What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences a while back, nudging brokers toward MT5. Still, most retail forex traders haven't moved. The reason is simple: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Moving to MT5 means porting that entire library, and the majority of users don't see the see this page point.
I've tested MT4 and MT5 side by side, and the differences are smaller than you'd expect. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting feels about the same. Unless you need MT5-specific features, MT4 still holds its own.
Getting MT4 configured properly the first time
The install process is quick. The part that trips people up is configuration. By default, MT4 opens with four charts squeezed onto one window. Shut them all and start fresh with the instruments you actually trade.
Templates are worth setting up early. Set up your preferred indicators on one chart, then save it as a template. Then you can apply it to any new chart in two clicks. Small thing, but over time it adds up.
A quick tweak that helps: open Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price on the chart, which can make entries appear wrong until you realise the ask price is hidden.
How reliable is MT4 backtesting?
MT4's built-in strategy tester lets you run Expert Advisors against historical data. But here's the thing: the accuracy of those results depends entirely on your tick data. The default history data from MetaQuotes is interpolated, meaning it fills in missing ticks with made-up prices. If you're testing something beyond a rough sanity check, download real tick data from a provider like Dukascopy.
That quality percentage in the results tells you more than the bottom-line PnL. Anything below 90% suggests the results aren't trustworthy. I've seen people post backtest results with 25% modelling quality and can't figure out why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. However the real depth lives in custom indicators built with MQL4. There are over 2,000 options, covering everything from tweaked versions of standard tools to complex multi-timeframe dashboards.
Adding a custom indicator is simple: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. One thing to watch is quality control. Community indicators vary wildly. A few are well coded and maintained. Many stopped working years ago and will crash your terminal.
If you're downloading custom indicators, verify how recently it was maintained and if users have flagged problems. Bad code won't just give wrong signals — it can freeze your entire platform.
The MT4 risk controls you're probably not using
You'll find several built-in risk management features that a lot of people skip over. First worth mentioning is the maximum deviation setting in the order window. This controls how much slippage is acceptable on market orders. Leave it at zero and the broker can fill you at whatever price is available.
Stop losses go without saying, but MT4's trailing stop feature is worth exploring. Click on an open trade, pick Trailing Stop, and define a distance. Your stop loss adjusts when price moves into profit. Doesn't work well in choppy markets, but if you're riding trends it removes the need to sit and watch.
These settings take a minute to configure and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
Automated trading through Expert Advisors attract traders for obvious reasons: define your rules and let the machine execute. In practice, the majority of Expert Advisors underperform over any decent time period. Those sold with incredible historical results are often curve-fitted — they performed well on historical data and break down the moment conditions shift.
This isn't to say all EAs are worthless. A few people develop custom EAs for well-defined entry rules: opening trades at session opens, automating position size calculations, or closing trades at set levels. These utility-type EAs tend to work because they handle defined operations without needing judgment.
If you're evaluating EAs, test on demo first for at least a few months. Live demo testing tells you more than any backtest.
MT4 beyond the desktop
MT4 was built for Windows. Mac users deal with friction. Previously was emulation, which was functional but had visual bugs and the odd crash. Some brokers now offer Mac-specific builds wrapped around compatibility layers, which are better but still aren't true native apps.
On mobile, available for both iOS and Android, are genuinely useful for watching positions and managing trades on the move. Full analysis on a 5-inch screen doesn't really work, but managing exits while away from your desk has saved plenty of traders.
Look into whether your broker has a native Mac build or just a wrapper — the experience varies a lot between the two.