As the algorithmic trading journey evolves with MetaTrader 4, it’s essential to consider the road ahead with MetaTrader 5. Today, we’ll discuss the advantages, challenges, and key considerations in migrating from MetaTrader 4 to MetaTrader 5.
Why consider migration? While MetaTrader 4 has been the popular choice among traders, MetaTrader 5 offers more advanced features, superior tools for technical analysis, a wider array of timeframes, and the flexibility of the MQL5 language.
Advantages of MetaTrader 5
- Enhanced Order Management: MT5 has four types of order execution and six types of pending orders, offering more flexibility in order execution.
- Multi-threaded Strategy Tester: This feature facilitates quicker optimization of trading strategies.
- Improved User Interface: MT5’s interface is more intuitive and user-friendly than MT4’s.
Challenges in Migration
- MQL5 Language: While more powerful and flexible, MQL5 is more complex than MQL4, requiring some time and effort to learn.
- Rewriting Code: Since MQL4 and MQL5 are significantly different, you can’t directly import MQL4 code into MT5, which means rewriting and testing your MQL4 scripts in MQL5.
- Learning Curve: Mastering the advanced features of MT5 will take some time.
Key Steps for Migration
The transition begins with understanding MQL5. Consider studying examples of coding structures in MQL5. For instance, the structure of a basic “Hello World” script in MQL5 would look like:
#property copyright “Your Name”
#property link “https://www.tradomite.com/”
#property version “1.00”
//| Script program start function |
//— Print Hello World in Experts Log
- Rewriting and Testing Scripts: After gaining a foundational understanding of MQL5, you will need to rewrite your MQL4 scripts in MQL5. For instance, if you had a simple script in MQL4 to buy 1 lot of EURUSD, you would need to adjust it for MQL5. Once the script is rewritten, ensure to backtest and optimize your scripts for efficacy. Here’s an example:
OrderSend(Symbol(), OP_BUY, 1.0, Ask, 3, Ask-15*Point, Ask+15*Point);
request.action = TRADE_ACTION_DEAL;
request.type = ORDER_TYPE_BUY;
request.symbol = Symbol();
request.volume = 1.0;
request.price = SymbolInfoDouble(Symbol(), SYMBOL_ASK);
request.deviation = 3;
request.sl = request.price – 15 * _Point;
request.tp = request.price + 15 * _Point;
- Familiarizing with New Features: Lastly, get comfortable with the advanced features and interface of MetaTrader 5. For example, familiarize yourself with the in-built economic calendar in MT5, which wasn’t available in MT4.
While migrating from MT4 to MT5 can seem daunting, it opens the door to more advanced trading tools and strategies. However, it’s essential to consider the learning curve and commitment required.
In the next and final blog post of this series, we will summarize our journey in algo-trading with MetaTrader 4 and discuss how to continue your trading journey. Stay tuned with Tradomite!