What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences years ago, steering brokers toward MT5. Yet most retail forex traders kept using MT4. The reason is simple: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts run on MT4. Switching to MT5 means porting that entire library, and the majority of users don't see the point.
I spent time testing both platforms side by side, and the gap is less dramatic than the marketing suggests. MT5 adds a few extras like more timeframes and a built-in economic calendar, but the charting is nearly identical. Unless you need MT5-specific features, MT4 still holds its own.
Getting MT4 configured properly the first time
Installation takes a few minutes. Where people waste time is getting everything configured correctly. By default, MT4 opens with four charts crammed into one window. Clear the lot and open just the markets you follow.
Chart templates save time. Build your go-to indicators once, then right-click and save as template. Then you can apply it to any new chart in two clicks. Minor detail, but over weeks it adds up.
A quick tweak that helps: open Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price by default, which makes entries appear wrong until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 allows you to run Expert Advisors against historical data. That said: the quality of those results comes down to your tick data. Built-in history data is not real tick data, meaning gaps between real data points are estimated using algorithms. For anything that needs accuracy, download third-party tick data.
The "modelling quality" percentage matters more than the headline profit number. Below 90% means the results aren't trustworthy. Traders sometimes share screenshots with 25% modelling quality and ask why the EA fails in real conditions.
The strategy tester is one of MT4's stronger features, but the output is only useful with quality tick data.
MT4 indicators beyond the defaults
MT4 comes with 30 standard technical indicators. The average trader uses maybe a handful. That said, the platform's actual strength comes from custom indicators built with MQL4. The MQL5 marketplace alone has thousands available, covering everything from tweaked versions of standard tools to elaborate signal panels.
Installing them is straightforward: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. One thing to watch is quality. Community indicators are hit-and-miss. A few are well coded and maintained. Many are abandoned projects and may crash your terminal.
When adding third-party indicators, look at when it was last updated and if users report issues. A broken indicator won't just give wrong signals — it can slow down the whole terminal.
Managing risk properly inside MT4
MT4 has several built-in risk management options that the majority of users skip over. First worth mentioning is the maximum deviation setting in the order window. This controls how much slippage is acceptable on market orders. If you don't set it and the broker can fill you at whatever mt4 broker price is available.
Stop losses go without saying, but MT4's trailing stop feature is overlooked. Right-click an open trade, select Trailing Stop, and set a distance. Your stop loss adjusts when the trade goes into profit. It won't suit every approach, but if you're riding trends it removes the need to micromanage the trade.
None of this is complicated to set up and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Expert Advisors on MT4 have obvious appeal: define your rules and let the machine execute. In practice, the majority of Expert Advisors underperform over any meaningful time period. EAs marketed using flawless equity curves are often over-optimised — they worked on historical data and stop working when market conditions change.
That doesn't mean all EAs are useless. Certain traders code their own EAs for one particular setup: entering at a specific time, automating position size calculations, or taking profit at fixed levels. These smaller, focused scripts are more reliable because they execute defined operations without needing interpretation.
If you're evaluating EAs, use a demo account for a minimum of two to three months. Live demo testing tells you more than backtesting alone.
MT4 beyond the desktop
MT4 was built for Windows. If you're on macOS face compromises. The old method was emulation, which was functional but introduced rendering issues and the odd crash. Certain brokers now offer macOS versions using Wine under the hood, which are better but remain wrappers at the end of the day.
MT4 mobile, available for both iPhone and Android, are surprisingly capable for keeping an eye on open trades and tweaking stops. Serious charting work on a 5-inch screen is pushing it, but managing exits from your phone is worth having.
Look into whether your broker has a proper macOS version or just Wine under the hood — the difference in stability is noticeable.