What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. But most retail forex traders haven't moved. The reason is not complicated: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Migrating to MT5 means porting that entire library, and most traders don't see the point.
After testing both platforms side by side, and the differences are smaller than you'd expect. MT5 has a few extras such as more timeframes and a built-in economic calendar, but chart functionality feels nearly identical. If you're weighing up the two, there's no compelling reason to switch.
Getting MT4 configured properly the first time
Installation takes a few minutes. Where people waste time is configuration. Out of the box, MT4 shows four charts tiled across the screen. Shut them all and start fresh with the instruments you actually trade.
Save yourself repeating the same setup by using templates. Configure your go-to indicators once, then right-click and save as template. Then you can load it onto other charts instantly. Minor detail, but over time it makes a difference.
A quick tweak that helps: go to Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price on the chart, which can make entries appear wrong by the spread amount.
How reliable is MT4 backtesting?
MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. But here's the thing: the accuracy of those results comes down to your tick data. The default history data is modelled, meaning the tester fills gaps using algorithms. For anything that needs accuracy, grab proper historical data.
That quality percentage in the results tells you more than the headline profit number. Anything below 90% indicates the results shouldn't be taken seriously. I've seen people show off backtests with 25% modelling quality and wonder why live trading looks different.
The strategy tester is one of MT4's stronger features, but only if you feed it decent data.
Building your own MT4 indicators
MT4 ships with 30 default technical indicators. Most traders never touch them all. That said, where MT4 gets interesting lives in user-built indicators built with MQL4. You can find thousands available, ranging from basic modifications to complex multi-timeframe dashboards.
The install process is painless: drop the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. One thing to watch is reliability. Publicly shared indicators are hit-and-miss. A few are solid tools. Some haven't been updated since 2015 and can freeze your terminal.
Before installing anything, verify when it was last updated and if users report issues. Bad code doesn't only show wrong data — it can freeze the whole terminal.
The MT4 risk controls you're probably not using
There are several built-in risk management options that a lot of people never configure. The most useful is maximum deviation in the order window. It sets the amount of slippage you're willing to tolerate on market orders. Without this configured and you'll get whatever price is available.
Stop losses are obvious, but trailing stops is underused. Click on an open trade, pick Trailing Stop, get more info and enter the pip amount. The stop follows when the trade goes your way. Doesn't work well in choppy markets, but if you're riding trends it removes the need to stare at the screen.
None of this is complicated to set up and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
EAs attract traders for obvious reasons: define your rules and let the machine execute. The reality is, the majority of Expert Advisors underperform over any decent time period. EAs advertised with perfect backtest curves tend to be over-optimised — they performed well on the specific data they were tested on and fall apart once the market does something different.
This isn't to say all EAs are worthless. Some traders code their own EAs for well-defined entry rules: time-based entries, calculating lot sizes, or closing trades at set levels. These utility-type EAs tend to work because they handle repetitive actions without needing judgment.
Before running any EA with real money, run them on a demo account for no less than a few months. Live demo testing tells you more than backtesting alone.
MT4 on Mac and mobile: what actually works
MT4 is a Windows application at heart. If you're on macOS face a workaround. The traditional approach was emulation, which mostly worked but introduced visual bugs and occasional crashes. Certain brokers now offer Mac-specific builds built on Wine under the hood, which is an improvement but still aren't built from scratch for Mac.
MT4 mobile, available for both iOS and Android, are genuinely useful for watching your account and making quick adjustments. Full analysis on a 5-inch screen is pushing it, 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.