MetaTrader (MT4 and MT5) is the long-standing forex/CFD standard. TradingView is the modern challenger. This guide compares them on charting, broker support, automation, and execution — for forex and CFD traders deciding between or combining the two.
TradingView is a modern web-and-desktop charting platform supporting 60+ brokers across stocks, futures, FX, crypto, and options. MetaTrader (MT4 and MT5, built by MetaQuotes Software) is the long-standing forex/CFD execution platform supported by hundreds of forex brokers. The platforms aren't quite competitors — they serve overlapping needs differently. TradingView wins on charting UI, multi-asset coverage, and modern alerts/webhooks. MetaTrader still wins on automated execution via expert advisors (EAs) thanks to 15 years of accumulated MQL4 code, broker dominance, and the EA marketplace. Most pro forex traders run both: TradingView for analysis, MT4/MT5 for unattended execution.
TradingView wins on charting, UX, multi-asset coverage, and modern alerts/webhooks. MetaTrader 4 still wins on automated trading via expert advisors (EAs) because of its 15-year ecosystem and broker dominance. MetaTrader 5 is the upgrade path (more assets, better backtesting) but most retail forex brokers and EA developers are still on MT4. Most pro forex traders run TradingView for analysis and MT4/MT5 for EA execution.
| Category | TradingView | MetaTrader 4 / 5 |
|---|---|---|
| Charting UI | Modern, web-grade | Functional, dated |
| Built-in indicators | 400+ + 100,000+ Pine Script community | ~30 + MQL4/MQL5 community |
| Custom scripting | Pine Script (easier to learn) | MQL4 / MQL5 (steeper curve) |
| Asset coverage | FX, stocks, futures, crypto, options, bonds | FX, CFDs, some equities |
| Broker count | 60+ integrated | Hundreds (MT is the broker default) |
| Expert advisors | No native EAs | Yes — defining feature |
| Alerts | Email, SMS, mobile push, webhook | Email, basic push |
| Webhooks | Yes — pipe alerts to any URL | Limited via third-party bridges |
| Mobile app | Excellent (iOS/Android) | Functional |
| Free tier | Yes — full free plan | Free with broker |
| Paid plan | $15–$200/mo for advanced features | Free, broker subsidizes |
| Backtesting | Bar-by-bar replay, strategy tester | Strategy tester (MT5 stronger than MT4) |
| Desktop platforms | Windows, Mac, Linux native | Windows native; Mac/Linux via wrapper |
| Tier | TradingView | MetaTrader 4 / 5 |
|---|---|---|
| Base platform | Free forever (with limits) | Free with broker account |
| Mid tier | $15–$30/mo (Essential / Plus) | Free |
| Pro tier | $59–$200/mo (Premium / Ultimate) | Free |
| Data fees | Crypto/FX free; US equities extra | Bundled by broker |
| EA / indicator marketplace | Free public Pine Script library | MQL5 Market (mostly paid) |
MT4/MT5 wins on raw price — free across the board, subsidized by brokers. TradingView's paid tiers buy you better UX, more indicators, multi-broker access, second-based intervals (Premium+), and the desktop app's native multi-monitor windowing. For a discretionary forex trader who already has a broker, MT4 is the cheaper option. For a multi-asset analyst, TradingView's paid plans pay back in time saved switching tools.
Four patterns dominate among forex traders we've interviewed:
The "best" platform isn't a single choice — it's the combination matched to your trading style. Most pros own two tools, not one.
For charting and analysis, yes. For EA-based automated execution, MT4 still wins. Most traders chart on TradingView and execute on MT4 if they need EAs.
Sometimes. Several brokers that offer MT4/MT5 are also integrated with TradingView (OANDA, Saxo, FxPro, Pepperstone, etc.). Check tradingview.com/brokers for the current list.
No native EAs. TradingView's Pine Script generates alerts and webhooks; external services handle execution. MT4/MT5 is the right tool if you depend on unattended automation.
TradingView. The native desktop app renders multi-pane forex layouts with sub-100ms updates. MT4 shows visible lag at 4+ charts. Scalpers will notice; swing traders will not.
MT4 for legacy EAs. MT5 for newer EAs + multi-asset. TradingView for charting and multi-broker flexibility. Most pros use TradingView + MT4 side by side.