With the official release of MetatTrader 5 (MT5) back in June 2010, it is interesting to find out how many people have since switched to the long awaited upgrade to MetaTrader 4 (MT4). On the face of it, both programmes still have a lot in common however under the hood; MetaTrader 5 brings together several additional features and important enhancements. Even so in spite of all of this it came as no surprise to MetaQuotes when the launch of MT5 attracted a great deal of criticism and mixed reviews within the trading community. This article will explore the causes for this criticism and dispel any misconceptions.

To begin with, it is no hidden secret that MT4 initiated the most significant development of custom indicators and computerized expert advisors (EA) in the currency trading industry. Sadly however MT4 and MT5 are incompatible since these indicators and EAs are coded in two unique programming languages, MQL4 and MQL5 respectively. Consequently many traders who trade with custom indicators and EAs in MT4 have been struggling to effortlessly switch to MT5 without the need for help from computer programmers, who are able to re-write an old MQL4 indicator by converting it to MQL5.

At the start MetaQuotes actually planned to make MQL4 and MQL5 compatible and in fact reported the idea however all through the continuing development of MT5; they just couldn't refrain from the prospect of a far more effective, flexible and powerful programming language. Most MT5 platform capabilities were instantly observed and identified by traders with computer programming skills. On the other hand, many of the retail traders with little to no coding experience have been doubtful about the functionality of the new platform let alone some great benefits of moving to MT5.

If you're unsure, here are a few of the benefits of upgrading from MT4 to MT5:

  •  MT5 offers greater analytical capabilities;
  •  MT5 includes more timeframes;
  •  MT5 has MQL5-indicators with better functions and;

• New order types and open trade management options are offered in MT5.

Ultimately, MetaQuotes have engineered an incredible breakthrough in the area of computerized trading by introducing the MQL5 Wizard. It allows regular traders who've got zero programming skills, a chance to make the most of the MQL5 language by allowing them to create their very own EAs. An investor is merely required to choose the type of rule, a money management method together with a trailing stop and the MQL5 Wizard does the rest.

So if you're an active currency trader, the big question is no longer IF you're upgrading to MT5 but rather WHEN you're going to switch from Mt4 to MT5? MetaTrader 5 is currently available for Demo testing, for 30 days from Alpari (UK).