Metatrader 5

MetaQuotes, the developer of the MetaTrader 4 software and the MQL programming language, is going to release a new version of the popular trading platform along with the new programming environment MQL 5. Metatrader 5 will be released end this year, but before that, a public beta testing is planned.

Metatrader 5 will feature high performance and outstanding working speed, 21 timeframes and over 70 analytical tools, advanced built-in reports on all trading activities. One of the most important new features is the possibility to perform trading operations on different markets including futures, options and stocks. Also, a new Depth of Market (DOM) feature is implemented, that gives a trader a inside of current market activity for a particular financial instrument.

Because Metatrader 5 platform was rewritten from scratch, and the programming language MQL 5 was changed much, the platform will be not backward compatible with MT4 and MQL4. This means that for example expert advisor's and trading indicators that were written for MT4 will not work in Metatrader 5. The order management system was also completely changed in MT5. Only one position per financial instrument ia allowed. Unlimited orders are possible but with only 1 resulting total position per pair. This means that there won't be possible to hedge the orders anymore. Read more here: MetaTrader 5

MT5 has a new integrated development environment called MQL5 which includes the MQL5 programming language, MetaEditor 5 and MetaTrader 5 Strategy Tester. As was said above, the MQL4 and MQL5 languages are not compatible. This means that every custom indicator and script or EA must be rewritten to work with Metatrader 5. It is not clear yet if there will be a tool which converts the MQL4 source code to MQL5 or allows MQL4 executables to run in MT5 in some kind of simulation or virtual mode.

MetaTrader 5 Strategy Tester enables a programmer to test a newly programmed EA on historical data before using it in real trading. The new strategy tester will feautre much faster execution speed and advanced reporting. The MQL5 development environment has also a new IntellySence system

According to MetaQuotes, the MQL5 language has very high speed of execution and approaches C++ in terms of this parameter and is more object oriented, what makes the development of EAs quicker and easier, especially for autotrader developers. As compared to MQL4, the new language boasts up to 20 times faster execution speed. The language will be also easier to learn. Read more here: MQL4 vs MQL5