MQ4 to MQ5 conversion
There are a lot of expert advisor software solutions which are created to help the traders in their trading in the forex markets. The most widely used among these robots are the expert advisors built on the platform MetaTrader in its own language MQL. These solutions are provided by MetaQuotes Software Company and the current most widely used version is the MT4 which is based on the language MQ4.
However, in the fall of 2009, MetaQuotes released the beta version of their new platform the MetaTrader 5, which is based on the language MQ5. The initial assumption that there will be an MQ4 to MQ5 conversion to bring all the existing code in the new standard does not hold true. The MQ5 is not just a patch over the MQ4, but it is a completely new architecture from scratch.
The programmers who designed the MQ5 were seemingly caught between a net to either add the new functionalities to the language or try to maintain the compatibility between the MQ4 and MQ5 and keeping in view that the new language implementations would work much faster and better if not kept backward compatible has made it difficult for the MQ4 to MQ5 conversion to happen.
Apart from this, the MQ5 also boasts of various other features like more graphs and more analytical data, better reports and more ways of placing orders and performing trading. Nevertheless, the MQ5 platform also brings in some of the limitations like not allowing hedging of the funds, which is as per the requirements from the forex regulatory agencies. And thus, the MT5 platform based on MQ5 language seems to have much to offer to the traders.
But, it also leaves back a big chunk of people who would not like to move to MT5 platform since their existing MT4 expert advisors and other customizations would not work on the new platform. This very thought has resulted in addition of some virtualizations to the MQ5 language so that it can understand the MQ4 language and provide at least some sort of backward compatibility. Nevertheless, there is no such tool as of now, which provides this feature.
Thus, while the MT5 platform is still being beta-tested for its reliability and optimized performance, the different people and expert advisor provider companies are working towards designing of some software which will allow the MQ4 to MQ5 conversion and hence allow the MT4 expert advisor software to migrate to the MT5 platform.