Alpari’s recent launch of MetaTrader 5 triggered a small wave of MQL5 translation requests. Most traders assume that MT5 is about to take over the world. Perhaps it’s better to front run any potential problems. I assure you, though, that there’s no need to panic.
The launch mainly signifies that the larger forex firms will start rolling out their own installations of MT5 within the next six to twelve months. Rumor has it that Alpari’s owners are very close to the owners of MetaQuotes. Perhaps this is hearsay, but it’s my impression that Alpari is the first among equals when it comes to MetaQuotes’ clientele. Alpari did pay up the wazoo, however, for their license. Maybe they’re just getting rewarded for adopting the new platform so quickly.
Most brokerages, especially the large ones, are not chomping at the bit to adopt the new release. In fact, most of them hate MetaTrader with a passion. The back office is written largely for brokerages that exclusively want to use MetaTrader. The larger brokers, all of whom invariably offer their own proprietary platforms, have to jump through a lot of hoops to get all the moving parts between separate back office systems working in sync. The rollout will likely embroil their IT staff in problems for months on end. I seriously doubt most CEOs are looking forward to the switch.
Also, offering MT5 as the primary platform does not mean that your brokerage is going to flip the off switch on MT4. They depend on MetaTrader 4 for their cash flow. Brokerages will not sabotage themselves by preventing all of their customers from trading.
Rollouts of new technologies usually occur over a period of 9 months or more. When I worked with FXCM, I remember the handful of clients that refused to switch from Trading Station I to II. It wasn’t until 2 years after the initial release of the new version where the company decided to drag the stragglers kicking and screaming onto version II.
The switch from MetaTrader 3 to 4 worked in much the same way at the brokerages offering it at the time. It wasn’t until two years or so after its initial adoption that version 3 went by the wayside.
You have little to worry about as a retail trader considering the switch over to MT5. If you want to program a brand new EA and your broker already supports MetaTrader 5, then you should definitely program it in MQL5. Otherwise, stick with MetaTrader 4. It still has years of shelf life.