Contrary to popular opinion (that MT5 is the advanced version of MT4); I personally use MT4 platform. This is specifically because it is specially built and better suited to Forex Traders.
MT5 is better suited to individuals who trade in stocks, CFDs and Futures. That is just the most important unique feature of MT5 to MT4. But if you are a forex traders, I recommend you stick to the MT4 platform as it is better suited to your purpose.
Below are some of the major differences between MT4 and MT5:
Unique Features of MT4:
The MT4 Platform has 9 time frames.
MT4 does not have the economic calendar.
Its strategy tester is a single thread one.
It is best used to develop trading program and perfecting them to the teeth.
It requires multiple functions for performing each trading operation. But most of the functions are simple.
MT4 program cannot be run on MT5 program. This is one of the primary ways that the MT5 is much better than the MT4.
More simple when compared to MT5 which is more complex in operation.
Unique Features of MT5:
The MT5 Platform Has up to 21 different time frames.
MT5 is used to implement a positional system.
It has the economic calendar.
It has a multi-threaded strategy tester.
More efficient and easier to use when compared to MT4.
Traders can write and alter scripts, which is a very advanced function that enable traders to customize their trading environment.
Trading operations are done by sending trade requests using just one function.
The MT5 platform give a higher depth of Market compare to the MT4.
The MT5 Platform has a higher number of technical indicators.