MT4 after twenty years: an honest take on the platform
Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. Yet most retail forex traders stayed put. The reason is simple: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving to MT5 means rebuilding that entire library, and most traders don't see the point.
I spent time testing both platforms side by side, and the differences are less dramatic than the marketing suggests. MT5 has a few extras such as more timeframes and a built-in economic calendar, but the core charting feels about the same. For most retail strategies, there's no compelling reason to switch.
Getting MT4 configured properly the first time
The install process is quick. The part that trips people up is configuration. By default, MT4 loads with four charts tiled across the screen. Clear the lot and open just the pairs you actually trade.
Save yourself repeating the same setup by using templates. Set up your usual indicators on one chart, then save it as a template. After that you can load it onto other charts instantly. Small thing, but over months it makes a difference.
One setting worth changing: go to Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price by default, which can make your entries look off until you realise the ask price is hidden.
Backtesting on MT4: what the results actually mean
The strategy tester in MT4 allows you to run Expert Advisors against historical data. Worth noting though: the accuracy of those results hinges on your tick data. The default history data is interpolated, meaning gaps between real data points are estimated with made-up prices. For anything beyond a rough sanity check, you need real tick data from a provider like Dukascopy.
Modelling quality tells you more than the headline profit number. Anything below 90% means the results are probably misleading. People occasionally share screenshots with 25% modelling quality and ask why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 comes with 30 built-in technical indicators. The average trader uses maybe a handful. However the real depth is in custom indicators written in MQL4. The MQL5 marketplace alone has a massive library, covering everything from simple moving average variations to elaborate signal panels.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The catch is quality. Publicly shared indicators range from excellent to broken. A few are solid tools. Others are abandoned projects and may crash your terminal.
If you're downloading custom indicators, look at when it was last updated and whether users mention bugs. Bad code doesn't only show wrong data — it can lag the whole terminal.
Risk management settings most MT4 traders ignore
You'll find a few native risk management tools that a lot of people never configure. The most useful is the maximum deviation setting in the order window. It sets the amount of slippage you're willing to tolerate on market orders. Without this configured and you'll get whatever price is available.
Everyone knows about stop losses, but the trailing stop function is overlooked. Click on an open trade, pick Trailing Stop, and set the pip amount. It adjusts when price moves into profit. It won't suit every approach, but for trend-following it reduces the urge to sit and watch.
None of this is complicated to set up and they remove a lot of the emotional decision-making.
Running Expert Advisors: practical expectations
Automated trading through Expert Advisors sounds appealing: program your strategy and stop staring at charts. In reality, most EAs lose money over any extended time period. Those sold with flawless equity curves tend to be over-optimised — they performed well on past prices and stop working the moment market conditions change.
That doesn't mean all EAs are useless. Certain traders build personal EAs for well-defined entry rules: entering at a specific time, automating position size calculations, or exiting positions at fixed levels. These utility-type EAs tend to work because they do repetitive actions without needing interpretation.
If you're evaluating EAs, use a demo account for no less than two to three months. Live demo testing is more informative than backtesting alone.
Using MT4 outside Windows
MT4 was built for Windows. Mac users face a workaround. The old method was emulation, which did the job but came with display glitches and occasional crashes. A few brokers now offer Mac-specific builds wrapped around Wine under the hood, which are better but still aren't true native apps.
MT4 mobile, available for both iPhone and Android, work well for watching read this article open trades and tweaking stops. Full analysis on a phone screen is pushing it, but adjusting a stop loss from your phone is worth having.
Check whether your broker offers real Mac support or a compatibility layer — the difference in stability is noticeable.