MT5 vs MT4 Expert Advisors: Which Platform Wins?

MetaTrader platforms have become a powerful tool for traders across the world who want to automate their strategies and execute trades without needing to constantly monitor the markets. Among these platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two well-known options. Both allow traders to use Expert Advisors (EAs), which are automated programs designed to execute trades based on predefined criteria. However, choosing which platform is best for you depends on a range of factors — from functionality and coding language to asset coverage and backtesting capabilities.

In this article, we will take a deep dive into MT5 and MT4, compare their capabilities for Expert Advisors, and help you determine which platform best suits your trading style.

1. Introduction to MetaTrader 4 and MetaTrader 5

MetaTrader 4 and MetaTrader 5 are two platforms developed by MetaQuotes Software. MT4 was first released in 2005 and quickly became the industry standard for Forex traders who wanted to implement automated strategies through Expert Advisors. MT5 came a few years later, in 2010, offering a more sophisticated and multi-asset platform designed for a wider range of financial instruments, including stocks, futures, and indices.

While MT4 remained popular due to its simplicity and vast ecosystem of custom indicators and robots, MT5 was designed from the outset to be more flexible and powerful. The question for many traders is whether these additional capabilities translate into a measurable advantage for automated strategies — and that's a key consideration when choosing which platform to use for your EA.

2. MetaTrader 4 Expert Advisors – Advantages and Limitations

MetaTrader 4 has a huge community of traders and EA developers who have contributed countless robots, indicators, and strategies to the ecosystem. The platform's MQL4 coding language is fairly simple and well-documented, making it a popular choice for traders who are new to algorithmic strategies. Furthermore, the vast repository of free and commercial EAs available for MT4 means traders can find nearly any automated strategy they need — from trend-following robots to scalping and hedging strategies — without having to code it from scratch.

However, MT4 has some limitations. The platform is designed primarily for Forex and CFD instruments; it's less well-equipped for multi-asset portfolios, and it operates in a single-threaded environment, which can affect backtesting speed and processing power. Furthermore, MQL4's functionality is more restrictive than MQL5, making it less suitable for complex strategies that require extensive data and multithreading.

3. MetaTrader 5 Expert Advisors – Advantages and Innovations

MetaTrader 5 was designed to be a more robust and versatile platform, addressing many of the limitations of MT4. The MQL5 coding language is more sophisticated, offering a wider range of data structures, multithreading, and object-oriented capabilities — all of which allow for more complex strategies and faster backtesting. Furthermore, MT5 supports multi-asset trading, allowing traders to execute strategies across stocks, futures, and Forex, all from a single platform.

For traders who require a powerful backtesting tool, MT5’s Strategy Tester is a significant improvement over MT4. It supports multi-currency testing, forward testing, and even distributed computing to cut backtesting time. The MetaTrader 5 ecosystem also includes a rich array of custom indicators and EAs, although it is not yet as vast as the community that has grown up around MT4.

4. Backtesting and Optimization Capabilities

Backtesting is a crucial aspect of developing and validating automated strategies. MetaTrader 5's backtesting is more sophisticated and faster than MetaTrader 4's, thanks to multithreading and the ability to use distributed computing.

With MT5, traders can backtest their strategies across multiple instruments at once and perform forward testing to avoid overfitting. Furthermore, MT5 lets traders optimize their strategies against numerous variables in a much more efficient way — reducing backtesting time and yielding more reliable results.

For traders who are serious about developing robust strategies, this enhanced backtesting capability is a key advantage of MT5 over MT4.

5. MetaTrader Market and Community Support

Both MT4 and MT5 have extensive communities of traders and developers who contribute indicators, EAs, and libraries to the MetaTrader Market.

For MT4, the ecosystem is huge — nearly countless EA strategies, indicators, and utility tools have been created over the years. Nonetheless, MT5’s ecosystem is growing quickly, and many traders are porting their strategies to the newer platform.

Furthermore, MetaTrader 5's Market is more sophisticated, offering trial versions and a unified delivery platform for purchasing and downloading automated strategies directly from the terminal. The MetaTrader community has recognized this and is increasingly developing for MT5, reflecting a gradual shift in popularity toward the newer platform.

Summary: Which Platform Wins?

Ultimately, choosing between MetaTrader 4 and MetaTrader 5 for Expert Advisors depends on your needs, resources, and goals.

If you’re a trader who predominantly trades Forex, prefers a simple and lightweight platform, and wants a vast ecosystem of ready-made EAs, MT4 might be your best match. But if you’re a trader who needs multithreading, multi-asset functionality, sophisticated backtesting, and greater flexibility for developing and optimizing strategies, MT5 is a more powerful and future-proof solution.

For algorithmic traders who aim to grow their portfolios across markets and instruments, MetaTrader 5’s capabilities align nicely with these goals — while MetaTrader 4 might be a better fit for those who prefer simplicity and a well-established ecosystem.

Ultimately, both platforms have their pros and cons; choosing the right one depends on your trading style, technical expertise, and future plans.

No matter your level of experience, having the right system can make a difference. Visit the SMARTT website to explore how our platform works, or reach out to us if you’d like personalized guidance.