A client just called comparing the newest MetaTrader update to Obamacare. Given the number of phone calls that I’ve fielded today, that sounds about right.
The most common issue is that expert advisors and indicators don’t show up inside of MetaTrader. Clients swear up and down that the files are in the right spot, but MT4 can’t find them for some reason.
You have one of two issues:
- Your files are not in the right spot. This update to MT4 migrates the new experts folder to a completely different path. The new path is C:\Users\User_account_name\AppData\Roaming\MetaQuotes\Terminal\Instance_id\MQL4\\experts. The items in bold are different on every computer.The easiest way to access this folder is by clicking File / Open Data Folder. Click MQL4, then experts.
- The changes to the MQL4 programming language broke your code. You need a MetaTrader programmer to modify your code so that it’s compatible with Build 600. The reason your EA or indicator doesn’t show up in MT4 is because the code no longer functions properly. That’s not your fault. It’s a direct result of the changes that MetaQuotes introduced into MQL4.
Why are they doing this?
The real reason is that MetaTrader 5 is a total failure from a business perspective. Only a handful of brokers have adopted MetaTrader 5 as an available platform. None that I know of boast about it. It’s an option that’s there, but nobody uses it. We’re all familiar and want to stick with MT4.
MetaQuotes’ response is to beat its users kicking and screaming where it wants to go. They want want everyone using MT5. Since the market has voted with its lack of adoption, MetaQuotes sees its best move as forcing MT5 into MT4. As they themselves describe it, they’re bringing the features of MT5 down to MT4.
That comes with a lot “challenges”. I say that facetiously because any tech company attempting a code roll out this severe is doomed to failure. They’ve tried to stuff 3 years of development work for a separate charting package into a release of older software. Not exactly a recipe for success.
We’re all familiar and want to stick with MT4.
MetaTrader 4 was never designed as a top end charting package. I’m from Texas, so I’m going to go with a gun analogy here to reinforce everyone’s stereotypes. MT4 is the AK-47 of charting packages. There are better, more sophisticated options available. But, an AK-47 still fires even if the chamber is full of dirt.
MetaTrader’s appeal is very similar. You don’t need years of trading experience to use it. You pretty much open it up and you’re all set.
The MQL4 language, at least as it was originally conceived, was equally basic. It was a scripting language. That’s fine if you want to build a moving average cross strategy. If you want to statistical analysis or implement complex logic, the simplicity adds a lot of overhead.
The introduction of object oriented programming to MQL4 attempts to support traders that want to follow a more sophisticated approach. The reason why object oriented programming is important is really beyond the scope of the article and, frankly speaking, most EA traders really could care less about the programming details. The takeaway is that you can do more complicated tasks in the new version of MQL4. It comes at the cost of breaking a lot of older EAs ad indicators.
Are you affected by the new changes to MQL4? Email email@example.com with the .mq4 files that no longer function properly in order to receive a free estimate.