What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences years ago, nudging brokers toward MT5. Yet most retail forex traders stayed put. The reason is simple: MT4 works, and people trust what works. Thousands of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rewriting that entire library, and most traders don't see the point.
I spent time testing both platforms side by side, and the differences are less dramatic than the marketing suggests. MT5 has a few extras such as more timeframes and a built-in economic calendar, but the charting is very similar. Unless you need MT5-specific features, MT4 is more than enough.
Getting MT4 configured properly the first time
Downloading and installing MT4 is the easy part. Where people waste time is the setup after install. Out of the box, MT4 loads with four charts squeezed onto one window. Close all of them and start fresh with the markets you actually trade.
Templates are worth setting up early. Configure your usual indicators once, then save it as a template. Then you can load it onto other charts instantly. Minor detail, but over weeks it saves hours.
One setting worth changing: go to Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price on the chart, which makes your entries look off until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
The strategy tester in MT4 allows you to run Expert Advisors against historical data. But here's the thing: the quality of those results hinges on your tick data. Built-in history data from MetaQuotes is not real tick data, meaning it fills in missing ticks with made-up prices. For anything more precise than a quick look, grab proper historical data.
The "modelling quality" percentage matters more than the bottom-line PnL. Anything below 90% indicates the results aren't trustworthy. Traders sometimes post backtest results with 25% modelling quality and wonder 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 default technical indicators. Few people use more than five or six. However the platform's actual strength comes from user-built indicators written in MQL4. There are visit this thousands available, covering everything from basic modifications to elaborate signal panels.
Adding a custom indicator is simple: copy 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. Publicly shared indicators vary wildly. Some are genuinely useful. Many stopped working years ago and can freeze your terminal.
When adding third-party indicators, look at when it was last updated and if users report issues. Bad code won't just give wrong signals — it can freeze your entire platform.
Managing risk properly inside MT4
There are some risk management tools that a lot of people never configure. Probably the most practical one is maximum deviation in the trade execution window. This controls the amount of slippage you're willing to tolerate on market orders. Leave it at zero and the broker can fill you at whatever price is available.
Everyone knows about stop losses, but MT4's trailing stop feature is worth exploring. Click on an open trade, pick Trailing Stop, and define a distance. The stop moves automatically as the trade goes your way. It won't suit every approach, but on trending pairs it reduces the urge to stare at the screen.
You can configure all of this in under five minutes and they take some of the guesswork out of trade management.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors attract traders for obvious reasons: program your strategy and stop staring at charts. In reality, most EAs fail to deliver over any meaningful time period. Those marketed using flawless equity curves tend to be fitted to past data — they look great on past prices and stop working when conditions shift.
This isn't to say all EAs are worthless. A few people build custom EAs for well-defined entry rules: time-based entries, calculating lot sizes, or closing trades at predetermined levels. These smaller, focused scripts tend to work because they handle repetitive actions where you don't need judgment.
When looking at Expert Advisors, use a demo account for no less than a few months. Live demo testing is more informative than historical results ever will.
Using MT4 outside Windows
MT4 is a Windows application at heart. Mac users deal with a workaround. The traditional approach was Wine or PlayOnMac, which was functional but had rendering issues and stability problems. Some brokers now offer Mac-specific builds wrapped around Crossover or similar wrappers, which is an improvement but remain wrappers at the end of the day.
MT4 mobile, available for both Apple and Android devices, are surprisingly capable for keeping an eye on positions and managing trades on the move. Serious charting work on a 5-inch screen doesn't really work, but managing exits while away from your desk has saved plenty of traders.
It's worth confirming if your broker provides a proper macOS version or just Wine under the hood — the experience varies a lot between the two.