What keeps MT4 relevant after two decades
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 only work with MT4. Moving to MT5 means porting that entire library, and most traders don't see the point.
I've tested MT4 and MT5 side by side, and the differences are smaller than you'd expect. MT5 adds a few extras like more timeframes and a built-in economic calendar, but the core charting feels about the same. For most retail strategies, MT4 is more than enough.
Getting MT4 configured properly the first time
Installation takes a few minutes. Where people waste time is getting everything configured correctly. On first launch, MT4 loads with four charts tiled across the screen. Shut them all and start fresh with the pairs you care about.
Templates are worth setting up early. Set up your go-to indicators on one chart, then save it as a template. Then you can apply it to any new chart without redoing the work. Minor detail, but over months it makes a difference.
A quick tweak that helps: open Tools > Options > Charts and tick "Show ask line." The default view is the bid price by default, which makes your entries look off until you realise the ask price is hidden.
How reliable is MT4 backtesting?
The strategy tester in MT4 allows you to run Expert Advisors against historical data. That said: the quality of those results hinges on your tick data. The default history data from MetaQuotes is interpolated, meaning it fills in missing ticks using algorithms. For anything beyond a rough sanity check, download third-party tick data.
Modelling quality is more important than the profit figure. If it's under 90% suggests the results are probably misleading. I've seen people post backtest results 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 only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 comes with 30 standard technical indicators. The average trader uses maybe a handful. However the platform's actual strength lives in user-built indicators coded in MQL4. You can find a massive library, covering everything from tweaked versions of standard tools to full trading dashboards.
The install process is painless: place the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The risk is quality control. Free indicators vary wildly. Some are well coded and maintained. Many haven't been updated since 2015 and can freeze your terminal.
Before installing anything, look at how recently it was maintained and if other traders have flagged problems. A poorly written indicator doesn't only show wrong data — it can slow down your entire platform.
Managing risk properly mt4 broker inside MT4
You'll find some risk management options that the majority of users skip over. Probably the most practical one is the maximum deviation setting in the new order panel. This controls how much slippage you're willing to tolerate on market orders. If you don't set it and the broker can fill you at whatever price the broker gives you.
Everyone knows about stop losses, but MT4's trailing stop feature are overlooked. Click on an open trade, choose Trailing Stop, and define a distance. The stop adjusts automatically as price moves in your favour. Not perfect for every strategy, but if you're riding trends it reduces the urge to stare at the screen.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
EAs have obvious appeal: set rules, let the code trade, walk away. The reality is, a huge percentage of them lose money over any decent time period. The ones advertised with incredible historical results are often curve-fitted — they look great on past prices and break down when conditions shift.
This isn't to say all EAs are a waste of time. A few people build personal EAs for well-defined entry rules: opening trades at session opens, automating position size calculations, or exiting positions at set levels. That kind of automation are more reliable because they handle mechanical tasks that don't require interpretation.
Before running any EA with real money, use a demo account for a minimum of several weeks in different conditions. Live demo testing reveals more than any backtest.
MT4 beyond the desktop
MT4 was built for Windows. Running it on Mac deal with a workaround. The traditional approach was running it through Wine, which did the job but had rendering issues and the odd crash. Some brokers now offer native Mac apps built on Wine under the hood, which is an improvement but still aren't built from scratch for Mac.
On mobile, available for both iOS and Android, are surprisingly capable for watching positions and managing trades on the move. Doing proper analysis on a mobile device isn't realistic, but managing exits from your phone has saved plenty of traders.
Look into whether your broker has a native Mac build or just a wrapper — it makes a real difference day to day.