MQL4, which stands for MetaQuotes Language 4, was introduced with the launch of MetaTrader 4 platform in 2005. It quickly gained popularity among traders due to its simplicity and ease of use. MQL4 allows traders to create custom indicators, expert advisors (EAs), and scripts to automate trading tasks. It provides a wide range of functions and libraries, enabling traders to analyze market data, perform calculations, and execute trades. MQL4 is relatively simpler and has a large user community, making it easier for beginners to get started with algorithmic trading.
MQL5, on the other hand, is an enhanced version of MQL4, introduced with the launch of MetaTrader 5 platform in 2010. MQL5 offers additional features and functionalities compared to its predecessor. It provides improved performance, higher execution speed, and supports a wider range of order types. MQL5 also introduces object-oriented programming (OOP) concepts, making it more flexible and efficient for developing complex trading systems. However, the transition from MQL4 to MQL5 might require some adjustments due to differences in syntax and functions.
Although MQL5 offers more advanced features, MQL4 still holds its ground as a widely used language among traders, mainly due to the large number of existing MQL4-based systems and the familiarity of traders with the language. However, MetaQuotes has made efforts to bridge the gap between the two languages by developing the MQL4 to MQL5 converter, allowing traders to easily migrate their MQL4-based systems to MQL5.
Both MQL4 and MQL5 provide access to historical and real-time market data, technical indicators, and trading functions, allowing traders to implement their trading strategies effectively. Each language has its own strengths and weaknesses, so the choice between MQL4 and MQL5 depends on the specific requirements and preferences of the trader.
In conclusion, MQL4 and MQL5 are powerful scripting languages that enable traders to automate their trading strategies in MetaTrader platforms. While MQL4 offers simplicity and a large user community, MQL5 provides advanced features and improved performance. Traders can choose the language that best suits their needs while keeping in mind the challenges and benefits associated with each.