact seller whether a build for your platform is planned — don't try to convert the file yourself.
- My broker offers both
- Pick the one where the tools you want are available; you can install both platforms side by side on one PC.
Official documentation
Next tutorial
How to Install MetaTrader 5 on Windows
Download MetaTrader 5 from the official site or your broker, install it on Windows, log in to a demo or live account and find the MT5 data folder.
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