What is this MT4, MT5...is this marketing talk?

Hi,

I downloaded this android app - Forex Portal - and see this terms that don't mean much to me. I am technically savvy and like to take out marketing jargons to understand systems.

Please reply if you know answer to any of the following - Thanks!

1- I see the terms MT4, MT5, etc...what are these systems? are they some standard?

2- Are they really needed or just marketing terms for a software someone made?

3- Do they bring real value to the table that individuals can't do with their own programming?

4- Are these well known terms among the community of traders?

5- Alternatively, if someone wants to code their own thing should they start with some tool or build their own without any other tool's help?

Thanks,

 

https://www.metatrader4.com/en

https://www.metatrader5.com/en

 

Lol

 

It client-server solution of trading platform for brokers and traders. They are widely used. MT5 is a major upgrade from MT4 which is a bit obsolete. The platform supports automatic backtesting and possess basic tools for technical analysis

 

He got me good

 

Thanks for the details.

I think what throws me off is how popular these systems are (successful they are) or maybe just not much innovation done in this area (big gap existing) that it's the only system and hence the terms are so wisely and loosely used.

From what you said it sounds that backtesting might be the biggest thing in this for me at least as integration with brokers is not very effective.

Backtesting requires programming or has a limited set of scenarios that can be tested? I would really like to hear more on this if you or anyone else is experienced in it and can summerise it's brains.

P.S. This picture is from Forex Portal app. This is showing M1, M5, M15...I guess these are not same as MT4, MT5.

 

Higher number = better version
eg iPhones , iphone 2008 vs iphone12 of 2020


Using MT5 myself, works fine

 

Thanks for the version clarifications.

What do you use it for that your broker software can't do?

 

Mobile version.


Upon connecting to the servers, - you choose your broker, so the same platform, is being used by multiple brokers :

https://www.benzinga.com/money/metatrader-5-brokers/

 

MT4 user here, it's fine, prefered it to MT5 only cause I think Ipad version MT4 has buy / sell button on the charts, MT5 at the time didn't.