Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences a while back, pushing brokers toward MT5. Yet most retail forex traders haven't moved. The reason is not complicated: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts read more here were built for MT4. Migrating to MT5 means porting that entire library, and most traders can't justify the effort.
I spent time testing MT4 and MT5 side by side, and the gap is less dramatic than the marketing suggests. MT5 has a few extras including more timeframes and a built-in economic calendar, but chart functionality feels nearly identical. For most retail strategies, MT4 still holds its own.
Getting MT4 configured properly the first time
Installation takes a few minutes. Where people waste time is configuration. By default, MT4 loads with four charts crammed into one window. Clear the lot and start fresh with the instruments you follow.
Templates are worth setting up early. Build your go-to indicators once, then save it as a template. Then you can apply it to any new chart without redoing the work. Small thing, but over months it adds up.
One setting worth changing: go to Tools > Options > Charts and enable "Show ask line." By default MT4 displays 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 allows you to run Expert Advisors against historical data. That said: the quality of those results comes down to your tick data. The default history data is interpolated, meaning the tester fills gaps using algorithms. If you're testing something beyond a rough sanity check, download third-party tick data.
The "modelling quality" percentage tells you more than the headline profit number. Below 90% suggests the results shouldn't be taken seriously. I've seen people show off backtests with 25% modelling quality and can't figure out why the EA fails in real conditions.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 ships with 30 default technical indicators. Most traders never touch them all. However where MT4 gets interesting lives in community-made indicators built with MQL4. You can find thousands available, ranging from simple moving average variations to elaborate signal panels.
Installing them is straightforward: place the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The catch is quality. Publicly shared indicators range from excellent to broken. A few are well coded and maintained. Many haven't been updated since 2015 and can freeze your terminal.
Before installing anything, verify the last update date and if other traders mention bugs. A poorly written indicator doesn't only show wrong data — it can freeze MT4.
Managing risk properly inside MT4
MT4 has several built-in risk management options that the majority of users don't bother with. Probably the most practical one is the maximum deviation setting in the order window. This defines the amount of slippage you'll accept on market orders. If you don't set it and you'll get whatever price comes through.
Stop losses are obvious, but the trailing stop function is overlooked. Click on an open trade, pick Trailing Stop, and enter a distance. The stop moves with the trade goes your way. Not perfect for every strategy, but for trend-following it removes the temptation to micromanage the trade.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 attract traders for obvious reasons: program your strategy and stop staring at charts. In practice, the majority of Expert Advisors underperform over any decent time period. EAs advertised with incredible historical results are often over-optimised — they performed well on historical data and break down once market conditions change.
That doesn't mean all EAs are useless. Some traders develop personal EAs for specific, narrow tasks: time-based entries, managing position sizing, or exiting positions at fixed levels. That kind of automation work because they handle mechanical tasks without needing judgment.
Before running any EA with real money, test on demo first for at least several weeks in different conditions. Running it forward in real time tells you more than historical results ever will.
Using MT4 outside Windows
The platform was designed for Windows. If you're on macOS has always been compromises. The traditional approach was emulation, which did the job but came with display glitches and the odd crash. A few brokers now offer native Mac apps using Wine under the hood, which are better but remain wrappers at the end of the day.
The mobile apps, on both iPhone and Android, are surprisingly capable for watching positions and making quick adjustments. Full analysis on a phone screen isn't realistic, but closing a trade from your phone is genuinely handy.
It's worth confirming if your broker provides a native Mac build or just a wrapper — it makes a real difference day to day.