Platforms & Technology
MetaTrader 5 (MT5)
Definition
The successor to MT4, offering additional features like more order types, more timeframes, and a built-in economic calendar.
How It Works
MetaTrader 5 improves on MT4 with: more order types (6 vs 4), more timeframes (21 vs 9), depth of market (DOM), an economic calendar, and the ability to trade stocks and futures alongside forex. MT5 uses MQL5 programming language (vs MQL4 in MT4), so EAs are not directly compatible between platforms.
The industry is gradually shifting to MT5, and many newer prop firms offer it as their primary platform. MT5 is better for multi-asset traders and those who need advanced order types.