What keeps MT4 relevant after two decades
MetaQuotes stopped issuing new MT4 licences some time ago, pushing brokers toward MT5. Yet most retail forex traders haven't moved. The reason is simple: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rebuilding that entire library, and the majority of users would rather keep trading than recoding.
I've tested MT4 and MT5 side by side, and the gap is marginal for most strategies. MT5 has a few extras such as more timeframes and a built-in economic calendar, but chart functionality feels very similar. Unless you need MT5-specific features, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
Downloading and installing MT4 is the easy part. Where people waste time is configuration. Out of the box, MT4 opens with four charts tiled across one window. Clear the lot and open just the pairs you actually trade.
Chart templates save time. Configure your preferred indicators once, then save it as a template. After that you can load it onto other charts instantly. Minor detail, but over time it makes a difference.
Something most people miss: open Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price on the chart, which can make your entries look off until you realise the ask price is hidden.
How reliable is MT4 backtesting?
MT4's built-in strategy tester lets you run Expert Advisors against historical data. Worth noting though: the accuracy of those results comes down to your tick data. Standard history data is not real tick data, meaning the tester fills gaps with made-up prices. If you're testing something more precise than a quick look, grab real tick data from a provider like Dukascopy.
Modelling quality matters more than the profit figure. Below 90% suggests the results are probably misleading. 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.
Custom indicators on MT4: worth the effort?
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. That said, the real depth is in community-made indicators built with MQL4. The MQL5 marketplace alone has over 2,000 options, spanning basic modifications to complex multi-timeframe dashboards.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. The catch is reliability. Publicly shared indicators are hit-and-miss. A few are genuinely useful. Many haven't been updated since 2015 and will crash your terminal.
Before installing anything, look at 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
You'll find some risk management options that the majority of users never configure. Probably the most practical one is the maximum deviation setting in the trade execution window. This defines 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.
Stop losses go without saying, but trailing stops is worth exploring. Right-click an open trade, pick Trailing Stop, and set your preferred distance. Your stop loss adjusts with the trade goes your way. Doesn't work well in choppy markets, but if you're riding trends it reduces the need to sit and watch.
None of this is complicated to set up and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
Automated trading through Expert Advisors have obvious appeal: set rules, let the code trade, walk away. The reality is, a huge percentage of them underperform over any meaningful time period. Those advertised with flawless equity curves are usually over-optimised — they performed well on the specific data they were tested on and fall apart when conditions shift.
None of this means all EAs are useless. A few people develop their own EAs for specific, narrow tasks: time-based entries, managing position sizing, or exiting positions at fixed levels. These utility-type recommended reading EAs work because they do repetitive actions without needing interpretation.
Before running any EA with real money, test on demo first for at least several weeks in different conditions. Forward testing is more informative than backtesting alone.
MT4 on Mac and mobile: what actually works
The platform was designed for Windows. Running it on Mac deal with compromises. The traditional approach was running it through Wine, which did the job but came with rendering issues and occasional crashes. A few brokers now offer macOS versions built on Wine under the hood, which is an improvement but still aren't true native apps.
On mobile, available for both iPhone and Android, work well for monitoring open trades and making quick adjustments. Full analysis on a mobile device doesn't really work, but closing a trade on the go is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — the difference in stability is noticeable.