Today, I am going to talk about the new beta release of Meta Trader 5 -
On 9th of September, 2009 Meta Quotes offered its new charting and
trading platform, the Meta Trader 5. Currently, the beta testing is going on
and the company is planning to offer new MT 5 version in coming year 2010.
You can download Meta Trader 5 via following link
http://www.metaquotes.ru/files/mt5setup.exe
The new MetaTrader 5 trading platform is designed to provide brokerage services
to customers in Forex, CFD and Futures, as well as equity markets.
I personally think Meta trader 5 is a good effort as they added object oriented programming.
However; the company clearly missed the basic requirement of most traders
who actively use MT4 platform on a daily basis.
How customers are going to use it in trading?
Specially, when almost all of the Meta Trader 4 custom indicators and E.As
are not going to work in this Meta trader 5 version.
Following are the draw backs that I have found and I think it is going to make hard
to accept and use new Meta Trader 5 software.
1/- Custom indicators need to re-write because the old *.mq4 file code just do not work with Meta Trader 5. Even if you change the file extension it still do not work at all.
2/- Same programming and syntax problem with Expert Advisor A.K.A - EA
Also, there are many Expert advisors and custom indicators
that people do not want to reveal the code and trading formula to third person.
3/- Not every one is a computer freak to rewrite and upgrade his own custom
indicators and Expert advisors. This makes really hard for new users and beginners!
In order to accept and use Meta Trader 5 a trader first needs to pay money to a MQL 5 programmer to update and re-write his E.A and Custom indicator OR leave Meta Trader 5.
I think most traders wants to use Meta Trader 5 but above problems and up-gradation
of coding is a big hassle and use-less effort.
Just need to pay more money to get the things keep working.
There are millions of users who needs to upgrade their code to use at MT5 which is
not possible and realistic approach.
:: My suggestion to Meta Trader 5 team is as follows ::
It is possible via programming to keep running the old *.MQ4 files inside
Meta Trader 5 in a compatibility mode!
OR
Go back and use the same scripting language and offer a new version of Meta Trader 5 without changing the MQ4 syntax
Other wise, I think it is a long way till 80% custom indicators and E.A users even think
to shift over to Meta Trader 5.
At least, I am not looking to use Meta Trader 5 for now.
I think Meta Trader 4 is still a hero for me.
Kind regards,
-Muhammad Azeem
http://readyforex.com
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