What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. But most retail forex traders haven't moved. The reason is simple: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Moving to MT5 means rewriting that entire library, and the majority of users don't see the point.
I spent time testing MT4 and MT5 side by side, and the differences are marginal for most strategies. MT5 has a few extras such as more timeframes and a built-in economic calendar, but chart functionality is very similar. If you're weighing up the two, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
Installation takes a few minutes. What actually causes problems is the setup after install. On first launch, MT4 shows four charts tiled across one window. Shut them all and open just the instruments you actually trade.
Save yourself repeating the same setup by using templates. Set up your usual indicators once, then save it as a template. Then you can load it onto other charts instantly. Sounds trivial, but over time it saves hours.
A quick tweak that helps: open Tools > Options > Charts and enable "Show ask line." MT4 only shows the bid price by default, which makes your entries look off 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 reliability of those results hinges on your tick data. Built-in history data is interpolated, meaning gaps between real data points are estimated using algorithms. If you're testing something beyond a rough sanity check, grab real tick data from a provider like Dukascopy.
The "modelling quality" percentage matters more than the bottom-line PnL. Below 90% suggests the results are probably misleading. I've seen people post backtest results with 25% modelling quality and wonder why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but only if you more info feed it decent data.
Custom indicators on MT4: worth the effort?
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. However the platform's actual strength lives in custom indicators coded in MQL4. The MQL5 marketplace alone has a massive library, covering everything from simple moving average variations to complex multi-timeframe dashboards.
Installing them is straightforward: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The risk is quality control. Free indicators are hit-and-miss. Some are solid tools. Some stopped working years ago and may crash your terminal.
When adding third-party indicators, check the last update date and whether people in the forums mention bugs. Bad code doesn't only show wrong data — it can slow down your entire platform.
Managing risk properly inside MT4
There are a few native risk management options that most traders don't bother with. 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 you're accepting whatever price the broker gives you.
Everyone knows about stop losses, but trailing stops is overlooked. Click on an open trade, pick Trailing Stop, and define the pip amount. It moves with price moves into profit. Not perfect for every strategy, but if you're riding trends it reduces the urge to micromanage the trade.
These settings take a minute to configure and they take some of the guesswork out of trade management.
Running Expert Advisors: practical expectations
EAs sounds appealing: set rules, let the code trade, walk away. The reality is, the majority of Expert Advisors lose money over any extended time period. The ones advertised with perfect backtest curves tend to be curve-fitted — they worked on past prices and stop working once conditions shift.
None of this means all EAs are useless. A few people develop personal EAs for well-defined entry rules: opening trades at session opens, automating position size calculations, or taking profit at set levels. That kind of automation tend to work because they handle defined operations that don't require discretion.
Before running any EA with real money, test on demo first for no less than two to three months. Live demo testing tells you more than historical results ever will.
MT4 beyond the desktop
The platform was designed for Windows. Running it on Mac deal with friction. Previously was running it through Wine, which did the job but had rendering issues and stability problems. Some brokers now offer macOS versions wrapped around compatibility layers, which are better but remain wrappers at the end of the day.
On mobile, available for both Apple and Android devices, are surprisingly capable for watching your account and managing trades on the move. Serious charting work on a phone screen doesn't really work, but adjusting a stop loss from your phone is worth having.
It's worth confirming if your broker provides real Mac support or a compatibility layer — the difference in stability is noticeable.