What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences years ago, steering brokers toward MT5. Still, most retail forex traders haven't moved. The reason is not complicated: MT4 works, and people trust what works. Thousands of custom indicators, Expert Advisors, and community scripts were built for 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 differences are less dramatic than the marketing suggests. MT5 adds a few extras including more timeframes and a built-in economic calendar, but the charting feels about the same. If you're weighing up the two, MT4 is more than enough.
Getting MT4 configured properly the first time
The install process is quick. Where people waste time is getting everything configured correctly. On first launch, MT4 shows four charts squeezed onto one window. 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 load it onto other charts instantly. Sounds trivial, but over weeks it saves hours.
Something most people miss: go to Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price by default, which can make entries appear wrong by the spread amount.
How reliable is MT4 backtesting?
MT4 comes with a backtester that gives you the ability to run Expert Advisors against historical data. Worth noting though: the quality of those results depends entirely on your tick data. Standard history data from MetaQuotes is interpolated, meaning gaps between real data points are estimated with made-up prices. For anything beyond a rough sanity check, download third-party tick data.
The "modelling quality" percentage is more important than the bottom-line PnL. Anything below 90% means the results are probably misleading. I've seen people share screenshots with 25% modelling quality and wonder why their live results don't match.
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 default technical indicators. The average trader uses maybe a handful. However the real depth is in user-built indicators built with MQL4. There are thousands available, ranging from tweaked versions of standard tools to complex multi-timeframe dashboards.
Installing them is straightforward: place the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and the indicator shows up in the Navigator panel. One thing to watch is reliability. Free indicators range from excellent to broken. A few are solid tools. Many stopped working years ago and can freeze your terminal.
If you're downloading custom indicators, verify when it was last updated and whether users mention bugs. Bad code won't just give wrong signals — it can lag the whole terminal.
Managing risk properly inside MT4
There are some risk management options that most traders never configure. Probably the most practical one is the maximum deviation setting in the new order panel. This defines the amount of slippage you're willing to tolerate on market orders. If you don't set it and you'll get whatever price comes through.
Everyone knows about stop losses, but trailing stops are overlooked. Right-click an open trade, select Trailing Stop, and enter your preferred distance. It moves with the trade goes your way. It won't suit every approach, but for trend-following it takes away the need to sit and watch.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
Running Expert Advisors: practical expectations
EAs sounds appealing: set rules, let the code trade, walk away. article source In practice, most EAs underperform over any extended time period. The ones marketed using incredible historical results are usually over-optimised — they performed well on the specific data they were tested on and break down when the market does something different.
None of this means all EAs are a waste of time. A few people build their own EAs to handle one particular setup: time-based entries, automating position size calculations, or exiting positions at predetermined levels. These utility-type EAs work because they do mechanical tasks that don't require judgment.
If you're evaluating EAs, test on demo first for a minimum of a few months. Live demo testing is more informative than backtesting alone.
MT4 beyond the desktop
MT4 was built for Windows. Running it on Mac has always been friction. The old method was running it through Wine, which did the job but introduced display glitches and the odd crash. A few brokers now offer native Mac apps wrapped around Crossover or similar wrappers, which is an improvement but remain wrappers at the end of the day.
On mobile, on both iOS and Android, are surprisingly capable for watching your account and making quick adjustments. Full analysis on a phone screen isn't realistic, but managing exits on the go has saved plenty of traders.
Check whether your broker offers a proper macOS version or just Wine under the hood — it makes a real difference day to day.