MetaTrader 4 vs MetaTrader 5 for Indicator Users: Compatibility, Conversion and Which Platform to Choose

The short answer

An indicator built for MetaTrader 4 will not run on MetaTrader 5, and the reverse is also true. The platforms use different languages (MQL4 and MQL5) and different file types, so renaming a file does not convert it. Before you pick a platform, check which version of your indicator exists. That matters more than any feature list.

Compatibility at a glance

Treat the table as a starting point. Broker builds differ, so confirm current details with your broker and on the official MetaQuotes site.

Why files don't cross over

Compiled files (.ex4, .ex5)

These are locked binaries. If you only have an .ex4, you can use it on MT4 and nowhere else. Only the author can produce an MT5 version. Decompiling someone else's compiled indicator is a bad idea. It usually breaks the licence terms and often produces unreliable code.

Source files (.mq4, .mq5)

If you have the source and the right to modify it, porting is possible but not trivial. The drawing logic often carries over. The data access does not:

• MT4 indicators commonly call functions like iMA() and get a value straight back. In MT5 those calls return a handle, and you read values with CopyBuffer().
• Array indexing and series direction need explicit handling in MT5.
• Buffer setup, plot properties and object functions differ in detail.

Simple moving-average style tools port easily. Anything with multi-timeframe calls, custom objects or alert logic takes real testing.

Recommended for youHow to Install a Custom Indicator in MetaTrader 4 and 5: .ex4, .mq4, .ex5 and .mq5 Files Step by Step

How to check a ported indicator

1. Open the same symbol and timeframe on both platforms, ideally from the same broker or with comparable history.
2. Apply both versions with identical inputs.
3. Hover over the same bars and compare values in the Data Window.
4. Check the most recent bars and an older stretch. Repainting and history-loading problems show up differently.
5. Test the alerts separately, since that is where ports often break. See How to Set Up Indicator Alerts in MetaTrader.

Small differences can come from history depth, symbol specifications or data feeds, so a mismatch does not always mean a faulty port. A large mismatch usually does.

What else changes when you switch

• Templates and saved setups. Don't expect to carry a template from one platform to the other. You will likely rebuild it. MetaTrader Templates, Profiles and Saved Settings covers how to do that once and reuse it.
• Installation. The process is similar, but each platform has its own data folder. The step-by-step install guide covers both.
• Mobile. Neither mobile app is the place for third-party tools. See Can you add custom indicators to the mobile app?
• Mac. Setup involves extra steps on either platform: installing on a Mac.
• Brokers. The platform version depends on what your broker offers. Also see whether an indicator works with any broker.
• Always-on alerts. Alerts need the terminal running either way. Do you need a VPS? covers the options.

Which should you choose?

MT4 makes sense if…

• Your key indicators only exist as .ex4 or .mq4 files.
• Your broker offers it and your workflow already works.
• You mostly need charting with a familiar tool set.

MT5 makes sense if…

• Your indicators already have MT5 versions, or their authors confirm one is coming.
• You want a broader built-in toolset and more timeframes.
• You are starting fresh and have no legacy tools to carry.

An honest tradeoff

MT5 is the newer platform, but "newer" is not the same as "better for your indicators". If your setup depends on three MT4 tools, moving means replacing or porting all three, retesting them and rebuilding your charts. Some traders run both platforms: one for legacy indicators, one for everything else. That works, but it means two setups to maintain.

Before you commit

1. List every custom indicator you use and note the file type.
2. Ask each vendor or author whether an MT5 version exists. Confirm current details on their official site rather than relying on old forum posts.
3. Open a demo account on the other platform and test your core setup there before moving anything.
4. If something fails to load, the troubleshooting guide covers the common causes. Wrong platform version is the first one to rule out.

If you are still comparing specific tools, our indicator reviews and comparisons note which platform versions each one lists. Check those details against the vendor's official page, since they change. For the full range of setup guides, see the MetaTrader Indicator Setup & Tutorials hub.

No indicator or platform choice guarantees profitable trading. Test everything on a demo account first, and treat any platform as a tool, not an edge.

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