Switching from MT4 to MT5: A Step-by-Step Guide to Migrating Your Tools and Strategies

Switching from MT4 (MetaTrader 4) to MT5 (MetaTrader 5) has become a must as MT4 gradually loses feature support. While both platforms might look alike, MT5 offers several enhanced features.

However, switching to MT5 might feel challenging for some people. So, how to migrate to MT5 without losing the tools and workflows that have already worked for you in MT4? 

Why Switch to MT5?

Compared to MT4, there are several perks that MT5 offers:

• Better VPS integration: MT5 has a built-in Virtual Private Server (VPS) that users can activate with only a few clicks directly from the platform.
• Advanced order execution: MT5 allows users to manage each position separately with its lot size, even if they’re part of the same currency pair. Overall, MT5 provides better features for complex strategies. 
• More trading tools: MT5 includes more built-in indicators and timeframes than MT4. As it works based on the MQL5 programming language, it facilitates advanced strategies better, offers faster backtesting, and multi-threaded processing. 

MT4 vs. MT5: Key Differences

Step-by-Step Migration Process Guide

1. Installing MT5 and Setting Up Your Account

To start the migration process, you first need to install the MT5 platform. Go to your MetaTrader 5 broker website to download it. MT5 installs separately, so users don’t have to remove their older MT4. MT5 can coexist and run alongside MT4. 

After the installation process is done, open or connect an MT5 trading account through your MT5 broker. At this stage, you’d have to select your preferred account type. There’s a hedging account (like MT4), or netting, which MT5 now offers.

2. Transfer Basic Settings 

Once you have MT5 installed, you can start transferring your essential platform settings to match your preferences. Start by adjusting grid styles, display preferences, and chart colors so it’ll feel familiar and easy to use.

Then, add your commonly traded currency pairs or symbols to the Market Watch window. 

You’ll also want to configure your default trading parameters. These may include slippage and lot sizes.

Finally, set up your chart templates by adding your preferred indicators. Saving these templates ensures you can apply the same setup instantly across multiple charts. 

3. Converting Your Trading Tools

Converting your trading tools might be the most technical step throughout the migration.

You generally have two approaches to convert your trading tools. 

The first is automated conversion. This is where you use MQL4-to-MQL5 converter tools to translate your indicators.

This is a method that works best for simple scripts with an approximately 65% success rate. However, if this automated conversion works, you’ll have to manually debug the code afterwards. 

The second approach is manual conversion, which is more reliable. It involves hiring an MQL5 developer to rewrite the tool from scratch.

If you prefer not to hire a developer, you can also search the MT5 Marketplace for equivalents or take advantage of MT5’s built-in indicators and utilities. 

4. Testing

Before going live with MT5, it’s crucial to test every element of your migrated setup on a demo account. Start by running converted EAs in the demo account to confirm they can work properly.

Compare indicator readings and signal outputs between your old MT4 charts and your new one. 

Verify the order execution, lot sizing, and other factors to behave exactly as you’re expecting. Then, simulate realistic market scenarios across different market conditions.

Be thorough as you test, ensure it’s fully ready and be cautious before you enter a live account. 

5. Go Live Gradually

When it’s time to enter real trading, move to MT5 gradually instead of all at once. Begin by opening small position sizes on MT5 while keeping MT4 running in parallel.

That way, you can compare performance and execution side-by-side. 

Once you’re more confident in the MT5 usage, you can slowly increase your MT5 trading volume.

Then, when everything feels stable, consistent, and goes according to your expectations, you can fully migrate and retire MT4 from your active trading workflow. 

Common Challenges and Solutions

EA Doesn’t Work After Conversion

If EAs don’t work after conversion, the first thing to do is to check the Journal tab for error messages. They’ll tell you what you need to fix. You also need to verify EA is allowed in your MT5 settings. 

Once you’ve made some changes, test them on demo accounts. If EA still fails, go through the converted code line by line. If you find it too challenging to do, consider going to a professional developer for the recoding. 

Different Indicator Values

If you notice a difference in indicator values between MT4 and MT5, start by checking if both platforms are using the same calculation methods. Make sure the parameters match, as differences can produce different outputs. 

You should also check that both platforms are using identical price data. IN addition, some indicators compute values differently by design in MT5. Thus, small discrepancies might not be a sign of malfunction. 

Missing Features

If you’re missing certain MT4 features after switching to MT5, browse MT5’s built-in tools. In most cases, you’ll find newer, enhanced replacements.

You can also check the Community market, where you can find many developers offering MT5 versions of popular MT4 tools. 

You might also need to adjust parts of your workflow to fully maximize MT5’s upgraded capability. That way, you can fully operate MT5 and take advantage of the improvements it offers.