New Release Of Trading Platform Must Read

[Pheniox]

I am sure that there are several discussions on the forum related to this but many of us have some difficulty find it.

 

So in a nutshell here it is.

 

Old indicators will no longer work on MT5.

 

Object create commands will no longer be recognized and I am sure Alerts will have to be re programmed as well.

 

If you trade manually with indicators that draw on the chart be advised that you will no longer have anything to look at or reference to for your trades.

 

Alerts and pop up alerts will have to be re programmed as well.

 

Hedge trades will be a thing of the past and no longer allowed. Guess the programmers are on the payroll of the NFA or something like that.

 

I am not sure that all Automated EA's will work anymore either and I am just learning the new coding and getting to re programming my own programs.

 

There is not much available yet as a reference and they have limited the number of people that have access to the new beta MT5. Wish I know the reason, but hopefully we will not be all looking for another job to pay for all new EA's down the read here.

 

If any member here knows for sure if the MT5 platform will be backwards compatible to our old EA's I would appreciate a post to take away some of the anxiety here.

 

Pheniox

[Stormin_Norman]

Re: New Release Of Trading Platform Must Read

 

it will be interesting to see how many brokers uptake mt5.

 

and how many run both mt4 and mt5.

 

if im forced off mt4, im not going to mt5 -- ill be off to a java platform or something i reckon.

 

i think there's a fair chance that mt5 will not be fully adopted (or at least mt4 will continue to be supported).

[vladv]

Re: New Release Of Trading Platform Must Read

 

I fully agree with Stormin_Norman's point at this time.I hope too that the MetaTrader4 will be supported at least some months until we can recode the EA's and indicators,and the new MetaTrader5 is cleared of the software bugs......I think that brokers will run both versions of the MetaTrader platform! :o

[⭐ birt]

Re: New Release Of Trading Platform Must Read

 

Does anyone have a beta version of MT5? Or even heard of one floating around?

[mograst]

Re: New Release Of Trading Platform Must Read

 

what I am curiouse to know is IF MT5 doesn't allow hedge, what happens to those brokers who are NOT NFA associated (Alpari, broko etc etc)

Can they still offer hedge on MT5? If Not then i think metaquote has made an abbisal error as many of current users will change platform (I dont like be forced my MT5 to NOT use hedge FIFO posibilities even if my broker allow this.!)

Maybe there will be brokers still offering MT4 and mantain themselve the platform...

[Phoenix48]

Re: New Release Of Trading Platform Must Read

 

There will still be hedging possible in MT5. The way it will work is that it will detect on which broker you are connected on and if it is a NFA broker, it will apply NFA rules. But if it's not, then it will still be normal trading. Brief, it will simply be an auto-detect system. So no need to panic about that, my friends.

 

As for the compatibility with the existing EA, then that, i admit i do not know about that...

[fx_cyborg]

Re: New Release Of Trading Platform Must Read

 

 

So in a nutshell here it is.

 

Old indicators will no longer work on MT5.

 

Pheniox

 

OMG ... X_X ... [-O< ... :-ss ... :-??

[⭐ fscrp]

Re: New Release Of Trading Platform Must Read

 

Everything I have read about MT5 says it will not be backwards compatible.

 

Here is an official statement from MetaQuotes:

 

"You should also understand that we doing it not to make you redo the EA developments every time when we launching a new platform. From the beginning of Metatrader 5 development we thought that we will be able to save the compatibility. And we said about it many times. But the numerous traders/developers requests made us change our mind. We`ve understood that just cant make a new language compatible. At the same time we have made MQL5 more powerful and in this way we gave you, traders and developers, more abilities - that was our main goal in developing of MQL5 IDE. From one side new language with the new abilities and from the other side - MQL4 and MQL5 compatibility. Unfortunately, these two aims cant be reached at the same time."

 

I haven't been able to find any mention of a utility to convert MQL4 to MQL5. That may be left to 3rd parties and give them the opportunity to makes buckets of cash.

 

 

Edit: there is a trading platform called ProTrader which can read mq4 files, but it does not do so flawlessly.

[copycat]

Re: New Release Of Trading Platform Must Read

 

Hi, just saw a new article in MQL4.com about a brief review of MQL5 and MT5 by a beta tester. http://forum.mql4.com/26099

 

Interestingly, Bid and Ask are history. You have to use SymbolInfoDouble(Symbol(),SYMBOL_BID) to get Bid info. Not a big deal though.

 

Some of the events will be handy. OnTimer , OnTrade etc... and built in function to get GMT time==> TimeGMT(str1);

 

In my opinion, not many off-shore (non-US) brokers will be switching to MT5 any time soon because of the non-headging feature. It will take away their biggest advantages of completing with US brokers. US brokers have nothing to loose to switch to MT5. But the willingness of taking up by end users is another story.

 

I guess those beta testers have signed non-disclosure agreement so it seems there is nothing floating around on the net yet..

[crips]

Re: New Release Of Trading Platform Must Read

 

Not any time soon that is my humble opinion on this. The rumor that MT5 will be relased very soon have been around forex community for 2 years now. So far nothing except some screenshots here and there. And if it comes out in one day it takes at least a year when all the bugs have been fixed and it is a solid platform to trade from. And thne tehre will be some overlaping time when both platforms are available to trade. I think that this period is also something around 1 year. So to conclude it makes around 2 years untill we realy have to worry about it.

I am not long enought in the forex business to remember the transformation from MT3 to MT4 so some olde gurus can comment on that how lond did it take to go from MT3 to MT4.

[Elma]

Re: New Release Of Trading Platform Must Read

 

Is there any MT4 to MT5 converter available?

so that we can convert all our MT4 EA to run in MT5 :-?

[FxNewbie]

I found these MQ4 to MQ5 conversion tools. I haven't used them but downloaded them in case they did come in handy later.

 

hxxp://[email protected]/X6TEK0AO26