Re: Are brokers moving away from MT4 and MT5?

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Just in case they do eventually discontinue MT4, I think that it makes sense to convert all our indicators and EAs to MT5 gradually over time. Some years ago I tried to learn mql5 language and to convert some indicators without full success even though I was following a guide on how to do it. It's wasn't as easy as I thought it would be. Many years have passed since then so I hope that by now someone, somewhere has put together a working updated definitive guide on how to successfully convert to MT5. If there is now such a guide, then can someone please point me to it so I can resume learning how to convert. I think that's better than being caught off guard when or if MT4 is officially discontinued.


Re: Are brokers moving away from MT4 and MT5?

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global wrote: Mon Nov 27, 2023 9:30 pm Just in case they do eventually discontinue MT4, I think that it makes sense to convert all our indicators and EAs to MT5 gradually over time. Some years ago I tried to learn mql5 language and to convert some indicators without full success even though I was following a guide on how to do it. It's wasn't as easy as I thought it would be. Many years have passed since then so I hope that by now someone, somewhere has put together a working updated definitive guide on how to successfully convert to MT5. If there is now such a guide, then can someone please point me to it so I can resume learning how to convert. I think that's better than being caught off guard when or if MT4 is officially discontinued.
Do not even bother with CHATGPT

Re: Are brokers moving away from MT4 and MT5?

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DVanAssen wrote: Mon Nov 27, 2023 9:39 pm Do not even bother with CHATGPT
Right - Chat GPT is not good... the built in MT4/MT5 indicators are much better at this stage than some of the weird code Chat GPT spits out. I tried it for a bit I had a hard time getting to code a TDI and that's just a few indicators layered on top of each other it just gave me a single 7 period RSI with 68 & 32 lines

Re: Are brokers moving away from MT4 and MT5?

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Indicators are the reason Metaquotes can't get the multitude to cross from MT4 to MT5. As mrtoools has said most need to be completely rewritten from scratch, conversions rarely work. There is a thread here on requests to convert but there are few takers.

Which is why Metaquotes haven't taken MT4 down, they want all MT4 users to crossover but they know that if users can't take their favourite indicators with them then they'll look around at other platforms like Tradingview.


Re: Are brokers moving away from MT4 and MT5?

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Ogee wrote: Mon Nov 27, 2023 10:07 pm Indicators are the reason Metaquotes can't get the multitude to cross from MT4 to MT5. As mrtoools has said most need to be completely rewritten from scratch, conversions rarely work. There is a thread here on requests to convert but there are few takers.

Which is why Metaquotes haven't taken MT4 down, they want all MT4 users to crossover but they know that if users can't take their favourite indicators with them then they'll look around at other platforms like Tradingview.
I seems obvious to me that Metaquotes can easily solve this MT4 to MT5 problem if they really wanted to. All they have to do is to create a free converter built into the MT5 compiler so that the MT4 indicators and EAs will still work by just changing the extension from mq4 to mq5 and compile in MT5. The compiler can either automatically make the changes needed or if that isn't possible, then it can tell you exactly what changes you need to make manually and voila, your conversion is done. They are the creators of MT4 and MT5 so they can do that if they really wanted to. Seems like a common sense solution to me.

Re: Are brokers moving away from MT4 and MT5?

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Just a simple question, do you guys think MT4 its currently in a good state? or it's diying? I normally see more topics open and discussion regarding indicators/EAs/strategies of mt4, but since it's no longer supported by metaquotes but by the brokers instead, do you think it will remain in the time? or it's necessary to migrate to MT5?

Re: Are brokers moving away from MT4 and MT5?

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-L- wrote: Sun Jan 28, 2024 9:38 am Just a simple question, do you guys think MT4 its currently in a good state? or it's diying? I normally see more topics open and discussion regarding indicators/EAs/strategies of mt4, but since it's no longer supported by metaquotes but by the brokers instead, do you think it will remain in the time? or it's necessary to migrate to MT5?
MT4 was just updated a few days ago.

Don't worry too much it will be around for a very long time to come. Metaquotes themselves said they won't force anyone to move to MT5 but their goal is to make MT5 far more useable and hope traders will eventually want to move over, which is nice of them 👍
Important: The worst forex brokers of all time 👎

Re: Are brokers moving away from MT4 and MT5?

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All FBS cent accounts are moving from MT4 to MT5 next month. I requested them to remain in MT4 but is not possible. Not sure of the reason behind this move.

I´m closing my account there and moving to Glolbal Prime. They don´t even have MT5 as an option, so I hope they will remain MT4 for a long time yet.

Re: Are brokers moving away from MT4 and MT5?

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I was deeply beholden to MT4 years ago because MQL4 language is like a skeletal version of C and relatively easy to code. In contrast, MQL5 language is more like C++ and carries is a steep learning curve. As Metaquotes continues to update MT5, it is less and less like MT4. MT5 now has exponentially faster communication with trade servers, supports trading via Python scripts, and incorporates standard code functions for machine learning.

The retail forex market has a very high turnover rate which means that there is always a fresh crop of new traders, and they likely prefer MT4 for its simplicity. Given the steep learning curve of MT5, I suspect that broker-dealers will continue to offer MT4 as long as the demand is there--even if Metaquotes permanently stops updating MT4.

I've noticed many broker-dealers tend to promote their in-house platforms over MT4/5. Hey, if they can get a new trader beholden to their in-house platform, the trader might be more reluctant to switch broker-dealers. They also promote the hell out of mobile trading apps which is rather unethical. This is a thinly veiled attempt to gain more customers (who might not even be able to afford a desktop machine) regardless of the inherent communication delays in mobile data/Wi-Fi connections.

I would recommend trading MT4 as long as you can if that's what you're familiar with but at the same time, download a free demo of MT5 and start getting familiar with it as a "hedge."
“[A]s we know, there are known knowns—there are things we know we know. We also know there are known unknowns—that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don’t know we don’t know.”—Donald Rumsfeld, 2002


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