Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, nudging brokers toward MT5. Yet most retail forex traders stayed put. The reason is straightforward: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts only work with MT4. Switching to MT5 means porting that entire library, and most traders don't see the point.
I spent time testing both platforms side by side, and the differences are smaller than you'd expect. MT5 has a few extras like more timeframes and a built-in economic calendar, but the core charting feels nearly identical. Unless you need MT5-specific features, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
The install process is quick. What actually causes problems is getting everything configured correctly. Out of the box, MT4 shows four charts squeezed onto the screen. Close all of them and start fresh with the instruments you follow.
Templates are worth setting up early. Build your usual indicators on one chart, then save it as helpful hints a template. After that you can apply it to any new chart in two clicks. Sounds trivial, but over time it makes a difference.
One setting worth changing: open Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price by default, which makes entries appear wrong until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4 comes with a backtester that gives you the ability to run Expert Advisors against historical data. Worth noting though: the reliability of those results depends entirely on your tick data. Standard history data is interpolated, meaning gaps between real data points are estimated with made-up prices. For anything beyond a rough sanity check, grab real tick data from a provider like Dukascopy.
The "modelling quality" percentage tells you more than the profit figure. Below 90% indicates the results shouldn't be taken seriously. People occasionally share screenshots with 25% modelling quality and wonder 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 comes with 30 default technical indicators. Most traders never touch them all. That said, the platform's actual strength is in custom indicators coded in MQL4. There are over 2,000 options, spanning simple moving average variations to full trading dashboards.
The install process is painless: 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 quality control. Publicly shared indicators vary wildly. Some are solid tools. 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 broken indicator won't just give wrong signals — it can slow down your entire platform.
The MT4 risk controls you're probably not using
MT4 has a few native risk management features that the majority of users skip over. The most useful is maximum deviation in the order window. This defines the amount of slippage is acceptable on market orders. Without this configured and you'll get whatever price comes through.
Everyone knows about stop losses, but the trailing stop function is worth exploring. Right-click an open trade, select Trailing Stop, and set a distance. Your stop loss follows when the trade goes your way. It won't suit every approach, but for trend-following it takes away the temptation to sit and watch.
None of this is complicated to set up and they take some of the guesswork out of trade management.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 sounds appealing: define your rules and let the machine execute. In reality, the majority of Expert Advisors underperform over any meaningful time period. Those marketed using flawless equity curves tend to be curve-fitted — they worked on the specific data they were tested on and stop working the moment market conditions change.
That doesn't mean all EAs are a waste of time. Certain traders code custom EAs to handle well-defined entry rules: entering at a specific time, automating position size calculations, or exiting positions at fixed levels. These utility-type EAs are more reliable because they execute mechanical tasks where you don't need judgment.
If you're evaluating EAs, test on demo first for at least a few months. Running it forward in real time is more informative than historical results ever will.
MT4 beyond the desktop
The platform was designed for Windows. If you're on macOS deal with a workaround. The old method was running it through Wine, which was functional but had display glitches and occasional crashes. A few brokers now offer Mac-specific builds built on compatibility layers, which are better but remain wrappers at the end of the day.
MT4 mobile, available for both iOS and Android, are surprisingly capable for keeping an eye on open trades and tweaking stops. Doing proper analysis on a mobile device is pushing it, but managing exits from your phone is worth having.
Check whether your broker offers a proper macOS version or just Wine under the hood — the difference in stability is noticeable.