What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences a while back, pushing brokers toward MT5. But most retail forex traders kept using MT4. The reason is straightforward: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Switching to MT5 means rebuilding that entire library, and most traders would rather keep trading than recoding.
After testing MT4 and MT5 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 feels nearly identical. Unless you need MT5-specific features, MT4 is more than enough.
Getting MT4 configured properly the first time
Installation takes a few minutes. What actually causes problems is configuration. On first launch, MT4 opens with four charts tiled across one window. Close all of them and open just the markets you follow.
Chart templates save time. Configure your go-to indicators on one chart, then right-click and save as template. From there you can load it onto other charts instantly. Small thing, but over months it saves hours.
A quick tweak that helps: go to Tools > Options > Charts and tick "Show ask line." By default MT4 displays the bid price on the chart, which makes entries appear wrong until you realise the ask price is hidden.
How reliable is MT4 backtesting?
MT4 comes with a backtester that lets you run Expert Advisors against historical data. That said: the quality of those results hinges on your tick data. The default history data from MetaQuotes is modelled, meaning the tester fills gaps mathematically. If you're testing something that needs accuracy, grab proper historical data.
That quality percentage in the results is more important than the headline profit number. If it's under 90% indicates the results shouldn't be taken seriously. People occasionally share screenshots with 25% modelling quality and wonder why live trading looks different.
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 comes with 30 standard technical indicators. Most traders never touch them all. However the real depth is in custom indicators coded in MQL4. There are over 2,000 options, covering everything from basic modifications to full trading dashboards.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, reboot MT4, and it appears in the Navigator panel. The catch is quality control. Publicly shared indicators are hit-and-miss. Some are genuinely useful. Others haven't been updated since 2015 and can freeze your terminal.
When adding third-party indicators, verify when it was last updated and whether users have flagged problems. A poorly written indicator won't just give wrong signals — it can lag the whole terminal.
Managing risk properly inside MT4
You'll find some risk management tools that a lot of people don't bother with. The most useful is maximum deviation in the trade execution window. This controls the amount of slippage you'll accept on market orders. If you don't set it 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, choose Trailing Stop, and set read more a distance. Your stop loss follows with the trade goes into profit. Doesn't work well in choppy markets, but on trending pairs it reduces the temptation to stare at the screen.
These settings take a minute to configure and they remove a lot of the emotional decision-making.
EAs on MT4: what to realistically expect
Automated trading through Expert Advisors have obvious appeal: program your strategy and stop staring at charts. The reality is, the majority of Expert Advisors underperform over any extended time period. EAs marketed using flawless equity curves are often curve-fitted — they look great on historical data and break down once conditions shift.
None of this means all EAs are a waste of time. Certain traders code their own EAs for specific, narrow tasks: opening trades at session opens, calculating lot sizes, or exiting positions at fixed levels. That kind of automation tend to work because they handle mechanical tasks that don't require interpretation.
If you're evaluating EAs, run them on a demo account for at least a few months. Forward testing tells you more than historical results ever will.
MT4 on Mac and mobile: what actually works
The platform was designed for Windows. Running it on Mac face friction. Previously was running it through Wine, which was functional but introduced visual bugs and the odd crash. A few brokers now offer Mac-specific builds wrapped around Crossover or similar wrappers, which are better but remain wrappers at the end of the day.
On mobile, on both iOS and Android, are surprisingly capable for watching positions and managing trades on the move. Serious charting work on a mobile device isn't realistic, but managing exits from your phone is worth having.
It's worth confirming if your broker provides a native Mac build or just a wrapper — it makes a real difference day to day.