What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences years ago, pushing brokers toward MT5. But most retail forex traders kept using MT4. The reason is straightforward: MT4 does one thing well. Thousands of custom indicators, Expert Advisors, and community scripts only work with MT4. Migrating to MT5 means rebuilding that entire library, and few people would rather keep trading than recoding.
I've tested both platforms side by side, and the gap is smaller than you'd expect. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting is nearly identical. Unless you need MT5-specific features, MT4 still holds its own.
Getting MT4 configured properly the first time
The install process is quick. Where people waste time is the setup after install. On first launch, MT4 loads with four charts squeezed onto a single workspace. Close all of them and start fresh with the markets you actually trade.
Save yourself repeating the same setup by using templates. Configure your go-to indicators on one chart, then right-click and save as template. From there you can apply it to any new chart without redoing the work. Small thing, but over months it makes a difference.
One setting worth changing: open Tools > Options > Charts and enable "Show ask line." By default MT4 displays the bid price by default, which makes entries appear wrong by the spread amount.
Backtesting on MT4: what the results actually mean
MT4 comes with a backtester that allows you to run Expert Advisors against historical data. That said: the accuracy of those results depends entirely on your tick here are the findings data. Built-in history data is interpolated, meaning the tester fills gaps using algorithms. For anything more precise than a quick look, grab proper historical data.
The "modelling quality" percentage matters more than the bottom-line PnL. Below 90% indicates the results shouldn't be taken seriously. People occasionally 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 built-in technical indicators. The average trader uses maybe a handful. However the platform's actual strength is in community-made indicators coded in MQL4. There are a massive library, ranging from tweaked versions of standard tools to full trading dashboards.
The install process is painless: 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 are hit-and-miss. Some are solid tools. Some stopped working years ago and can freeze your terminal.
If you're downloading custom indicators, check how recently it was maintained and whether users have flagged problems. A poorly written indicator doesn't only show wrong data — it can slow down MT4.
The MT4 risk controls you're probably not using
You'll find a few native risk management features that a lot of people never configure. First worth mentioning is the maximum deviation setting in the new order panel. This controls the amount of slippage you'll accept on market orders. Leave it at zero and the broker can fill you at whatever price is available.
Stop losses are obvious, but the trailing stop function are overlooked. Click on an open trade, select Trailing Stop, and enter a distance. The stop moves with price moves your way. Not perfect for every strategy, but for trend-following it reduces the need to sit and watch.
These settings take a minute to configure and the difference in discipline is noticeable over time.
Running Expert Advisors: practical expectations
Expert Advisors on MT4 attract traders for obvious reasons: define your rules and let the machine execute. The reality is, most EAs fail to deliver over any meaningful time period. Those sold with flawless equity curves tend to be over-optimised — they worked on historical data and stop working once market conditions change.
This isn't to say all EAs are useless. Certain traders develop custom EAs to handle well-defined entry rules: entering at a specific time, managing position sizing, or exiting positions at set levels. That kind of automation are more reliable because they do mechanical tasks that don't require judgment.
When looking at Expert Advisors, test on demo first for no less than a few months. Forward testing is more informative than backtesting alone.
MT4 beyond the desktop
MT4 was built for Windows. Mac users has always been friction. The traditional approach was Wine or PlayOnMac, which mostly worked but introduced display glitches and the odd crash. Certain brokers now offer Mac-specific builds wrapped around Wine under the hood, which are better but remain wrappers at the end of the day.
The mobile apps, on both iPhone and Android, are surprisingly capable for keeping an eye on positions and making quick adjustments. Full analysis on a 5-inch screen isn't realistic, but adjusting a stop loss on the go has saved plenty of traders.
It's worth confirming if your broker provides a proper macOS version or just Wine under the hood — the difference in stability is noticeable.