MetaTrader 5 (MT5) is a multi-asset trading platform developed by MetaQuotes Software and released in 2010 as the successor to MetaTrader 4 (MT4). Although it was slow to gain adoption initially, MT5 has seen broader use in recent years, particularly as some brokers have shifted away from MT4 due to MetaQuotes phasing out new MT4 server licences. MT5 is more than just an updated version of MT4—it’s a fundamentally different platform with a redesigned architecture, wider asset class support, and improved data handling. It’s aimed at traders who want faster performance, more analytical tools, and access to markets beyond just forex.
While MT4 remains the go-to for many retail forex traders, MT5 is increasingly favoured by those trading across multiple asset classes—especially where access to stocks, commodities, futures, and ETFs is also required alongside currencies.
Multi-Asset Support and Market Depth
Unlike MT4, which was built almost exclusively for forex and CFDs, MT5 supports trading in a wider range of financial instruments. It offers native integration for:
- Forex
- Stocks and equities
- Futures
- Commodities
- ETFs
- Indices
This makes MT5 suitable for traders who want a single platform to manage a broader investment portfolio. One of its standout features is the Depth of Market (DOM) display, showing real-time liquidity from various price levels. While not always meaningful in forex (due to fragmented liquidity), DOM can be valuable for futures or stock traders needing precise order book data.
Improved Order Management and Execution
MT5 introduces an expanded order system compared to MT4. Traders have access to two market orders, six pending orders (including Buy Stop Limit and Sell Stop Limit), and two stop orders. This gives more flexibility in managing positions, particularly in volatile or illiquid markets.
It also supports two position accounting systems:
- Hedging (like MT4): allows multiple positions in the same symbol, either in the same or opposite directions.
- Netting: consolidates all positions in the same symbol into one net position, a standard approach in equities and futures trading.
Brokers can configure the platform to use one or both, depending on regulation and market structure. For example, traders working under U.S. regulations or those trading on exchanges with netting requirements may need the latter.
Advanced Charting and Indicators
MT5 expands on MT4’s charting by offering:
- 21 timeframes (vs 9 in MT4), from one minute up to one month
- 38 technical indicators (vs 30 in MT4)
- 44 analytical objects (trendlines, Fibonacci tools, shapes, etc.)
- More responsive, cleaner charts with faster loading and zooming
This allows traders to conduct more granular analysis across different time horizons, which is particularly useful for swing traders and intraday scalpers who use multiple chart intervals.
Economic Calendar and Fundamental Tools
MT5 includes a built-in economic calendar, showing key macroeconomic events and indicators from global economies. This makes the platform more useful for traders who blend technical and fundamental analysis. The calendar is filterable by country, event type, and impact level—helpful for those trading around news releases or using macro-driven strategies.
Strategy Tester and Algorithmic Trading
One of the major improvements in MT5 is its multi-threaded strategy tester. Unlike MT4, which runs backtests on a single CPU core, MT5 can use multiple cores or even a cloud-based network to dramatically speed up testing and optimisation. It also supports:
- Forward testing
- Visual mode
- Real tick data simulation
- Agent-based distributed computing for large-scale optimisation
These features make MT5 far better suited to algorithm developers and quant traders who want to test complex systems under realistic conditions. The scripting language, MQL5, is more powerful than MQL4, allowing for more advanced programming, though it’s more complex and less accessible to non-coders.
MT5 also integrates with the MetaTrader Market, where traders can buy or rent trading robots (EAs), indicators, and utilities. Additionally, traders can subscribe to signal providers whose trades can be copied automatically to the user’s account.
Broker Integration and Platform Access
MT5 is offered by an increasing number of forex and multi-asset brokers, especially those operating under stricter regulatory environments or seeking more modern infrastructure. The platform is available in:
- Desktop version for Windows and macOS
- Web version, accessible via browser without download
- Mobile apps for iOS and Android
The mobile and web versions are streamlined, offering most essential features like live quotes, charting, order entry, and basic account management. However, custom indicators and automated trading remain desktop-only.
Differences from MetaTrader 4
Despite surface similarities, MT5 is a structurally different platform. Key differences include:
| Feature | MetaTrader 4 | MetaTrader 5 |
|---|---|---|
| Market Access | Forex and CFDs | Multi-asset (Forex, Stocks, Futures) |
| Strategy Tester | Single-threaded | Multi-threaded + Tick Data |
| Programming Language | MQL4 | MQL5 |
| Order Types | 4 Pending Orders | 6 Pending Orders |
| Economic Calendar | No | Built-in |
| Depth of Market (DOM) | No | Yes |
| Position Systems | Hedging only | Hedging + Netting |
| Timeframes | 9 | 21 |