Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, pushing brokers toward MT5. But most retail read full article forex traders stayed put. The reason is simple: MT4 has twenty years of muscle memory behind it. Thousands of custom indicators, Expert Advisors, and community scripts only work with MT4. Moving to MT5 means porting that entire library, and most traders don't see the point.
After testing both platforms side by side, and the differences are less dramatic than the marketing suggests. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting feels about the same. Unless you need MT5-specific features, MT4 still holds its own.
Getting MT4 configured properly the first time
Installation takes a few minutes. What actually causes problems is getting everything configured correctly. By default, MT4 opens with four charts crammed into a single workspace. Clear the lot and start fresh with the instruments you follow.
Save yourself repeating the same setup by using templates. Configure your go-to indicators once, then save it as a template. From there you can load it onto other charts in two clicks. Sounds trivial, but over time it saves hours.
Something most people miss: go to Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which can make your entries look off until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
MT4's built-in strategy tester lets you run Expert Advisors against historical data. But here's the thing: the quality of those results depends entirely on your tick data. The default history data from MetaQuotes is modelled, meaning gaps between real data points are estimated using algorithms. For anything beyond a rough sanity check, grab real tick data from a provider like Dukascopy.
Modelling quality tells you more than the headline profit number. Anything below 90% means the results shouldn't be taken seriously. Traders sometimes show off backtests with 25% modelling quality and ask why their live results don't match.
Backtesting is where MT4 earns its reputation, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 comes with 30 default technical indicators. Few people use more than five or six. However the real depth lives in community-made indicators built with MQL4. There are over 2,000 options, spanning simple moving average variations to complex multi-timeframe dashboards.
Adding a custom indicator is simple: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. The catch is reliability. Publicly shared indicators range from excellent to broken. Some are well coded and maintained. Others stopped working years ago and can freeze your terminal.
If you're downloading custom indicators, look at the last update date and if other traders mention bugs. A broken indicator doesn't only show wrong data — it can freeze the whole terminal.
The MT4 risk controls you're probably not using
MT4 has several built-in risk management options that a lot of people never configure. Probably the most practical one is the maximum deviation setting in the trade execution window. It sets the amount of slippage you'll accept on market orders. Without this configured and you're accepting whatever price is available.
Stop losses go without saying, but MT4's trailing stop feature is overlooked. Click on an open trade, select Trailing Stop, and define the pip amount. It follows with price moves in your favour. It won't suit every approach, but for trend-following it reduces the temptation to micromanage the trade.
You can configure all of this in under five minutes and they remove a lot of the emotional decision-making.
Running Expert Advisors: practical expectations
Expert Advisors on MT4 have obvious appeal: define your rules and let the machine execute. In practice, the majority of Expert Advisors fail to deliver over any decent time period. The ones sold with incredible historical results tend to be fitted to past data — they look great on the specific data they were tested on and stop working when conditions shift.
That doesn't mean all EAs are useless. Some traders develop their own EAs for one particular setup: opening trades at session opens, calculating lot sizes, or closing trades at predetermined levels. These smaller, focused scripts work because they do mechanical tasks where you don't need judgment.
If you're evaluating EAs, use a demo account for at least two to three months. Forward testing reveals more than backtesting alone.
MT4 on Mac and mobile: what actually works
MT4 was built for Windows. Mac users deal with compromises. The traditional approach was Wine or PlayOnMac, which was functional but had rendering issues and the odd crash. A few brokers now offer macOS versions built on compatibility layers, which are better but remain wrappers at the end of the day.
MT4 mobile, available for both Apple and Android devices, are surprisingly capable for keeping an eye on positions and making quick adjustments. Serious charting work on a phone screen is pushing it, but managing exits on the go is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — the difference in stability is noticeable.