Milton Markets
Back to Calculators
Intermediate
12 min
Milton Markets Trading Team
Updated 2025-01-03

MT4 to MT5 Migration Guide

Everything you need to know about upgrading from MetaTrader 4 to MetaTrader 5

Why Migrate to MT5?

While MT4 remains popular, MetaTrader 5 represents the future of trading platforms. With MetaQuotes focusing all new development on MT5 and many brokers phasing out MT4, now is the ideal time to upgrade and take advantage of MT5's superior features.

Benefits of Upgrading to MT5

  • ✓ Trade stocks, futures, and crypto alongside forex
  • ✓ Access 21 timeframes vs MT4's 9 timeframes
  • ✓ Use advanced order types (Buy/Sell Stop Limit)
  • ✓ Faster execution and improved performance
  • ✓ Built-in economic calendar and market depth
  • ✓ Better backtesting with multi-currency testing

⚠️ Important Notice

MT4 and MT5 are separate platforms. Your MT4 EAs, indicators, and scripts will NOT work directly on MT5 and must be converted. This guide will walk you through the entire process.

Key Differences: MT4 vs MT5

FeatureMT4MT5Impact
Programming LanguageMQL4MQL5Requires code conversion
Timeframes9 timeframes21 timeframesMore analysis options
Order Types4 pending orders6 pending ordersBetter entry control
Account TypesHedging onlyHedging & NettingStrategy adjustment needed
Market CoverageForex, CFDsForex, Stocks, Futures, CryptoMore opportunities
Economic CalendarNot built-inIntegratedBetter fundamental analysis

Pre-Migration Checklist

📋 Before You Start

💡 Pro Tip

Run MT4 and MT5 side by side during migration. This allows you to compare results and ensure everything works correctly before fully switching.

Step-by-Step Migration Process

1

Install MT5 and Set Up Account

  1. • Download MT5 from your broker's website
  2. • Install without uninstalling MT4 (they can coexist)
  3. • Open MT5 account with your broker
  4. • Choose account type: Hedging (like MT4) or Netting
2

Transfer Basic Settings

  1. • Set up your preferred chart colors and properties
  2. • Add frequently traded symbols to Market Watch
  3. • Configure default lot sizes and slippage
  4. • Set up chart templates with your indicators
3

Convert Your Trading Tools

This is the most technical part of migration:

Automated Conversion (65% success rate)

  • • Use MQL4 to MQL5 conversion tools
  • • Works best for simple indicators
  • • Requires manual debugging afterward

Manual Conversion (100% success rate)

  • • Hire MQL5 developer to rewrite code
  • • Check MT5 marketplace for equivalents
  • • Use built-in MT5 alternatives when possible
4

Test Everything Thoroughly

  1. • Run converted EAs on demo account first
  2. • Compare indicator values between MT4 and MT5
  3. • Verify order execution matches expectations
  4. • Test during different market conditions
5

Go Live Gradually

  1. • Start with small positions on MT5
  2. • Run both platforms in parallel initially
  3. • Gradually increase MT5 usage as confidence grows
  4. • Fully transition once comfortable

Converting EAs and Indicators

⚠️ Critical Information

MT4 and MT5 use different programming languages. Your MT4 tools will NOT work on MT5 without conversion.

• MQL4 (MT4) and MQL5 (MT5) are incompatible

• Conversion tools handle ~65% of code automatically

• Complex EAs often need complete rewriting

Common Code Changes

OrderSend() Function

Different parameters and structure in MQL5

Array Handling

Series arrays work differently

Trade Functions

New trade class system in MQL5

Time Functions

Different time handling methods

Conversion Options

Option 1: Find MT5 Version

Check if developer offers MT5 version

Option 2: Use Converter

Try automated conversion tools first

Option 3: Hire Developer

Professional conversion for complex EAs

Option 4: Find Alternative

Explore MT5 marketplace options

Understanding Account Structures

Hedging Account (Like MT4)

Allows multiple positions in the same symbol

  • ✓ Can have both buy and sell positions
  • ✓ Each position managed separately
  • ✓ Familiar for MT4 traders
  • ✓ Better for certain strategies

Recommended for: MT4 traders migrating

Netting Account (MT5 Only)

One position per symbol, like stock trading

  • • Buy and sell orders offset each other
  • • Single position shows net exposure
  • • Required for exchange trading
  • • Different strategy approach needed

Recommended for: Stock and futures traders

Important Choice

Choose your account type carefully. Most brokers don't allow changing between hedging and netting after account creation. If you're unsure, choose hedging for familiarity with MT4.

Common Migration Challenges & Solutions

Challenge: EA Doesn't Work After Conversion

Solutions:

  • • Check Journal tab for error messages
  • • Verify EA is allowed in MT5 settings
  • • Test on demo account first
  • • Debug converted code line by line
  • • Consider professional recoding

Challenge: Different Indicator Values

Solutions:

  • • Check calculation methods match
  • • Verify same parameters are used
  • • Ensure price data is identical
  • • Some indicators calculate differently by design

Challenge: Missing Features from MT4

Solutions:

  • • Explore MT5's new features as replacements
  • • Check Community Market for alternatives
  • • Many "missing" features have better MT5 versions
  • • Adapt workflow to MT5's advantages

Challenge: Learning Curve

Solutions:

  • • Start with demo trading
  • • Focus on one feature at a time
  • • Use MT5's built-in help system
  • • Watch migration tutorials
  • • Join MT5 community forums

Realistic Migration Timeline

Week 1-2: Preparation

Backup, install MT5, open account, basic setup

Week 3-4: Tool Migration

Convert or replace indicators and EAs

Week 5-6: Testing Phase

Demo trade, verify tools, adjust strategies

Week 7-8: Parallel Trading

Small live trades on MT5 while using MT4

Week 9+: Full Migration

Complete transition to MT5

After Migration: Maximizing MT5

Explore New Markets

Trade stocks, futures, and crypto with your forex strategies.

Learn about CFDs →

Master Advanced Features

Leverage MT5's unique tools for better analysis.

Read advanced guide →

Optimize Your Setup

Configure MT5 for maximum trading efficiency.

View complete guide →

Need Help with Migration?

Remember, you don't have to migrate everything at once. Take your time, test thoroughly, and gradually transition to ensure a smooth experience.

Explore Trading Tools →Browse Glossary →

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