Table Of Contents
- What Is the Difference Between MT4 and MT5?
- Video explanation of how to use the MetaTrader platform
- How do you use MT4?
- What are the main sections of the MT4 interface?
- How do you start trading with MT4?
- How do you enter a short position on MT4?
- How to close a trade in MT4
- How do you set a stop-loss in MT4?
- How do you set orders by pips as default in MT4?
- How do you change the volume of a trade in MT4?
- How do you customize MT4 charts?
- How do you add indicators in MT4?
- How do you change a timeframe in MT4?
- How to set up a price alert in MT4
- How to view your trade history in MT4
- How do you use MT5?
- How to start trading with MT5
- How to place an order with MT5
- How do you set stop loss and take profit in MT5?
- How do you perform market analysis with MT5?
- How do you set indicators on MT5?
- How do you perform fundamental analysis on MT5?
- How do you customize MT5?
- Expert advisors
- The Bottom Line
What is Metatrader and How To Use MT4 and MT5
MetaTrader is one of the most widely used trading platforms in the world, but choosing between MT4 and MT5 can still feel confusing at first. If you are new to online trading, understanding how these platforms work is an important first step.
In this guide, you will learn what MetaTrader is, how MT4 and MT5 differ, and how to get started using their main features. We will also look at the types of markets each platform supports, from FOREX to stocks, indices, and commodities, so you can decide which platform best fits your trading needs.
MT4 is built for FOREX trading, but now supports stocks, indices and commodities as well
MT5 supports multi-asset trading including cryptos, bonds, futures and FOREX
Both platforms are free to download and widely supported by brokers worldwide
MT4 has a simpler layout ideal for FOREX traders, while MT5 offers more features and asset classes
Traders can set stop-loss, take-profit and volume levels directly in the order window on both platforms
MT5 offers more technical indicators and timeframes for advanced market analysis
You can automate trading on both platforms using Expert Advisors and custom scripts
Choosing between MT4 and MT5 depends on your asset preferences and how much complexity you want
What Is the Difference Between MT4 and MT5?
The main difference between MT4 and MT5 is that MT4 was originally built for FOREX traders, while MT5 was designed as a multi-asset platform. MT4 has since expanded to include stocks, indices, and commodities. MT5, as the newer platform, also supports a broader range of markets such as stocks, futures, and cryptocurrencies.
MT5 is not a direct upgrade of MT4, but a more comprehensive platform built to support a wider range of trading instruments. Today, while MT4 remains largely a FOREX platform, MT5 caters to FOREX, futures, options, stocks, bonds and cryptos.
The two platforms share near-identical branding and the same graphical interface because they are part of the same product family. MT5’s initial role was to take on parts of the market that MT4 was not well-suited to handle.
Video explanation of how to use the MetaTrader platform
How do you use MT4?
For the purposes of this guide, I will demonstrate how to trade FOREX on MT4.
You can create an MT4 account with your chosen broker on Windows, Linux or Mac. MT4 also has a handy mobile app you can download on an Android or iPhone device.
Stay in Control of Your Investments
Build and manage your own portfolio with ease.
Track profits, dividends, gainers, and losers in real time.
Create a custom watchlist for the assets you care about most.
Get live updates on stocks, ETFs, cryptos, and commodities.
Access everything anytime through a sleek, flexible dashboard.
.webp)
What are the main sections of the MT4 interface?
The menu: All MT4 actions are contained in this overall view.
The toolbar: Here, traders can find some of the most common functions, like adjusting timeframes, selecting technical tools, customizing a chart’s look and feel and more.
Market watch: Here you will find all available assets listed. You can also customize the assets you want to display.
The navigator: Primarily a source of all your account information, you can also find access to indicators, scripts and more.
The terminal: This is where you can find your active trades and positions that need to be managed. You can also locate your account history and streaming market news and analysis. This is also where you will find third-party add-ons.
The chart workspace: This is your main workspace, and it is the place you will carry out all your technical analysis. You can change the appearance to the layout so that it suits you.
Symbol: This easy drop-down menu is where you choose the market in which you want to trade.
Volume: This refers to the number of contracts you want to trade.
Stop loss: This is where you can insert your stop-loss level according to your trading strategy.
Take profit: This is where you insert the threshold at which you want to lock in profits.
Comment: Here you can leave a comment or reminder relating to how you want to manage the trade.
Type: You can select the type of action that must happen to your order, such as instant execution, buy, sell or pending order.
How do you start trading with MT4?
You start trading with MT4 by opening the Order window and placing a market order for your chosen currency pair. You can access this window by clicking New Order on the toolbar or pressing F9. From there, you can choose to buy or sell, set your trade size in lots, and select the order type you want.
How do you enter a short position on MT4?
You enter a short position on MT4 by opening a sell trade instead of a buy trade. This means you are positioning for the price to fall rather than taking a long position. In the order window, mark the sell trade as open to place it.
How to close a trade in MT4
To close a trade, select the “Trade” tab from the “Terminal” window. You will be able to view any open trades. Right-click on the order you wish to close and select “Close Order.”
How do you set a stop-loss in MT4?
You set a stop-loss in MT4 by entering your chosen level in the Order window before placing the trade. The same area also lets you add a take-profit level. If you click the up or down arrow in the stop-loss field, MT4 will automatically fill in the current market price.
How do you set orders by pips as default in MT4?
If you add a stop-loss or take-profit order when you open a trade, the order levels are shown in absolute market levels by default. To change this, you can navigate to the “Trade” tab in the “Terminal” window and right-click to “Modify” or “Delete Order.” Here you can amend your order levels in terms of pips and not the current market price.
How do you change the volume of a trade in MT4?
You change the volume of a trade in MT4 by adjusting it in the Order window when opening a position or by modifying the overall size afterward. One way to increase volume is to open another position in the same direction on the same market at a new price. You can reduce volume by partly closing your position.
How do you customize MT4 charts?
You can use several tools to customize charts.
Cursor
Crosshair
Vertical line
Horizontal line
Trendline
Recommended Brokers
How do you add indicators in MT4?
You can add indicators to charts.
Drag the indicator from the “Navigator” window and drop it on your chosen chart to open the window and customize.
How do you change a timeframe in MT4?
To alter the time frame on a price chart, you will need to right-click on the chart, click “Timeframe,” and then select your desired option from the drop-down menu. Timeframes range from minutes to months.
How to set up a price alert in MT4
For price alerts, navigate to the “Terminal” window then go to “Alerts.” Right-click within this window and choose “Create” from the menu. This will summon the “Alert Editor” window where you can request your price alert according to your requirements.
How to view your trade history in MT4
To do this, open the “Terminal” window and go to the “Account History” tab where you can alter the date range by right-clicking in the window and choosing your custom periods, such as a month or three months.
There are many additional features you can use with this software. For example, you can save your work as a detailed report that could include items like drawdown and profit factor. You can select between thousands of indicators and add-ons. Indicators are technical analysis tools that are designed to help in your decision-making during your time on the markets. Examples are pivot points and order history. Add-ons help you customize the MT4 platform according to your own strategy, such as the ever-popular Expert Advisors.
How do you use MT5?
You use MT5 as a multi-asset platform to access and trade markets such as FOREX, stocks, commodities, cryptocurrency, and CFDs. MetaQuotes released MT5 in 2010 as a complement to the popular MT4 platform. It is designed to connect retail traders to a wider range of markets through one interface.
MT5 connects retail traders to multiple markets:
Stocks and indices
Cryptocurrency
Commodities
FOREX
How to start trading with MT5
To open an order, select “New Order” on the toolbar at the top of the screen. You will see the “Order” window. Now you can set up an order the way you want.
How to place an order with MT5
The simplest way to open a trade in MT4 is to utilize the “Order” window to place an immediate market order on the “Terminal” section. Select the asset you wish to trade by going to the “Market Watch” window and clicking “New Order” on the toolbar. When the “Order” screen is open, you can select from either the Market Execution or Pending Execution order types.
The MT5 platform has six pending order types as follows:
Buy Stop
Sell Stop
Buy Limit
Sell Limit
Buy Stop Limit
Sell Stop Limit
How do you set stop loss and take profit in MT5?
You set stop loss and take profit in MT5 within the Order window when placing a trade. A stop loss helps limit your maximum loss if the asset price moves against you. A take-profit order lets you lock in gains when the price moves in your favor.
How do you perform market analysis with MT5?
MT5 has a powerful range of tools for detailed technical analysis on any asset, helping you identify price patterns that may work in your favor. MT5 has 38 technical indicators, 44 analytical objects, and 21 timeframes. The “Chart” workspace is the best place for you to work with technical indicators.
How do you set indicators on MT5?
You set indicators on MT5 by clicking the Toolbar and selecting the indicator you want to apply to your chart. MT5 groups indicators into categories such as trends, oscillators, volume, and custom indicators. You can also add custom tools and use graphical objects like trading channels, Gann tools, and Fibonacci tools to support your analysis.
These groups include:
Trends
Oscillators
Volume
Custom indicators
You can also use graphical objects to assist with your analysis:
Geometric shapes
Gann tools
Fibonacci tools
Elliot tools
You can also add your own custom tools on the MT5 platform. To access indicators, start by clicking on the “Toolbar” and selecting your desired indicator.
How do you perform fundamental analysis on MT5?
With MT5, you can also study how economic, social, and political factors affect the supply and demand of the asset you are trading. This is known as fundamental analysis, and you can do it in real-time on MT5 by going to the “Terminal”.
How do you customize MT5?
You customize MT5 by changing the platform’s look and feel and adding custom indicators or scripts. The platform supports personalization features such as light and dark modes. It also allows you to tailor your workspace and tools to your trading preferences.
Expert advisors
With MT5, you can deploy automated trading through Expert Advisors. The MQL5 programming language allows you to activate algorithms to execute trades automatically on your behalf. You can also carry out back testing and further analysis.
The Bottom Line
MetaTrader gives traders two strong platform options, and the right choice depends on your goals, preferred markets, and experience level. MT4 remains a popular choice for FOREX traders, while MT5 offers a more feature-rich, multi-asset experience for those who want broader market access.
Because each platform has its own strengths, and because brokers often customize them differently, the best next step is to test both in practice. Spend time on a demo or live account, explore the tools, and choose the version that helps you trade with more confidence and control.
FAQ
No. MetaTrader platforms are free to download.
No. Having an MT4 login does not automatically allow you to access MT5, and vice versa, as the two platforms are not interchangeable in this way. You must have a separate login for each platform. Some brokers offer both platforms and can arrange for internal migration of your account details when you are ready.
No. There are no plans to phase it out. Several years ago, MetaQuotes said that it would be offering progressively less support for MT4, but this message does not appear to remain valid as the enduring popularity of the platform means it continues to enjoy full support.
MT4 was originally built for forex trading, while MT5 was designed as a broader multi-asset platform. MT5 supports more market types and extra analytical tools, but it is not a direct replacement for MT4.
Each platform makes a compelling case. MT4 is very well regarded as a FOREX trading platform. It has a provable record of accomplishment and innovation and has shaped much of the FOREX trading landscape today. It also offers stocks, indices and commodities. MT5 caters to a broader market (FOREX included) and tries to take on the arduous task of providing a unified platform for several different markets with differing requirements.
Yes. You can trade FOREX in MT5, along with other instruments, like stocks, futures, bonds and cryptos.
With most brokers, you simply need to register for an account and, once approved, go to the MT4 or MT5 page on its Website, from where you can download your chosen platform. Some brokers offer a bespoke version of these MetaTrader platforms, complete with add-ons the broker feels most suit its approach. Other brokers only provide the agnostic versions.
Both platforms are widely used and are generally considered safe when downloaded from official or broker-approved sources. Your overall safety also depends on choosing a trusted, regulated broker.
You need to download it from your broker, which should be free of charge but could be time- limited for a period, commonly for a month. Most brokers give you access with a simple sign-up process, while some require more information for Know Your Customer (KYC) and marketing purposes. New traders are advised to keep a trading journal, documenting what does and does not work.
MT4 is often easier for beginners because it was built around forex and has a simpler learning curve. MT5 offers more features and markets, which can be useful later but may feel more complex at first.
Yes, MT4 and MT5 are generally free to download and use through a broker. Costs usually come from trading itself, such as spreads, commissions, or overnight fees, not from the platform software.
No, MT4 and MT5 accounts are separate and are not interchangeable. If your broker offers both platforms, you usually need a different login for each one or a broker-assisted account setup.
Yes, MT5 supports forex trading as well as other asset classes such as stocks, futures, bonds, commodities, and cryptocurrencies. It was built to handle a wider range of markets than MT4.
Open the “New Order” window, choose the asset, set the trade size, and decide whether to buy, sell, or place a pending order. You can also add stop-loss and take-profit levels before confirming the trade.
You can add indicators from the Navigator or Toolbar and apply them directly to a chart. Chart appearance, drawing tools, and timeframes can also be adjusted to match your trading style and analysis needs.
Yes, MT5 includes a broader set of technical analysis features, more timeframes, and more order types. That makes it better suited to traders who want wider market access and deeper platform functionality.
Choose MT4 if your main focus is forex and you want a familiar, straightforward platform. Choose MT5 if you want access to more markets, more tools, and a more feature-rich trading environment.
