Side-by-Side Comparison
| Feature | MT4 | MT5 |
|---|---|---|
| Release year | 2005 | 2010 |
| Order execution modes | Instant execution only | Instant, Market, Exchange execution |
| Timeframes | 9 timeframes | 21 timeframes |
| Programming language | MQL4 | MQL5 (faster, more features) |
| Hedging support | Yes (default) | Optional — netting or hedging mode |
| Economic calendar | Not built-in | Built-in |
| Depth of Market | Limited/broker-dependent | Native support |
| Broker availability | Universal — nearly every broker | Widely supported, growing |
| Auto-sync EA compatibility | Supported (MQL4 EA) | Supported (MQL5 EA) |
What Actually Matters for Journaling
Pastpip's Expert Advisor auto-sync works on both MT4 and MT5 — trade sync, chart screenshots, and P&L tracking function identically regardless of which platform your broker runs. The platform choice doesn't limit your journaling capability.
MT5's broader timeframe selection and built-in economic calendar mean more context is available directly on the chart when you're screenshotting a trade for your journal — useful if you tag trades by news events or multi-timeframe confluence.
Despite MT5 being newer, many brokers — especially those catering to prop firm traders — still default to or prefer MT4 for its simplicity and universal EA compatibility. Check what your specific broker or prop firm requires before assuming either platform is available.
MT4 defaults to hedging (multiple opposing positions on the same symbol allowed). MT5 can run in either hedging or netting mode depending on broker configuration — this affects how your trade history reads and how positions should be logged in your journal.
Which Should You Choose?
For most traders, the choice comes down to broker availability and personal habit rather than a clear technical advantage — both platforms support full Expert Advisor automation, meaning your trade journal can auto-sync from either one without manual data entry. If you're starting fresh with no broker constraint, MT5's additional timeframes and built-in economic calendar give it a slight edge for traders who want more native context while journaling. If your broker or prop firm defaults to MT4, there's no journaling-specific reason to switch.