What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences a while back, steering brokers toward MT5. But most retail forex traders kept using MT4. The reason is straightforward: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means rebuilding that entire library, and most traders would rather keep trading than recoding.
I spent time testing both platforms side by side, and the differences are less dramatic than the marketing suggests. MT5 has a few extras like more timeframes and a built-in economic calendar, but chart functionality feels very similar. If you're weighing up the two, MT4 is more than enough.
Getting MT4 configured properly the first time
The install process is quick. The part that trips people up is configuration. Out of the box, MT4 opens with four charts crammed into a single workspace. Close all of them and start fresh with the pairs you follow.
Templates are worth setting up early. Configure your preferred indicators once, then right-click and save as template. Then you can load it onto other charts in two clicks. Minor detail, but over time it adds up.
One setting worth changing: go to Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which can make buy entries seem misaligned until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. Worth noting though: the accuracy of those results hinges on your tick data. Standard history data is interpolated, meaning gaps between real data points are estimated with made-up prices. For anything more precise than a quick look, grab third-party tick data.
That quality percentage in the results is more important than the headline profit number. Anything below 90% suggests the results are probably misleading. People occasionally share screenshots with 25% modelling quality and can't figure out why live trading looks different.
This is one area where MT4 genuinely outperforms most web-based platforms, but it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 built-in technical indicators. Most traders never touch them all. But where MT4 gets interesting lives in user-built indicators written in MQL4. There are thousands available, ranging from basic modifications to complex multi-timeframe dashboards.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. One thing to watch is reliability. Community indicators vary wildly. Some are solid tools. Many are abandoned projects and can freeze your terminal.
When adding third-party indicators, look at when it was last updated and if people in the forums have flagged problems. Bad code won't just give wrong signals — it can freeze your entire platform.
Managing risk properly inside MT4
There are several built-in risk management features that the majority of users never configure. The most useful is the maximum deviation setting in the order window. It sets the amount of slippage you're willing to tolerate on market orders. Leave it at zero and the broker can fill you at whatever price comes through.
Everyone knows about stop losses, but MT4's trailing stop feature are worth exploring. Right-click an open trade, pick Trailing Stop, and define your preferred distance. The stop follows when the trade goes into profit. It won't suit every approach, but for trend-following it removes the need to stare at the screen.
These settings take a minute to configure and they remove a lot of the emotional decision-making.
Running Expert Advisors: practical expectations
EAs have obvious appeal: define your rules and let the machine execute. In reality, a huge percentage of them fail to deliver over any meaningful time period. Those marketed using incredible historical results tend to be over-optimised — they performed well on historical data and stop working when the market does something different.
That doesn't mean all EAs are a waste of time. Some traders build their own EAs to handle well-defined entry rules: entering at a specific time, calculating lot sizes, or taking profit at set levels. These smaller, recommended reading focused scripts work because they execute repetitive actions without needing judgment.
If you're evaluating EAs, test on demo first for at least a few months. Forward testing tells you more than any backtest.
MT4 beyond the desktop
MT4 was built for Windows. Mac users deal with a workaround. The old method was emulation, which mostly worked but had rendering issues and the odd crash. Some brokers now offer Mac-specific builds using Crossover or similar wrappers, which is an improvement but remain wrappers at the end of the day.
The mobile apps, on both iOS and Android, are genuinely useful for keeping an eye on positions and making quick adjustments. Full analysis on a mobile device is pushing it, but closing a trade from your phone has saved plenty of traders.
It's worth confirming if your broker provides a native Mac build or just a wrapper — the difference in stability is noticeable.