Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, pushing brokers toward MT5. But most retail forex traders haven't moved. The reason is not complicated: MT4 does one thing well. Thousands of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means porting that entire library, and the majority of users can't justify the effort.
I spent time testing MT4 and MT5 side by side, and the gap is smaller than you'd expect. MT5 adds a few extras like more timeframes and a built-in economic calendar, but the charting feels very similar. Unless you need MT5-specific features, MT4 still holds its own.
Getting MT4 configured properly the first time
Downloading and installing MT4 is the easy part. What actually causes problems is getting everything configured correctly. By default, MT4 shows four charts tiled across one window. Shut them all and open just the instruments you care about.
Chart templates save time. Build your usual indicators once, then right-click and save as template. After that you can load it onto other charts instantly. Small thing, but over weeks it makes a difference.
A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." MT4 only shows the bid price by default, which can make buy entries seem misaligned until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 gives you the ability to run Expert Advisors against historical data. Worth noting though: the accuracy of those results hinges on your tick data. The default history data from MetaQuotes is not real tick data, meaning the tester fills gaps using algorithms. For anything that needs accuracy, grab real tick data from a provider like Dukascopy.
The "modelling quality" percentage is more important than the profit figure. Anything below 90% indicates the results shouldn't be taken seriously. People occasionally show off backtests with 25% modelling quality and ask why the EA fails in real conditions.
Backtesting is where MT4 earns its reputation, but the output is only useful with quality tick data.
Building your own MT4 indicators
MT4 ships with 30 built-in technical indicators. Most traders never touch them all. That said, where MT4 gets interesting is in community-made indicators coded in MQL4. The MQL5 marketplace alone has a massive library, spanning basic modifications to full trading dashboards.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and you'll find it in the Navigator panel. One thing to watch is reliability. Free indicators vary wildly. Some are well coded and maintained. Some are abandoned projects and will crash your terminal.
If you're downloading custom indicators, check the last update date and whether other traders mention bugs. Bad code doesn't only show wrong data — it can slow down the whole terminal.
The MT4 risk controls you're probably not using
There are several built-in risk management tools that the majority of users never configure. Probably the most practical one is maximum deviation in the trade execution window. It sets 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 comes through.
Stop losses are obvious, but the trailing stop function are overlooked. Click on an open trade, pick Trailing Stop, and define a distance. It follows automatically as the trade goes in your favour. Doesn't work well in choppy markets, but if you're riding trends it removes the need to sit and watch.
These settings take a minute to configure and they take some of the guesswork out of trade management.
Running Expert Advisors: practical expectations
Expert Advisors on MT4 attract traders for obvious reasons: define your rules and let the machine execute. The reality is, most EAs fail to deliver over any meaningful time period. Those advertised with incredible historical results are often curve-fitted — they worked on the specific data they were tested on and fall apart the moment the market does something different.
None of this means all EAs are a waste of time. Some traders code personal EAs to handle one particular setup: opening trades at session opens, automating position size calculations, or closing trades at fixed levels. These utility-type EAs tend to work because they execute repetitive actions without needing discretion.
Before running any EA with real money, use a demo account for no less than a few months. Forward testing is more informative than any backtest.
Using MT4 outside Windows
MT4 was built for Windows. Running it on Mac has always been friction. The traditional approach was Wine or PlayOnMac, which was functional but had rendering issues and occasional crashes. Certain brokers now offer native Mac apps built on compatibility layers, which is an improvement but remain wrappers at the end of the day.
On mobile, available for both iPhone and Android, are surprisingly capable for watching your account and tweaking stops. Doing proper analysis on a phone screen is pushing it, but adjusting a stop loss from your phone has saved plenty of traders.
Look into whether your broker has a proper macOS version or just Wine under the hood read here — the experience varies a lot between the two.