What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, pushing brokers toward MT5. But most retail forex traders kept using MT4. The reason is not complicated: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts only work with MT4. Moving to MT5 means rebuilding that entire library, and the majority of users can't justify the effort.
After testing both platforms side by side, and the gap is marginal for most strategies. MT5 has a few extras including more timeframes and a built-in economic calendar, but the core charting is about the same. For most retail strategies, MT4 still holds its own.
Setting up MT4 without the usual headaches
The install process is quick. Where people waste time is configuration. Out of the box, MT4 opens with four charts tiled across one window. Close all of them and start fresh with the markets you actually trade.
Save yourself repeating the same setup by using templates. Build your usual indicators once, then right-click and save as template. From there you can apply it to any new chart in two clicks. Small thing, but over time it saves hours.
A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which can make entries appear wrong until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
The strategy tester in MT4 allows you to run Expert Advisors against historical data. That said: the accuracy of those results comes down to your tick data. The default history data from MetaQuotes is modelled, meaning it fills in missing ticks with made-up prices. For anything beyond a rough sanity check, you need real tick data from a provider like Dukascopy.
Modelling quality is more important than the bottom-line PnL. Below 90% suggests the results aren't trustworthy. I've seen people share screenshots with 25% modelling quality and wonder why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 comes with 30 built-in technical indicators. Most traders never touch them all. That said, the real depth lives in user-built indicators written in MQL4. The MQL5 marketplace alone has over 2,000 options, spanning tweaked versions of standard tools to complex multi-timeframe dashboards.
The install process is painless: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and you'll find it in the Navigator panel. The risk is quality control. Free indicators are hit-and-miss. A few are genuinely useful. Many are abandoned projects and may crash your terminal.
Before installing anything, check when it was last updated and whether other traders report issues. A broken indicator doesn't only show wrong data — it can slow down MT4.
Managing risk properly inside MT4
MT4 has several built-in risk management features that the majority of users never configure. First worth mentioning is maximum deviation in the order window. This defines the amount of slippage you'll accept on market orders. Leave it at zero and the broker can fill you at whatever price comes through.
Everyone knows about stop losses, but the trailing stop function are worth exploring. Click on an open trade, pick Trailing Stop, and set your preferred distance. It follows automatically as the trade goes into profit. Not perfect for every strategy, but if you're riding trends it reduces the need to stare at the screen.
None of this visit this is complicated to set up and they take some of the guesswork out of trade management.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 attract traders for obvious reasons: program your strategy and stop staring at charts. The reality is, most EAs fail to deliver over any decent time period. The ones advertised with perfect backtest curves are often over-optimised — they worked on past prices and stop working when conditions shift.
None of this means all EAs are a waste of time. A few people code custom EAs to handle one particular setup: opening trades at session opens, calculating lot sizes, or taking profit at fixed levels. These utility-type EAs are more reliable because they handle defined operations without needing discretion.
If you're evaluating EAs, test on demo first for at least two to three months. Forward testing reveals more than any backtest.
MT4 on Mac and mobile: what actually works
MT4 was built for Windows. If you're on macOS has always been compromises. Previously was emulation, which mostly worked but came with rendering issues and stability problems. A few brokers now offer Mac-specific builds wrapped around Crossover or similar wrappers, which work more smoothly but still aren't built from scratch for Mac.
The mobile apps, available for both Apple and Android devices, work well for watching positions and making quick adjustments. Doing proper analysis on a phone screen is pushing it, but adjusting a stop loss from your phone is worth having.
Check whether your broker offers a proper macOS version or just Wine under the hood — the difference in stability is noticeable.