What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences a while back, nudging brokers toward MT5. Yet most retail forex traders haven't moved. The reason is not complicated: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rewriting that entire library, and most traders don't see the point.
After testing 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 chart functionality is nearly identical. If you're weighing up the two, there's no compelling reason to switch.
Getting MT4 configured properly the first time
The install process is quick. The part that trips people up is the setup after install. By default, MT4 shows four charts squeezed onto the screen. Clear the lot and open just the pairs you actually trade.
Chart templates save time. Set up your go-to indicators on one chart, then right-click and save as template. Then you can apply it to any new chart instantly. Small thing, but over weeks it makes a difference.
A quick tweak that helps: open Tools > Options > Charts and tick "Show ask line." By default MT4 displays the bid price by default, which can make your entries look off until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 lets you run Expert Advisors against historical data. Worth noting though: the reliability of those results hinges on your tick data. The default history data is not real tick data, meaning the tester fills gaps using algorithms. For anything that needs accuracy, grab proper historical data.
Modelling quality tells you more than the headline profit number. If it's under 90% means 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 only if you feed it decent data.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 default technical indicators. Few people use more than five or six. However where MT4 gets interesting lives in custom indicators written in MQL4. You can find a massive library, ranging from tweaked versions of standard tools to full trading dashboards.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The risk is reliability. Publicly shared indicators are hit-and-miss. A few are genuinely useful. Some haven't been updated since 2015 and may crash your terminal.
If you're downloading custom indicators, look at how recently it was maintained and whether people in the forums mention bugs. A poorly written indicator won't just give wrong signals — it can lag the whole terminal.
The MT4 risk controls you're probably not using
There are some risk management features that a lot of people never configure. First worth mentioning is maximum deviation in the order window. This defines the amount of slippage is acceptable on market orders. If you don't set it and the broker can fill you at whatever price is available.
Stop losses go without saying, but the trailing stop function is overlooked. Click on an open trade, choose Trailing Stop, and enter the pip amount. Your stop loss adjusts when the trade goes in your favour. 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 the difference in discipline is noticeable over time.
Running Expert Advisors: practical expectations
Automated trading through Expert Advisors sounds appealing: define your rules and let the machine execute. The reality is, the majority of Expert Advisors fail to deliver over any decent time period. EAs marketed using incredible historical results are usually curve-fitted — they performed well on historical data and stop working the moment market conditions change.
This isn't to say all EAs are a waste of time. Certain traders build personal EAs to handle specific, narrow tasks: opening trades at session opens, managing position sizing, or taking profit at fixed levels. These utility-type EAs work because they handle defined operations that don't require discretion.
When looking at Expert Advisors, use a demo account for at least a few months. Running it forward in real time reveals more than historical results ever will.
Using MT4 outside Windows
The platform was designed for Windows. If you're on macOS has always been a workaround. The traditional approach was emulation, which mostly worked but introduced rendering issues and stability problems. Certain brokers now offer macOS versions wrapped around compatibility layers, which is an improvement but still aren't built from scratch for Mac.
On mobile, available for both Apple and Android devices, work well for watching positions and tweaking stops. Serious charting work on a phone screen isn't realistic, but get the facts managing exits from your phone is genuinely handy.
Check whether your broker offers a native Mac build or just a wrapper — it makes a real difference day to day.