MT4 to MT5 Migration Guide
Everything you need to know about upgrading from MetaTrader 4 to MetaTrader 5
Why Migrate to MT5?
While MT4 remains popular, MetaTrader 5 represents the future of trading platforms. With MetaQuotes focusing all new development on MT5 and many brokers phasing out MT4, now is the ideal time to upgrade and take advantage of MT5's superior features.
Benefits of Upgrading to MT5
- ✓ Trade stocks, futures, and crypto alongside forex
- ✓ Access 21 timeframes vs MT4's 9 timeframes
- ✓ Use advanced order types (Buy/Sell Stop Limit)
- ✓ Faster execution and improved performance
- ✓ Built-in economic calendar and market depth
- ✓ Better backtesting with multi-currency testing
⚠️ Important Notice
MT4 and MT5 are separate platforms. Your MT4 EAs, indicators, and scripts will NOT work directly on MT5 and must be converted. This guide will walk you through the entire process.
Practice Trading Without Risk
Practice with real market data on MT4 demo account
Key Differences: MT4 vs MT5
| Feature | MT4 | MT5 | Impact |
|---|---|---|---|
| Programming Language | MQL4 | MQL5 | Requires code conversion |
| Timeframes | 9 timeframes | 21 timeframes | More analysis options |
| Order Types | 4 pending orders | 6 pending orders | Better entry control |
| Account Types | Hedging only | Hedging & Netting | Strategy adjustment needed |
| Market Coverage | Forex, CFDs | Forex, Stocks, Futures, Crypto | More opportunities |
| Economic Calendar | Not built-in | Integrated | Better fundamental analysis |
Pre-Migration Checklist
📋 Before You Start
💡 Pro Tip
Run MT4 and MT5 side by side during migration. This allows you to compare results and ensure everything works correctly before fully switching.
Step-by-Step Migration Process
Install MT5 and Set Up Account
- • Download MT5 from your broker's website
- • Install without uninstalling MT4 (they can coexist)
- • Open MT5 account with your broker
- • Choose account type: Hedging (like MT4) or Netting
Transfer Basic Settings
- • Set up your preferred chart colors and properties
- • Add frequently traded symbols to Market Watch
- • Configure default lot sizes and slippage
- • Set up chart templates with your indicators
Convert Your Trading Tools
This is the most technical part of migration:
Automated Conversion (65% success rate)
- • Use MQL4 to MQL5 conversion tools
- • Works best for simple indicators
- • Requires manual debugging afterward
Manual Conversion (100% success rate)
- • Hire MQL5 developer to rewrite code
- • Check MT5 marketplace for equivalents
- • Use built-in MT5 alternatives when possible
Test Everything Thoroughly
- • Run converted EAs on demo account first
- • Compare indicator values between MT4 and MT5
- • Verify order execution matches expectations
- • Test during different market conditions
Go Live Gradually
- • Start with small positions on MT5
- • Run both platforms in parallel initially
- • Gradually increase MT5 usage as confidence grows
- • Fully transition once comfortable
Converting EAs and Indicators
⚠️ Critical Information
MT4 and MT5 use different programming languages. Your MT4 tools will NOT work on MT5 without conversion.
• MQL4 (MT4) and MQL5 (MT5) are incompatible
• Conversion tools handle ~65% of code automatically
• Complex EAs often need complete rewriting
Common Code Changes
OrderSend() Function
Different parameters and structure in MQL5
Array Handling
Series arrays work differently
Trade Functions
New trade class system in MQL5
Time Functions
Different time handling methods
Conversion Options
Option 1: Find MT5 Version
Check if developer offers MT5 version
Option 2: Use Converter
Try automated conversion tools first
Option 3: Hire Developer
Professional conversion for complex EAs
Option 4: Find Alternative
Explore MT5 marketplace options
Understanding Account Structures
Hedging Account (Like MT4)
Allows multiple positions in the same symbol
- ✓ Can have both buy and sell positions
- ✓ Each position managed separately
- ✓ Familiar for MT4 traders
- ✓ Better for certain strategies
Recommended for: MT4 traders migrating
Netting Account (MT5 Only)
One position per symbol, like stock trading
- • Buy and sell orders offset each other
- • Single position shows net exposure
- • Required for exchange trading
- • Different strategy approach needed
Recommended for: Stock and futures traders
Important Choice
Choose your account type carefully. Most brokers don't allow changing between hedging and netting after account creation. If you're unsure, choose hedging for familiarity with MT4.
Common Migration Challenges & Solutions
Challenge: EA Doesn't Work After Conversion
Solutions:
- • Check Journal tab for error messages
- • Verify EA is allowed in MT5 settings
- • Test on demo account first
- • Debug converted code line by line
- • Consider professional recoding
Challenge: Different Indicator Values
Solutions:
- • Check calculation methods match
- • Verify same parameters are used
- • Ensure price data is identical
- • Some indicators calculate differently by design
Challenge: Missing Features from MT4
Solutions:
- • Explore MT5's new features as replacements
- • Check Community Market for alternatives
- • Many "missing" features have better MT5 versions
- • Adapt workflow to MT5's advantages
Challenge: Learning Curve
Solutions:
- • Start with demo trading
- • Focus on one feature at a time
- • Use MT5's built-in help system
- • Watch migration tutorials
- • Join MT5 community forums
Realistic Migration Timeline
Week 1-2: Preparation
Backup, install MT5, open account, basic setup
Week 3-4: Tool Migration
Convert or replace indicators and EAs
Week 5-6: Testing Phase
Demo trade, verify tools, adjust strategies
Week 7-8: Parallel Trading
Small live trades on MT5 while using MT4
Week 9+: Full Migration
Complete transition to MT5
Test Your MT5 Migration Strategy
Practice the migration process and test converted tools safely on a demo account before going live.
After Migration: Maximizing MT5
Need Help with Migration?
Remember, you don't have to migrate everything at once. Take your time, test thoroughly, and gradually transition to ensure a smooth experience.
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