What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences a while back, steering brokers toward MT5. Yet most retail forex traders kept using MT4. The reason is straightforward: MT4 has twenty years of muscle memory behind it. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rewriting that entire library, and the majority of users can't justify the effort.
I've tested 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 is very similar. If you're weighing up the two, MT4 is more than enough.
MT4 setup: what the manual doesn't tell you
Downloading and installing MT4 is the easy part. What actually causes problems is the setup after install. Out of the box, MT4 opens with four charts crammed into the screen. Shut them all and open just the markets you actually trade.
Templates are worth setting up early. Set up your usual indicators once, then right-click and save as template. From there you can apply it to any new chart in two clicks. Small thing, but over time it makes a difference.
A quick tweak that helps: go to Tools > Options > Charts and tick "Show ask line." The default view is the bid price on the chart, which can make entries appear wrong by the spread amount.
Backtesting on MT4: what the results actually mean
The strategy tester in MT4 gives you the ability to run Expert Advisors against historical data. Worth noting though: the reliability of those results comes down to your tick data. The default history data from MetaQuotes is modelled, meaning it fills in missing ticks mathematically. If you're testing something that needs accuracy, download third-party tick data.
Modelling quality is more important than the headline profit number. Below 90% more information suggests the results shouldn't be taken seriously. Traders sometimes post backtest results with 25% modelling quality and ask why live trading looks different.
Backtesting is where MT4 earns its reputation, but the output is only useful with quality tick data.
MT4 indicators beyond the defaults
MT4 ships with 30 standard technical indicators. Few people use more than five or six. That said, the real depth lives in user-built indicators coded in MQL4. The MQL5 marketplace alone has over 2,000 options, ranging from basic modifications to full trading dashboards.
Adding a custom indicator is simple: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The catch is reliability. Free indicators are hit-and-miss. Some are genuinely useful. Others stopped working years ago and may crash your terminal.
When adding third-party indicators, check how recently it was maintained and whether people in the forums have flagged problems. Bad code won't just give wrong signals — it can freeze MT4.
The MT4 risk controls you're probably not using
You'll find a few native risk management tools that the majority of users don't bother with. The most useful is maximum deviation in the new order panel. This controls how much slippage is acceptable on market orders. Leave it at zero and the broker can fill you at whatever price the broker gives you.
Stop losses are obvious, but MT4's trailing stop feature are overlooked. Click on an open trade, choose Trailing Stop, and define your preferred distance. The stop follows when price moves your way. 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 they take some of the guesswork out of trade management.
Running Expert Advisors: practical expectations
Automated trading through Expert Advisors sounds appealing: program your strategy and stop staring at charts. In reality, the majority of Expert Advisors underperform over any extended time period. The ones marketed using incredible historical results tend to be curve-fitted — they look great on historical data and stop working once the market does something different.
This isn't to say all EAs are worthless. A few people build custom EAs for specific, narrow tasks: time-based entries, automating position size calculations, or closing trades at fixed levels. These smaller, focused scripts work because they handle repetitive actions without needing discretion.
Before running any EA with real money, run them on a demo account for a minimum of a few months. Running it forward in real time tells you more than backtesting alone.
Using MT4 outside Windows
The platform was designed for Windows. Mac users has always been friction. The traditional approach was emulation, which was functional but introduced visual bugs and the odd crash. Some brokers now offer native Mac apps using compatibility layers, which are better but remain wrappers at the end of the day.
On mobile, on both iPhone and Android, work well for keeping an eye on open trades and tweaking stops. Serious charting work on a phone screen doesn't really work, but managing exits while away from your desk has saved plenty of traders.
It's worth confirming if your broker provides real Mac support or a compatibility layer — the difference in stability is noticeable.