The two major differences have already been covered, but there are a number of others worth mentioning within any MT4 and MT5 comparison.
Metatrader 5 uses a programming language called MQL5 as opposed to the MQL4 used by Metatrader 4. The exciting thing about MQL5 is that it allows “black box” programming which, in a nutshell, means that it is easier to program and so will logically be a better framework for users and developers of trading robots and other expert advisors. However, MetaQuotes expanded this capability into MQL4 in 2014, so it is not a difference between the platforms any more, although there is a likelihood that if the language is upgraded at some time in the future, MetaQuotes will not extend any upgrades into MQL4 as well as MQL5
It should be noted that there is no backwards compatibility. Programs written for Metatrader 4 cannot run on Metatrader 5. This can be a serious drawback for traders who were wishing to “upgrade”, and is a key reason why such a change shouldn’t be seen as an upgrade.
It is true that Metatrader 5 retains two key programming-related advantages over Metatrader 4. Firstly, its back testing functions where you can test programmed trading strategies execute at a much faster speed, which is a feature that can save you a lot of time if you are the kind of trader who needs to run a large number of back tests. It also allows simultaneous multi-currency pair back testing. Together this can speed up back testing procedures immeasurably.
New release of MT5 Build 1085. Features includes new Virtual Hosting Service. A virtual server for a trading account can now be rented right from the client terminal. Fixed built-in Gator Oscillator technical indicator calculation and parameter management plus other fixes in MQL5 Cloud Network for the Tester Agents. Documentation updated as well.
1. Installation :
MT4 is still simple and straightforward. Broker server address required during account opening during installation.
MT5 nothing has changed recently. Metaquotes trading server now included as a default in the opening account phase of the installation. Ability to add new server from MT5 for a demo account included. Web installer also available
2. Indicators & Analytical Object tools :
MT4: 30 inbuilt indicators, 33 analytical objects
MT5: 38 inbuilt indicators. New indicators added. 22 Analytical Objects, & 46 graphical objects.