What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. Still, most retail forex traders stayed put. The reason is simple: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Migrating to MT5 means rebuilding that entire library, and the majority of users would rather keep trading than recoding.
I've tested both platforms side by side, and the differences are smaller than you'd expect. MT5 adds a few extras like more timeframes and a built-in economic calendar, but chart functionality feels about the same. If you're weighing up the two, MT4 still holds its own.
Setting up MT4 without the usual headaches
Installation takes a few minutes. Where people waste time is configuration. On first launch, MT4 loads with four charts crammed into the screen. Close all of them and open just the instruments you actually trade.
Templates are worth setting up early. Configure your usual indicators once, then right-click and save as template. Then you can apply it to any new chart in two clicks. Small thing, but over weeks it saves hours.
Something most people miss: go to Tools > Options > Charts and check "Show ask line." The default view is the bid price by default, which can make your entries look off by the spread amount.
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. But here's the thing: the quality of those results comes down to your tick data. The default history data is interpolated, meaning the tester fills gaps using algorithms. If you're testing something more precise than a quick look, download proper historical data.
The "modelling quality" percentage tells you more than the bottom-line PnL. Anything below 90% suggests the results are probably misleading. Traders sometimes show off backtests with 25% modelling quality and ask why live trading looks different.
This is one area where MT4 genuinely outperforms most web-based platforms, but the output is only useful with quality tick data.
Building your own MT4 indicators
MT4 ships with 30 default technical indicators. The average trader uses maybe a handful. That said, where MT4 gets interesting is in community-made indicators written in MQL4. You can find a massive library, covering everything from tweaked versions of standard tools to complex multi-timeframe dashboards.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. The catch is quality. Publicly shared indicators vary wildly. A few are genuinely useful. Many are abandoned projects and may crash your terminal.
If you're downloading custom indicators, verify how recently it was maintained and if users have flagged problems. A broken indicator doesn't only show wrong data — it can slow down your entire platform.
The MT4 risk controls you're probably not using
MT4 has several built-in risk management features that a lot of people skip over. The most useful is the maximum deviation setting in the trade execution window. This controls how much slippage you'll accept on market orders. Leave it at zero and you'll get whatever price the broker gives you.
Everyone knows about stop losses, but trailing stops is underused. Click on an open trade, pick Trailing Stop, and define the pip amount. The stop follows automatically as price moves your way. Not perfect for every strategy, but on trending pairs it reduces the need to micromanage the trade.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
EAs attract traders for obvious reasons: define your this resource rules and let the machine execute. In reality, a huge percentage of them underperform over any decent time period. Those marketed using flawless equity curves are often over-optimised — they performed well on past prices and fall apart the moment market conditions change.
That doesn't mean all EAs are worthless. Certain traders build custom EAs to handle one particular setup: opening trades at session opens, automating position size calculations, or exiting positions at fixed levels. These smaller, focused scripts work because they handle defined operations without needing discretion.
If you're evaluating EAs, use a demo account for a minimum of a few months. Live demo testing reveals more than backtesting alone.
Using MT4 outside Windows
MT4 is a Windows application at heart. Mac users face friction. The old method was Wine or PlayOnMac, which did the job but introduced rendering issues and the odd crash. Certain brokers now offer Mac-specific builds built on Wine under the hood, which work more smoothly but still aren't built from scratch for Mac.
MT4 mobile, available for both Apple and Android devices, are genuinely useful for monitoring open trades and managing trades on the move. Doing proper analysis on a 5-inch screen doesn't really work, but managing exits on the go is genuinely handy.
Look into whether your broker has a native Mac build or just a wrapper — the difference in stability is noticeable.